The offer mentioned below for the Wells Fargo Active Cash® Card is no longer available.
Wells Fargo is trying to become a bigger competitor in the credit space with the launch of its Wells Fargo Active Cash® Card. The Active Cash Card has no annual fee, offers a generous 2% cash rewards on purchases, and $200 cash rewards (if you spend $500 in purchases within the first three months from the date your account is opened).
While Wells Fargo has long dominated the debit card space, the launch of the Active Cash Credit Card is a sign that the bank plans on revamping itself to compete with more formidable credit card issuers such as Chase, Citi and American Express. According to a 2020 J.D. Power Credit Card Satisfaction Study, Wells Fargo was ranked eighth in customer satisfaction for credit card issuers, well behind competitors like American Express and Bank of America.
"For a long time we were punching below our weight in the credit card space," Krista Phillips, head of marketing, product, and loyalty at Wells Fargo, said Tuesday in a Bloomberg TV interview. "We're focusing on not just reestablishing our brand but giving customers products of value that they can't find anywhere else."
The Active Cash Credit Card provides an alternative to the Citi Double Cash® Card 一 a credit card that also offers 2% cash back (1% when you purchase and 1% when you pay). The Active Cash Credit Card also offers unique perks such as cell phone protection if you use the card to pay your cell phone bill (Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible).
What makes the Citi Double Cash® Card special is that it sits near the top of its class in several categories. It is an excellent option if you want flat-rate rewards, a balance transfer intro-APR or no annual fee.
- Balance transfers get a long intro APR
- Generous flat-rate cash-back rewards structure
- Earns transferable rewards
- No annual fee
- It has a foreign transaction fee
- Intro APR only applies to balance transfer
- Points transfer ratios are reduced compared to premium cards
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.49% - 28.74%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Foreign transaction fee
3%
The card is a great option for people seeking cash back on all of their purchases and for those who don't have the time to understand complex rewards programs. Furthermore, if you don't spend more money in certain categories, or just don't want to keep track of the myriad of bonus categories that many cards offer, the flat 2% cash rewards on purchases could be a good option for you.
"I think when deciding whether a new credit card may be a good fit for you, the first step is reviewing your own spending for the last several months to understand whether your spend is concentrated in a few categories or spread out across a variety of categories," says Roger Ma, a certified financial planner at lifelaidout® and author of "Work Your Money, Not Your Life. "For spending that is concentrated in a few categories, like restaurants and travel, a rewards card like the Chase Sapphire Preferred or Reserve could make sense."
Find the best credit card for you by reviewing offers in our credit card marketplace or get personalized offers via CardMatch™.
The cash rewards can be redeemed as a statement credit, through a Wells Fargo ATM by using a Wells Fargo debit or ATM card, as a direct deposit into a Wells Fargo savings or checking account or as a paper check. If you're an avid international traveler this card might not be your best option as there's a 3% foreign transaction fee.
If you're interested in exploring other 2% cash-back credit cards, there are other options like the Citi Double Cash (1% cash back when you buy, plus an additional 1% as you pay for those purchases), but they may not come with the unique perks offered by the Active Cash Credit Card such as a sign-on bonus or cell phone protection. The Fidelity® Rewards Visa Signature® Card and the PayPal Cashback Mastercard® don't offer a 0% introductory APR period on balance transfers or purchases and both require that cash-back rewards be deposited into accounts associated with their respective companies.
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Information about the PayPal Cashback Mastercard® has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
