No rewards: Restricted worth exterior of the intro APR
The most important disadvantage with this card is that it would not provide any kind of rewards program. Meaning:
- There is no welcome bonus. Some bank cards provide welcome bonuses of $200 or extra for brand new cardholders.
- There aren’t any buy rewards. Different playing cards earn money rewards or factors on all of your eligible purchases, which may 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 honest, this card has particular presents by My Wells Fargo Offers, the place you’ll be able to earn money again assertion credit on buying, 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 worthwhile 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 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 durations. If you happen to do not want your entire 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.
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. However it additionally has a stability switch payment of 5%, min: $ 5.
Stability switch playing cards usually have a payment like this, however a few of them solely cost 3%. It could not seem to be 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, it’s possible you’ll need to take a look at extra bank card opinions and choose a card with a decrease stability switch payment.
There’s additionally a international transaction payment of three%which is another excuse why this is not the most effective card for long-term use. If you happen to ever journey exterior america, it is essential to have a card you should use with none additional charges, like a journey bank card
