Review of Wells Fargo College Visa



The Wells Fargo College Visa was last reviewed on: 12th March 2005

Summary - The Wells Fargo College Visa is basic credit card designed for college students. There is no annual fee. The apr ranges from prime rate plus 6.24% to 15.80%. As most student credit cards charge a 9.99% apr, you can get a lower than average rate if you qualify. There is also an introductory apr offer of between 5.90% and 13.90% for 6 billing cycles for both purchases and balance transfers. The actual rate on the offer will depend on their assessment of your credit profile.

You also have the option to sign up for various Wells Fargo reward program. If you do, you have to pay the reward program annual fees.

To sum up, the Wells Fargo College Visa is a basic no annual fee student credit card that has a range of apr. You can potentially get a lower than average (for student credit card) apr if you qualify for the lowest rate. If you are looking for a student credit card with reward, Wells Fargo does give you the option to enroll in their programs. However, you have to pay the reward program annual fees. Those looking for a student reward credit card with no annual fee may want to consider a card like Citi Dividend Platinum Select Card for college students or the Chase Universal Mastercard for students.

Positives
  • No annual fee
  • Can potentially get a lower than average apr


Negatives
  • Have to pay annual fees for Wells Fargo reward program if you want rewards.


Wells Fargo College Visa
Benefits
Free online account management
Overdraft protection
Automatic payment
Cost/Fees/Interest rates
Introductory Rate 5.9% to 13.9% for 6 billing cycles (purchases and balance transfers)
Annual Fees No annual fee
Purchase APR Prime Rate plus 6.24% to 15.80%
Balance Transfer APR Prime Rate plus 6.24% to 15.80%
Cash Advance APR Prime Rate plus 17.55%, min 21.80%
Penalty/Default Rate APR Prime Rate plus 23.9%
Min Finance Charge $1.00
Grace Period 20 to 25 days
no grace period for balance transfers
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer Fee 3%, min $5.00, max $50.00, $0 for first 30 days
Convenience checks fee 4%, min $5.00
ATM Cash Advance fee 4% min $5.00
Other Cash Advance fee 4%, min $10.00 for ATM withdrawals from other financial institutions
4%, min $20.00 from other sources
Foreign Currency Conversion fee 3%
Over-the-credit-limit fee $35.00
Late Payment fee $30.00 - up to $1000
$35.00 - $1000 and greater



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