Wells Fargo offers credit cards for students, consumers, and even small business owners, who have different credit scores that range from low to high. However, the bank hasn’t been known for its credit card rewards until recently.
Wells Fargo has now rolled out plenty of products that are appealing to people who do not bank with them yet. They have introduced cash rewards, which cardholders can redeem in the form of $20 bills right from ATMs just by using their debit cards.
Credit cards offered by Wells Fargo also have zero annual fees and most of them give rewards to their customers with great introductory APRs. Read further to take a look at the Wells Fargo Visa Rewards credit card.
Benefits of the Wells Fargo Visa Rewards Credit Card
5x Reward Points
In the first 6 months of getting the card, you will be earning 5 points for each dollar you spend on groceries, gas, and the drugstore. If you spend around $12,500 for the six months, you will accumulate plenty of points.
0% Interest for 15 Months
For the first 15 months, the card charges you a 0% interest rate on balance transfers and purchases. While this is not that special, it is still good enough and can help you save plenty of money during this time.
$0 Annual Fees
The card comes with no annual charges. This is a great incentive as it ensures you can use the card all year round as you wish, and the bank will not charge you for it.
Redeeming the Points
Once you have accumulated some points, this card offers an extremely flexible redemption process. You can use your points for gift cards, traveling, online auctions, buying merchandise, and much more.
For your air travel, the card gives you high-class treatment, which includes rental cars, hotels, cruises, and many other unique experiences. You can also redeem the points you earn for cash on your account.
Fees and Charges
The following fees and charges are applied to the Wells Fargo Visa Rewards credit card.
Annual Percentage Rate – For APR on purchases, this card has an introductory offer 0.00% for the first 15 months, after which it will revert to between 16.49% and 25.49%. The actual APR that you will be charged is based on your credit score.
Annual APR on Balance Transfers – Originally, their introductory offer is 0.00% for the first 15 months, after which it will revert to between 16.49% and 25.49%. However, as mentioned previously, the exact amount is based on your credit score.
Cash Advances – You will either be charged 5% of the cash advance amount or $10, whichever one is higher.
Overdraft Fees – The charge is $12.50 of the total overdraft, and the total advances per day are $50.
How to Apply Online
Get Pre-Approved First
Now, all major credit card companies allow you to see whether or not you are eligible to be pre-approved, before you actually apply. Pre-approval involves a soft credit pull, which is good because it doesn’t affect your credit score.
Once you are pre-approved, the chances of getting approved for the credit card are very high.
Check on Your Credit Score
When it comes to credit card applications, your credit score dictates the amount of interest you pay on the card. If you want very low-interest rates for a Wells Fargo card, the best credit score should be above 800.
They, however, consider customers that have a credit score as low as 690 as well. Also, if your credit is good, then you can receive approval very fast.
Fill Out and Submit the Online Application Form
Once you are done applying for the card by filling in the required details, you then wait for them to make a decision. Sometimes it’s instant, in case you were pre-approved, while in some cases, it can take time.
You could wait up to 14 business days before you receive approval for the card. Within this time, they may request additional information, which you must provide to be approved.
Wait for Your Card in the Mail
It usually takes up to 2 weeks for the bank to send the credit card in the mail. Many companies usually expedite the delivery process in case you ask for it, and it’s always free.
Eligibility Requirements
For you to get approval for the Wells Fargo Visa Rewards credit card, you must meet the following requirements.
- Must have a good credit score of between 700 and 749.
- You must be 18 years of age, and if you are under 21, then you need to have a co-signer who is above 21 years old.
- You must be either a permanent resident of the US or a citizen.
- Must have a valid address.
Kindly log on to the Wells Fargo Website to fill out the application form.
Contact Information
Telephone number: 1 800 956 4442
Address
420 Montgomery ST
San Francisco, CA
94163
Conclusion
Wells Fargo Visa Rewards credit card comes with many good benefits. As per their current rewards systems, they are likely to make your life much easier. It is however important to exercise caution and do your due diligence when applying for credit cards.
Disclaimer: There are risks involved when using credit card products. Always be sure to read the bank’s terms and conditions page for more information.
