There’s another cash back credit card on the market, courtesy of Wells Fargo.
The bank announced the launch of the Wells Fargo Cash Wise Visa credit card on Wednesday. The card offers 1.5% cash rewards on net purchases. Cardholders can also receive 1.8% cash rewards on all purchases made with mobile wallets Android Pay or Apple Pay in the first 12 months of opening the account.
The new card has no annual fee and a 0% introductory annual percentage rate (APR) for the first 15 months on purchases and balance transfers. After that, it will impose a variable APR between 13.24% and 25.24%, depending on an applicant’s creditworthiness.
Earned rewards don’t expire as long as the account remains open and can be deposited into a Wells Fargo savings or checking account, applied as a credit to a Wells Fargo line or loan, or mailed as a statement credit or check.
Cash back credit cards with no annual fee that enable customers to earn over 1% back on all purchases have become increasingly common in recent years. Both the Capital One Quicksilver Cash Rewards credit card and the recently released Chase Freedom Unlimited credit card, for instance, offer 1.5% cash back on all purchases. And Citi’s Double Cash credit card, launched in 2014, offers cardholders 1% cash back on purchases and another 1% back when customers fully pay off said purchases. (Full Disclosure: Citibank, Capital One, and Chase advertise on Credit.com, but that results in no preferential editorial treatment.)
Applying for a New Credit Card
Remember, before you fill out any credit card application, it’s a good idea to check your credit so you know where you stand. A good credit score can help you qualify for better terms and conditions and certain types of rewards cards. (You can view two of your free credit scores, updated each month, on Credit.com.)
Once you know your credit score, consider comparison shopping. Make sure you read the terms and conditions carefully for any cards you’re considering so you have a full understanding of the rewards, fees and other aspects of the card. (You can read about the best cash rewards credit cards in America here.)
At publishing time, the Capital One Quicksilver Cash Rewards, Chase Freedom Unlimited and Citi Double Cash credit cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, this relationship does not result in any preferential editorial treatment.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.