Wells fargo cash back visa signature card interest rate

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Introduction

Editor’s Note: This card is no longer accepting applications. The information in this post may not be up to date. For current rates see your cardholder agreement.

The Wells Fargo Visa Signature Credit Card is a $0-annual-fee credit card with a unique initial promotion: Earn 5 rewards points per dollar on up to $12,500 spent on gas, grocery, and drugstore purchases for the first 6 months (1 point per dollar thereafter). All other purchases earn 1 point per dollar. This six-month promotion is offered instead of a traditional welcome bonus that many other credit cards have.

Points can be redeemed for travel, cash back, merchandise and gift cards at a value of one penny each. Flights purchased through the Wells Fargo travel portal get 50% more in value, making points worth 1.5 cents each.

The card also offers several benefits to cover your travel and purchases. These benefits include trip cancellation protection, lost luggage reimbursement, and cell phone protection.

For the long-term, you can find other cards that will earn you rewards greater than 1 point per dollar spent.

At a Glance

• Points can be redeemed for flights, hotels, car rentals, cruises, cash, and more
• Receive bonus points for online shopping at the Earn More Mall
• Trip cancellation protection and lost luggage reimbursement included
• Travel accident insurance
• Auto rental collision coverage
• Benefits through the Visa Signature Luxury Hotel Collection
• Purchase protection for 90 days
• Price protection for 60 days
• Eligible warranties extended by an additional year
• Cell phone protection up to $600 per claim with $25 deductible

Rewards

Earning Rewards

The Wells Fargo Visa Signature Credit Card earns 1 point per dollar spent on all purchases. The card’s welcome bonus is structured like this: Earn 5 rewards points per dollar on up to $12,500 spent on gas, grocery, and drugstore purchases for the first 6 months (1 point per dollar thereafter). If you max out this promotion, you’ll earn 62,500 points. These points are valued up to $937.50 if used for airfare or $625 if redeemed for cash.

Unlike other credit cards, there is no upfront welcome bonus after meeting a minimum spending threshold. But considering the potential number of points you can earn during the first six months, that can be viewed as an alternative.

Cardholders can earn additional points through online shopping at the Earn More Mall. At the online shopping portal, you’ll earn points based on a percentage of your shopping total. There are almost 500 participating retailers offering rates from 1% to 10%, including Home Depot, Kohl’s, Apple.com, and 1800Flowers.com.

All points must be used within five years from the date they are earned.

Redeeming Rewards

You can redeem points to book travel on the Wells Fargo travel portal, including flights, hotels, car rentals, and cruises. There are no blackout dates, no advance booking restrictions and no minimum stay requirements. Plus, points can be used for cash back, brand-name merchandise, gift cards, and online auctions.

Points are worth one cent each for most redemptions. However, points are worth 50% more when booking a flight through the Wells Fargo Rewards travel portal. For example, 20,000 points are worth $300 toward airfare, but only $200 toward a hotel reservation or cash back.

Cardholders can pool rewards with other customers for larger redemptions. Points may also be donated to select charities.

Rewards Potential

So that readers can compare rewards from different credit cards, it is essential to understand what kind of rewards you can expect based on your spending patterns.

Forbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories. The 70th percentile of wage-earning households brings in $100,172 annually and has $52,820 in standard expenses. Of this amount, $9,352 is at gas stations, grocery stores, and drugstores.

With the 5 points per dollar promo available for six months after opening your account, that means the average household spends $4,676 during this time. That would equate to 23,380 points from the initial promotion.

Additionally, you’d earn another 24,000 points if you used the Wells Fargo Visa Signature Credit Card for half of your other expenses. Combined, that would be over 47,000 points, which would be worth $470 in cash back or $705 in airfare.

After the first year, however, this cardholder would earn around 28,000 points per year at a rate of 1 point per dollar for all purchases.

Featured Partner Offers

0% Introductory Rates

New cardholders receive a 0% Intro APR on purchases for 15 months and 0% Intro APR on balance transfers for 15 months. Balance transfer requests must be made within 120 days from account opening to qualify for this introductory rate. After the promo period ends, the standard variable APR of (12.49% – 25.49% APR) will apply.

Balance transfer requests have an Introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening After 120 days, balance transfer fees are 5% for each balance transfer, with a minimum of $5.

Other Card Benefits

As a Visa Signature card, the Wells Fargo Platinum comes with a suite of benefits including:

• Trip Cancellation Protection: Up to $2,000 per person for non-refundable travel expenses
• Lost Luggage Reimbursement: Up to $3,000 per covered trip due to loss or theft
• Auto Rental Collision Coverage: Secondary coverage for the rental car due to theft or collision
• Visa Signature Luxury Travel Collection: Benefits include room upgrade, $25 food & beverage credit, daily continental breakfast, complimentary wi-fi, and 3 pm late checkout
• Purchase Security: Covers eligible items for 90 days due to theft or damage due to fire, vandalism, water accidents, and certain weather conditions
• Price Protection: If an item is advertised for less within 60 days, you’ll be reimbursed up to $250 per item with a maximum of $1,000 per year
• Extended Warranty Protection: Eligible warranties are extended one additional year
• Cell Phone Protection: Wells Fargo’s cell phone protection plan covers the repair or replacement due to damage or theft up to $600 per claim less a $25 deductible with a maximum of $1,200 per 12-month period

Fine Print

See your cardholder agreement for current rates.

How The Card Stacks Up

Although the Wells Fargo Visa Signature Credit Card Review offers valuable benefits, it does not have a traditional welcome bonus or lucrative rewards on your spending. These competitor rewards credit cards might be a better choice for some consumers.

Chase Freedom Unlimited®

The Chase Freedom Unlimited® earns 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% cash back on eligible dining and drugstores and 1.5% on all other purchases. New cardholders can earn a 1.5% cash back bonus on everything bought in the first year as a cardholder on up to $20,000 in spending - that's worth up to $300 cash back in the first year. These points can be redeemed for cash, travel, gift cards and more at a rate of one cent per point. Plus, they never expire.

Points can be combined with other Chase Ultimate Rewards credit cards. Once there, they can be transferred to airline and hotel loyalty programs or redeemed for travel through Chase at up to 1.5 cents per point (for Chase Sapphire Reserve® cardholders). The Chase Freedom Unlimited is best paired with a premium Chase card like the Chase Sapphire Reserve®, Chase Sapphire Preferred® Card or Ink Business Preferred® Credit Card.

Additionally, the Chase Freedom Unlimited offers a 0% introductory APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 17.99% - 26.74% applies. An intro transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies in the first 60 days of account opening. After that, a fee of either $5 or 5% of the amount of each transfer applies.

Citi® Double Cash Card

The Citi® Double Cash Card earns 2% cash back on every purchase. Cardholders earn unlimited 1% cash back when they make a purchase, then another 1% when the card is paid off. Rewards can be redeemed for cash or kept as Citi ThankYou Points. Those points can be redeemed for travel, gift cards and more. Or they can be transferred to any of Citi’s airline transfer partners.

This card has no annual fee. It also offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 17.74% - 27.74%, based on creditworthiness. There is also an intro balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, completed within the first 4 months of account opening. After that, the fee will be 5% of each transfer (minimum $5).

Savor Rewards Credit Card*

The Savor® Rewards from Capital One® can score generous rewards for the right spender. You’ll earn 5% cash back on hotels and rental cars booked through Capital One Travel, 4% cash back on all dining, entertainment and popular streaming services, 3% cash back at grocery stores and 1% on all other purchases. Unlike the Wells Fargo Signature Credit Card, these bonus cash back categories are not for a limited time and do not have a spending cap.

It comes with a welcome bonus: $300 cash bonus after spending $3,000 on purchases within 3 months from account opening. The Capital One Savor Card does not offer any 0% APR promotions. There is a $95 annual fee.

Related: Best Credit Cards of 2022

Is The Card For You?

The Wells Fargo Visa Signature Credit Card is a good alternative when you’re unable to apply for other credit cards due to their restrictive application rules, such as Chase 5/24 or American Express’ one bonus per lifetime. The Wells Fargo Visa Signature has a $0 annual fee and provides valuable trip and purchase protections at no extra charge. If you plan to pair this with another Wells Fargo card that earns better rewards than this one, then that could be a winning strategy to max out your earnings towards future flights.

But as a standalone option, given  that this credit card only earns one point per dollar after the promotion expires, you’ll likely be better off with another card with greater earning potential.

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