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Founded in 1852, Wells Fargo is a financial services company that offers consumer and commercial banking, loans, insurance, wealth management, investments, and credit cards.
A Wells Fargo credit card offers low APRs and reward options including cash back, points, or hotel rewards. Even offering a student credit card, borrowers of all backgrounds can find a fitting credit card with Wells Fargo.
Continue reading for pros and cons, and Wells Fargo credit card reviews from real customers.
Wells Fargo has a variety of credit card options to meet the various needs of its customers. These credit card options include:
Each card has varying rewards and benefits, but none of them have an annual fee.
Depending on the card, Wells Fargo offers an introductory APR of 6 to 18 months on both purchases and balance transfers, providing consumers with the opportunity to pay off new purchases at a lower interest rate. After the introductory APR period, normal rates will be charged.
For consumers with excellent credit, Wells Fargo's lowest rate of approximately 15 percent is likely to be secured; this is average in the credit card industry. For those who have poor credit, a higher interest rate will likely be received, as high as 25 percent.
Wells Fargo provides a number of rewards credit cards for its customers to choose from. By frequently using their Wells Fargo credit card, customers can earn rewards points that may be redeemed for cash, merchandise, gift cards, and travel.
For example, the Wells Fargo Propel American Express® Card is the reigning winner of NerdWallet's Best-Of award. With this card, consumers can earn three times the points on specific purchases, such as eating out and ordering in, gas stations, and hotels.
In addition to award-winning and other traditional rewards cards, young borrowers can apply for a Wells Fargo student credit card. This card allows college students to begin building credit while in school and offers cash rewards earned for up to $2,500 spent on gas, grocery, and drugstore purchases for the first six months. While not all credit card issuers have student credit card options, this Wells Fargo option is a great way for young people to begin building credit with the benefit of some rewards.
There are no annual fees for all Wells Fargo credit cards. This can save cardholders hundreds of dollars each year.
Wells Fargo customers can monitor their credit score at no extra cost, which can help cardholders to stay on top of their credit and be aware of any changes to their score.
In the event that there is an unauthorized charge or a credit card, or a card is lost or stolen, you should contact Wells Fargo immediately and it will jump to action immediately to protect your information.
In either of the aforementioned cases, consumers can call Wells Fargo's 24-hour customer service number. In a case such as unauthorized purchases, the consumer will be reimbursed if they report suspicious charges promptly and by calling customer service.
Additional information regarding billing, and services available to protect you from credit card fraud, should be included in your monthly statement and/or your Customer Agreement and Disclosure Statement.
Fifty-three percent of customer reviews award Wells Fargo five stars. The majority of these positive reviews highlight reliable customer services, great rates and rewards. Overall, people have been pleased with their Wells Fargo credit card.
On the other hand, negative reviews suggest that Wells Fargo interest rates are high, and some customers describe unenjoyable encounters with customer service.
Wells Fargo does charge a foreign transaction fee of 3 percent of each international transaction converted to U.S. dollars. If you travel frequently this could be a drawback, and there are many credit issuers that offer cards with zero transaction fees.
Wells Fargo does not offer a secured credit card, an option that many other card issuers provide. Thus, if you are looking to rebuild your credit or have a bad credit score and are having a difficult time being approved for other credit cards, it would be in your best interest to look at other companies that have secured credit card options.
However, Wells Fargo does have a secured card option among its business credit card services.
Since 2013, Wells Fargo has been under severe scrutiny for harboring a toxic work environment and putting customers’ best interest aside in favor of driving greater sales. Employees were placed under intense pressure to meet unrealistic quotas, and as a result of this pressure, Wells Fargo employees signed customers up for accounts and credit cards they didn’t want, need, or in some cases, even have knowledge of. In turn, customers were often paying fees on accounts and cards that they didn’t need.
In addition to this scandal, Wells Fargo was recently sued by the cities of Sacramento, Philadelphia, Miami, and Oakland for allegedly giving Black and Latino homebuyers unfavorable mortgage terms.
Wells Fargo offers competitive APRs, including a generous introductory APR offering, rewards programs, limited annual fees, and free credit score tracking, making it a competitive credit card choice in the industry. While the company doesn’t offer an extensive range of cards like you might see with other credit card issuers, Wells Fargo’s cards do offer competitive rewards.
Applying for a Wells Fargo credit card is quick and easy, and you don’t need to be an existing Wells Fargo customer to apply for a credit card online. However, it could improve your chances of approval if you have an existing relationship with the bank in the form of some other bank account.
If you are seeking to build or rebuild credit through the use of a secured credit card, you will have to look elsewhere because Wells Fargo does not offer a secured credit card option for personal banking. However, there is a secured card option amongst its business credit card options.
Based on customer reviews, many customers trust and enjoy Wells Fargo’s banking and credit card services, despite recent company scandals.
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