No rewards: Restricted worth exterior of the intro APR
The most important downside with this card is that it would not provide any kind of rewards program. Meaning:
- There is no welcome bonus. Some bank cards provide welcome bonuses of $200 or extra for brand new cardholders.
- There are not 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 potential 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 via My Wells Fargo Offers, the place you possibly can earn money again assertion credit on purchasing, eating, and experiences you pay for along with your eligible Wells Fargo card. However incomes some assertion credit right here and there is not practically as priceless 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 price noting that there are 0% APR bank cards that even have rewards packages. They only have shorter 0% APR intro intervals. If you happen to do not want all the 21 months from account opening this Wells Fargo card affords, then it might make extra sense to select a card with a shorter intro interval that earns rewards.
Pricey charges on stability transfers and international transactions
The Wells Fargo Mirror® Card is a superb stability switch card due to its 0% intro APR. But it surely additionally has a stability switch payment of 5%, min: $5.
Steadiness switch playing cards usually have a payment like this, however a few of them solely cost 3%. It might not seem to be a lot, however in case you’re transferring $5,000, that 2% distinction would price you an additional $100. If you happen to do not want 21 months from account opening to get out of debt, you could need to take a look at extra bank card evaluations and choose a card with a decrease stability switch payment.
There’s additionally a international transaction payment of three%, which is one more reason why this is not the perfect card for long-term use. If you happen to ever journey exterior america, it is vital to have a card you should use with none additional charges, like a journey bank card
