No rewards: Restricted worth outdoors of the intro APR
The most important disadvantage with this card is that it does not provide any kind of rewards program. Meaning:
- There is not any welcome bonus. Some bank cards provide welcome bonuses of $200 or extra for brand 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 attainable to earn $500 or extra yearly in rewards this fashion, relying on how a lot you spend.
To be truthful, this card has particular affords by means of My Wells Fargo Offers, the place you possibly can earn money again assertion credit on procuring, 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 helpful as incomes money rewards on all of your on a regular basis purchases.
Due to the dearth 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 packages. They only have shorter 0% APR intro durations. In case you do not want the complete 21 months from account opening this Wells Fargo card affords, then it might make extra sense to select 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 superb steadiness switch card due to its 0% intro APR. Nevertheless it 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 might not appear to be a lot, however in the event you’re transferring $5,000, that 2% distinction would value you an additional $100. In case you do not want 21 months from account opening to get out of debt, you could need to have a look at extra bank card evaluations and decide a card with a decrease steadiness switch payment.
There’s additionally a overseas transaction payment of three%, which is another excuse why this is not one of the best card for long-term use. In case you ever journey outdoors the US, it is necessary to have a card you should use with none additional charges, like a journey bank card
