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This comprehensive review delves into the features, benefits, and potential drawbacks of the Wells Fargo Active Cash® Credit Card. Learn why this card promises to be a valuable addition to your wallet. Whether you’re a seasoned credit card user or want to start using them, read on to understand what sets this card apart in the competitive world of rewards credit cards.
Features of the Wells Fargo Active Cash® Credit Card
First, enjoy up to $600 in protection for your cell phone if it gets damaged or stolen, though at a small $25 fee per claim. This coverage extends to all cell phones listed on your wireless bill.
Next, if you’re renting a car for a road trip and something happens, like the car gets damaged or stolen, no worries! You can use your card to pay for the car and then getting reimbursed. Pretty handy, right?
Oh, and if you’re driving and your car breaks down, the roadside dispatch has you covered. Anytime, day or night, just call them up for a tow. There’s no need for a membership; it’s all included for eligible Wells Fargo cardholders.
Worried about unauthorized transactions? Don’t be. There are built-in protections, so you won’t be held responsible if you report them promptly.
Lastly, with Credit Close-Up, you can monitor your FICO® Score and get tips on improving it. It’s free for Wells Fargo Online customers and won’t hurt your score. So you can stay on top of your credit game without any worries!
Pros and Cons of the Wells Fargo Active Cash® Credit Card
This card has upsides and downsides. They include:
Pros
- 24/7 Concierge Service: Get complimentary access to Visa Signature® Concierge to book sports and entertainment tickets, make travel arrangements, make dinner reservations, and more.
- Luxury Hotel Collection: Access premium benefits at prestigious properties worldwide through the Visa Signature Hotel Collection.
- Worldwide Emergency Assistance: Get cash advance, legal, medical, or transportation support during your travels,
- Quick Emergency Card Replacement– Get it within three business days.
Cons
- Recent Wells Fargo card openings within six months may disqualify you. A Wells Fargo Active Cash Visa® in the last 48 months could affect APRs, fees, or rewards eligibility.
- Travel and Emergency Assistance Services provide only referrals, leaving cardholders liable for the incurred costs.
- Certain transactions like ATM withdrawals and cash advances don’t earn cash rewards. Cash Rewards may decrease if you return purchases or receive credit from disputed transactions, potentially leading to a negative Rewards Account balance.
Rates and Fees
First, there is the Wells Fargo Active Cash Card 0 APR on purchases for the first 15 months. After the introductory period, the APR varies between 20.24%, 25.24%, or 29.99%, contingent on your creditworthiness and market changes following the U.S. Prime Rate.
Cash or overdraft protection advances incur a 29.99% APR, adjustable with the U.S. Prime Rate. To avoid interest on purchases, ensure full payment by the due date, at least 25 days after each billing period’s end. The minimum interest charge is $1.00, with no annual fee for the card.
For balance transfers, there’s an introductory fee of 3 percent of the transfer amount or $5, whichever is greater, for the first 120 days. Subsequently, the cost becomes 5% per transfer, with a minimum of $5.
Cash advances attract a fee of $10 or 5% of the advance amount, and foreign currency transactions incur a 3% fee per conversion to U.S. dollars.
There are no annual fees. Late payments incur penalty fees of up to $40.
Eligibility Criteria and Requirements
How do you qualify? To get the Wells Fargo Active Cash Credit Card, you must be over 18 years old and have a good to excellent credit score. The recommended Wells Fargo Active Cash card credit score is a minimum of 670. A responsible credit history is also necessary.
You must provide personal information, including your Social Security number and employment details. Additionally, a stable income is required.
You must agree to let Wells Fargo verify your information, check your credit, and report your account activity. They may also obtain consumer reports to review your application and manage your account.
U.S. Federal law requires financial institutions like Wells Fargo to verify your identity like name, date of birth, address, and other identifying information, to combat terrorism and money laundering.
Wells Fargo Active Cash® Credit Card Application Process
To apply, visit the Wells Fargo website and click “Apply Now”. You can save time by pre-filling some details.
Provide personal information like your name, SSN/ITIN, DOB, and contact info. You authorize Wells Fargo to contact you using automated systems by giving your phone number. For security, provide your mother’s maiden name and financial information.
You can add an authorized user and agree to terms, including electronic disclosures and mobile information consent. Then, you can certify accuracy and agree to terms to submit your application.
Once your new card arrives, confirm receipt promptly to avoid delays in accessing services like balance transfers and ATM access. Confirming ensures smooth utilization of your Wells Fargo Active Cash Credit Card benefits.
Conclusion
The Wells Fargo Active Cash Credit Card provides an easy and rewarding way to earn cash back on everyday purchases. While it comes with several perks, knowing the associated fees and eligibility criteria is essential.
If you’re ready to apply, visit the Wells Fargo website, submit the required personal and financial information, and start enjoying the benefits of the Wells Fargo Active Cash Credit Card.
