Wells Fargo Cash Wise Visa® Card: Is It A Good Choice?

Wells Fargo Cash Wise Visa® Card: Is It A Good Choice?

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Citi is an advertising partner.

The Wells Fargo Cash Wise Visa® card offers cash back on all spending without revolving category limits—which makes this a straightforward option for everyday spending. Cardholders Earn unlimited 1.5% cash rewards on purchases that can be redeemed through Wells Fargo ATM withdrawals, checking account deposits and more.

Wells Fargo Cash Wise Visa® card Review: good for no-fuss spenders

If you’re looking for a cashback card with minimal fine print, the Wells Fargo Cash Wise Visa® card may be a good pick. You don’t have to worry about spending within a certain category or activating rewards each quarter—you automatically Earn unlimited 1.5% cash rewards on purchases.

The Wells Fargo Cash Wise Visa® card also gives you the opportunity to earn 1.8% in cash back rewards when you use a digital wallet such as Apple Pay® or Google Pay™ to make purchases within the first 12 months of having the card.

Below are the top Wells Fargo Cash Wise Visa® card features.

Multiple redemption options: some tied to Wells Fargo products

Wells Fargo lets you redeem cash back in multiple ways. You can take a credit towards your credit card statement or you can deposit cash back earned into an eligible Wells Fargo checking or savings account once your balance reaches $25.

You can withdraw cash back at a Wells Fargo ATM with a Wells Fargo debit or ATM card in increments of $20. Gift cards and paper checks are other redemption options. You can redeem cash back for merchandise and travel through GoFarRewards, which is Wells Fargo’s rewards program dashboard. If you have a Wells Fargo mortgage, you can even use the cash back to pay toward your mortgage balance.

Decent introductory bonuses

Wells Fargo Cash Wise Visa® card gives you a 0% intro APR for 15 months from account opening intro APR on purchases, then 14.49%-24.99% (Variable). Earn a $150 cash rewards bonus after spending $500 on purchases in the first 3 months.

The introductory bonus coupled with a 0% intro APR for 15 months from account opening intro APR deal can help you rack up cashback rewards on major purchases without worrying about interest. Say you plan to buy a new $1,000 computer within the first month you have the card. You’ll earn $15 cash back on the purchase, plus an extra $150 in a cashback bonus and you can pay the balance off slowly over 15 months interest-free. Any remaining balance will be subject to the go-to APR on the card.

The Wells Fargo Cash Wise Visa® card intro offer is pretty good, but there are flat-rate cash back cards that sweeten the deal a bit more.

Cell phone protection and auto rental collision damage waiver

The Wells Fargo cell phone protection benefit protects your cell phone from damage or theft as long as you make cell phone payments with your Wells Fargo credit card. You’ll get reimbursed for the repair or replacement of your phone. The maximum benefit is up to $600 per claim and up to $1,200 per 12 month period with a $25 deductible. If you rent a car with your Wells Fargo credit card, the auto rental collision damage waiver will reimburse you up to the cash value of the rental car if the car is stolen or there’s damage caused by a collision.

Fraud monitoring, zero liability protection and overdraft protection

The Wells Fargo Cash Wise Visa® card comes with 24/7 fraud monitoring that will notify you of unusual account transactions. There’s zero liability protection, which means you won’t be held responsible for unauthorized charges on your card if you report them in a timely manner.

You also have the option to connect this Wells Fargo credit card to a Wells Fargo checking account for overdraft protection. If your checking account is overdrawn, an advance will come from your credit line (fees for the advance may apply).

ValuePenguin's verdict: best for diverse spenders

A card offering 1.5% cash back on all spending is one of the better flat-rate cash back offers. A flat-rate cash back card is ideal for people who spend pretty evenly across all categories and who aren’t interested in managing revolving categories that change every quarter.

If you spend heavily in a specific category such as restaurants or groceries, you may benefit more from a card that offers a higher reward for spending on those purchases. For instance, the Blue Cash Preferred® Card from American Express offers 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 6% Cash Back on select U.S. streaming subscriptions, 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more), 1% Cash Back on other purchases. It also comes with $0 introductory annual fee for the first year, then $95 annual fee. To get the most out of a category card that has an annual fee, you have to make sure you’re spending enough within the category to cover the cost.

Existing Wells Fargo customers may find the Wells Fargo Cash Wise Visa® card the most convenient since several redemption options are tied to other Wells Fargo products. If you want to redeem cash back by direct deposit, it has to be a deposit into a Wells Fargo account. If you want to withdraw cash back earned from an ATM, it has to be from a Wells Fargo ATM.

Alternatives to the Wells Fargo Cash Wise Visa® card

The Wells Fargo Cash Wise Visa® card has redemption restrictions that limit where and when you can deposit and withdraw cash back. Here are two flat-rate cashback cards that don’t have the same restrictions and one other option that gives you a bit more cash back:

Chase Freedom Unlimited®

  • On Chase's Secure Website

The Chase Freedom Unlimited® offers and even better earning rate than the Wells Fargo Cash Wise Visa® card: Earn 5% cash back on travel purchased through Chase, 3% on dining and drugstores, and 1.5% on all other purchases. There’s no minimum to redeem cash back, and cash back doesn’t expire. There's a $0 annual fee, and there's a 0% Intro APR for 15 months, then 14.99 - 23.74% Variable.

You can receive the cash back in a statement credit or you can transfer the cash back into a U.S. checking or savings account. You can use rewards earned from your Chase Freedom Unlimited® card to shop on Amazon, to redeem for gift cards and book travel through Chase Ultimate Rewards. Chase Freedom Unlimited® has zero liability protection and fraud protection.

Capital One Quicksilver Cash Rewards Credit Card

  • On Capital One's Secure Website

The Capital One Quicksilver Cash Rewards Credit Card offers 1.5% Cash Back on every purchase, every day. Cash back doesn’t expire and you can redeem the cash back at any time. You can redeem for cash, gift cards and statement credit. You can earn a One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening.

There’s a APR 0% intro on purchases for 15 months, then the ongoing APR will be 15.49% - 25.49% (Variable). The card has a $0 annual fee. The Capital One Quicksilver Cash Rewards Credit Card comes with security alerts to help you identify unauthorized activity on your account. Zero liability is also offered if your card is lost or stolen, which means you won’t be responsible for unauthorized charges.

Citi® Double Cash Card – 18 month BT offer

  • On Citibank's Secure Website

The Citi® Double Cash Card – 18 month BT offer doesn’t let you redeem cash back until your balance reaches $25, but it does give you a bit more in cash back than the Wells Fargo Cash Wise Visa® card offer. You can Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. There are no cashback caps and $0.

The Citi® Double Cash Card – 18 month BT offer offers zero dollar liability on unauthorized charges. This card doesn’t currently offer an introductory offer for purchases, but there is a 0% for 18 months on Balance Transfers intro APR, then a 13.99% – 23.99% (Variable) APR applies. However, it does charge a balance transfer fee of 3% of each balance transfer; $5 minimum.

Joe Resendiz

Joe Resendiz is a former investment banking analyst for Goldman Sachs, where he covered public sector and infrastructure financing. During his time on Wall Street, Joe worked closely with the debt capital markets team, which allowed him to gain unique insights into the credit market. Joe is currently a research analyst who covers credit cards and the payments industry. He earned a bachelor’s degree from the University of Texas at Austin, where he majored in finance.

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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).