No rewards: Restricted worth outdoors of the intro APR
The largest downside with this card is that it would not provide any type of rewards program. Which means:
- There is no welcome bonus. Some bank cards provide welcome bonuses of $200 or extra for brand new cardholders.
- There are not any buy rewards. Different playing cards earn money rewards or factors on all of your eligible purchases, which might add up over time. It is attainable to earn $500 or extra yearly in rewards this fashion, relying on how a lot you spend.
To be truthful, this card has particular affords by way of My Wells Fargo Offers, the place you possibly can earn money again assertion credit on buying, eating, and experiences you pay for together with your eligible Wells Fargo card. However incomes some assertion credit right here and there is not practically as beneficial as incomes money rewards on all of your on a regular basis purchases.
Due to the dearth of rewards, this card would not have a lot long-term worth. As soon as the 0% intro APR ends, there is no incentive to proceed utilizing it. You are higher off switching to a rewards bank card at that time.
It is price noting that there are 0% APR bank cards that even have rewards applications. They only have shorter 0% APR intro durations. Should you do not want the complete 21 months from account opening this Wells Fargo card affords, then it might make extra sense to choose a card with a shorter intro interval that earns rewards.
Expensive charges on stability transfers and international transactions
The Wells Fargo Replicate® Card is a superb stability switch card due to its 0% intro APR. But it surely additionally has a stability switch charge of 5%, min: $5.
Steadiness switch playing cards usually have a charge like this, however a few of them solely cost 3%. It could not appear to be a lot, however in case you’re transferring $5,000, that 2% distinction would value you an additional $100. Should you do not want 21 months from account opening to get out of debt, it’s possible you’ll need to have a look at extra bank card evaluations and choose a card with a decrease stability switch charge.
There’s additionally a international transaction charge of three%, which is one more reason why this is not the perfect card for long-term use. Should you ever journey outdoors america, it is vital to have a card you should utilize with none additional charges, like a journey bank card
