Wells Fargo Cash Wise Visa – The No Annual Fee Card With Cashback & Cellphone Protection


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UPDATE: Some or All of the offer(s) mentioned in this post have now expired

With the economy not at its strongest, with the travel world all but shut down, and with job security not what it was just a few months ago, a lot of people are rethinking their priorities when it comes to the credit cards they choose to hold. When times aren’t great, it’s credit cards like the Wells Fargo Cash Wise Visa Card which don’t charge an annual fee, which offer simple cashback in place of a rewards currency, and which offer 0% APR on balance transfers and new purchases that people often look to.

The Wells Fargo Cash Wise Visa

In Brief

The Wells Fargo Cash Wise Visa (more info) is a cashback credit card that offers low fees, a good introductory APR for balance transfers, a good introductory APR for new purchases and cellphone protection too.

If you’re someone looking for a low-cost cashback card that may be able to save you fees that you’re paying elsewhere (while also covering your cellphone), then this is a card to consider.

In Detail

Here’s what you need to know about the Wells Fargo Cash Wise Visa:

Annual Fee:

  • $0 (zero)

Current Welcome Offer:

Offers Now Expired

  • Get $150 in cash rewards after spending $500 within 3 months of opening your card account
  • Enjoy 1.8% cashback when using select digital wallet services (e.g. Apple Pay, Google Pay, etc…) for the first 12 months following account opening.

Introductory APR:

  • 0% APR on balance transfers for the 15 months following account opening
  • 0% APR on purchases for the 15 months following account opening

Balance Transfer Fees:

  • Introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5.

Earnings:

  • Earn 1.5% cashback on all transactions (no maximum earnings limit)

Other Key Benefits:

  • Cellphone protection

Note: Per Wells Fargo, you may not be eligible for introductory annual percentage rates, fees, and/or bonus rewards offers if you opened a Wells Fargo Credit Card within the last 15 months from the date of this application and you received introductory APR(s), fees, and/or bonus rewards offers – even if that account is closed and has a $0 balance.

Why This Is A Good Card

Low Fees

The Wells Fargo Cash Wise Visa (details) doesn’t charge an annual fee, offers a 0% APR on balance transfers and new purchases (for a 15 month period), and offers one of the lower introductory balance transfer fees around (3% for the first 120 days).

This is a card that, when used correctly, can be a useful tool in helping you save on interest and fees that other cards may be charging you.

Good Welcome Cashback Offer

The current welcome offer of $150 back after spending $500 is (a) easy to achieve and (b) effectively free cash.

The Wells Fargo Cash Wise Visa is a no-annual-fee credit card so, as long as you don’t carry a balance on this card past the 15-month introductory 0% APR period, you won’t pay any interest or fees so the $150 on offer will cost you nothing.

Cashback Is Simple

The Cash Wise Visa doesn’t require a cardholder to understand a rewards currency or require a cardholder to work out the best way to maximize the value that the card provides – it offers simple cashback on all purchases which does not expire as long as the account remains open and which can be redeemed in a number of ways:

  • Via a Wells Fargo Debit or ATM Card at Wells Fargo ATMs ($20 increments)
  • Direct deposit to a Wells Fargo checking or savings account
  • A credit to a Wells Fargo mortgage principal balance
  • Via desktop, mobile, phone, ATM, or in-branch – cash redemption options available may vary

Each time you use the Wells Fargo Cash Wise Visa you’re getting back a minimum of 1.5% on all purchases, and that’s real cash back into your wallet and not a currency that you have to redeem in some other way.

Bonus Cashback For First 12 Months

At a time when we should all be looking to make less physical contact with objects others have touched, the use of mobile wallets and contactless payments have never been more important….and the Wells Fargo Cash Wise Visa will actually reward you for using such wallets.

Per Wells Fargo:

You will earn an additional 20% digital wallet transaction bonus cash reward above the base earn of 1.5% on net purchases (purchases minus returns/credits) only, for a total of 1.8% cash rewards during the first 12 months from the date the account is opened. These bonus cash rewards are only earned on transactions originating from your Wells Fargo Cash Wise Visa® Card when transactions are made using a qualified digital wallet (for example, Apple Pay® or Google Pay™).

Three digital wallets will trigger the bonus cashback: Apple Pay, Google Pay, and Samsung Pay.

Cellphone Protection

It’s rare enough to find a credit card that offers cellphone protection as one of its benefits but it’s even rarer to find a no-annual-fee card that will cover your phone…but that’s exactly what the Wells Fargo Cash Wise Visa offers.

The cellphone coverage offered by the Cash Wise Visa can be summed up as follows:

  • It covers damage to, theft of, or involuntary and accidental parting of your cell phone*
  • The coverage is supplemental so it will cover you to the extent where your other insurance policies do not cover you.
  • Your monthly cellphone bill must be charged to the Wells Fargo Cash Wise Visa for a phone on that bill to be covered.
  • All cellphones listed on your monthly cellphone bill are covered by this benefit
  • Coverage is up to $600 per claim (less a $25 deductible)
  • Maximum of 2 claims per 12-month period allowed
  • Maximum of $1,200 in claims per 12-month period

Considering that the cost to hold this card is zero that’s very good cover and, if you’re one of the many people who aren’t great at keeping their phones in one piece, this card could save you a lot of money.

Before relying on this cellphone cover you should make sure you read all the information Wells Fargo supplies surrounding this cellphone protection benefit.

*An involuntary and accidental parting is the unintended separation from Your cell phone when its location is known, but recovery is impractical to complete.

Bottom Line

The Wells Fargo Cash Wise Visa is a simple but effective cashback card that combines low fees, low introductory APRs, an easy to achieve welcome offer, and cellphone cover all in one bundle.

In uncertain times this is a “safe haven” card that, when used correctly, can save a card holder fees and interest that they’re being charged elsewhere while offering a good rate of cashback as well – sometimes “simple” is the best option to choose.

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