The Wells Fargo Reflect Credit Card is a $0-annual-fee card that works for purchases and qualifying balance transfers. It offers 0% intro APR for 18 months on both balance transfers and purchases, along with a chance to extend the promotional period even more. But there is more!
Although it doesn’t offer any rewards, it makes up for it with a potential 21 month-long 0% APR. You can save money on interest as you pay down debt or pay off a large purchase. In order to qualify for the 0% intro APR on balance transfers, you would have to transfer your balance within the time limit of 120 days of opening your account.
Benefits of Wells Fargo Reflect Credit Card
Wells Fargo Reflect Credit Card comes with some added benefits. You can get up to $600 of cell phone protection against theft and damage to your phone however, for this to apply, you have to pay your monthly cell phone bill with your Wells Fargo Reflect Credit Card. Additionally, you can get 24/7 roadside dispatch service that provides roadside assistance such as towing or locksmith services.
Aside from this, you will get Zero Liability protection which will ensure that you are not held responsible for unauthorized transactions assuming you report them promptly. You will also be getting access to My Wells Fargo Deals for personalized deals from a few different retailers. Altogether, the benefits are decent for a 0% intro APR credit card.
Wells Fargo Reflect Credit Card: value
If you have an expensive phone, the cell phone insurance offered by the Reflect Card can be significantly valuable especially if you don’t have insurance for your phone already. This card is easier to hold on to, as it does not cost you anything at least for 18 months, or 21 months if you qualify for it. This can help your credit score because if you keep your credit card account open for a long time, it will benefit your length of credit history, hence positively impacting your credit score.
If you intend to either pay down debt or make a large purchase, the Wells Fargo Reflect Credit Card can be of significant value. If you meet the transfer eligibility requirements, you can get an interest-free loan on purchases or either help pay existing debt. You will not be charged interest on balance transfers, however, there will be transfer fees. In the initial 120 days of opening your account, you will be charged 3% on balance transfers and after the set time, it will increase to a minimum of $5.
How to Get 21 Months of 0% APR
You can get 21 months of 0% APR instead of the introductory 18 months if you play your cards right. If you make sure to pay at least the minimum payment on your Wells Fargo Reflect Credit Card every month, on top of boosting your credit score, this will get you the 3 months extended 0% APR, making the total months 21 instead of 18. This is almost 2 years of 0% APR, which is quite impressive and you can benefit from this in many ways.
Using the Wells Fargo Reflect Credit Card
It would not be the best idea to transfer balance as well as make new purchases regardless of the extensive introductory benefits of this credit card. As enticing as 0% APR may sound, it can cause people to overspend and not be able to pay off the credit before the introductory period ends. Afterward, interest rates will start racking up against whatever credit you may have. The general suggestion is to either transfer the balance to pay down existing debt or make new purchases.
Also, if you are paying an existing debt on another card, be sure to transfer the balance within 120 days of opening your Wells Fargo Reflect Credit Card account to take advantage of the 3% transfer fee. If you are planning to make a new purchase and don’t have existing debt to pay down, make sure to have a payment plan to pay all your credit before the 18- or 21-months 0% APR promotional period is over.
Fees
After the promotional period of 0% APR has ended on your Wells Fargo Reflect Credit Card, the ongoing variable APR will be 12.99%-24.99% based on creditworthiness. The balance transfer fee after the initial 120 days of opening your account will also be up to 5% ($5 minimum). There is also another 3% fee for foreign transactions, which makes this credit card a little costly abroad. However, you should weigh the pros and cons of this credit card before concluding whether it is for you.
The penalty fee for late payment can be up to $40 and the penalty fee on the returned check or returned payment can also be up to $40. The transactional fee on the cash advance is either $10 or 5% of the amount of each advance, whichever is greater. If the total of overdraft protection advances is less than $50 for the day, the fee will be $12.50, however, if the total of overdraft protection advances is greater than $50 for the day, the fee will be $20.
Is Wells Fargo Reflect Credit Card for You?
There is no doubt that if you currently want to pay down debt on another credit card with high-interest rates, the Wells Fargo Reflect Credit Card is one of the best options for you, especially with the introductory promotion of 0% APR being as long as it is, along with $0 annual fee.
Also, if you are looking to make a large purchase over time and looking for a very long break from interest, this credit card is also one of the best options you will find. After evaluating the perks and drawbacks of the card, you can make a careful decision whether it is for you.
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