No rewards: Restricted worth exterior of the intro APR
The most important downside with this card is that it would not provide any kind of rewards program. Meaning:
- There is no welcome bonus. Some bank cards provide welcome bonuses of $200 or extra for brand new cardholders.
- There are not any buy rewards. Different playing cards earn money rewards or factors on all of your eligible purchases, which might add up over time. It is potential to earn $500 or extra yearly in rewards this manner, relying on how a lot you spend.
To be honest, this card has particular provides by My Wells Fargo Offers, the place you’ll be able to earn money again assertion credit on procuring, eating, and experiences you pay for along 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 would 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 price noting that there are 0% APR bank cards that even have rewards packages. They only have shorter 0% APR intro durations. For those who do not want your entire 21 months from account opening this Wells Fargo card provides, then it might make extra sense to choose a card with a shorter intro interval that earns rewards.
Expensive charges on stability transfers and international transactions
The Wells Fargo Mirror® Card is a good stability switch card due to its 0% intro APR. Nevertheless it additionally has a stability switch charge of 5%, min: $5.
Steadiness switch playing cards usually have a charge like this, however a few of them solely cost 3%. It might not seem to be a lot, however for those who’re transferring $5,000, that 2% distinction would price you an additional $100. For those who do not want 21 months from account opening to get out of debt, you might wish to take a look at extra bank card evaluations and choose a card with a decrease stability switch charge.
There’s additionally a international transaction charge of three%, which is one more reason why this is not the perfect card for long-term use. For those who ever journey exterior america, it is essential to have a card you should use with none additional charges, like a journey bank card