Best Wells Fargo Credit Cards
- Types of Wells Fargo Credit Cards
- Pros and Cons of a Wells Fargo Credit Card
- Tips on Using a Wells Fargo Credit Card
- How to Apply for a Wells Fargo Credit Card?
If you’re looking for a new bank, you might prefer a financial institution with a strong presence and multiple locations. Wells Fargo is a well-known provider offering a multitude of financial solutions to meet your needs. Here, you can acquire home loans, personal loans and choose from a generous selection of credit cards tailored to your specific needs.
Just about every bank and credit union offers credit cards. Even so, Wells Fargo might be a good fit if you prefer brand loyalty, and if you’re searching for a rewards credit card to earn cash back or points for every dollar you spend. The more rewards you earn, the sooner you can redeem your rewards for travel, merchandise, credit or a gift card.
If you currently have financial products with this bank, why not peruse its selection of credit cards?
Types of Wells Fargo Credit Cards
Whereas some credit unions and banks offer a limited selection of credit cards, Wells Fargo has a generous selection of credit cards tailored to unique situations. Understanding the bank’s different credit card options can help you choose the right one for your circumstances. For example:
- Cash back credit cards. If you’re looking for an “emergency use” only credit card, a credit card with a rewards program may not benefit your situation. Chances are, you won’t use the card enough to benefit from the rewards program. On the other hand, if you prefer using a credit card over cash, Wells Fargo offers a cash back credit card that lets you earn cash on every purchase. Use your credit card for everyday spending from gas to groceries, or use the card when paying your bills online. The more you use the credit card, the more cash you can earn. To avoid debt, however, only use a cash back credit card when you have cash available to pay off purchases made with the card.
- Rewards credit cards. Then again, maybe you prefer earning points over cash back. Several Wells Fargo rewards credit cards let you earn points per dollar spent. Program rules vary by credit card, but in most cases, you’ll earn one point per every dollar spent on everyday purchases, and two or three points per every dollar spent on purchases in select categories. To benefit the most from this type of rewards system, use your rewards credit card often but don’t overspend. Only charge what you can afford.
- Secured credit cards. Past credit mistakes can drive down your credit score, making it difficult to qualify for car loans, home loans and other types of financing. With a Wells Fargo secured credit card, there’s an opportunity to rebuild or establish your credit history. This credit card requires a minimum cash deposit of $300. Keep in mind, you’re only eligible for this card if you have an existing relationship with Wells Fargo. Before applying, open a personal savings account or a checking account with the bank, or apply for another type of account through the financial institution. Once you get your Wells Fargo secured credit card, pay your bills on time every month. Wells Fargo will periodically review your account history. If you demonstrate a history of creditworthiness, the bank will convert your secured account to an unsecured account.
- Student/college credit cards. Wells Fargo also offers a credit card designed specifically for college students looking to build their credit history. This credit card requires a minimum age of 18 to 21 to qualify, and you must provide proof of sufficient income or have a cosigner to be eligible for an account. Similar to the bank’s secured credit card policy, you must also have an established relationship with Wells Fargo to get a student credit card. To help build your credit while in college, pay your bills on time, never lend out your credit card and set a monthly spending limit to avoid overcharging and getting into debt.
Business credit cards. If you operate a business and you’re looking for a credit card for business purposes, the Wells Fargo business credit card might be the right choice for you. Business credit cards typically offer higher credit limits, and you can use these cards for various business expenses (supplies, equipment, advertising, etc.) You can apply for a business credit card using your personal social security number. To qualify, however, you must have a good personal credit rating.
Pros and Cons of a Wells Fargo Credit Card
- Opportunity to earn bonus points. The faster you earn reward points, the faster you can redeem a reward. Wells Fargo reward credit cards offer bonus point opportunities, allowing you to optimize the reward system. Typically, you must spend a certain amount within the first 90 days of opening the account to qualify for bonus points. As you shop for a credit card, realistically consider how much you’ll spend with the card over the first 90 days. To improve your odds of qualifying for the bonus points, use the credit card for the majority of your monthly purchases—but only if you’re able to pay off the balance in full each month.
- Choose between different brands. Wells Fargo offers different co-branded credit cards, which is perfect if you prefer one particular credit card over another. Options include Visa credit cards as well as an American Express credit card. Different benefits come with different types of credit cards, so read each card’s Guide to Benefits to understand your cardholder benefits. These will vary by card. For example, one card may include price protection, purchase protection, car rental coverage or cell phone protection, whereas another card doesn’t include these benefits.
- No annual fee options. Annual fees are common with credit cards that have a rewards system. However, Wells Fargo features no annual fee credit cards, which can reduce your out-of-pocket expense. Before applying for a credit card, read the fine print on the application and make sure you understand the costs associated with the card, including the interest rate.
- Security features. Another benefit of Wells Fargo is that the bank offers many security features to keep your accounts safe. This includes chip technology on credit cards and debit cards to protect your card from fraudulent activity. The bank also has a zero liability policy in the event that your credit card is lost or stolen and someone makes unauthorized charges on your account. Wells Fargo will also regularly monitor your account for suspicious activity and send alerts notifying you of fraudulent activity. You should also carefully monitor your account. Contact Wells Fargo if you detect suspicious activity. Even if you don’t use your credit card often, log into your account at least once or twice a week to ensure your account hasn’t been compromised.
- Points may expire. Unfortunately, if your Wells Fargo credit card has a points reward system, your points may expire after five years. Therefore, keep track of the points you accumulate over the years, and periodically redeem your points to avoid losing them. Redeem points for airfare, hotels, merchandise, statement credit, gift cards or unique experiences like a custom getaway.
Secured credit cards require a minimum $300 security deposit. Secured credit card accounts with Wells Fargo require a cash deposit. But whereas some banks allow cash deposits as low as $200, Wells Fargo requires a minimum $300 for its secured credit card accounts.
Tips on Using a Wells Fargo Credit Card
- Compare different cards. Because Wells Fargo offers a variety of credit cards, it’s important to take your time when selecting the right credit card for your wallet. Compare individual credit card options to find one that best suits your situation. Make sure you understand benefits that accompany the card and compare interest rates and annual fees. If the credit card has an annual fee, what are you getting for this fee? Do the benefits counterbalance this expense? As you compare cards, don’t forget to read the fine print. This explains the card’s terms and conditions. For example: Does the credit card charge an introductory rate? If so, when does the introductory rate expire? Is there a grace period? What is the regular or standard APR? Does the card charge a foreign transaction fee?
- Know your credit score. Be aware of your credit standing before applying for a Wells Fargo credit card. Each type of credit card requires a minimum credit score for approval. If you apply for a credit card and you don’t meet the bank’s minimum credit score requirement, you may be rejected for the card. This can result in an unnecessary inquiry on your credit report and reduce your credit score. Check your credit score and credit report before applying for any type of new credit. Read the application carefully to make sure you’re eligible for the card. If you can’t locate credit requirement information on the credit card application, speak with a Wells Fargo representative.
- Pay off bills in full. Frequently using your Wells Fargo credit card can help you earn more cash back and reward points. But you shouldn’t charge more than you can afford. Each month, set a spending limit and stay within this budget. To avoid acquiring too much debt, commit to paying off your credit card balance in full every month.
- Manage your account online. Download the Wells Fargo mobile app or sign up for online account management from your computer. Taking advantage of online features can make it easier to monitor your account activity. From the app or website, check your credit card balance, schedule bill payments, set up automatic alerts and monitor your account for fraudulent activity.
- Set up automatic payments. Late credit card payments can result in late fees. Additionally, Wells Fargo may report a late payment to the bureaus when your payment is more than 30 days past due. Negative information on your credit report lowers your credit score. To avoid credit damage, pay your monthly bill on time every single month. Set up automatic payments to ensure timely arrivals. If you experience payment difficulty, notify Wells Fargo to set up alternate payment arrangements.
- Don’t lend out your credit card. It’s important that you don’t lend your credit card to anyone. If you give someone permission to use your credit card, you’re ultimately responsible for any charges this person puts on the account, so make sure you are present to authorize these purchases.
Only apply for one Wells Fargo credit card at a time. If you’re thinking about getting more than one new credit card, spread out your applications and apply for one account every six months. Each new credit application can decrease your credit score by two to five points.
How to Apply for a Wells Fargo Credit Card?
If you live near a Wells Fargo branch, you can stop by any bank and apply for a credit card in-person (as well as other types of credit accounts). For an easier, faster approach, however, submit an online application for a credit card. This is convenient because it gives you an opportunity to preview the bank’s different types of credit cards side-by-side. You can compare interest rates, annual fees, other costs and benefits to determine the card that’s right for you.
Once you are ready to apply, fill out the online application and await a response. As a reminder, always read the fine print before submitting your application to ensure you meet the minimum requirements for the credit card. If your credit score is lower than the minimum score requirement, the bank may reject your application.
Whether you’re looking for a rewards credit card, a student credit card or a secured credit card, Wells Fargo offers a variety of credit cards. Don’t rush the application process. It is important to research and compare accounts before applying. Once you’re approved, always practice good credit habits to improve or establish your credit score. Pay your bills on time, never max out your account and carefully monitor your balance for suspicious activity.