Wells Fargo College Visa - Would This Be a Good Starter Card For Students?

Review of Wells Fargo College Visa



wells fargo college visa

Summary - The Wells Fargo College Visa is basic credit card designed for college students. There is no annual fee and comes with an optional reward program. Find out more about this card.


Optional Reward Program - The Wells Fargo College Visa allows you to enroll in Wells Fargo reward program. It is a reward program with both travel and shopping rewards. If you enroll in the program, you will have to pay $19.00 a year, or use 2,000 points to have the fee waived.

Fees and Rates - There is no annual fee for this card. A $19.00 annual fee applies if you enroll in the reward program. The apr ranges between prime rate plus 8.24% to 15.8%. New cardholders get an introductory apr of between 7.9% and 13.9% for balance transfers for the first six billing cycle. The average daily balance method (including new purchases) is used to calculate monthly balances.

Verdict - I would not recommend this card for the following reasons. Firstly, you have to pay for the reward program. Most student credit cards with reward programs have no annual fee. Secondly, for those looking to transfer a balance, the introductory offer is not attractive. Almost all student credit cards have a 0% introductory apr for six months. Though you may just get an apr that is lower than the average student card (P+9.99%), there is a risk that you get a higher than average apr because this card allows the issuer to fixed a wide range of apr for the applicant.

Instead, I would recommend the Citi® mtvU⢠Platinum Select® Visa® Card for College Students to the college student, which has no annual fee and a reward program that allows you to earn 5 points for every dollar you spend on certain items.

Negatives


Wells Fargo College Visa
Benefits
Free online account management
Overdraft protection
Automatic payment
Cost/Fees/Interest rates
Introductory Rate 5.9% to 13.9% for 6 billing cycles (purchases and balance transfers)
Annual Fees No annual fee
Purchase APR Prime Rate plus 7.9% to 15.80%
Balance Transfer APR Prime Rate plus 7.9% to 15.80%
Cash Advance APR Prime Rate plus 17.55%, min 21.80%
Penalty/Default Rate APR Prime Rate plus 23.9%
Min Finance Charge $1.00
Grace Period 20 to 25 days
no grace period for balance transfers
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer Fee 3%, min $5.00, max $50.00, $0 for first 30 days
Convenience checks fee 4%, min $5.00
ATM Cash Advance fee 4% min $5.00
Other Cash Advance fee 4%, min $10.00 for ATM withdrawals from other financial institutions
4%, min $20.00 from other sources
Foreign Currency Conversion fee 3%
Over-the-credit-limit fee $35.00
Late Payment fee $30.00 - up to $1000
$35.00 - $1000 and greater


We do not recommend this card. Get the Citi® mtvUTM Platinum Select® Visa® Card for College Students instead.