How does wells fargo cash back work

No annual fee

The Wells Fargo Active Cash® Card is already being revered as a no annual fee credit card that also comes with significant cashback rewards and a hefty welcome bonus. Because this card charges a $0 annual fee, it's a much more accessible option than other cashback cards with similar rewards rates, many of which charge an annual fee of $95 and higher.

$200 cash rewards bonus

The Wells Fargo Active Cash® Card offers a generous welcome bonus, which is particularly impressive for a $0 annual fee card:

Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months

This welcome bonus is comparable to other cards in its field, including the Capital One Quicksilver Cash Rewards Credit Card, which offers a One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening.

Who's eligible to earn this offer?

There is a catch, however. According to the fine print, you may not be eligible for introductory annual percentage rates, fees or this welcome bonus if you opened a Wells Fargo credit card within the last 15 months from the date of your application and you received an introductory APR, an introductory fee or a bonus rewards offer — even if that account is closed and has a $0 balance. Unfortunately this applies to both the welcome bonus and the intro APRs for balance transfers and purchases. You should make sure you qualify for the special offers when deciding whether this is the right card for you.

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2% cash back on every purchase

The Wells Fargo Active Cash® Card offers an excellent earning rate, which allows cardholders to Earn unlimited 2% cash rewards on purchases.

With a strong uncapped, flat-rate cash back on every purchase, you won’t have to worry about the complexities of rotating spending categories or limits to your earning potential. If you're willing to go the extra mile to increase your cash back, consider pairing this card with another to further maximize your rewards.

Pairing the Wells Fargo Active Cash® Card with other cards

If you're looking to get the most value possible from your Wells Fargo Active Cash® Card and are willing to put forth the effort to maximize your rewards, consider a multicard strategy. Flat-rate cards are great for pairing with other rewards credit cards that offer higher percentages of rewards in specific bonus categories. You would use your bonus category rewards card exclusively for your spending in those categories and your Wells Fargo card for everything else, to earn the most rewards possible on your day-to-day spending.

A card that would pair very well with the Wells Fargo Active Cash® Card, for example, would be the Bank of America® Customized Cash Rewards credit card. This card allows you to earn 3% cash back in the category of your choice: gas, online shopping, drug stores, home improvement/furnishings, dining or travel. It also comes with a strong welcome bonus and your rewards never expire. Using a card like this in conjunction with the Wells Fargo Active Cash® Card would allow you to earn more points in the category that you tend to spend the most while still maintaining a solid 2% cashback rate on your other purchases.

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Flexible redemption

The great thing about this card is that you've got several flexible and convenient options when it comes to redeeming your cash back.

• Credit to your Wells Fargo Active Cash® Card account: You can redeem your cash rewards as a credit to a qualified Wells Fargo mortgage, loan or credit product account.
• Wells Fargo ATMs withdrawals: You can redeem your cash rewards in $20 increments when you use your Wells Fargo ATM or debit card.
• Direct deposit into a Wells Fargo savings or checking account: Directly deposit your cashback rewards into your Wells Fargo savings or checking account for ease of access.
• Gift cards: You can redeem your cashback rewards for gift cards from a number of popular retailers.
• Statement credits: Redeem your rewards to cover recent eligible purchases made on your credit card. You'll have the option to redeem for as little as $1.

Other Wells Fargo Active Cash® Card benefits

Not only does the Wells Fargo Active Cash® Card come with a stellar earning rate and welcome bonus, but it also includes several other attractive benefits useful for cardmembers.

• 0% intro APR: Save money on a new purchase or balance transfer with a 0% intro APR for 15 months from account opening on purchases and a 0% intro APR for 15 months from account opening on qualifying balance transfers. After that, your APR will be 18.74%, 23.74%, or 28.74% variable APR.
• Cellphone protection: When customers pay their monthly cellphone bill with their Wells Fargo Active Cash® Card, they will automatically be covered for up to $600 (subject to $25 deductible) damage, theft, or involuntary or accidental loss of their cellphone.
• Advanced security features: This card's advanced security features include voice verification and two-step verification at digital banking sign-on.
• Access to exclusive Visa services: The Wells Fargo Active Cash® Card provides cardmembers with access to the Visa Signature Concierge Service and Visa Signature Luxury Hotel Collection.

Drawbacks to the Wells Fargo Active Cash® Card

Though the benefits for this card are compelling, it also has a couple of shortcomings. However, the drawbacks of this card are largely comparable to other cards in the cashback credit card category.

• Foreign transaction fees: The Wells Fargo Active Cash® Card charges a foreign transaction fee of 3%, so if you're a frequent international traveler, this probably isn't the card for you.
• Eligibility requirements: A major drawback of this card is that, depending on a few factors, you may not be eligible to receive the card's introductory APRs or welcome bonus if you opened a Wells Fargo credit card within 15 months of submitting your application.
• Balance transfer fees: If you choose to take advantage of the card’s intro APR on balance transfers, you should know that a balance transfer fee applies: 3% intro for 120 days from account opening, then up to 5%; min: $5.

How does the Wells Fargo Active Cash® Card compare against its competitors?

Wells Fargo Active Cash® Card vs. Citi® Double Cash Card – 18 month BT offer

The Citi® Double Cash Card is comparable to the Wells Fargo Active Cash® Card, but falls short of its competitor in a couple of major ways.

Both cards have a $0 annual fee, and the Citi® Double Cash Card offers the same earning rate as the Wells Fargo Active Cash® Card, though the earning model is slightly different: Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.

The Wells Fargo Active Cash® Card comes with benefits like cellphone protection, 24/7 concierge service, access to the luxury hotel collection and several other valuable perks. While the Citi® Double Cash Card offers cardmembers special access to purchase exclusive tickets through Citi Entertainment, its benefits largely pale in comparison.

Our pick: Wells Fargo Active Cash® Card

Wells Fargo Active Cash® Card vs. Capital One Quicksilver Cash Rewards Credit Card

The Capital One Quicksilver Cash Rewards Credit Card is a stronger competitor for the Wells Fargo cash back card, but in our opinion, still doesn't surpass it.

The Capital One Quicksilver Cash Rewards Credit Card offers a welcome bonus that's a bit easier to attain than the Wells Fargo cash card and also has no foreign transaction fees, which is a huge benefit if you plan to use your card while traveling abroad.

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However, the Capital One Quicksilver Cash Rewards Credit Card offers lesser rewards on flat-rate spending than does the Wells Fargo Active Cash® Card, so the long-term value of owning the card will ultimately be less than the Wells Fargo Active Cash® Card.

Our pick: Wells Fargo Active Cash® Card

Yes, the Wells Fargo Active Cash® Card is worth it if you value a credit card with a flexible and straightforward rewards program and a solid earning rate across all spending categories. With a $0 annual fee and simple and convenient redemption options, the Wells Fargo Active Cash® Card is a serious contender as one of the best cashback cards out there right now.

On top of its high flat earning rate and $0 annual fee, this card also includes a generous welcome bonus and comes with some other valuable perks that can certainly be worth it for cardholders. One of the only serious drawbacks worth considering is that this card does not waive foreign transaction fees, which can be a problem if you frequently travel abroad. However, pairing this card with a travel credit card can alleviate that problem, and also offer stronger rewards rates in specific categories, which would allow you to maximize your overall credit card benefits.

Wells Fargo Active Cash® Card FAQs

What kind of card is the Wells Fargo Active Cash® Card?

The Wells Fargo Active Cash® Card is a Visa. Wells Fargo Visa credit cards are widely accepted both domestically and internationally, which adds even more value to this card.

Does the Wells Fargo Active Cash® Card have foreign transaction fees?

Yes, the Wells Fargo Active Cash® Card charges a foreign transaction fee of 3%. Though it may not seem like much, you'd be surprised how quickly those charges start to add up on a vacation abroad. If you're a frequent international traveler, consider a card that does not charge foreign transaction fees.

What credit score do you need for the Wells Fargo Active Cash® Card?

The Wells Fargo Active Cash® Card requires a credit score of 660.

How do you apply for a Wells Fargo credit card?

You can apply for a Wells Fargo credit card online. Head to the Wells Fargo website, find the credit card you want to apply for and fill out the online form. As a general rule, we recommend making sure you're a strong candidate for approval before applying for any credit card.

Is there a minimum to cash out rewards with the Wells Fargo Active Cash® Card?

Depending on how you choose to cash out your rewards, there may be different minimum requirements. For example, if you choose to redeem your rewards for physical cash at an ATM, you can do so in $20 increments when you use your Wells Fargo ATM or debit card. If you redeem your rewards to cover recent eligible purchases made on your credit card, you'll have the option to redeem for as little as $1.

Does the Wells Fargo Active Cash® Card have an annual fee?

No, the Wells Fargo Active Cash® Card does not charge an annual fee.

What is the best Wells Fargo credit card?

The best Wells Fargo credit card for you will depend on your spending habits and preferences. All three Wells Fargo credit cards currently being offered don't charge an annual fee, but all have different features that make them valuable for different types of consumers. For example, the Wells Fargo Active Cash® Card can be considered one of the best rewards credit cards with a $0 annual fee, due to its great flat rate across all spending categories.

The information related to Bank of America® Customized Cash Rewards credit card has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

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