Review of the Wells Fargo Active Cash Card
The Active Cash credit card from Wells Fargo bank is one of the most requested solutions for private individuals in the USA, Canada, and Puerto Rico. The card is free to use, so there is no annual fee. Its main benefit is 2% cash back on every purchase. Cash back can be withdrawn from ATMs or used to make other purchases or repay loans. Owners of the Wells Fargo card get access to several unique services, such as the around-the-clock concierge service and privileges at premium hotels worldwide.
General information about the Active Cash credit card
Wells Fargo bank is on the Fortune 1000 list and is the seventh largest financial organization in the USA. Therefore, it’s not surprising that plastic cards from Wells Fargo surpass most of their competitors in their features. They have two main advantages. First, if an owner of a Wells Fargo Active Cash card spends $1,000 or more in the first three months, he gets $200 added to his account. Second, this card’s owners receive 2% cash back on all direct purchases and orders. Cash back accrues not as bonuses but as money, and there are no limits on it.
The annual percentage rate (APR) on the Wells Fargo Active Cash credit card is 0% for the first 15 months. After that, the APR will be 17.99%, 22.99%, or 27.99% depending on a client’s credit score. Besides that, card usage conditions include several unique security features. For example, you can set up insurance (it costs $25) that allows you to get up to $600 of cell phone protection against damage or theft, and the Zero Liability protection feature relieves you of responsibility for any unauthorized transactions.
Best Credit Cards ComparisonBasic features
The Wells Fargo Active Cash card offers favorable conditions. Nevertheless, to make an objective choice, you need to be able to assess the card’s basic parameters by comparing them with similar parameters of competing cards. In the table below, analysts at Traders Union provide key features of the Wells Fargo Active Cash card.
| Features | Wells Fargo Active Cash card |
|---|---|
Annual fee |
$0 |
APR |
17.99%, 22.99%, or 27.99% |
Intro APR |
0% for the first 15 months |
Recommended credit score |
690-850 (excellent) |
Pros and Cons
Every credit card has its pros and cons, and the Active Cash card from Wells Fargo bank is no exception. The Traders Union experts have done their own analysis and studied user reviews to determine the basic advantages and drawbacks of the Wells Fargo Active Cash card. The research results are in the table below.
👍 Pros
•No annual fee
•0% intro APR for 15 months
•2% cash back on all direct payments regardless of category
•Several layers of protection of user data and funds
•Card management through a user account on the website or the mobile app
•The APR is average or below average in the USA
👎 Cons
•To get a card, you need a good credit score
•No cash back on transfers, conversions, bets, and some other transactions
•There are additional charges, e.g., a 3% fee on all international transfers
Bonuses and special features
Contemporary credit cards cannot be competitive without additional benefits. A low or zero annual fee, high cash back and comfortable charges are not enough to draw a client’s attention. That’s why the Wells Fargo Active Cash card has several bonuses and special features. Below, there is an overview of the main ones.
Welcome bonus
Every client of Wells Fargo bank who gets an Active Cash credit card has the right to a $200 welcome bonus. To earn it, you need to fulfill only one condition: spend $1,000 or more in the first 3 months of using the card. The funds must be spent on direct purchases or services, not bank transfers, conversions, loan payments, bets, etc. You can find out how much more you need to spend to get your welcome bonus in the mobile app or by contacting the bank’s tech support.
Visa Signature privileges
The Wells Fargo Active Cash credit card is powered by Visa Signature. Premium Visa cards, including Visa Signature, give their owners additional benefits. One such benefit is the free concierge service that works 24/7. The concierge helps clients to select the best traveling parameters, such as hotels, restaurants, and entertainment. The second benefit of Visa Signature cards is access to additional services at premium hotels worldwide. For more information, visit VisaSignatureHotels.com.
Wells Fargo rewards
The 2% cash back on purchases and orders of any category is set up on this credit card automatically. Clients can withdraw bonus funds (no less than $20) from ATMs for free, get gift cards for them, buy plane tickets, or rent houses and cars during trips. Besides payment for goods and services, these funds can be used to repay mortgages or other loans from Wells Fargo bank. Conveniently, all current information about bonus funds is always available in the mobile app.
Best Crypto CardsCommissions and fees
The commission policy of a bank is an important aspect of using its credit cards. Even with the best conditions and numerous unique bonuses, it may be unfavorable to use a card actively if the fees are above the market average. Traders Union experts have analyzed the fees on the Wells Fargo Active Cash card and marked the main points, which are:
The APR is 17.99%, 22.99%, or 27.99%, depending on a client’s creditworthiness and market conditions.
If you are a new client, your APR is 0% for the first 15 months.
The overdraft fee is 28.99% but the bank doesn’t charge additional fees for 25 days after the end of a billing cycle.
The payment for each international transfer during the first 120 days is $5 or 3% of the amount, and then $5 or 5% of the amount (depending on which is more).
Conversion costs are 3% of the amount, and the fee on all monetary advances is $10 or 5% (depending on which is more).
The Wells Fargo Active Cash card suggests only one penalty type: for delayed payment. The amount is $40.
Note that you can get a Wells Fargo Active Cash card only if your credit score is no less than 690 points and is classified as “good” or “excellent”. This is a standard requirement for most credit cards issued in the USA.
Wells Fargo Active Cash card compared with its competitors
A comparison with its competitors is the basis for an objective choice of any banking service. To understand how favorable the Wells Fargo Active Cash credit card really is, Traders Union experts have correlated its basic parameters with credit card conditions at some of the top banks. The results are in the table below.
| Parameters | Wells Fargo Active Cash Card | Capital One Venture X Rewards Credit Card | Citi Double Cash Card | Discoverit Cash Back | Bank of America Travel Rewards credit card |
|---|---|---|---|---|---|
Annual fee |
$0 |
$395 |
$0 |
$0 |
$0 |
APR |
17.99%-27.99% |
18.49%-25.49% |
16.24%-26.24% |
14.24%-25.24% |
16.24%-26.24% |
Intro APR |
0% for 15 months |
The same as regular APR |
0% on money transfers for 18 months |
0% on purchases and money transfers for 15 months |
0% on purchases for 18 billing cycles and 0% on money transfers for 2 months |
Recommended credit score |
690-850 (excellent) |
720-850 (excellent) |
690-850 (excellent) |
690-850 (excellent) |
690-850 (excellent) |
Who benefits from the Wells Fargo Active Cash card
This credit card is intended for people who actively use their financial capacities. The card’s basic benefits assume that the client makes a lot of purchases and places many orders, including online transactions. For instance, the 2% cash back accrues on all purchase categories.
The features for travelers aren’t unique. They are based on the bonuses of Visa Signature cards used by many banks. The main bonuses are the concierge service and premium conditions at the hotels that participate in this program. Therefore, it’s safe to say that this card will also be favorable for those who often travel around their country and abroad.
This credit card from Wells Fargo is all-purpose and geared to everyday expenses, as can be seen from the 15-month APR-free period and the $200 welcome bonus. The other conditions, including the APR and the fees on international transfers and conversions, are quite competitive.
Summary
The Wells Fargo Active Cash credit card is rightfully in the top positions in specialized ratings. It’s issued for free, and for the first 15 months, its APR is 0%. After that, the APR depends on a client’s creditworthiness and market conditions but, on the whole, the rate is standard for this niche. There is a $200 welcome bonus for new clients who spend $1,000 or more in 3 months, as well as 2% cash back on all purchase categories. Since this is a Visa Signature card, its owners get additional bonuses, such as premium options at hotels and the concierge service that works 24/7. Therefore, this card is a great option for household purposes, as well as for frequent trips.
FAQ
What does the APR on the Wells Fargo Active Cash depend on?
It depends on how long the card has been used. For the first 15 months, the APR is 0%. After that, it may be 17.99%, 22.99%, or 27.99%, which is determined by a client’s creditworthiness and market conditions. There are no additional charges or annual fees.
What are the special features of this card’s cash back program?
The cash back is 2% of each purchase amount, and it starts to accrue on the first day you use the card. You don’t have to choose your “favorite categories” like you would at many other banks. You get cash back on absolutely all purchases and orders.
What are the fees on international transfers and conversions with the Wells Fargo Active Cash card?
During the first 120 days of using the card, the fee on international transfers is 3% or $5. After that, it will be 5% or $5 depending on which amount is bigger. For each conversion, the bank charges 3% of the amount.
How do I get a Wells Fargo Active Cash card?
You can apply for this credit card on the official website or at a branch of the bank. To apply remotely, you need to complete the verification, i.e., provide a picture of an ID document. Also, your credit score must be at least 690.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.