Wells Fargo Reflect® Card Review 2024
When it comes to managing finances, especially credit card debt, finding a card that offers a lengthy 0% introductory APR can be a game-changer. The Wells Fargo Reflect® Card stands out in this regard, providing one of the most extended interest-free periods available. In this review, we’ll dive into the features, benefits, and potential drawbacks of the Wells Fargo Reflect® Card to help you determine if it’s the right fit for you.
Overview of the Wells Fargo Reflect® Card
Card Basics
| Feature | Details |
|---|---|
| Annual Fee | $0 |
| Intro APR | 0% intro APR for 21 months on purchases and qualifying balance transfers |
| Ongoing APR | 18.24%, 24.74%, or 29.99% Variable APR |
| Balance Transfer Fee | 5%, min: $5 |
| Foreign Transaction Fee | 3% |
| Credit Score Needed | 690-850 (Good to Excellent) |
The Wells Fargo Reflect® Card offers a significant 0% intro APR for 21 months on both purchases and balance transfers, making it an attractive option for those looking to pay down debt without accruing interest. However, it lacks a rewards program, which might be a consideration for some users.
Detailed Review
Pros and Cons
Pros
- No Annual Fee: One of the significant advantages of the Wells Fargo Reflect® Card is that it doesn’t charge an annual fee, making it a cost-effective option for those looking to manage debt without added expenses.
- Extended Intro APR Period: The 0% intro APR for 21 months on purchases and qualifying balance transfers is one of the longest in the market, providing ample time to pay down balances without interest.
Cons
- No Rewards Program: Unlike many other credit cards, the Wells Fargo Reflect® Card does not offer any rewards or cash back, which might be a downside for those looking to earn while they spend.
- High Balance Transfer Fee: The card charges a balance transfer fee of 5% (minimum $5), which can add up if you’re transferring a large balance.
Benefits and Perks
Extra-Long 0% Intro APR Period
The standout feature of the Wells Fargo Reflect® Card is its 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. This extended period is beneficial for those looking to pay down debt without the burden of interest.
No Annual Fee
The card has no annual fee, which means you won’t have to worry about an additional yearly cost. This can be particularly advantageous for those who want to keep a credit card for the long term to positively impact their credit history.
Cell Phone Protection
Another perk of the Wells Fargo Reflect® Card is its cell phone protection. By using the card to pay your monthly cell phone bill, you can get up to $600 in coverage against damage or theft, subject to a $25 deductible.
Drawbacks and Considerations
High Balance Transfer Fee
While the card offers a lengthy interest-free period, the balance transfer fee of 5% (minimum $5) can be steep. If you don’t need the full 21 months to pay off your balance, you might find a card with lower transfer fees more suitable.
No Ongoing Rewards
The Wells Fargo Reflect® Card does not provide any rewards for spending, which might be a drawback for those who prefer earning points, miles, or cash back on their purchases. After the 0% intro APR period ends, the lack of ongoing rewards might make the card less appealing.
Foreign Transaction Fee
The card charges a 3% fee on foreign transactions, making it a less-than-ideal option for frequent travelers who make purchases abroad.
How It Compares to Other Cards
Wells Fargo Reflect® Card vs. U.S. Bank Visa® Platinum Card
| Feature | Wells Fargo Reflect® Card | U.S. Bank Visa® Platinum Card |
|---|---|---|
| Annual Fee | $0 | $0 |
| Intro APR | 0% intro APR for 21 months | 0% intro APR for 18 billing cycles |
| Ongoing APR | 18.24%, 24.74%, or 29.99% Variable APR | 18.74%-29.74% Variable APR |
| Balance Transfer Fee | 5%, min: $5 | 3% for 60 days, then 4% |
Both cards offer lengthy 0% intro APR periods, but the Wells Fargo Reflect® Card has a longer duration at 21 months. However, the U.S. Bank Visa® Platinum Card has a lower balance transfer fee for the first 60 days.
Wells Fargo Reflect® Card vs. Wells Fargo Active Cash® Card
| Feature | Wells Fargo Reflect® Card | Wells Fargo Active Cash® Card |
|---|---|---|
| Annual Fee | $0 | $0 |
| Intro APR | 0% intro APR for 21 months | 0% intro APR for 15 months |
| Ongoing APR | 18.24%, 24.74%, or 29.99% Variable APR | 20.24%, 25.24%, or 29.99% Variable APR |
| Rewards | None | Unlimited 2% cash back on purchases |
| Sign-Up Bonus | None | $200 cash rewards bonus after spending $500 in the first 3 months |
The Wells Fargo Active Cash® Card offers a shorter 0% intro APR period but provides ongoing rewards and a sign-up bonus, making it a potentially better option for those who want to earn rewards while they spend.
FAQ
1. What is the Wells Fargo Reflect® Card’s intro APR period?
The card offers a 0% intro APR for 21 months on purchases and qualifying balance transfers from the date of account opening.
2. Are there any rewards with the Wells Fargo Reflect® Card?
No, the Wells Fargo Reflect® Card does not offer any rewards or cash back.
3. What is the balance transfer fee for the Wells Fargo Reflect® Card?
The balance transfer fee is 5% of the amount transferred, with a minimum of $5.
4. Does the Wells Fargo Reflect® Card have an annual fee?
No, the card does not have an annual fee.
5. What credit score is needed to qualify for the Wells Fargo Reflect® Card?
A credit score of 690-850 (Good to Excellent) is recommended.
6. Does the Wells Fargo Reflect® Card offer any travel benefits?
The card charges a 3% foreign transaction fee and does not offer travel-specific benefits, making it less ideal for frequent travelers.
7. What is the cell phone protection benefit?
The card offers up to $600 in coverage against damage or theft when you use it to pay your monthly cell phone bill, subject to a $25 deductible.
8. How does the ongoing APR compare after the intro period ends?
After the 0% intro APR period ends, the ongoing APR will be 18.24%, 24.74%, or 29.99% Variable APR, depending on your creditworthiness.
The Bottom Line
The Wells Fargo Reflect® Card is an excellent choice for those seeking a lengthy 0% intro APR period to pay down debt or finance a large purchase without interest. Its lack of an annual fee and cell phone protection are added benefits. However, the high balance transfer fee and absence of a rewards program might make it less appealing for long-term use.
