No rewards: Restricted worth outdoors of the intro APR
The most important downside with this card is that it would not supply any kind of rewards program. Meaning:
- There is not any welcome bonus. Some bank cards supply welcome bonuses of $200 or extra for brand new cardholders.
- There aren’t any buy rewards. Different playing cards earn money rewards or factors on all of your eligible purchases, which might add up over time. It is attainable to earn $500 or extra yearly in rewards this manner, relying on how a lot you spend.
To be honest, this card has particular affords by means of My Wells Fargo Offers, the place you’ll be able to earn money again assertion credit on purchasing, eating, and experiences you pay for together with your eligible Wells Fargo card. However incomes some assertion credit right here and there is not almost as helpful as incomes money rewards on all of your on a regular basis purchases.
Due to the dearth of rewards, this card would not have a lot long-term worth. As soon as the 0% intro APR ends, there isn’t any incentive to proceed utilizing it. You are higher off switching to a rewards bank card at that time.
It is value noting that there are 0% APR bank cards that even have rewards packages. They only have shorter 0% APR intro intervals. For those who do not want the complete 21 months from account opening this Wells Fargo card affords, then it might make extra sense to choose a card with a shorter intro interval that earns rewards.
Expensive charges on steadiness transfers and international transactions
The Wells Fargo Mirror® Card is a good steadiness switch card due to its 0% intro APR. However it additionally has a steadiness switch payment of 5%, min: $5.
Stability switch playing cards usually have a payment like this, however a few of them solely cost 3%. It might not appear to be a lot, however in case you’re transferring $5,000, that 2% distinction would price you an additional $100. For those who do not want 21 months from account opening to get out of debt, you might need to have a look at extra bank card critiques and decide a card with a decrease steadiness switch payment.
There’s additionally a international transaction payment of three%, which is one more reason why this is not one of the best card for long-term use. For those who ever journey outdoors the USA, it is vital to have a card you should use with none additional charges, like a journey bank card
