NO Award: Limited Value Apart from the Entry
The biggest disadvantage of this card is that it does not offer any prize program. This means:
- No welcome bonus. Some credit cards offer bonuses for $ 200 or more for new card holders.
- No purchasing awards. Other cards earn cash rewards or points for all appropriate purchases that can be collected over time. Depending on how much you spend, it is possible to earn $ 500 or more awards every year.
To be fair, this card has special offers through my Wells Fargo deals, where you can earn cash back declaration loans for shopping, food and experiences with your suitable Wells Fargo card. However, it is not as valuable as winning some explanation loans and earning cash prizes in all your daily purchases.
Due to lack of award, this card does not have a long -term value. When 0 % intro APR is finished, there is no incentive to continue using it. At this point, it would be better to switch to a reward credit card.
It should be noted that there are 0% APR credit cards with reward programs. There are only shorter 0% APR input periods. If you don’t need the entire 21 months from the account opening offered by this Wells Fargo card, it may make more sense to choose a card with a shorter entry period.
Expensive fees for balance transfers and foreign transactions
Wells Fargo Reced® card is a great balance transfer card due to 0% input APR. But at the same time a balance transfer fee 5 %, min: $ 5.
Balance transfer cards normally have such a fee, but some get only 3%. It may not be too much, but if you transfer $ 5,000, This 2% difference will cost you extra 100 dollars. If you don’t need 21 months from the account opening to get rid of the debt, you may want to look at more credit card reviews and choose a card with a lower balance transfer fee.
Also a Foreign transaction fee 3 %This is another reason why it is not the best card for long -term use. If you travel outside the United States, it is important to have a card that you can use without extra fees such as travel credit cards.
