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

Wells Fargo Cash Wise Visa® Card
This card is not available through ValuePenguin.
Wells Fargo Cash Wise Visa® Card
This card is not available through ValuePenguin.

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

The Wells Fargo Cash Wise Visa® is a solid credit card for those with varied spending who are interested in earning good rewards in the long-term.
Editor's Rating: 4.5/5.0
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Editor's Rating

{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

4.5/5.0

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer.

The information related to the Wells Fargo Cash Wise Visa® Card has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication. This offer and/or promotion may have since changed, expired, or is no longer available.

The Wells Fargo Cash Wise Visa® Card offers 1.5% cash back on all purchases, meaning it offers decent value for consumers who are interested in earning good rewards for the long-term. If you’re looking to score a big signup bonus, the Wells Fargo Cash Wise Visa® Card this card has a solid one -- $200 after you spend at least $1,000 in net purchases within the first 3 months.

Review: Is The Wells Fargo Cash Wise Visa® Card A ‘Best Cash Back’ Contender?

The Wells Fargo Cash Wise Visa® Card is a good credit card for high spenders. It offers a fixed 1.5% cash back rate on all your purchases. Other cards, like the Chase Sapphire Preferred® Card, can give you higher returns in select categories like dining and travel. The Wells Fargo Cash Wise Visa® Card will be better if you spend heavily at different types of stores that don’t fit a single card’s particular reward structure.

Good For…Bad For…
Those who shop at a lot of different storesOptimizers who want to get rewards rates of 2%+
Individuals who spend $50,000+ annually on their credit card

Most of the top cash back credit cards come with signup bonuses -– and the Wells Fargo Cash Wise Visa® Card does as well. Users can get $200 after spending $1,000 on purchases within the first 3 months. Additionally, the card comes with a 1.8% rewards rate on qualified mobile wallet purchases for the first 12 months.

One of the best features on the Wells Fargo Cash Wise Visa® Card is its cell phone insurance. The perk is not unique to this card –- most Wells Fargo credit cards offer the same benefit. Despite this, the benefit is still worth talking about. If you pay your cell phone bill with the Wells Fargo Cash Wise Visa® Card, it will be covered for up to $600 in case your phone is damaged or stolen. If you use that to replace a cell phone company's insurance plan, you can save close to $100 each year.

Bottom Line: The Wells Fargo Cash Wise Visa® Card is a solid card, due to the above average 1.5% cash back rate. If you want to earn a good signup bonus and aren’t a high spender you're more likely to come out ahead with another fixed-rate credit card.

Wells Fargo Cash Wise Visa® Card Benefits & Features

The Wells Fargo Cash Wise Visa® Card has a simple reward structure –- 1.5% cash back on all net purchases. Note that this does not apply to other types of transactions, such as cash advances and balance transfers.

Wells Fargo Cash Wise Visa® Card
This card is not available through ValuePenguin.
Wells Fargo Cash Wise Visa® Card
This card is not available through ValuePenguin.

Wells Fargo Cash Wise Visa® Card

Wells Fargo Cash Wise Visa® Card
This card is not available through ValuePenguin.
Wells Fargo Cash Wise Visa® Card
This card is not available through ValuePenguin.
Annual Fee
No Annual Fee
Regular APR
16.24% - 28.24% Variable
Credit Needed
{"onCurrent":true,"message":"There are various types of credit scores. Each creditor uses a variety of different types of credit scores to make lending decisions."}
Good
Editor's Rating
{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

Wells Fargo’s Cell Phone Insurance

All Wells Fargo credit cards, including the Wells Fargo Cash Wise Visa® Card, come with cellular telephone protection. If you pay your phone bill using this card, you will get up to $600 in coverage against damage or theft. The policy is subject to a $25 deductible and a maximum of 2 claims per 12 month period.

This is one of the best credit card benefits around, since it has the potential to save cardholders a decent amount of money. A typical insurance policy purchased directly from a provider would cost around $8 per month. Therefore, by using the Wells Fargo Cash Wise Visa® Card, you could be saving roughly $96 per year.

The coverage isn’t all-inclusive, and comes with a number of different exclusions. If you lose your phone, or it’s damaged while under the care of a common carrier (such as the Postal Service) you shouldn’t expect to receive compensation. You can read the whole list of exclusions and details about the policy here.

How Does The Wells Fargo Cash Wise Visa® Card Compare To Other Credit Cards?

To get a sense of the Wells Fargo Cash Wise Visa® Card card’s value, we looked at how it compares to its competitors.

Wells Fargo Cash Wise Visa® Card vs Chase Freedom Unlimited®

The Chase Freedom Unlimited® is one of the newest 1.5% cash back credit cards on the market. For most consumers, it will be a better option than the Wells Fargo Cash Wise Visa® Card. With the Chase Freedom Unlimited® card, new cardmembers can earn 3% cash back on all purchases in the first year for up to $20,000 spent.

Secondly, the Chase Freedom Unlimited® awards users Ultimate Reward points. If you ever apply for the Chase Sapphire Preferred® Card or Ink Plus® Business Credit Card, you will gain the ability to transfer your points to a number of hotel and airline partners. In such a case, you’d boost your rewards rate above 1.5% on the Chase Freedom Unlimited®.

Conclusion: The Chase Freedom Unlimited® has far greater growth potential than the Wells Fargo Cash Wise Visa® Card.

Wells Fargo Cash Wise Visa® Card vs Barclays CashForward™ World Mastercard®

Barclays CashForward™ World Mastercard®
This card is not available through ValuePenguin.
Barclays CashForward™ World Mastercard®
This card is not available through ValuePenguin.

Despite both cards giving 1.5% cash back on all purchases, the Barclays CashForward™ World Mastercard® has a slight edge over the Wells Fargo Cash Wise Visa® Card. Every time you redeem your rewards on the Barclays CashForward™ World Mastercard®, you get a 5% bonus towards your next redemption. That boosts its net rewards rate to roughly 1.6%. Therefore, if you’re thinking of the long-term benefits of one card versus the other, the Barclays CashForward™ World Mastercard® is comes out ahead.

The Barclays CashForward™ World Mastercard® gives users $200 cash back after they spend at least $1,000 on net purchases within the first 90 days of card membership. That is the same as the the bonus you can score with the Wells Fargo Cash Wise Visa® Card.

Conclusion: The Barclays CashForward™ World Mastercard® is the better option in the long-term.

Comparison Tool

Picking between different credit cards should ultimately come down to how you spend. We built a tool that lets you quickly compare between options based on the monthly spending you input.

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Assumptions based on $1,430 monthly spend
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Comments and Questions

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

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).