No rewards: Restricted worth exterior of the intro APR
The largest downside with this card is that it would not supply any kind of rewards program. Meaning:
- There is not any welcome bonus. Some bank cards supply welcome bonuses of $200 or extra for brand spanking new cardholders.
- There are not any buy rewards. Different playing cards earn money rewards or factors on all of your eligible purchases, which may add up over time. It is potential to earn $500 or extra yearly in rewards this fashion, relying on how a lot you spend.
To be truthful, this card has particular presents by My Wells Fargo Offers, the place you’ll be able to earn money again assertion credit on buying, eating, and experiences you pay for along with your eligible Wells Fargo card. However incomes some assertion credit right here and there is not practically as priceless 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 isn’t any incentive to proceed utilizing it. You are higher off switching to a rewards bank card at that time.
It is price noting that there are 0% APR bank cards that even have rewards applications. They simply have shorter 0% APR intro intervals. In the event you do not want the complete 21 months from account opening this Wells Fargo card presents, then it may make extra sense to choose a card with a shorter intro interval that earns rewards.
Pricey charges on steadiness transfers and international transactions
The Wells Fargo Mirror® Card is a good steadiness switch card due to its 0% intro APR. Nevertheless it additionally has a steadiness switch price of 5%, min: $5.
Steadiness switch playing cards usually have a price like this, however a few of them solely cost 3%. It could not appear to be a lot, however for those who’re transferring $5,000, that 2% distinction would value you an additional $100. In the event you do not want 21 months from account opening to get out of debt, it’s possible you’ll need to take a look at extra bank card critiques and choose a card with a decrease steadiness switch price.
There’s additionally a international transaction price of three%, which is one more reason why this is not the perfect card for long-term use. In the event you ever journey exterior the US, it is necessary to have a card you should use with none additional charges, like a journey bank card
