Wells Fargo recently unveiled the Wells Fargo Reflect® Card. It has an excellent introductory 0% APR offering 21 months of interest free financing, from account opening, for purchases and qualifying balance transfers, then 18.24%, 24.74%, or 29.99% variable APR thereafter.
But how does it match up with another 0% intro APR card, like the Chase Slate Edge℠?
Select walks you through the benefits of both cards so you can choose the one that best aligns with your financial needs.
Wells Fargo Reflect Card vs Chase Slate Edge
Chase Slate Edge℠
Rewards
None
Welcome offer
Get an automatic review for a credit limit increase when you pay on time and spend $500 in your first six months.
Annual fee
$0
Intro APR
0% for 18 months from account opening on purchases and balance transfers
Regular APR
20.49% - 29.24% variable
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3%
Credit needed
Excellent/Good
Member FDIC. Terms apply. Information about the Chase Slate Edge℠ has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Wells Fargo Reflect® Card
Rewards
None
Welcome bonus
None
Annual fee
$0
Intro APR
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers.
Regular APR
18.24%, 24.74%, or 29.99% Variable APR on purchases and balance transfers
Balance transfer fee
5%, min: $5
Foreign transaction fee
3%
Credit needed
Excellent/Good
See rates and fees. Terms apply.
Welcome bonus
Neither the Wells Fargo Reflect Card nor the Chase Slate Edge offer a welcome bonus.
This doesn't come as much of a surprise given many 0% intro APR credit cards do not offer any sort of sign-up bonus.
Winner: Neither really win in this category since they both don't offer welcome bonuses.
Intro APR offer
Both of these cards are designed for consumers looking for an easy way to finance their purchases, or make a balance transfer, without accruing interest fees.
The Chase Slate Edge offers 0% intro APR for the first 18 months on purchases and balance transfers, 20.49% - 29.24% variable after.
The Wells Fargo Reflect offers 0% intro APR on purchases and qualifying balance transfers for 21 months from account opening, 18.24%, 24.74%, or 29.99% variable APR after. Balance transfers made within 120 days from account opening qualify for the intro rate, BT fee of 5%, min $5.
So, if you are simply looking for the longest 0% intro APR period possible, the Wells Fargo Reflect Card is your best bet. You'll have nearly two years from account opening before you're charged interest on the card.
Winner: Wells Fargo Reflect® Card
Annual fee
Both of these cards have no annual fee, which is helpful to continue saving on your purchases.
Keep in mind that it isn't always a bad idea to pay an annual fee on a credit card, as these cards typically come with benefits to offset the cost of the fee. However, you won't have to worry about maximizing the value of either card since there's no cost to holding them.
Winner: Tie.
Be sure to check out our list of top no annual fee cash-back credit cards and top no annual fee travel rewards credit cards.
Additional perks
Each card comes with its own unique benefits. But neither of them come with rewards or cash back for spending on the card.
The Chase Slate Edge offers:
- The ability to lower your interest rate by 2% each year when you pay on time and spend at least $1,000 on your card by your next account anniversary.
- Purchase protection: Your purchases are covered up to 120 after purchases from theft or damage, up to $500 per claim.
- Extended warranty: All manufacturer warranties are extended up to one year on purchases made with your Chase Slate Edge.
- Rental car insurance
The Wells Fargo Reflect offers:
- Cell phone protection: Up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with the Reflect card, subject to a $25 deductible.
- Roadside Dispatch®: 24/7 on-demand referral dispatch network that provides emergency roadside assistance, towing, or locksmith service when you need them.
- My Wells Fargo Deals: Through My Wells Fargo Deals, you can get access to personalized deals from hundreds of different merchants to save money on your purchases.
Winner: This one is closer, but the Wells Fargo Reflect® Card wins this one for its valuable cell phone protection. With iPhones costing over $1000, protecting this valuable investment with a complimentary policy makes this card even more worth it.
Bottom line
A 0% APR credit card is absolutely worth considering if you need a way to finance your purchases. Whether its purchasing a vacation, paying for your upcoming holiday shopping or transferring a balance from a different credit card with high interest rates, it's a great strategy to avoid accruing credit card interest charges. However, many personal finance experts recommend that should not overspend on a credit card and stick to a budget.
Between these two cards, if your sole purpose is scoring the longest 0% APR period that you can, consider the Wells Fargo Reflect® Card. With an industry leading intro APR offer, along with the cell phone protection, this card is an excellent option for anyone looking to extend their repayment period or consolidate debt.
