Wells Fargo formally announced a new credit card rewards program this week, but cardholders confused by a change in the masthead on their rewards website need only focus on its moniker.
The new GoFar Rewards program is a result of changes that the bank has been steadily phasing in over time. “We have been updating the program over time so significantly we felt it needed a new name,” a Wells Fargo spokesperson wrote in an email. (The old name, for anyone wondering, was simply Wells Fargo Rewards.)
These changes essentially give cardholders more options when it comes time to redeem their points or cash back.
Now, all Wells Fargo rewards credit cardholders can redeem rewards at the bank’s ATMs, put them towards a Wells Fargo checking or savings account or use them to pay down a mortgage, home equity loan, credit card, personal loan or auto loan with the bank. They can also pool with or gift rewards to other cardholders, or use points or cash back to support a charity.
These enhancements are in addition to more standard redemption options, including cashing rewards in for travel, merchandise, gift cards or digital downloads on the bank’s website.
Existing Wells Fargo rewards credit cardholders don’t have to officially enroll for the new program — they’ll automatically qualify for GoFar Rewards, the spokesperson said.
Keeping Up With Your Rewards Credit Card
Credit card rewards program can change over time, so it’s a a good idea to always read any notices you receive from your issuer or regularly review your program’s terms and conditions to learn of anything that may be new. Remember, not all rewards redemption options are created equal — you might get a better return on redeeming points for gift cards than statement credits, for instance. So it’s important to understand any of these caveats if you want to get the most leverage from your points or miles. You can also consider calling your issuer if you have any questions about how your rewards program works.
If you’re considering some new plastic, it’s important to note that finding the right credit card for you hinges largely on your financial well-being and spending habits. Rewards credit cards, for instance, are best suited to people who don’t revolve a balance since they tend to carry higher annual percentage rates and you don’t want to lose any points, miles or cash back you earn to interest. Some may carry annual fees, too, that only big spenders will recoup.
No matter what card you are considering, be sure to read the terms and conditions carefully before filling out any applications. And be sure to check your credit score, too, since its status will effect what offers you may or may not qualify for. You can see where you currently stand by viewing your two free credit scores, updated each month, on Credit.com.
More on Credit Cards:
- Credit.com’s Expert Credit Card Shopping Tips
- How to Get a Credit Card With Bad Credit
- An Expert Guide to Credit Cards With Rewards