Review of the Wells Fargo Cash Back Visa

The Wells Fargo Cash Back Card was last reviewed on: 10th February 2010

Summary - The Wells Fargo Cash Back Visa is perhaps the worst cash back credit card that I have reviewed. It has a tiered rebate formula that requires you to spend above $450 within a billing cycle before you can even earn 1% rebates. Read further and find out which card we recommend instead.

Rebate Formula - The Wells Fargo Cash Back Visa has a tiered rebate formula which summarized in the table below.

Wells Fargo Cash Back Card Rebate Formula
0.25%	for first $150 in purchases during billing cycle
0.50%	for next $150 in purchases ($151-$300) during billing cycle
0.50%	for next $150 in purchases ($301-450) during billing cycle
1.00%	for purchases beyond $450 that has been charged during billing cycle

As the table above shows, you will earn up to 1% cash rebate once your monthly purchases in a billing cycle exceeds $450. The first $450 purchases will earn a lower cash rebate percentage. You can earn up to $500 in cash rebates in a calendar year. You can redeem your cash rebate once you have earned $20 (in $20 increments).

Fees and Rates - There is no annual fee for the Wells Fargo Cash Back Card. The apr ranges from prime rate plus 7.10% to 16.75%. You get a 0% to 5.90% introductory apr for 6 billing cycles on both purchases and balance transfers. The average daily balance method (including new purchases) is used to calculate your monthly balance.

Verdict - This is the worst cash back credit card that I have come across. Having a tiered formula where the best rebate you will get once you spend above the threshold is just 1% is unbelievable considering that even the most basic cash back card 1% rebates on all purchases, regardless of spending levels. I would continue sticking to my Blue Cash® from American Express. You can earn 5% rebate on purchases at supermarkets, gas stations and drugstores and 1.5% rebates on "other purchases" once your annual spending exceeds $6,500.

Negatives