Wells Fargo Reflect® Card Review: An Extended Break From Interest: The Wells Fargo Reflect® Card is a credit card that has been available from Wells Fargo, aimed at consumers looking for a card with a long introductory APR period. Here is an overview of the key features that were commonly highlighted in reviews as of my last update:
Wells Fargo Reflect® Card Review
- Introductory APR: The card offers a very competitive introductory APR (Annual Percentage Rate) on purchases and balance transfers. The introductory period is notably long, and may extend further if cardholders meet certain conditions such as making minimum payments on time.
- Annual Fee: The Wells Fargo Reflect® Card typically has no annual fee, which makes it an attractive option for those who want to avoid extra costs.
- Balance Transfer Fee: There is usually a balance transfer fee, which is a percentage of the amount transferred or a minimum dollar amount, whichever is greater. This fee can be a consideration for those looking to transfer balances from other high-APR cards.
- Other Fees: The card may include other standard fees, such as for late payments or returned payments, which are important to consider when assessing the card’s benefits.
- Cell Phone Protection: A feature that may be included with the Wells Fargo Reflect® Card is cell phone protection. This generally requires you to pay your monthly cell phone bill with the card to activate the benefit.
- No Rewards: Unlike many other credit cards, the Wells Fargo Reflect® Card may not offer any rewards program or cash back incentives. The main focus is on the introductory APR period.
- Credit Score Requirements: The card is generally aimed at consumers with good to excellent credit scores. It might not be the best fit for those who are building credit or have a lower credit score.
- Additional Benefits: The card may offer additional Wells Fargo benefits, such as access to your FICO credit score for free, as well as other standard protections offered by major credit card issuers.
When considering this card, it’s important to think about how you plan to use it. If you’re looking to make a large purchase and pay it off over time without interest, or if you want to consolidate and pay down existing debt, the Wells Fargo Reflect® Card could be a good option due to its lengthy introductory APR period. However, if you’re interested in earning rewards for your spending, you might want to look at other options.
Please note that credit card offerings can change, and it’s always best to check the latest terms directly with Wells Fargo or look for the most recent reviews for up-to-date information.
Wells Fargo Reflect® Card FAQs
Certainly! Here are some frequently asked questions (FAQs) about the Wells Fargo Reflect® Card, which can help you understand the card’s features and terms:
1. What is the introductory APR offer?
The Wells Fargo Reflect® Card typically offers an introductory 0% APR on purchases and balance transfers for an extended period, which may be extended further if you make on-time minimum payments.
2. Is there an annual fee?
No, the Wells Fargo Reflect® Card does not usually have an annual fee.
3. What are the balance transfer fees?
There is generally a fee for balance transfers, which is either a percentage of the amount being transferred or a minimum dollar amount, whichever is greater. The exact fee can vary, so it’s important to check the current terms.
4. Does this card offer rewards or cash back?
No, the Wells Fargo Reflect® Card typically does not offer rewards or cash back. Its primary benefit is the introductory APR period.
5. What credit score do I need to apply?
The Wells Fargo Reflect® Card is generally targeted at individuals with good to excellent credit scores. The exact credit score requirements can vary, but a good credit history is usually needed for approval.
6. Are there any other perks associated with this card?
Yes, some versions of the card offer perks like cell phone protection when you pay your monthly cell phone bill with the card. There may also be other benefits like access to your FICO credit score.
7. What happens after the introductory APR period ends?
After the introductory APR period, the interest rate reverts to the standard variable APR for purchases and balance transfers, which is based on your creditworthiness and the market Prime Rate.
8. Can I use this card internationally?
Yes, you can use the Wells Fargo Reflect® Card internationally, but there may be foreign transaction fees associated with international purchases.
9. How does the cell phone protection work?
If offered, the cell phone protection typically covers damage or theft up to a certain limit, minus a deductible, when you pay your monthly cell phone bill with the card.
10. How do I apply for the Wells Fargo Reflect® Card?
You can apply for the Wells Fargo Reflect® Card online at the Wells Fargo website, over the phone, or in person at a Wells Fargo branch.
Remember that credit card offers and terms can change, and it’s crucial to review the most current information directly from Wells Fargo or through the latest cardholder agreement before making any decisions.