No rewards: Restricted worth exterior of the intro APR
The most important downside with this card is that it does not provide any type of rewards program. Which means:
- There is not any welcome bonus. Some bank cards provide welcome bonuses of $200 or extra for brand new cardholders.
- There aren’t any buy rewards. Different playing cards earn money rewards or factors on all of your eligible purchases, which may add up over time. It is doable to earn $500 or extra yearly in rewards this fashion, relying on how a lot you spend.
To be honest, this card has particular presents via My Wells Fargo Offers, the place you possibly can earn money again assertion credit on purchasing, eating, and experiences you pay for together with your eligible Wells Fargo card. However incomes some assertion credit right here and there is not practically as helpful as incomes money rewards on all of your on a regular basis purchases.
Due to the shortage of rewards, this card does not have a lot long-term worth. As soon as the 0% intro APR ends, there isn’t any incentive to proceed utilizing it. You are higher off switching to a rewards bank card at that time.
It is value noting that there are 0% APR bank cards that even have rewards applications. They only have shorter 0% APR intro intervals. In case you do not want all the 21 months from account opening this Wells Fargo card presents, then it might make extra sense to select a card with a shorter intro interval that earns rewards.
Expensive charges on stability transfers and overseas transactions
The Wells Fargo Mirror® Card is a superb stability switch card due to its 0% intro APR. However it additionally has a stability switch charge of 5%, min: $5.
Stability switch playing cards usually have a charge like this, however a few of them solely cost 3%. It might not seem to be a lot, however if you happen to’re transferring $5,000, that 2% distinction would value you an additional $100. In case you do not want 21 months from account opening to get out of debt, you could wish to have a look at extra bank card opinions and choose a card with a decrease stability switch charge.
There’s additionally a overseas transaction charge of three%, which is another excuse why this is not the perfect card for long-term use. In case you ever journey exterior america, it is vital to have a card you need to use with none additional charges, like a journey bank card
