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EDITOR’S NOTE: The Wells Fargo Cash Back College℠ Card offer mentioned in this article is expired and is no longer available
Verdict: We think this is a smart choice for college students looking for a cash back credit card to help them build a credit history.
Wells Fargo Cash Back College℠ Card snapshot
The Wells Fargo Cash Back College℠ Card is designed for college students with limited credit histories. Eligible new account holders can get a 0% introductory Annual Percentage Rate (APR) for balance transfers and purchases for 6 months from date of account opening. A balance transfer request must be made within the first 120 days of account opening to be eligible for the introductory APR.
After the introductory period ends your Annual Percentage Rate (APR) for purchases and balance transfers will be a variable rate based on your creditworthiness. This APR will vary with the market based on the U.S. Prime Rate. As far as balance transfer fees, there is an introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5.
This card has a rewards program for eligible new account holders to earn 3% cash rewards for up to $2,500 spent on gas, grocery, and drugstore purchases for the first 6 months. Earn 1% cash rewards for other purchases. After six months all eligible purchases earn 1% cash rewards. To apply online an existing Wells Fargo relationship is required. This card has no annual fee.
Terms apply.
EDITOR’S NOTE: The Wells Fargo Cash Back College℠ Card offer mentioned in this article is expired and is no longer available
Wells Fargo Cash Back College℠ Card highlights
| Annual fee: | $0 |
|---|---|
| Foreign Currency Conversion Fee: | 3% of each transaction converted to U.S. dollars |
| Rewards program: | 3% cash rewards earned for up to $2,500 spent on gas, grocery, and drugstore purchases for the first 6 months. 1% cash rewards for other purchases |
| Introductory Annual Percentage Rate (APR): | 0% Intro APR for balance transfers and purchases for 6 months from date of account opening. After that a variable APR applies, currently 11.15% to 21.15% for purchases and balance transfers, based on your creditworthiness. Balance transfers made within the first 120 days of account opening are eligible for the 0% intro APR. Balance transfers are subject to a fee, there is an introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 months. After that there is a balance transfer fee of up to 5% for each balance transfer, with a minimum of $5. |
| We think it's good for: | Students who are trying to establish credit Students who want to earn cash rewards Current Wells Fargo customers Students who want to build a long-term financial relationship with Wells Fargo |
| We think these folks should do more research: | Someone who isn’t likely to pay off purchases and balance transfers within the introductory APR period Someone who wants higher cash rewards over the long term |
| Additional Notes: | Terms, conditions and restrictions apply |
Wells Fargo Cash Back College℠ Card basics
To apply for this card online, you’ll need an existing Wells Fargo bank account. If you don’t have an existing relationship with Wells Fargo you will need to apply in person at a Wells Fargo location. If you are under the age of 21 and you don’t have verifiable income, you’ll need to bring a co-signer who is over 21 and can provide proof of income. The application will also require your Social Security number, government-issued identification and information about the school where you’re enrolled.
Wells Fargo Cash Back College℠ Card rewards
The cash back program with the Wells Fargo Cash Back College℠ Card is straightforward. Eligible new account holders get 3% cash rewards for up to $2,500 spent on gas, grocery, and drugstore net purchases for the first 6 months you have the card, and 1% cash rewards for other eligible purchases made with the card. You can get extra bonus cash rewards earning potential and deals at your favorite stores when you shop their Earn More Mall® feature. Familiarize yourself with the exclusions and details to avoid any surprises. For example, purchases made via mobile card readers may not qualify for rewards. Cash equivalents, including prepaid gift cards, are not eligible for rewards.
Wells Fargo Cash Back College℠ Card pros
After the 0% introductory APR period ends the Annual Percentage Rate (APR) for purchases and balance transfers will be a variable rate based on your creditworthiness. This APR will vary with the market based on the U.S. Prime Rate. For a new credit card user, this is a fairly low rate range. As far as balance transfer fees, there is an introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days of account opening. After that, up to 5% for each balance transfer, with a minimum of $5.
For eligible new card holders the introductory 0% APR for the first 6 months on balance transfers and purchases from date of account opening is great and, with consistent responsible use by you, can help you pay off the balance on higher interest cards or finance a new purchase without finance charges on your eligible balances during the introductory period. Just keep in mind that only balance transfers made within the first 120 days of account opening qualify for the 0% intro APR.
You can choose to have your cash back rewards deposited directly into a Wells Fargo savings account, cash rewards are redeemed in $25 increments. Other redemption options include redeeming your rewards as a credit to a qualifying Wells Fargo product, request a paper check, redeem in $20 increments at a Wells Fargo ATM with a Wells Fargo Debit or ATM card or redeem rewards for travel, gift cards, and more. Redemption values may vary based on the method and what you choose to redeem your rewards for.
Wells Fargo won’t impose a penalty APR if you pay late, which is a benefit.
Wells Fargo Cash Back College℠ Card cons
When using this card, it’s important to be aware of how your payments are applied if you have more than one type of charge included in the balance. If you only make the minimum payment, that money will be automatically allocated to charges with a lower APR.
The cash back deal may not work at all if you use a digital or mobile wallet, which can be a real problem for college students who want the convenience of paying for purchases through their iOS or Android device linked to their credit card. You might not get cash back on purchases made with retailers who submit purchases using a wireless or mobile card readers, even if those purchases would otherwise earn cash back.
You may not be eligible for introductory annual percentage rates, fees, and/or bonus rewards offers if you opened a Wells Fargo Credit Card within the last 15 months from the date of your application and you received introductory APRs, fees, and/or bonus rewards offers, even if that account is closed and has a $0 balance. Speak to your local Wells Fargo branch to check if you qualify.
Should you get this card?
The Wells Fargo Cash Back College℠ Card is a cash back credit card for students who are new to the credit card scene. It’s a good starter card with a cash back program. Pay attention to the fine print. Check out the card issuers website for more information and to see if this student credit card could be a fit for you.
Terms, conditions, restrictions, limitations apply to the offer mentioned in this article.
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