Wells Fargo College Credit Card Review | CreditShout

Wells Fargo College Credit Card Review

By Dan Rafter / December 20, 2016
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Verdict:

College students often have no or limited credit histories. They can change this by applying for a Wells Fargo Cash Back College Credit Card.

This card allows students to build good credit histories while taking advantage of a purchase interest rate that could be as low as 11.65%, depending on students’ credit. Overall, it’s a good first card for students.

Overview:

The Wells Fargo College Credit Card is designed for college students.

It allows students to manage their accounts online. Wells Fargo also provides a free spending report every month, one that shows college students just how much they’ve spent on specific categories of expenses during the month.

By studying this report, college students can quickly determine if they’re overspending on pizza or early-morning coffees.

How This Card Works:

Cardholders must be 18 or older and enrolled in an accredited two- or four-year college, university or trade school.

Those who are under 21 must show proof that they have the financial ability to pay their credit card bill each month. If they can’t, they’ll need to acquire a co-applicant who is 21 or older and has the ability to make the payments.

Check out other options you have for Wells Fargo credit cards.

Travel and Shopping Benefits:

This card does offer some decent rewards, not just the opportunity to build your credit history. After all, it is a Cash Back College Credit Card.

With this card, you will get 3% cash rewards on gas, grocery, drugstore for first 6 months, and 1% cash rewards on your other net purchases.

These rewards can be redeemed for cash back in $25 increments, or for gift cards or merchandise through Wells Fargo’s online shopping portal, Go Far Rewards.

Fees:

The fees with this card are reasonable. That’s part of what makes it a good starter card for college students.

First, this card has no annual fee.

The card comes with an introductory zero percent interest rate on new purchases and balance transfers for six months. After six months, this rate adjusts to anywhere from 11.65% to 21.65%, based on your creditworthiness. This APR also will vary with the market based on the U.S. Prime Rate.

Late and returned-payment fees run up to $37, while cash advances cost $10 or 5 percent of the advance amount, whichever is higher.

There is a balance transfer fee, which costs the greater of $5 or 3% of the transfer amount.

Also, watch out for the overdraft protection feature, if you link your card to your checking account. It costs $12.50 if the total of overdraft protection advances for the day is $50 or less; and $20 if the total of overdraft protection advances for the day is greater than $50. This can really add up everyday you are over-drafted.

The Bottom Line:

Pros

  • Cash back rewards
  • Introductory APR offer
  • No annual fee
  • Free spending report

Cons

  • Interest rate can rise as high as 21.65 percent for students with weak credit.
  • Late and returned-payment fees of up to $37.
  • Expensive overdraft protection fees
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The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone.Additionally, the opinions of the commenters are not necessarily the opinions of this site

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