No rewards: Restricted worth outdoors of the intro APR
The largest disadvantage with this card is that it would not supply any form of rewards program. Meaning:
- There is not any welcome bonus. Some bank cards supply welcome bonuses of $200 or more for brand new cardholders.
- There aren’t any buy rewards. Different playing cards earn cash rewards or factors on all of your eligible purchases, which may add up over time. It is attainable to earn $500 or extra yearly in rewards this manner, relying on how a lot you spend.
To be honest, this card has particular gives by 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 helpful 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 is not any incentive to proceed utilizing it. You are higher off switching to a rewards credit 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 case you do not want all the 21 months from account opening this Wells Fargo card gives, then it might make extra sense to select a card with a shorter intro interval that earns rewards.
Pricey charges on stability transfers and international transactions
The Wells Fargo Mirror® Card is a superb stability switch card due to its 0% intro APR. Nevertheless it additionally has a balance transfer fee of 5%, min: $5.
Steadiness switch playing cards usually have a price like this, however a few of them solely cost 3%. It might not look like a lot, however should you’re transferring $5,000, that 2% distinction would value you an additional $100. In case you do not want 21 months from account opening to get out of debt, you could wish to take a look at extra credit card reviews and decide a card with a decrease stability switch price.
There’s additionally a foreign transaction fee of three%, which is one more reason why this is not the perfect card for long-term use. In case you ever journey outdoors the US, it is necessary to have a card you should utilize with none additional charges, like a travel credit card
