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No rewards: Restricted worth exterior of the intro APR
The most important downside with this card is that it does not supply any type of rewards program. Which means:
- There isn’t any welcome bonus. Some bank cards supply 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 potential to earn $500 or extra yearly in rewards this fashion, relying on how a lot you spend.
To be truthful, this card has particular presents by means of My Wells Fargo Offers, the place you possibly can earn money again assertion credit on procuring, eating, and experiences you pay for along with your eligible Wells Fargo card. However incomes some assertion credit right here and there is not practically as invaluable as incomes money rewards on all of your on a regular basis purchases.
Due to the dearth of rewards, this card does not have a lot long-term worth. As soon as the 0% intro APR ends, there isn’t any incentive to proceed utilizing it. You are higher off switching to a rewards bank card at that time.
It is value noting that there are 0% APR bank cards that even have rewards applications. They only have shorter 0% APR intro intervals. If you happen to do not want the complete 21 months from account opening this Wells Fargo card presents, then it might make extra sense to choose a card with a shorter intro interval that earns rewards.
Expensive charges on stability transfers and overseas transactions
The Wells Fargo Replicate® Card is a superb stability switch card due to its 0% intro APR. Nevertheless it additionally has a stability switch price of 5%, min: $5.
Steadiness switch playing cards usually have a price like this, however a few of them solely cost 3%. It could not look like a lot, however in case you’re transferring $5,000, that 2% distinction would value you an additional $100. If you happen to do not want 21 months from account opening to get out of debt, chances are you’ll need to have a look at extra bank card critiques and choose a card with a decrease stability switch price.
There’s additionally a overseas transaction price of three%, which is another excuse why this is not one of the best card for long-term use. If you happen to ever journey exterior the US, it is necessary to have a card you should use with none additional charges, like a journey bank card
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