No rewards: Restricted worth exterior of the intro APR
The largest disadvantage with this card is that it would not provide any type of rewards program. Meaning:
- There is no welcome bonus. Some bank cards provide welcome bonuses of $200 or more for brand spanking new cardholders.
- There aren’t any buy rewards. Different playing cards earn cash 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 manner, relying on how a lot you spend.
To be honest, this card has particular presents by means of My Wells Fargo Offers, the place you’ll be able to earn money again assertion credit on purchasing, 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 precious as incomes money rewards on all of your on a regular basis purchases.
Due to the shortage of rewards, this card would not have a lot long-term worth. As soon as the 0% intro APR ends, there is not any incentive to proceed utilizing it. You are higher off switching to a rewards credit card at that time.
It is price noting that there are 0% APR bank cards that even have rewards packages. They simply have shorter 0% APR intro intervals. In case you do not want the whole 21 months from account opening this Wells Fargo card presents, then it may make extra sense to select a card with a shorter intro interval that earns rewards.
Pricey charges on stability transfers and international transactions
The Wells Fargo Replicate® Card is a good stability switch card due to its 0% intro APR. But it surely additionally has a balance transfer fee 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 look like a lot, however should you’re transferring $5,000, that 2% distinction would value you an additional $100. In case you do not want 21 months from account opening to get out of debt, you might need to have a look at extra credit card reviews and decide a card with a decrease stability switch charge.
There’s additionally a foreign transaction fee of three%, which is one more reason why this is not the very best card for long-term use. In case you ever journey exterior the USA, it is essential to have a card you should utilize with none further charges, like a travel credit card
