Is The Wells Fargo Active Cash Card Worth It?

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Credit card rewards can be highly valuable — and sometimes, highly complicated. If you’re looking for a card that provides a solid rewards rate without requiring a complex strategy, the Wells Fargo Active Cash® Card can be an excellent option. Simple and versatile, it has plenty to offer, whether it’s the only card in your wallet or one of a few.

CNBC Select breaks down the rewards and benefits of Wells Fargo Active Cash and explains when this card can be a good choice — and what other cards you can consider.

Should you get the Wells Fargo Active Cash?

Is the Wells Fargo Active Cash worth it?

Wells Fargo Active Cash® Card

On Wells Fargo’s secure site

  • Rewards

    Unlimited 2% cash rewards on purchases

  • Welcome bonus

    Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months

  • Annual fee

  • Intro APR

    0% intro APR for 15 months from account opening on purchases and qualifying balance transfers; balance transfers made within 120 days qualify for the intro rate

  • Regular APR

    20.24%, 25.24%, or 29.99% Variable APR on purchases and balance transfers

  • Balance transfer fee

    3% intro for 120 days from account opening then BT fee of up to 5%, min: $5

  • Foreign transaction fee

  • Credit needed

Pros

  • Unlimited cash rewards
  • $200 cash rewards welcome bonus
  • No annual fee
  • Introductory APR period for first 15 months
  • Access to Visa Signature® Concierge
  • Get up to $600 cell phone protection (subject to a $25 deductible)

Cons

  • 3% fee charged on foreign transactions

The Wells Fargo Active Cash is a flat-rate cash-back credit card with a $0 annual fee. It offers unlimited 2% cash rewards on purchases — a simple rewards system that allows you to earn bonus cash back on most of your credit card spending.

The card’s welcome bonus also comes with spending requirements that should be easy to meet. Currently, you can get $200 in cash rewards when you spend $500 on purchases in your first three months with the card.

Additionally, the Wells Fargo Active Cash offers 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. After that, a variable APR of 20.24%, 25.24% or 29.99% kicks in. Note, only balance transfers you make within 120 days qualify for the intro rate.

As you can see, the Wells Fargo Active Cash requires little effort on your part while providing consistent value. For that reason, it can be worth considering in the following situations:

  • You want a simple rewards credit card. Some cardholders are great at keeping track of rotating cash-back categories and decoding the best travel card’s redemptions. But it’s not for everyone — and there’s nothing wrong with that. If you want a simple but rewarding cash-back system, the Wells Fargo Active Cash can give you just that.
  • You want to earn bonus rewards on all your spending. On the other hand, this card can play a crucial role in a more complicated credit card strategy. If you already have credit cards that earn high rates in certain categories, for example, the Wells Fargo Active Cash can help ensure that you earn more than 1 cent per dollar on spending outside those categories.
  • You don’t want to pay an annual fee. Many of the best rewards credit cards charge annual fees. If you’d rather avoid those, the Wells Fargo Active Cash can be a good choice.
  • You want a 0% APR card that offers ongoing value. You can find cards with longer intro 0% APR periods, but they’re less likely to earn rewards.

Of course, no card is perfect for every scenario. For example, if you want to focus on travel rewards, you might spread your spending too thin if you add a cash-back card into the mix. The Wells Fargo Active Cash also might not be worth it if you’re looking for a card with premium benefits. You’re more likely to find those on annual-fee cards.

The Wells Fargo Active Cash benefits

Alternatives to the Wells Fargo Active Cash

Chase Freedom Unlimited®

  • Rewards

    Enjoy 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services, 6.5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; and 3% cash back on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on Chase travel purchased through Ultimate Rewards®, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.

  • Welcome bonus

    INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) – worth up to $300 cash back!

  • Annual fee

  • Intro APR

    0% for the first 15 months from account opening on purchases and balance transfers

  • Regular APR

  • Balance transfer fee

    Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.

  • Foreign transaction fee

  • Credit needed

  • Member FDIC. Terms apply.

If you want a card with double rewards but are more interested in travel cards, look into the Capital One Venture Rewards Credit Card. It earns 5X miles on hotel and rental cars booked through Capital One Travel and unlimited 2X miles on other purchases. It also makes you eligible for a Global Entry or TSA PreCheck application fee credit up to $100 every four years. The Capital One Venture does charge a $95 annual fee, which is on the lower end for travel credit cards.

Capital One Venture Rewards Credit Card

  • Rewards

    5 Miles per dollar on hotel and rental cars booked through Capital One Travel, 2X miles per dollar on every other purchase

  • Welcome bonus

    Earn 75,000 bonus miles once you spend $4,000 on purchases within 3 months from account opening

  • Annual fee

  • Intro APR

    N/A for purchases and balance transfers

  • Regular APR

  • Balance transfer fee

    $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you

  • Foreign transaction fee

  • Credit needed

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Bottom line

The Wells Fargo Active Cash can be an excellent choice if you want to make sure you warn bonus rewards on all of your purchases — whether it will be your only card or not. Still, consider other options as well. While the Wells Fargo Active Cash is hard to beat when it comes to simplicity, you may find it lacking if you want travel rewards or extra benefits.

Why trust CNBC Select?

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.



Sumber: www.cnbc.com

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