No rewards: Restricted worth outdoors of the intro APR
The most important disadvantage with this card is that it does not provide any type of rewards program. Meaning:
- There is not any welcome bonus. Some bank cards provide welcome bonuses of $200 or extra for brand spanking new cardholders.
- There aren’t any buy rewards. Different playing cards earn money rewards or factors on all of your eligible purchases, which may add up over time. It is doable 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 by means of My Wells Fargo Offers, the place you may earn money again assertion credit on purchasing, eating, and experiences you pay for together with your eligible Wells Fargo card. However incomes some assertion credit right here and there is not practically as useful as incomes money rewards on all of your on a regular basis purchases.
Due to the shortage of rewards, this card does not have a lot long-term worth. As soon as the 0% intro APR ends, there is no incentive to proceed utilizing it. You are higher off switching to a rewards bank card at that time.
It is value noting that there are 0% APR bank cards that even have rewards applications. They simply have shorter 0% APR intro durations. When you do not want your complete 21 months from account opening this Wells Fargo card affords, then it might make extra sense to choose a card with a shorter intro interval that earns rewards.
Pricey charges on steadiness transfers and overseas transactions
The Wells Fargo Mirror® Card is a good steadiness switch card due to its 0% intro APR. But it surely additionally has a steadiness switch payment of 5%, min: $5.
Stability switch playing cards usually have a payment like this, however a few of them solely cost 3%. It could not seem to be a lot, however for those who’re transferring $5,000, that 2% distinction would price you an additional $100. When you do not want 21 months from account opening to get out of debt, it’s possible you’ll need to have a look at extra bank card evaluations and choose a card with a decrease steadiness switch payment.
There’s additionally a overseas transaction payment of three%, which is one more reason why this is not the most effective card for long-term use. When you ever journey outdoors america, it is essential to have a card you should use with none further charges, like a journey bank card
