No rewards: Restricted worth exterior of the intro APR
The largest disadvantage with this card is that it does not supply any type of rewards program. Which means:
- There isn’t any welcome bonus. Some bank cards supply welcome bonuses of $200 or extra for brand spanking 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 gives by means of My Wells Fargo Offers, the place you possibly can earn money again assertion credit on buying, eating, and experiences you pay for along with your eligible Wells Fargo card. However incomes some assertion credit right here and there is not almost as beneficial 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 not any 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 simply have shorter 0% APR intro intervals. In the event you do not want your complete 21 months from account opening this Wells Fargo card gives, then it might make extra sense to select a card with a shorter intro interval that earns rewards.
Pricey charges on stability transfers and international transactions
The Wells Fargo Mirror® Card is a superb stability switch card due to its 0% intro APR. Nevertheless it additionally has a stability switch payment of 5%, min: $5.
Steadiness 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 if you happen to’re transferring $5,000, that 2% distinction would value you an additional $100. In the event you do not want 21 months from account opening to get out of debt, chances are you’ll wish to take a look at extra bank card critiques and choose a card with a decrease stability switch payment.
There’s additionally a international transaction payment of three%, which is one more reason why this is not the perfect card for long-term use. In the event you ever journey exterior the US, it is vital to have a card you should use with none further charges, like a journey bank card
