: How to get cash back from wells fargo credit card
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Wells Fargo’s 2% cash-back card is a bid to bolster lagging unit
Wells Fargo has unveiled a new cash rewards credit card as an initial step in CEO Charlie Scharf’s effort to revitalize a consumer franchise that lags behind those of the bank's top competitors.
The Active Cash Card will offer customers 2% cash back on all purchases, a rewards proposition that better positions Wells Fargo to compete with Citigroup’s Double Cash card.
The card, which will launch in July and have no annual fees, will be followed by other new credit cards later this year and in 2022. The announcement Tuesday marks a “new day” for the $1.9 trillion-asset bank as it looks to grow its credit card business, said Krista Phillips, a Wells Fargo marketing executive.
“There’s no doubt that we have been … punching below our weight for some time in the credit card space relative to our debit card relationships or our mortgage relationships,” she said. “We know we have a huge opportunity.”
Wells Fargo is touting the cash-back card as a simpler option than plastic from competitors that tie rewards to purchases or feature rotating spending categories. Customer surveys indicated “loud and clear” that borrowers find those programs too complex, Phillips said.
“People just want to declutter their lives. They want simplicity,” Phillips said. “And not surprisingly, they want a lot of value without any conditions.”
The card will offer a 0% annual percentage rate on purchases and balance transfers for 15 months, with a variable APR of 14.99% to 24.99% after that. Borrowers can get a $200 cash bonus if they spend $1,000 in the first three months.
The Active Cash card is similar to the bank’s existing Cash Wise card, which offers 1.5% cash back without category limitations. Wells Fargo preferred launching a new brand to “mark a new era in credit cards” that will include other Visa-branded products, Phillips said.
The clutter-free face of the card ditches the iconic stagecoach logo that has long been part of the company’s branding.
Later this year, Wells plans to launch another new credit card called Reflect, which the company is describing as a low-APR offering. Phillips declined to share its interest rate range, but she said that it will have a 0% introductory APR rate for 18 months for balance transfers and purchases. Customers will also be able to extend that 0% rate for up to 21 months by making minimum payments on time, she added.
Wells is also working on launching a new rewards credit card line in 2022, but details are not yet available.
Scharf, who joined Wells Fargo in 2019, said at an industry conference last week that the bank was “under-penetrated” in the credit card business, given its customer footprint. He also said that Wells is looking to start playing “offense” after years spent recovering from past consumer-related scandals. The bank remains under several regulatory consent orders and an asset cap that the Federal Reserve Board put in place in 2018.
Scharf hired former JPMorgan Chase executive Ray Fischer in 2019 to lead the bank’s cards, retail and merchant services team.
Wells Fargo reported $34.2 billion in credit card loans outstanding at the end of the first quarter, which was down about 11% from the same period a year earlier, and less than a third of the total reported by JPMorgan Chase and Citigroup.
Credit Card Review: Wells Fargo Active Cash Card℠ Offers Hassle-Free 2% Cash Back
Times are gone when earning just 1% on a cash back credit card was acceptable. And now, earning anything below 2% is quickly becoming craig alaska population in this highly competitive market. That fact became increasingly clear when in June Wells Fargo released the details of its new Active Cash℠ Card, available in July, which offers a simple 2% cash rewards on all purchases. This is the most cash back you can receive on all purchases with no limits and no annual fee.
- Welcome Bonus: Earn $200 cash rewards bonus when you spend $1,000 within first three months of account opening.
- Cash Back: Earn 2% cash rewards on all purchases, with no limits.
- Annual Fee: $0
- APR: 14.99%, 19.99% or 24.99% variable APR
- Promotional Financing Offer: 0% intro APR on both new purchases and balance transfers for 15 months from account opening, with a 3% balance transfer fee (or $5, whichever is greater).
Wells Fargo Propel American Express® Cards
Three rewards points (1 base point plus 2 bonus points) are earned per $1 spent on net purchases (purchases minus returns/credits) at retailers whose merchant code for American Express is classified as: Travel: airline, passenger railway, hotel and motel, timeshares, vehicle and auto rentals, cruise lines, travel agencies, discount travel sites, campgrounds, passenger trains, taxis, limousines, ferries, toll bridges and highways, parking lots, and garages. Gas: gas stations and automated fuel dispensers (gas purchases at warehouse and membership clubs, grocery stores, car washes, auto repair stores, and superstores that sell gasoline may not be coded as gas stations or automated fuel dispensers). Dining: eating places and restaurants, drinking places, or fast food restaurants (caterers, bakeries, grocery stores, and other miscellaneous places that serve food or operate restaurants on their premises are not considered eating places and restaurants). Additionally, 3 rewards points (1 base point plus 2 bonus points) are earned per $1 spent on net purchases for eligible online streaming services. If your streaming service subscription is bundled with another product, membership, or service or billed by a third party (such as a digital platform, a cable, telecommunications, internet provider, online retailer, or in-vehicle streaming service), your purchase may not be eligible for bonus rewards points. The current list of eligible streaming services and additional details of what services and fees are included/excluded for bonusing are available at: wellsfargo.com/propelstreaming. Purchases not processed using the codes for American Express mentioned above will not qualify for bonus points. Wells Fargo does not have the ability to control how a retailer chooses to classify their business and, therefore, reserves the right to determine which purchases qualify for bonus points. You may not earn bonus points for purchases made through third-party payment accounts, at online marketplaces, with retailers who submit purchases using a mobile or wireless card reader, or if you use a mobile or digital wallet. One rewards point will be earned per $1 spent on other net purchases. ATM transactions, cash advances of any kind, balance transfers, SUPERCHECKS™, cash equivalents such as money orders and prepaid gift cards, wire transfers, how to get cash back from wells fargo credit card or interest posted to a linked account, including but not limited to returned payment fees, late fees, and monthly or annual fees, do not earn points. Refer to the Summary of the Go Far® Rewards Program Terms and Conditions and Addendum for the Wells Fargo Propel American Express® Card for details.
Wells Fargo Business Platinum Credit Card Review
A business credit card can make it easier to manage finances, cover gaps in cash flow, and even earn some rewards and perks along the way. When your business credit boone county schools employment opportunities links directly to your business checking or savings account, it can be more beneficial.
For Wells Fargo customers, that may mean applying for the Wells Fargo Business Platinum Credit Card, one of three business credit cards currently offered by the financial institution.
There are some definite perks that make this card a good choice for select business owners, particularly those who have an existing relationship with Wells Fargo or plan to begin one in the near future. However, if it rewards you after, you may want to consider some other business cards, many of which offer higher earning potential.
Card Review Details
The Wells Fargo Business Platinum Credit Card was designed to accommodate the needs of business owners with annual sales up to $2 million. How to get cash back from wells fargo credit card are no annual fees or foreign transaction fees, making this card a low-risk addition to your wallet, even if you don’t plan on using it regularly.
In addition to a rewards program, which we’ll get to shortly, there are numerous financial management features that can make this card appealing. For Wells Fargo banking customers, this includes the ability to manage spending, bill pay, transfers, and credit card activity all from Wells Fargo Business Online.
In addition, when linked to your How to get cash back from wells fargo credit card Fargo icici bank nri account opening in us account, the Business Platinum Credit Card can also protect against overdraft and returned check fees. That’s a benefit that you may not always find if you don’t select a bank offered business how to get cash back from wells fargo credit card card.
Cardholders can also take advantage of free employee cards for up to 99 employees, zero liability protections, account alerts, fraud monitoring, and Purchase Assurance, which provides coverage against theft for eligible items that were purchased using the Wells Fargo Business Platinum credit card.
Finally, at least when it comes to non-rewards related benefits, is access to the Card Design Studio. With this feature, you can customize your business credit cards with the image, logo, or tagline of your choosing.
On to the rewards program.
Though the Wells Fargo Business Platinum Credit Card rewards program isn’t specifically competitive, it is unique. Most business rewards credit cards fall into one of three categories: miles, points, or cash back rewards.
The Wells Fargo Business Platinum card, however, rolls two options into one, giving cardholders the freedom to choose between the Cash Back or Rewards Points programs.
Cash Back rewards
The Cash Back option entitles cardholders to cash back on every dollar spent. If you select this option, there’s no need to choose how to redeem your rewards or worry about conversion ratios. Your flat cashback earnings will be credited to your card account or deposited into your banking account once a quarter (March, June, September, and December.)
If you choose the Cash Back option and you’re a new cardmember, you can also take advantage what is frost bank routing number the $500 cash back welcome offer. All you have to do is use the card to make $3,000 in purchases within the first three months of opening the account.
If you prefer the flexibility of points, you can earn 1 point per every dollar spent. That may sound like a downgrade when compared to the 1.5% Cash Back option, but you can also earn an additional 1,000 points each month you use the ard to make $1,000 in purchases.
Points can be redeemed for airline tickets, merchandise, gift cards, and more. However, it’s worth noting that points that are to be used for tickets must be redeemed through the Rewards Service Center and a $24 fee will be assessed.
What is the meaning of “platinum credit card”?
In the credit card world, “platinum” usually refers to credit cards that offer more rewards, additional benefits, and higher credit limits. What that looks like, however, depends on the credit card company.
Typically, the platinum credit card option is reserved for applicants with excellent credit, and that sentiment remains true when it comes to the Wells Fargo Business Platinum credit card.
Keep in mind, however, that in some cases, platinum cards don’t represent the top of the hierarchy. Some companies offer cards that are considered to have more benefits or are more exclusive than their platinum products. This is the case for the Wells Fargo Business Elite Credit Card, which carries additional benefits and is designed specifically for business owners who have an annual revenue of $1 million or more.
What is the best credit card from Wells Fargo
Though there are certain credit cards that carry more benefits than others, the “best credit card” is often the one that most closely meets your business needs. If considering a Wells Fargo business credit card, it’s important to evaluate it as it relates to your business.
For instance, the How to get cash back from wells fargo credit card Fargo Business Secured Credit Card does not carry as many perks as the Wells Fargo Business Platinum or Elite cards, but for business owners with poor credit, it’s the best card available.
Conversely, the Wells Fargo Business Elite Credit Card may offer more valuable rewards and enhanced spending controls for up to 200 employee cards, but it’s not an option for businesses that have less than $1 million in annual revenue.
The best credit card from Wells Fargo, or from any other card provider, is the one that fits your unique needs, credit history, and rewards preferences. As such, it’s important to thoroughly review the cards available to you. You can continue your search for the perfect credit card in our marketplace.
What is the best business credit card?
The best business credit card will always be the one that fits your needs, but there are a few things to consider in your search. The following questions can help you narrow your choices and increase the likelihood that you’ll find the best card for your business:
What’s your credit score?
Your personal credit score often plays a primary role in approval and interest rates. An excellent score will make it easier to the card with the most benefits and lowest interest rates, while a poor credit score may limit your options.
How do you plan on using the card?
Are you looking for a card to use every day or do you need one to finance a large purchase? If your answer is the latter, and you have good to excellent credit, you’ll likely want to keep an eye out for a card that has a 0% intro APR.
Do you plan on using it for travel expenses? Office supplies? Dining? There are numerous rewards cards designed to help you earn the most for spending in those specific categories.
Are you loyal to a hotel chain or airline? You may even find that a co-branded card is the best option.
What type of rewards program do you prefer?
Typically, you’ll need to choose between one of three types of rewards programs: points, cash back, or miles.
When it comes to redemptions, points often offer flexibility (e.g., gift cards, travel, merchandise), while miles are typically most valuable for business owners with frequent travel needs. Cashback, on the other hand, is typically considered the straightforward easy way to keep track of and redeem awards, though it may not offer the same level of discounts and perks when it comes to redemption.
What types of fees are associated with each card?
Once you’ve narrowed down your options, you’ll need to determine if there are any associated fees. For example, some business credit cards have extremely high annual fees while others are fee free.
If you plan to use your card for international purchases, you’ll also want to take into consideration any international or foreign transaction fees.
Are there any welcome offers or promotions?
Many cards, particularly business credit cards that offer a rewards program, entice new cardmembers through welcome offers. This may mean a 0% intro APR offer or a significant amount of points when you meet specific spending requirements within the first few months of opening an account.
If everything else is equal and you’re still not sure what card to pick, the welcome offer may be a great way to break the tie.
Can a business get a secured credit card?
Yes, businesses, just like consumers, can get secured credit cards. If you have poor credit or haven’t yet established credit, a secured credit card may be able to help you improve or build your score.
This article was originally written on May 29, 2019 and updated on February 2, 2021.
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Jennifer is a alum of the University of Denver. While in the graduate program there, she enjoyed spending time identifying ways in which non-profits and small businesses could develop into strong and profitable organizations that while promoting strong community growth. She also enjoys finding unique ways for freelancers and start-up businesses to reach and expand their goals.
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Update 11/22/21: Deal is back on some Wells Fargo cards for 10%/10x on your first Grocery purchase and your first Gas purchase. Limit $40 this time per category. Expires 1/2/22. Hat tip to reader Fred
Update 10/4/21: Deal is back on some Wells Fargo cards for 10% back/10x points on your first Grocery purchase and first Restaurant purchase. Other cards are showing a similar offer for Air Travel and Restaurants. Max $50/5,000 points per category, or $100 total. Expires 10/31/21. Hat tip to reader Chris
Update 5/17/21: Deal is back and valid through 6/13. Hat tip to gato
Update 4/12/21: Another round went out, valid through April 18, 2021. Hat tip to reader Youngestofallthebuck
Update 1/18/21: Another round went out, valid through February 14, 2021. Hat tip to reader JJ
Update 11/23/20: Another round went out, valid through January 3, 2021. The offer sent in was for gas and grocery; there might be other versions too. (ht reader CT)
Update 10/3/20: Back again until October 11, 2020. Hat tip to Jeff68005
Update 8/1/20: Another round went out for August, valid through August 30th. Seems to come out monthly. This time it’s either for grocery & restaurants or for grocery and wholesale clubs (whereas in the past it was always grocery & gas). Can only be used once at each category – max out with a $400 purchase or gift card purchase. Updated below. (hat tip to reader Chris)
Update 6/29/20: Another round has gone out. Hat tip to kevbot19
Update 4/13/20: Another round has gone out. Valid until May 10th, 2020.
Update 3/17/20: Another round was released, this one valid through April 12th. (ht reader Howard)
Update 11/19/19: Another round, this one valid through December 15th. (ht Chris)
Update 8/2/19: Another how to get cash back from wells fargo credit card came out for August. This time, it can only be used in one shot. (ht Jonathan)
Check your Wells Fargo Go Far Rewards login for one of the following offers:
- Get 10 points per dollar (worth at least 10% back) on your first grocery store purchase. Max 4,000 points ($40).
- Get 10 points per dollar (worth at least 10% back) on your first restaurant purchase. Max 4,000 points ($40).
- Get 10 points per dollar (worth at least 10% back) on your first wholesale club purchase. Max 4,000 points ($40).
- Get 10 points per dollar (worth at least 10% back) on your first gas purchase. Max 4,000 points ($40).
The Fine Print
- Must activate offer to qualify.
- (First purchase only – check the terms)
- Expires August 31, 2019.
- Grocery offer is valid in-store or online.
- Grocery stores exclude warehouse clubs and supercenters.
- Bonus Cash Rewards will be added to your Rewards Account within 30 days of purchase.
10% back at grocery stores and gas stations is great. It should work based on whatever Visa codes as Grocery or Gas; you can check the Visa Supplier Locator for specific locations. Max this out with a cj banks near me in purchases.
Similar offer was around in June; though that one was for 15% back. I believe last month’s offer was able to be used across multiple shopping trips,
Hat tip to reader Jonathan