Wells Fargo Rewards Credit Card Review | CreditShout

Wells Fargo Rewards Credit Card Review

By Dan Rafter / December 20, 2016
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Wells Fargo Rewards Visa® Credit Card

cellphone protection perk

CreditShout Rating

Annual Fee: $0

Credit Needed: Excellent/Good

Rewards Program and Signup Bonuses*:

  • New: Earn 15,000 bonus points if you spend $1,000 in net purchases during the first 3 months
  • Earn 5X rewards points for every $1 spent on gas, grocery, and drugstore net purchases for the first 6 months
  • Earn 1X rewards points per dollar on virtually all other net purchases every day
  • Redeem points for travel, gift cards, cash redemption options or merchandise through Go Far™ Rewards
  • 50% extra value when redeemed for airfare through Go Far™ Rewards (for instance, 30,000 points is a $450 value toward airfare redemption or a $300 value toward cash redemption)
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Rewards Visa® Credit Card
  • 0% Intro APR for 12 months on purchases and balance transfers, after that the variable APR will be 12.65%-26.49%
  • $0 Annual Fee

Intro APR

0% for 12 months

Intro Balance Transfer

0% for 12 months + 3% Transfer Fee

Regular APR

12.65%-26.49% (Variable)


We used to say that the Wells Fargo Rewards Credit Card doesn't have enough perks to stand out from the rest of the pack in the crowded rewards card field.

But now that all Wells Fargo credit cards offer a free cellular telephone protection program, so long as you pay your wireless bill with your Wells Fargo card, that all changed. (You can find our Guide to Wells Fargo credit cards by clicking here.)

On top of the cellphone accident protection program, this card also offers an adequate rewards program with no annual fee.

Cellular Telephone Protection Program

As far as we know, the cell phone accident protection program offered by Wells Fargo is unique to it.

This is a free perk you get, so long as you pay your wireless telephone bill with your Wells Fargo credit card. And you are automatically enrolled.

In the event your phone is damaged or stolen, the protection plan provides you with up to $600 of protection (subject to $25 deductible).

Of course, there are several exclusions.

The two most important exclusions are:

  • The protection plan does not cover cosmetic damage -- which is defined as damage that does not interfere with your ability to make and receive calls.
  • Lost phones are also not covered.

Yes, the two biggest items you want covered, a slightly damaged screen or a lost phone, are not covered. But these are not covered by most other protection plans we've reviewed - even though you can pay $10 or more per month for those.

On top of that, we like the idea of earning rewards and getting accident protection for your phone thrown in for free. It sounds like a lot better deal than coming out of pocket for AppleCare or another insurance plan.

And for that reason alone, the Wells Fargo Rewards Visa is definitely worth considering.

(You can find all the details on the wireless phone protection program here.)

How The Rewards Program Works

Like most rewards cards, the Wells Fargo card allows you to earn rewards points with each purchase. Additionally, you will get a 50% bonus on all rewards redeemed for travel.

So, if you are redeeming 10,000 points, you can redeem those points for $100 of cash. Or you can redeem them for $150 of travel expenses through the Wells Fargo Go Far Rewards portal.

The Go Far Rewards portal is Wells Fargo's online mall (making it similar to the Chase Ultimate Rewards portal.)

At the Go Far Rewards center, you will find that you can redeem your points for airfare, cash rebates, gift cards and merchandise. 

Okay - redeeming through an issuer portal can be restrictive and time consuming, as opposed to getting a statement credit for travel related expenses. But still a 50% bonus is worth it. 

How Much is Your Spending Worth

The Wells Fargo Rewards Visa Card comes with a decent introductory bonus offer. You can earn 15,000 bonus points by spending only $1,000 in the first 3 months. This bonus is worth a 15% return if redeemed for cash. Or an even better 22.5% return if redeemed for travel.

Additionally, you will earn 5x rewards points for every $1 you spend on gas, groceries, and at drugstores during your first six months,  net purchases for the first 6 months​

All other purchase will earn one point per $1.​

So after the first six months, reward point accumulation is no spectacular. But this is more than offset by the 50% bonus you get by redeeming for travel and the cellular phone accident protection benefit.


Once the card's introductory rate of 0 percent ends, your card's rate will jump to anywhere from 12.65 percent to 26.49 percent, depending upon your creditworthiness.

The card does not come with an annual fee. Both late-payment and returned-payment fees can run up to $37, while cash advances cost either $10 or 5 percent of the advance amount, whichever is higher.

There is also a glance transfer fee that is the greater of $5 or 3% of the transferred amount.

This card also comes with a 3%foreign currency transaction fee.​

The Bottom Line

There may be better travel rewards cards out there. But, overall, this card offers a solid welcome offer, a decent rewards program, and a perk that no one else seems to have -- cell phone accident protection.


  • 15,000 point welcome offer after spending $1,000 in first 3 months
  • 6 months of enhanced rewards on gas, grocery and drugstore spending
  • 50% bonus for points redeemed for travel
  • 12-month 0% APR offer on purchases and transfers
  • Wireless phone protection benefit
  • No annual fee


  • Interest rate can be high
  • Difficult to earn rewards a very high rate
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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