No incentives: Limited value beyond introductory APR
The biggest downside to this card is that it doesn’t offer any kind of rewards program. This means:
- There is no welcome bonus. Available with some credit cards Welcome bonus of $200 or more For new cardholders.
- There are no purchase incentives. Other cards earn cash prize or points on all qualifying purchases, which accrue over time. This way, you can earn $500 or more in rewards each year, depending on how much you spend.
To be fair, this card offers special offers through My Wells Fargo Offers, where you can earn Cash Back Statement points on purchases, dining and experiences paid for with an eligible Wells Fargo card. But earning a few bill points here and there isn’t nearly as valuable as earning cash rewards on all your daily purchases.
Due to the lack of rewards, this card doesn’t have much long-term value. Once the 0% APR ends, there’s no incentive to keep using it. You’d better switch to rewards credit card At that point.
It’s worth noting that some credit cards with 0% APR also have rewards programs. They just have a shorter introductory period of 0% APR. If you don’t need the full 21 months from account opening that this Wells Fargo card offers, it might make more sense to choose a card with a shorter introductory period and the rewards you can earn.
Expensive fees for balance transfers and foreign transactions
The Wells Fargo Reflect® Card is an excellent balance transfer card because it offers 0% APR. but it also has a Balance transfer fee 5%, minimum: $5.
Balance transfer cards generally have such a fee, but some only charge 3%. It may not seem like much, but if you want to transfer $5,000, A 2% difference will cost you $100 more. If you don’t need to pay off your debt within 21 months of opening an account, you may want to consider more Credit Card Reviews And choose a card with lower balance transfer fees.
There is another foreign transaction fees 3%which is another reason why this isn’t the best card for long-term use. If you ever travel outside the United States, it’s important to have a card that you can use without paying any extra fees, e.g. travel credit card
