Wells Fargo Cash Back College Card Reviews And Complaints
Some students say theyve received credit-limit increases after a few months. Others say its taken longer to receive a credit-limit increase about a year or more. Students also say its easy to make payments on this card.
Wells Fargo is not accredited by the Better Business Bureau , and it currently has five alerts on its BBB page. The bank has over 3,500 customer complaints.
This Card Is Best For
- Seeks to maximize cash back earnings across spending categoriesCash Back Strategist
- Currently enrolled in an accredited four year college or universityCollege Student
The Wells Fargo Cash Back College card is best suited for students who want a simple rewards card with no annual fee. After the first six months, youll earn unlimited 1% cash back on every purchase you make, with no need to remember bonus categories or to activate rewards. The simplicity of the card is a big advantage for busy college students.
It’s also a good option if you need to finance a major purchase. With a 0% introductory APR offer for six months, youll have half a year to pay off a new laptop or textbooks without having to pay interest fees.
If, like most college students, you spend a lot of time on your phone, the card’s cell phone protection is a major benefit. Your phone is a significant investment, and this card gives you up to $600 in protection against damage or theft, subject to a $25 deductible.
Travel And Emergency Assistance Services
This benefit is offered 24 hours a day, and it comes in the form of an assistance hotline. You can use this hotline to get help with medical or legal referrals, emergency transportation assistance, emergency translation services and more. The service itself is complimentary, but you’re responsible for any third-party costs.
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Deserve Edu Mastercard Vs Wells Fargo Cash Back College Card
The Deserve EDU Mastercard is geared towards international students. You dont need a Social Security number to sign up, nor do you need a US credit record.
Moreover, there are no foreign transaction fees, so you can use your card in your home country without penalty.
That said, the Deserve card doesnt offer any bonus categories or other perks. The cash back rewards are a flat 1%.
How The Wells Fargo Active Cash Card Compares To Other Cash Rewards Cards
The Capital One Quicksilver Cash Rewards Credit Card is one of the most popular no-annual-fee cards for straightforward rewards, but the Wells Fargo Active Cash beats its 1.5% flat-rate cash back and is perhaps just as low maintenance. You cant set automatic redemption intervals with the Active Cash like you can with the Quicksilver , but the Active Cash card removes much of the fine print youll find on other cards that earn unlimited 2 percent cash rewards.
For instance, while the Citi Double Cash card is the most popular 2 percent cash back card, you might not actually earn 2 percent rewards. Youll only earn 1 percent back until you pay off your purchase, and carrying a balance would eat through those extra rewards anyway. Granted, the Double Cash card has a slightly longer 0 percent intro balance transfer APR period and lower ongoing interest rate , but it doesnt carry a zero-interest purchase APRwhich is more helpful for a flat-rate card focused on new spending. However, the Double Cash does have a slight advantage over the Active Cash when it comes to benefits because of its networks higher-tier World Elite Mastercard perks.
Although it isnt technically a flat-rate cash back card, the Chase Freedom Unlimited® card carries a minimum of 1.5% back on all purchases as well as a number of other unlimited bonus cash back categories, which could significantly boost its average cash back rate if you spend heavily on dining, drugstores and travel through Chase.
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Where The Wells Fargo Cash Back College Visa Card Stands Out
The Wells Fargo Cash Back College Visa® Card offers the potential for rewards with a $0 annual fee. Once you sign up, youll earn 3% cash rewards on gas, grocery, and drugstore net purchases for 6 months. You also earn back on all other purchases made with the card. After the six-month period expires, your earning rate will fall to for all purchases.
If you need to make a large purchase and want to pay it down over a short time without any interest, youll also be glad to know that the Wells Fargo Cash Back College Visa® Card charges , followed by a variable rate of . The same also applies to balance transfers, although a balance transfer fee of up to 5%, with a minimum of $5 will be assessed.
The Wells Fargo Cash Back College Visa® Card reports your card account and payment activity to all three credit reporting agencies, which is beneficial when looking to build a solid credit history. That credit report data is then fed into an algorithm which determines your credit score. You also get access your FICO Score through your cards online account, as well as credit education and tools with Wells Fargo Online®.
A great perk with this card is its cellphone protection. If you use the card to pay for your monthly cell phone bill every month, cardholders get up to $600 in protection. This coverage is for phones that are damaged or stolen, however, it does not cover you if your phone is lost.
Open A Checking Account
If you want to pay your bills or make purchases electronically, one option may be to open a checking account. This will allow you to withdraw or deposit funds easily, and if you use a debit card, you can make purchases with the card. It is helpful to understand the fees associated with any account before you sign up, as some institutions require a minimum monthly balance or they may offer fee waivers for some services depending on the type of account you have. Mobile banking, account alerts, and apps can be helpful tools to help you monitor your balance on the go, which may help prevent you from overdrawing the account.
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Wells Fargo Active Cash Card
Who its best for: Frequent travelers
The Wells Fargo Active Cash card is a rewards card that gives you unlimited 2% cash back on all of your purchases. You can redeem the rewards online, in person or by phone for the following:
- Payment of recent eligible purchases made using your card
- Statement credit on a qualifying Wells Fargo credit card, checking account or mortgage
- ATM withdrawals
- Gift cards
- Travel
If youd rather share your rewards with another account holder or a charitable organization, you can do that, too, in $25 increments.
Although Wells Fargo considers its Active Cash card a cash-back rewards card, it does double duty as a balance transfer card. You get a 0% introductory rate on purchases and qualifying balance transfers for 15 months after account opening.
In addition to receiving cash-back rewards on all your purchases, you can earn a $200 cash bonus after spending $1,000 in the first three months you own the card. Other exclusive Active Cash benefits include around-the-clock concierge service that can help you book dinner reservations, travel and entertainment. Cardholders also get special benefits from a luxury collection of participating hotels.
- High balance transfer and cash advance fees
- Foreign transaction fee
Whats The Best Wells Fargo Credit Card For You
Sometimes the best Wells Fargo card for you will be obvious college students will gravitate toward the Wells Fargo Cash Back College Visa® Card, while small business owners with poor or fair credit will find the Wells Fargo Business Secured Credit Card a useful credit-building tool. However, if you dont fall into such a category, you might be stuck on which Wells Fargo credit card to apply for.
The answer could be to get multiple cards over time. For example, some consumers might like to combine the Wells Fargo Cash Wise Visa® card and the Wells Fargo Visa Signature® Card. Where the Wells Fargo Visa Signature® Card stands out is in offering 50% more value when rewards are redeemed for airfare. Thus, its possible to put your everyday spending on the Wells Fargo Cash Wise Visa® card, then transfer your points to the Wells Fargo Visa Signature® Card before redeeming them.
However, note that applying for multiple Wells Fargo credit cards rapidly may not be wise due to what cardholders have termed the 1/15 rule if youve opened a Wells Fargo credit card in the past 15 months, you may not qualify for bonuses or intro APR and/or fees on a new card.
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Wells Fargo Personal Line Of Credit Ends
In a somewhat surprising move, Wells Fargo announced in early July that all existing personal lines of credit are closing down, and no new applications are being accepted.
This unsecured loan is similar to most rewards credit cards as it doesnt require collateral but can have a borrowing limit as high as $100,000 and a lower interest rate. For example, a home equity line of credit uses your house as collateral. If you default on a HELOC, the bank can foreclose on your house.
On the other hand, personal credit lines can damage your credit score if you miss payments and default on the loan. The lender can also legally require you to make payments.
However, it appears Wells Fargo is discontinuing personal credit lines as a way to reduce risk.
Other Things Worth Considering
Here are a few more things you should consider before applying for the Wells Fargo Cash Back College Card.
- You must have an eligible Wells Fargo account to apply online.
- College students who are glued to their phones will appreciate the complimentary cellphone insurance, which provides up to $600 in coverage per claim if your phone gets stolen or damaged. Note that this doesnt cover lost phones, and theres a limit of $1,200 in claims in a 12-month period.
- We dont recommend paying with the Wells Fargo Cash Back College Card overseas, because the card comes with a 3% foreign transaction fee.
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Best Wells Fargo Credit Cards
Wells Fargo is one of Americas largest banks, and its working to overcome the consequences of a number of scandals in recent years that have resulted in billions of dollars in fines and restrictions imposed by the Federal Reserve. That said, regulators are keeping close tabs on the bank as it continues to serve 1 in 3 American households and over 10% of businesses.
Like any bank this size, Wells Fargo has a dizzying array of banking products to choose from. Its primary credit card offerings, however, stick with the basics: one standard card and one rewards card. Which one is best? Keep reading to find out.
Manage Your Account & Pay Your Bill
You can usually pay your bill online on your
The Wells Fargo Cash Back College Card is a basic student credit card, with a mediocre rewards program.
Cardholders get 3% cash back at grocery stores, gas stations, and drugstores, but only for the first six months of card ownership and up to $2,500 spent. 1% cash back is earned on those purchases after that, and for all other purchases.
Youll get a 0% intro APR on both purchases and balance transfers for 6 months, and then your rates will be 12.15%22.15% Variable. This rate only applies to balance transfers made during the first 120 days of account opening.
Some benefits are included, with the most valuable probably being Cell Phone Insurance.
The Cash Back College Card has no annual fee, and charges 3% on foreign transactions.
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Here%s How To Get A Wells Fargo Cash Advance:
To get a Wells Fargo cash advance PIN, call customer service at . After that, you%ll be able to take out up to $500 in cash per day from your line of credit, up to your cash advance limit.
If you have a Wells Fargo checking account, you can link it to your credit card as overdraft protection. If your bank account balance dips below zero, you%ll get a cash advance from your credit card to cover transactions. But this isn%t a great option. You%ll pay a $12.50 fee for advances under $50, and $20 for anything above. Plus, the same high cash advance APR applies right away.
At the end of the day, a Wells Fargo cash advance costs too much in fees and interest to be a good option for convenient cash. But if you do one, make sure to repay your balance as soon as possible. Unlike purchases, cash advances do not come with any grace period. Interest starts accruing as soon as you make a withdrawal, so repaying your advance as soon as possible will save you money.
Wells Fargo Financial credit card is just another name for the bank’s revolving credit cards. This covers all Wells Fargo credit cards available right now, since Wells Fargo doesn’t offer any charge cards.
You can only cancel your Wells Fargo credit card by phone at . But if your card is lost or stolen, you can easily report it online.
Review: Wells Fargo Cash Back College Card
- Only good for the first half-year. All of the Wells Fargo Student Credit Cards best features are crammed into the first six months your account is open. You will receive 3% cash back on gas, groceries and drugstore purchases but only for the first six months. After that, youll earn just 1% back on all purchases, which is about average for a cash-back credit card. Furthermore, youll get 0% intro rates on new purchases and balance transfers, but again, only for six months. Afterwards, even with the lowest regular APR assigned, it would be better not to carry a balance from month to month, which is not advised when trying to build your credit rating. For context, the average student credit card has a 16.29% APR.
- No annual fee is a necessity. Its important for students to get a card with no annual fee because low-cost credit improvement should be their top priority. In that sense, the Wells Fargo College Credit Card fits the bill. However, most student cards dont charge annual fees, so this wont be the deciding factor.
- Rewards-redemption rigidity. The Wells Fargo College Card only lets you redeem your cash back in increments of $25. That means youll have to carefully plan redemption in order to cash in your total earnings.
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This Card Can Help You Out Of A Jam
We dont recommend carrying a balance on your credit card. Its a bad habit to get into. But if you have an emergency that you cant afford to pay out of pocket, the Wells Fargo Cash Back College Card features an introductory 0% APR on purchases for the first six months after account opening. Youll also get a six-month introductory 0% APR for balance transfers made within 120 days of account opening but watch out for the intro balance transfer fee of 3% . And if you transfer a balance after the first 120 days, the balance transfer fee can be up to 5% .
It might help you out in a pinch. Just dont forget to pay off your balance as quickly as possible, because after the introductory rate ends youll be hit with a variable APR on both purchases and balance transfers between 11.15% and 21.15%, depending on your creditworthiness.
How To Earn Cash Back With The Wells Fargo Active Cash Card
The Wells Fargo Active Cash Card offers 2% back on everything you buy with no rewards category limitations or quarterly activation. This means you can use it for all your purchases and earn this flat rate of rewards for each dollar you spend.
It doesn’t get any more simple than that, which is one of the biggest upsides of this card.
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Full Review Of Wells Fargo Cash Back College
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Triple rewards offer for new cardmembers
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0% introductory APR for six months on purchases and balance transfers
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Generous benefits for a student card, including cell-phone protection
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Low cash-back rate for ongoing rewards
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You must have at least $20 in rewards to redeem
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Wells Fargo customer satisfaction is below par
Wells Fargo Cash Back College Card Benefits And Features
At best, the Wells Fargo Cash Back College Card offers a mediocre rewards program and 0% APR period. However, it does integrate well with your Wells Fargo accounts, displaying all your account information on one page:
This makes it a convenient option for an existing Wells Fargo customer, since you can track all your spending from a single location. However, we’ll explain in the following section how the card falls short on many other features.
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