No reward: Limited value outside Into APR
The biggest drawback of this card is that it does not offer any reward program. This means:
- No welcome rewards. Some credit cards offer new cardholders a welcome bonus of $200 or more.
- No purchase rewards. Other cards earn cash rewards or points on all qualified purchases, which may add up over time. Depending on your spending, it is possible to earn $500 or more this way each year.
To be fair, this card offers a special offer through my Wells Fargo deal, where you can earn cash back statement credit and pay for shopping, dining and experience on qualifying Wells Fargo cards. However, getting some declared credits here and there is almost not as good as earning cash rewards on all your daily purchases.
Due to the lack of rewards, the card does not have much long-term value. Once the 0% introduction APR is over, there is no motivation to continue using it. At the time, it’s better not to switch to a reward credit card.
It is worth noting that 0% of APR credit cards also have reward plans. Their introduction cycle is short. If you don’t need a quote from this Wells Fargo card for the entire 21-month account, it makes more sense to choose a shorter introductory period to get a rewarded card.
Expensive fees for balance transfers and foreign transactions
Wells Fargo Reflective Card is an excellent balance transfer card as it introduces APR 0% of it. But it also has one Balance transfer fee 5%, minimum: $5.
Balance transfer cards usually charge similar fees, but some of them only charge 3%. Not much seems to be, but if you are transferring $5,000, That 2% difference will cost you an extra $100. If you don’t need a 21-month account to get out of debt, you may want to check out 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 is not the best card for long-term use. If you have ever traveled outside the United States, be sure to use a card without any extra charges, such as a travel credit card
