No rewards: Restricted worth outdoors of the intro APR
The most important downside with this card is that it does not supply any type of rewards program. Meaning:
- There is not any welcome bonus. Some bank cards supply welcome bonuses of $200 or extra for brand spanking new cardholders.
- There aren’t any buy rewards. Different playing cards earn money rewards or factors on all of your eligible purchases, which might add up over time. It is doable to earn $500 or extra yearly in rewards this fashion, relying on how a lot you spend.
To be truthful, this card has particular affords by way 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 together with your eligible Wells Fargo card. However incomes some assertion credit right here and there is not almost as precious as incomes money rewards on all of your on a regular basis purchases.
Due to the dearth of rewards, this card does 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 bank card at that time.
It is value noting that there are 0% APR bank cards that even have rewards packages. They simply have shorter 0% APR intro durations. In the event you do not want the whole 21 months from account opening this Wells Fargo card affords, then it might make extra sense to select a card with a shorter intro interval that earns rewards.
Pricey charges on steadiness transfers and overseas transactions
The Wells Fargo Replicate® Card is a good steadiness switch card due to its 0% intro APR. However it additionally has a steadiness 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 the event you’re transferring $5,000, that 2% distinction would value you an additional $100. In the event you do not want 21 months from account opening to get out of debt, it’s possible you’ll wish to take a look at extra bank card evaluations and choose a card with a decrease steadiness switch payment.
There’s additionally a overseas transaction payment of three%, which is another excuse why this is not the most effective card for long-term use. In the event you ever journey outdoors the USA, it is essential to have a card you should use with none further charges, like a journey bank card
