No rewards: Restricted worth outdoors of the intro APR
The most important disadvantage with this card is that it would not provide any form of rewards program. Which means:
- There is not any welcome bonus. Some bank cards provide welcome bonuses of $200 or extra for brand spanking new cardholders.
- There are not 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 gives by means of My Wells Fargo Offers, the place you possibly can earn money again assertion credit on procuring, 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 priceless as incomes money rewards on all of your on a regular basis purchases.
Due to the dearth 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 gives, then it may 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 superb stability switch card due to its 0% intro APR. However it additionally has a stability switch charge of 5%, min: $5.
Stability 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 when 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, you could need to have a look at extra bank card evaluations and decide a card with a decrease stability switch charge.
There’s additionally a international transaction charge of three%, which is another excuse why this is not the most effective card for long-term use. If you happen to ever journey outdoors the USA, it is vital to have a card you should utilize with none further charges, like a journey bank card
