Wells Fargo Introduces New Rewards Credit Card

Today, Wells Fargo announced the launch of a new rewards credit card, the Wells Fargo Autograph Credit Card. The rewards credit card offers bonus rewards on several everyday spending categories, including select recurring monthly charges. The card is set to be available for new applications on July 13.

Wells Fargo Autograph Credit Card Details

Credit card companies are jostling for consumer spending, offering more rewards and unique bonus categories to set themselves apart from the competition.

The new Wells Fargo Autograph Credit Card has some of that, though it's still not necessarily the only card you'll want to have in your wallet.

As a new cardholder, you'll earn 30,000 bonus points worth $300 after you spend $1,500 in the first three months. That's solid for a card with no annual fee. Similar options offer welcome bonuses up to $200, making this one stand out. But at the same time, the $1,500 spending requirement is double or even triple what you'll find with similar cards. Make sure you can afford to spend at least $500 per month before you apply.

Cardholders will also earn 3 points per dollar on the following spending categories:

• Restaurants
• Travel
• Gas stations
• Transit
• Popular streaming services
• Phone plans

It's not uncommon for a rewards credit card to offer bonus cash back, points or miles on certain categories, but it's hard to find one that offers at least 3 points per dollar on this many areas of your budget. Additionally, it's rare for a credit card to offer bonus rewards on phone plans.

Keep in mind, though, that all non-bonus spending earns just 1 point per dollar, so it may make sense to pair this card with one that offers 1.5% or 2% back on all of your purchases. You can redeem your points earned with this card for travel, gift cards, statement credits or online shopping via PayPal.

The card also offers an introductory 0% APR for 12 months, but it only applies to purchases, not balance transfers. After the promotional period ends, the variable APR will depend on your creditworthiness.

The card doesn't offer a lot in terms of benefits, but you will get cell phone protection worth up to $600 per claim (with a $25 deductible) if you use your card to pay your phone bill.

Is the New Wells Fargo Credit Card Right for You?

The Wells Fargo Autograph Credit Card is a solid choice for someone who prefers a card with no annual fee. The bonus rewards are impressive for those categories, and while the 0% APR promotion isn't the best out there, it may be enough to meet your needs.

Where the card falls short is its base rewards rate of 1 point per dollar. This is common for tiered rewards credit cards, but if you want to avoid earning a mediocre rate on most of your spending, it's recommended to pair this card with another rewards card that offers a high flat rewards rate.