Wells Fargo Cash Wise Visa Card Review: Is It a Good Choice?

Wells Fargo Cash Wise Visa Card Review: Is It a Good Choice?

The Wells Fargo Cash Wise Visa® card is a good choice for cardholders seeking a $0 annual fee card with a simple rewards program and cell phone insurance.

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Pros

  • An easy flat rewards earning rate of Earn unlimited 1.5% cash rewards on purchases
  • An earnings boost to 1.8% every time you pay with your digital wallet in the first year you have the card
  • No rotating bonus categories to track or complicated earnings rules to remember
  • Cell phone insurance covers your phone for damage or theft

Cons

  • Not a good choice for international travel due to foreign transaction fees
  • You can get higher cashback rewards on some other cards
  • Sign-up bonus not the highest available among credit cards in this category
  • Rewards redemption options more limited for cardholders who don't do their banking with Wells Fargo
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The Wells Fargo Cash Wise Visa® card is a great option for cardholders seeking a $0 annual fee card with a simple rewards structure. It's a solid top-of-wallet card that may be an especially good fit for loyal Wells Fargo customers.

That's because the card offers several flexible features you can access only if you have other Wells Fargo accounts. For example: You can redeem rewards as cash back from a Wells Fargo ATM, but you have to use your Wells Fargo ATM card or debit card.

And if you're always reaching for your digital wallet, you may want to consider the Wells Fargo Cash Wise Visa® card. The card offers a nice perk for tech savvy consumers: a rewards boost in your first year every time you use your digital wallet to pay with the card.

The Wells Fargo Cash Wise Visa® card is one of the best Wells Fargo credit cards available, but it's not the best choice for cardholders who travel internationally and want to avoid foreign transaction fees. And if your main goal is to maximize your rewards, keep in mind that there are other $0 annual fee cards that offer a higher percentage of cash back.

Earn $150 cash back

The Wells Fargo Cash Wise Visa® card offers a cool sign-up bonus that's fairly easy to earn: Earn a $150 cash rewards bonus after spending $500 on purchases in the first 3 months.

That's a nice chunk of money within easy reach for most cardholders.

Some cashback cards offer a similar welcome bonus but impose a much higher minimum spending requirement. For example, the Blue Cash Preferred® Card from American Express offers a similar bonus with a much higher spending threshold.

But keep in mind that there are other cashback credit cards that offer slightly more lucrative sign-up bonuses.

For example, the Chase Freedom Unlimited® card lets you Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. And earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.

1.5% cash back on every purchase

One of the most attractive features of the Wells Fargo Cash Wise Visa® card is its simple rewards earning structure and competitive cash back earning rate.

Earn unlimited 1.5% cash rewards on purchases with no category limits or quarterly activations.

Boost that earning to 1.8% cash rewards on purchases when you use your card with a qualifying digital wallet in the first 12 months after opening the account. You can also earn bonus rewards when you shop the Wells Fargo Earn More Mall using your card.

The rewards earning rate on the Wells Fargo Cash Wise Visa® card is competitive, but you can do better if you're focused solely on maximizing your earnings.

For example, the Chase Freedom Unlimited® Credit Card also lets you Earn 5% on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1.5% on all other purchases.

Redeeming cash back

The Wells Fargo Cash Wise Visa® card offers a variety of flexible redemption options so you can get your cash back in the way that's most convenient for you — if you're a loyal Wells Fargo customer.

Redemption options for the Wells Fargo Cash Wise Visa® card include:

  • A statement credit on your Wells Fargo Cash Wise Visa® card account
  • Withdrawals at a Wells Fargo ATM in $20 increments using your Wells Fargo debit or ATM card
  • A direct deposit into your Wells Fargo checking or savings account
  • Pay down the principal of your Wells Fargo home mortgage

When you redeem your rewards online or by phone, you can only get cash back in $25 increments.

The Wells Fargo Cash Wise Visa® card definitely makes it easier for cardholders who bank with Wells Fargo to redeem rewards. Those who lack a Wells Fargo bank account, debit card or mortgage may find their redemption options limited.

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Other Wells Fargo Cash Wise Visa® card benefits

The Wells Fargo Cash Wise Visa® card may not come loaded with perks, but it does offer some valuable benefits. Here are some of the card's top features:

The Wells Fargo Cash Wise Visa® card comes with an attractive 0% intro APR for 15 months from account opening on purchases and 0% intro APR for 15 months from account opening on qualifying balance transfers. After that time, the APR on both purchases and balance transfers goes up to between 14.49%-24.99% (Variable), depending on creditworthiness.

This offer stands out from other cards that offer 0% APR on only purchases, or only on balance transfers, and those that offer a shorter introductory period.

You get cell phone coverage when you pay your cell phone bill with the Wells Fargo Cash Wise Visa® card. This insurance covers damage or theft, but it doesn't cover lost cell phones.

The Wells Fargo Cash Wise Visa® card offers supplemental cell phone insurance, which means it applies only if you don't have coverage through other insurance, such as your home, renter's or auto policy. The cell phone coverage has a $25 deductible and will cover repair or replacement of your phone for up to $600. You're allowed up to two claims per year.

The Wells Fargo Cash Wise Visa® card comes with rental car insurance when you use your card to pay for the entire cost of a rental car.

This policy covers collision damage or theft of a rental car. The coverage is secondary in the U.S. and primary outside the U.S. Secondary insurance means that if you carry any auto insurance or other insurance that covers the loss, that policy will kick in first. If that happens, the Wells Fargo insurance may reimburse you for the cost of your deductible. If you don't have any such insurance (or if you are traveling outside the U.S.), then the insurance on the card should pay for the loss.

How does the Wells Fargo Cash Wise Visa® card compare to other cards?

Not sure the Wells Fargo Cash Wise Visa® card is right for you? You may want to consider some of the cards on our list of best cashback credit cards of 2021. Here's how the Wells Fargo Cash Wise Visa® card stacks up next to some of our favorite cashback cards:

Wells Fargo Cash Wise Visa® card vs. Citi® Double Cash Card – 18 month BT offer

On Citibank's Secure Website

The Citi® Double Cash Card is one of the best cash back cards available. In fact, it offers one of the highest rewards rates of any cashback card. You Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. When it comes to rewards earning, the Citi® Double Cash Card easily beats the Wells Fargo Cash Wise Visa® card.

But the downside of the Citi® Double Cash Card is that it offers almost no benefits other than the high rewards rate. While both cards have a $0 annual fee, the Wells Fargo Cash Wise Visa® card offers cell phone coverage and a welcome bonus. If you're looking to transfer a balance, however, the Citi® Double Cash Card has an intro APR of 0% for 18 months on Balance Transfers (followed by and APR of 13.99% – 23.99% (Variable). This is three months longer than the offer on the Wells Fargo Cash Wise Visa® card.

Wells Fargo Cash Wise Visa® card vs. Chase Freedom Flex℠

On Chase's Secure Website

The Chase Freedom Flex℠ Card offers several advantages over the Wells Fargo Cash Wise Visa® card. First, you Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. And earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year. And depending on your spending patterns, you may be able to earn more rewards by taking advantage of bonus categories: Earn 5% cash back on eligible purchases in rotating categories, 5% on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases. Since the rewards rate on regular purchases is only 1%, you'll need to check your own spending patterns to see which card offers you a better deal.

The Chase Freedom Flex℠ card also can get complicated: You have to remember to activate the rotating bonus categories, and you get the rewards boost only on the first $1,500 you spend in that category each quarter. Consumers looking for simplicity may appreciate the Wells Fargo Cash Wise Visa® card's more straightforward rewards program.

Wells Fargo Cash Wise Visa® card vs. Chase Freedom Unlimited®

On Chase's Secure Website

The Chase Freedom Unlimited® is very similar to the Chase Freedom Flex℠, with a few key differences. First, the welcome bonus is the same: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. And earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year. This beats the sign-up bonus on the Wells Fargo Cash Wise Visa® card.

Instead of rotating rewards categories, the Chase Freedom Unlimited® lets you Earn 5% on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1.5% on all other purchases. That means you're almost sure to earn more with the Chase Freedom Unlimited® than with the Wells Fargo Cash Wise Visa® card without having to remember to activate rotating categories or jump through other hoops.

Is the Wells Fargo Cash Wise Visa® card worth it?

Wells Fargo Cash Wise Visa® card is a good, solid cashback credit card, especially for cardholders seeking simplicity and good value above all else. The welcome bonus is attractive and easy to earn, and the card has decent benefits.

The card may not be for you if you're a frequent international traveler or you enjoy juggling different credit cards to squeeze maximum value from your rewards. If this describes you, you may want to consider getting a travel credit card instead. Travel cards typically don't charge foreign transaction fees (though you'll need to check to make sure) and offer the best shot at maximizing the value of your credit card rewards.

Wells Fargo Cash Wise Visa® card FAQs

What credit score is needed for a Wells Fargo Cash Wise Visa® card?

You typically need Excellent/Good credit to get a Wells Fargo Cash Wise Visa® card, or a minimum credit score of 700. If yours is in this vicinity or higher, you may qualify.

What is the credit limit on the Wells Fargo Cash Wise Visa® card?

The minimum credit limit is $1,000 for any cardholder who qualifies for a Wells Fargo Cash Wise Visa® card. However, you may receive a higher credit limit based on your creditworthiness. If you have another Wells Fargo credit card, you may be able to reallocate some of your credit limit on the other card to the Wells Fargo Cash Wise Visa® card by calling Wells Fargo customer service.

Does the Wells Fargo Cash Wise Visa® card charge a foreign transaction fee?

The Wells Fargo Cash Wise Visa® card charges a foreign transaction fee of 3% for purchases made outside the United States and converted into U.S. dollars. It's common for cashback cards to charge foreign transaction fees, and these typically range from 1% to 3% of each transaction. If you're going on a trip abroad, it's best to use a card that doesn't charge these fees.

Can you get preapproved for the Wells Fargo Cash Wise Visa® card?

You can't get preapproved for the Wells Fargo Cash Wise Visa® card. But you can check the Wells Fargo credit card page to see if you have any preselected credit card offers, without hurting your credit score. Preselected offers are ones that Wells Fargo has chosen specifically for you, although getting a preselected offer doesn't guarantee approval.

The information related to the Wells Fargo Cash Wise Visa® card has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.Terms apply to American Express credit card offers. See americanexpress.com for more information.

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.

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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).