At Wells Fargo, we’re not just in the business of banking. We believe it’s essential to be a responsible corporate citizen and help make our communities better places to live. That’s why we created the Reflect Card, which offers borrowers an affordable way to manage their finances responsibly. The card is designed with features that will help you avoid overspending and minimize your debt load. So whether you are looking for a credit card or checking account, Wells Fargo has what you need!
Full Review
The Wells Fargo Reflect Card, also known as the Wells Fargo card, is a credit card offered by Wells Fargo. It was launched in March 2006 and has been available to consumers since then. However, it can only be obtained if you are an existing customer of this bank or have to open up a checking account with them first before applying for their credit cards.
The approval process used by Wells Fargo takes about five minutes, so applicants should not worry when they apply for this loan product because chances are very likely that they will get approved even without any collateral assets at hand!
Wells Fargo is one of the largest banks in America and serves about 50 million customers worldwide, so it makes sense for them to offer credit cards. As a result, Wells Fargo should be your leading choice for applicants looking for a large bank with many branches nationwide to have their loan applications processed quickly!
Wells Fargo Reflect Card: Basics.
Card type: Credit.
Annual fee: 0$.
Interest rate: 0%.
Fees and charges: $0.00.
Credit score: 670 or higher.
Credit card payments: due every month on the 26th day of each month for purchases made during the previous billing cycle and whenever your available credit is less than $100, whichever comes first. Cash advances require payment within 30 days from the date of transaction or expiration date if longer. Balance transfers must be paid in full within 30 days of the transfer.
Credit limit: minimum $500, and the maximum is based on your creditworthiness/history with the bank.
Late payment fee: Wells Fargo will charge a late payment fee if you do not make at least the minimum monthly dollar amount due by its due date (the 26th day of each month).
Returned payment fee: Wells Fargo will charge a returned check/payment fee if your payment is not honored by the bank for any reason. The fee varies from $15 to $37, depending on how many times you have overdrawn in the past six months. In addition, other factors may affect your creditworthiness with them, such as information found in your credit report.
Why you might want Wells Fargo Reflect Card.
Fast approval process.
Wells Fargo credit card has a swift approval process, so chances are you will get approved even without collateral assets at hand. In addition, they have branches nationwide, so you can walk into one of their branches to apply for your loan product which has a higher chance of being approved than using online because the processing time involved is shorter.
Savings account option included in card package.
Wells Fargo offers savings accounts with them as an incentive to acquire new customers. In addition, you can earn higher interest when you deposit your savings in one of their bank branches.
No balance transfer fee.
This is rare for Wells Fargo because other credit card companies charge balance transfer fees regardless of the amount you are transferring. They do not have this policy which makes it more enticing to apply with them!
Monthly Cellphone Bill Protection.
Following a growing trend among credit cards, the Wells Fargo Reflect℠ Card offers cell phone protection. When you use your card to pay for your monthly cell phone bill, you can get up to $600 in coverage up to two times per year against theft and damage to your phone.
No cash advance fees.
Wells Fargo does not charge cash advance fees, which is an excellent incentive for borrowers to choose them. This will save you money on interest if you plan on using your loan product as an emergency fund in case of financial emergencies such as car repairs or home maintenance expenses!
Rewards for using this credit card.
Wells Fargo offers rewards if their customers use a credit card to make purchases or pay bills with them. These benefits include discounts, travel miles, and cashback credited directly into the account holder’s checking or savings account.
With the Wells Fargo Reflect Card, new applicants receive an interest-free promotional financing offer for 18 months from account opening on both new purchases and qualifying balance transfers. On-time minimum payments are required for the promotional financing offer.
Why you might want a different card
Large minimum deposit.
If you want to apply for this credit card, be sure that the bank already has your money because they require a minimum deposit of $500 before using and it will take them about three days to process new accounts if their requirements are met. Also, there’s no sign-up bonus which is another downside for new applicants.
High-interest rate.
The annual percentage rate (APR) on this card is very high at 18%. Unfortunately, this means that you will be paying higher monthly payments, making it hard to save up money in the future!
Early payoff penalty.
If you want to pay your credit card balance before the due date, there is an early payment fee that Wells Fargo will charge if you do so, and it can vary depending on how much time has passed since you opened up a new account with them. For example, if you have paid your balance within your first 60 days, they will charge a minimum of $15, whereas if you paid it after 90 days, then the amount is at least $25.
These no-fee cards have more value long after their 0% expire:
- American Express Blue Cash Preferred has a $95 annual fee. Still, it comes with six percent cash back on supermarket purchases up to the spending limit, about $6000 each year plus three percent cash back at gas stations, department stores, and drugstores. The amount is at least six percent if you have a family member with an American Express card.
- BankAmericard Cash Rewards has no annual fee, but it offers two percent cash back on purchases made in the first three months, then one point for every dollar spent afterward, which can be redeemed for your statement credit or gift cards. You need to redeem $100 worth of gift cards to get your cashback.
- Chase Freedom offers a five percent rate on different categories, which change every three months, one point for each dollar spent, and no annual fee! The maximum amount you can earn with this card is $75, whereas the minimum earning would be at least 500 points if you redeem them properly by getting gift cards.
- HSBC Cash Rewards Mastercard offers the same cash back rewards as the cards mentioned above, one point for every dollar spent and no annual fee! You can redeem your points through several ways, such as cash, gift card deposits, or a statement credit, to name a few. The maximum amount you can earn with this card is $50, so it has a lower earning potential than the other cards mentioned.
- Target REDcard has no annual fee, but it can only be used at Target Stores located all around America. The good news is that you will receive five percent off every purchase made throughout the year! You cannot redeem any points with this card because there aren’t any rewards associated with it.
Check out our website’s roundup of best-rated credit cards to see how these cards compare with other balance transfer card options.
Is Wells Fargo Reflect Card right for you?
If you are interested in applying for the Wells Fargo Reflect Card, make sure that they have your money because there is a minimum deposit requirement of $500 which will take them about three days to process new accounts if their needs are met. Furthermore, this card does not offer any sign-up bonus and has an annual percentage rate of 18%. A credit card issuer may choose to provide you with a higher APR depending on your credit history. You can check out our list of no-fee cards if this card does not suit your needs!
