Wells Fargo Launches New Credit Card | Credit card news and advice
Wells Fargo Expands New Line Of Visa Cards With The Wells Fargo Reflect Card, A Credit Card That Offers Up To 21 Months With An Introductory Annual Percentage Rate Of 0% On Purchases And balance transfers.
The Reflect card comes after Wells Fargo launched the Active Cash card over the summer. Wells Fargo plans to follow the Reflect card with a range of rewards credit cards.
What are some of the key terms of the Reflect card?
The Wells Fargo Reflect Card, which begins accepting claims Oct. 1, gives cardholders 18 months with 0% APR on purchases and balance transfers. Customers can extend the promotional period up to three months as long as they make their payments on time.
The offer is “a very simple value proposition” that reflects customer desires and rewards good behavior, says Krista Phillips, Branding and Marketing Manager for Wells Fargo Credit Cards.
After the promotional period, the card has a variable APR of 12.99% to 24.99% on purchases and balance transfers.
The card does not charge an annual fee and there is a 3% overseas transaction fee. The balance transfer fee is 3% for four months, then drops to 5%, or at least $ 5. The card also comes with a 5% cash advance fee, or at least $ 10, as well as late payment and refund fees of up to $ 40.
The Wells Fargo Reflect Card replaces the Wells Fargo Platinum Card, according to Phillips. The Platinum card offered 0% APR on purchases and balance transfers for 18 months.
Compare credit cards
The Wells Fargo Reflect card offers 0% APR for a longer period of time than many other cards. The American Bank Visa Platinum Card is approaching 20 months for purchases and balance transfers, but you’ll only have 60 days to complete balance transfers with its promotional APR, while the Wells Fargo Reflect card gives users 120 days.
Customers with the Wells Fargo Reflect card can use My Wells Fargo Deals to access merchant savings, but the card does not provide many of the benefits that come with a. credit card rewards.
Should you get the card?
The Wells Fargo Reflect card has no annual fee and could be a good choice for consumers looking to finance a large purchase or consolidate credit card debt.
The card charges an overseas transaction fee, so customers wishing to travel overseas may consider other options. If you are looking for a credit card with cash back, you might consider the Wells Fargo Active Cash Card, which earns 2% cash back on all purchases.