No rewards: Restricted worth outdoors of the intro APR
The largest downside with this card is that it does not provide any kind of rewards program. Meaning:
- There is no welcome bonus. Some bank cards provide welcome bonuses of $200 or extra for brand new cardholders.
- There are not any buy rewards. Different playing cards earn money rewards or factors on all of your eligible purchases, which might add up over time. It is potential to earn $500 or extra yearly in rewards this manner, relying on how a lot you spend.
To be truthful, this card has particular presents via My Wells Fargo Offers, the place you may earn money again assertion credit on buying, eating, and experiences you pay for along with your eligible Wells Fargo card. However incomes some assertion credit right here and there is not almost as helpful as incomes money rewards on all of your on a regular basis purchases.
Due to the dearth of rewards, this card does not have a lot long-term worth. As soon as the 0% intro APR ends, there isn’t any incentive to proceed utilizing it. You are higher off switching to a rewards bank card at that time.
It is price noting that there are 0% APR bank cards that even have rewards packages. They simply have shorter 0% APR intro durations. In case you do not want the whole 21 months from account opening this Wells Fargo card presents, then it may make extra sense to select a card with a shorter intro interval that earns rewards.
Expensive charges on stability transfers and overseas transactions
The Wells Fargo Replicate® Card is a superb stability switch card due to its 0% intro APR. But it surely additionally has a stability switch charge of 5%, min: $5.
Steadiness switch playing cards usually have a charge like this, however a few of them solely cost 3%. It might not seem to be a lot, however when you’re transferring $5,000, that 2% distinction would value you an additional $100. In case you do not want 21 months from account opening to get out of debt, you might need to take a look at extra bank card opinions and decide a card with a decrease stability switch charge.
There’s additionally a overseas transaction charge of three%, which is another excuse why this is not the perfect card for long-term use. In case you ever journey outdoors america, it is vital to have a card you should utilize with none additional charges, like a journey bank card
