Review of the Wells Fargo Visa Platinum with Wells Fargo Rewards



The Wells Fargo Visa Platinum with Wells Fargo Rewards was last reviewed on 29th June 2006



Summary - The Wells Fargo Visa Platinum with Wells Fargo Rewards is a reward credit card that allows you to earn reward points which can be redeemed for basic travel, shopping and cash back rewards. However, you have to pay a fee of $19.00 for enrolling in the reward program. This goes against the trend of no annual fee reward cards that are available in the market. Continue reading our review and find out alternatives that we recommend.

Reward Formula - The Wells Fargo Visa Platinum with Wells Fargo Rewards allows the cardholder to earn one point for every dollar spent on the card. You can earn up to 60,000 in one calender year. Points expire at the end of the 5th year. Rewards include travel, shopping and cash back rewards.

Fees - The credit card itself has no annual fee, but the Wells Fargo reward program charges $19.00 for the annual fee. New cardholders will get an introductory apr of between 0% and 5.9% on both purchases and balance transfers for 6 months. The apr thereafter ranges from prime rate plus 4.65% to 15.25%. The average daily balance method is used to calculate monthly balances.

Verdict - After scanning through Wells Fargo's reward program from their website, it is clear that they have a good reward program that is on par with most other credit card programs on the market. The issue I have is that you have to pay an annual fee for the reward program (in this case $19.00). I do not understand why they require that when other reward credit cards come with no annual fee.

Though their reward program is good, you should consider other reward credit cards with no annual fee. For example the Citi� Diamond Preferred� Rewards Card has a just as good if not slightly better program, but does not charge any annual fee. Furthermore, you can earn five points for every dollar you you spend at standalone supermarkets, gas stations and drugstores.

You may also want to consider the Chase Flexible Rewards Visa, a reward credit card with no annual fee. But they have the most flexible travel rewards as you can exchange points for United Mileage Plus miles and also use less points for a flight if you fly with Continental Airlines.

Positives
  • Good reward program


Negatives
  • $19.00 annual fee to participate in the reward program



Wells Fargo Visa Platinum with Prime Rewards
Reward Benefits
Sign-on Bonus none
Point Accumulation 1 point per $1 spent on purchases/td>
Caps on Rewards 60,000 points
Expiration 5 years
Travel and Insurance Benefits
Other Benefits
Cost/Fees/Interest rates
Introductory rate 0% APR for 6 billing cycles (purchases)
0% to 5.9% for 6 billing cycles (balance transfers)
Annual Fees none - but Prime Reward fee is $19.00
Purchase APR Prime Rate plus 2.9% to 15.25%
Balance Transfer APR Prime Rate plus 4.65% to 15.25%
Cash Advance APR Prime Rate plus 15.24%
Penalty/Default Rate APR 23.90%
Min Finance Charge $2.00
Grace Period 20 to 25 days
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer Fee $0 for first 30 days, then 3%, min $5.00, max $50.00
Convenience checks fee 4%, min $5.00
Cash Advance fee 4% min $5.00
Other Cash Advance fee 4%, min $10.00 at participating institutions
4%, min $20.00 from other sources
Foreign Currency Conversion fee 2%
Over-the-credit-limit fee $35.00
Late Payment fee $20.00 - up to $100
$29.00 - $100 to $100
$35.00 - more than $1000




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