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Wells Fargo Rewards Card Review

overall rating

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The Wells Fargo Rewards credit card offers excellent rewards on gas, groceries, and drugstore purchases up to $12,500 for the first six months after opening the card. It also has an above-average 15-month 0% APR promotional period for new purchases and balance transfers made within 120 days of account opening. There's no annual fee, but after the first six months, the rewards rate drops to 1 point per dollar spent on all purchases.

Wells Fargo Rewards® Card

Overall Rating
Wells Fargo Rewards® Card
On Wells Fargo's Secured Site.
Current Offer

5x rewards points earned for up to $12,500 spent on gas, grocery, and drugstore purchases for the first 6 months and 1x points on other purchases.

Recommended Credit
Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 12.49% - 25.49% variable
Annual Fee $0
Rewards Earning Rate Earn 1 point on all purchases.
INTRO PURCHASE APR 0% for 15 Months
Balance Transfer Fee Either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days after account opening. After that, up to 5% for each balance transfer, with a minimum of $5.
Foreign transaction fee (%) 3%
how this card stacks up
When compared among all rewards cards in our database:
Low Fees
Security/Customer Experience
Low Interest
worst best

The Wells Fargo Rewards Card is no longer accepting applicants. Here are some other rewards cards options that we recommend.

Full Review of Wells Fargo Rewards Card

  • Excellent bonus category rewards

  • Decent 0% APR offer on purchases and balance transfers

  • Cell phone protection

  • Poor ongoing rewards

  • Rewards have redemption threshold

  • No one-time offer

Pros Explained

  • Excellent bonus category rewards: During the first six months after opening an account, the Wells Fargo Rewards card offers 5 points per dollar on gas, grocery, and drugstore purchases up to $12,500. Those are standout rewards for a card with no annual fee. Indeed, it’s possible to earn a substantial number of points in a short period of time, especially if you're able to meet the rewards threshold.
  • Decent 0% APR offer on purchases and balance transfers: Similar to many other rewards cards on the market, this card comes with a 0% APR period for purchases and balance transfers. This type of offer can help you finance a major purchase or pay down debt. Although there are cards on the market offering 0% APR periods of up to 21 months, the 15-month 0% period on this card is still above average.
  • Cell phone protection: Given that you use this card to pay your monthly phone bill, you’ll get up to $600 in protection for your cell phone, subject to a $25 deductible. This is a somewhat rare benefit for a card with no annual fee. Few other cards offer cell phone insurance, and those that do often charge an annual fee. There are caveats to the coverage. For example, an unexplained loss of the phone isn’t covered and neither is cosmetic damage or any damage that doesn’t affect the phone’s functionality. And this is supplemental coverage that doesn’t apply until you’ve received benefits from other insurance coverage. But despite those caveats, this kind of insurance still provides some peace of mind. 

Cons Explained

  • Poor ongoing rewards: After the first six months of card ownership, the rewards rate on bonus categories drops from 5 points on gas, groceries, and drugstore purchases to 1 point. You'll earn 1 point on purchases outside of those categories as well, but this card’s ongoing rewards rate is just average. Several other no annual fee cards offer higher ongoing rewards.
  • Rewards have a redemption threshold for cash back: Points can be redeemed in several ways through the GoFarRewards program. However, cash redemption options, such as deposits into a checking or savings account, are redeemable only in 2,500-point increments (worth $25) by phone or online, or 2,000-point increments (worth $20) at an ATM. This kind of redemption threshold is an inconvenience that puts the Wells Fargo Rewards card at a disadvantage compared to similar cards.
  • No One-Time Offer: Many no annual fee rewards cards offer a one-time offer for meeting a certain spending requirement within a given time frame, but not this one. One-time offers increase the overall value of a card, and any card that lacks a bonus is at a disadvantage to others on the market.

This Card is Best For

  • Avatar for Annual Fee Averse Persona
    Resists or refuses an annual fee on principle or due to cost
    Annual Fee Averse
  • Avatar for Rewards Strategist Persona
    Seeks to maximize points or miles earnings across spending categories
    Rewards Strategist

The Wells Fargo Rewards card is best for individuals and families looking for a way to boost the rewards they earn on groceries, gas, and drugstores, at least for a short period of time. That’s because spending heavily in this card's bonus categories during the first six months of card ownership can yield a significant number of points. For example, spending $6,000 within six months would earn you 30,000 points. We estimate that those points are worth $300 when redeemed for cash back or other purchases (travel, gift cards, merchandise, and online auctions) through the GoFarRewards Wells Fargo rewards program.

Because it also has a 15-month 0% APR offer on balance transfers and new purchases, this card can also be a valuable option if you're interested in paying down high-interest credit card debt or financing new purchases. Just keep in mind that there's a balance transfer fee of at least 3% of the amount transferred. That’s not an uncommon fee, but it can add up.

This card is also worth considering if you lack insurance on your cell phone. It extends $600 in coverage, provided you to pay your monthly bill. The coverage only applies to a total loss when the phone is stolen, and there are a few other caveats. But coverage like this can offer some reassurance if something happens to your cell phone.

Rewards Earning Details

This card earns 5 points per dollar during the first six months from the date the account is opened on groceries, drugstores, and gas stations up to $12,500 in purchases. All other purchases on the card earn 1 point per dollar spent, including during the six-month introductory period.

You have five years to use any points earned.


All About Rewards Credit Cards

Rewards Redemption Details

Rewards can be redeemed through Wells Fargo's GoFarRewards Program in a number of ways, including for:

  • Travel
  • Gift cards
  • Merchandise
  • Online auctions
  • Cash back

In order to redeem for cash, you must first meet a $25 minimum threshold. You can get cash at Wells Fargo ATMs, as a paper check or as a deposit or credit to a qualifying account. Cash back redemption options start at 2,000 points for $20 cash back at ATMs or 2,500 points for $25 cash back when redeemed online or over the phone.

Points can be pooled with family members and friends who earn GoFarRewards points. They can also be gifted to Wells Fargo customers who have a Wells Fargo credit card that earns GoFarRewards. You can also donate your rewards.

Generally, each point is worth $0.01, according to Investopedia's points valuation survey.

Transferring Points

You can’t transfer GoFarRewards points to other loyalty programs. But they can be transferred to another account you own, other Wells Fargo customers with a GoFarRewards account, and to a Wells Fargo rewards pool.

How to Maximize Your Rewards

In order to maximize rewards with the Wells Fargo Rewards card, make sure to immediately start using the card for all of your grocery, gas, and drugstore purchases, since you earn five points per dollar up to $12,500 in those categories only for the first six months. You can use this card for other purchases as well. Just keep in mind that the rewards on those purchases earn a fifth of what you'll earn in the bonus categories.

Because this card’s bonus rewards categories come with time and spending constraints, consider timing your opening of this card to correlate with upcoming expenses. For example, perhaps you have a road trip coming up where you can use this card for all gas purchases, or maybe you expect your grocery bill to increase within the coming months.

Finally, take advantage of this card's travel benefits. Using extras like cell phone protection, travel accident insurance, and an auto rental collision waiver adds more overall value to the card.

Average Case 

In order to get an idea of the points, you can earn with this card during the first year of ownership, let's say you only use this card for grocery, gas, and drugstore purchases. According to the Bureau of Labor Statistics, the average household spends around $383 per month, or $4,600 per year, on food at home. If you spent another $100 on gas per month and $20 at drugstores, you'd earn 18,108 points during the first year worth $181 when redeemed for cash back or other purchases through Wells Fargo's rewards program.

Our calculation accounts for the bonus points you'd earn on those categories during the first six months of account ownership. But it doesn't factor in the one point per dollar you'd earn for other miscellaneous purchases on this card.

Aspirational Case

The most aspirational case for using this card is meeting the $12,500 spending threshold on bonus categories within six months. But that's an unrealistic goal for most. In order to accomplish that, you would need to spend nearly $2,100 per month on a combination of groceries, gas, and drugstore purchases. Most households spend far less on those categories, according to the Bureau of Labor Statistics.

Instead, let's assume that in addition to $383 in groceries and $100 in gas per month, your prescription drug expenses are a little more considerable, costing you $50 each month. Let’s further assume you take a road trip that costs you $200 in gas during the first six months after you open this card. You'd earn a total of 20,188 points with this card worth $201.88. Again, that's factoring in the bonus rewards and not accounting for the one point per dollar you'd earn on other purchases.

Wells Fargo Rewards Card’s Outstanding Benefits

  • Cell phone protection

Standard Benefits

  • Travel accident insurance
  • Travel and emergency assistance insurance  
  • Rental car collision insurance (secondary to your own policy)
  • Roadside assistance
  • Emergency card replacement

Cardholder Experience

Wells Fargo ranks eighth out of 11 card issuers on the 2020 J.D. Power Credit Card Customer Satisfaction Study. Its score of 800 is below the national issuer average of 810.  

The bank’s customer service department is available 24/7. You can contact customer service through Wells Fargo’s online platform or by calling 800-642-4720. 

Security Features

Wells Fargo offers standard security features with this card like zero liability protection, overdraft protection, and emergency card replacement. It also allows you to sign up for alerts to track purchases and account activity.

Fees to Watch out For

There's a balance transfer fee of 3% or $5, whichever is greater, of the balance transferred for the first 120 days after opening the account. After that, the fee moves up to 5% or $5, whichever is greater.

Our Verdict

The Wells Fargo Rewards offers excellent points rewards on bonus categories and a generous introductory 0% offer without charging an annual fee. It can be a solid option for those interested in earning rewards for redemption through Wells Fargo’s GoFarRewards program and for those who want to finance a major purchase or consolidate high-interest debt.

However, this card provides poor ongoing rewards, offering just one point per dollar on purchases. You can earn more rewards long-term with a card that doesn’t have a time limit or spending thresholds on its bonus categories. The Wells Fargo Propel American Express card, for instance, offers unlimited three points per dollar spent on categories including restaurants, gas, travel, and streaming services. And the Discover it Cash Back card offers 5% cash back on various rotating categories each quarter up to $1,500 in spending, including restaurants, grocery stores, gas stations, and ridesharing.

Pairing the Wells Fargo Rewards card with one that offers higher ongoing rewards could make it more worthwhile. The Citi Double cash card, for example, offers 1% cash back on purchases, plus an additional 1% when you pay for those purchases. Using the Citi Double cash card for non-bonus categories would complement the Wells Fargo Rewards card's initial five points per dollar rewards on select categories.

Next Steps
For Wells Fargo Rewards® Card
on Wells Fargo's Secured Site.
Compare This Card
See how this card compares to similar cards
Wells Fargo Rewards® Card
overall rating
Recommended Credit
Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 12.49% - 25.49% variable
Annual Fee $0
Rewards Earning Rate Earn 1 point on all purchases.
Investopedia Credit Card Rating Methodology
Investopedia is committed to delivering the best credit card recommendations in the industry. We’ll tell you when a card is good, we’ll tell you when a card is bad, and we’ll only call a card the best if we would recommend it to our friends or family members.
Overall Star Rating Explained
To rate credit cards we objectively assess, score and weight nearly 100 individual card features which roll up into five major feature sets: fees, interest, rewards, benefits and security/customer service. Here’s how we weighted those feature sets for the overall star rating of a card:
We have applied our proprietary rating methodology to every generally-accepted credit card in the U.S. domestic market to allow consumers to make fully informed choices. It’s important to note that for our overall score that we make a number of assumptions about how you would be using your credit card:
  1. While we make no assumption as to whether balances are carried on a given card we do assign varying weights to all credit cards’ introductory APR (if present) in addition to the regular, long term purchase and balance transfer interest rates.
  2. We utilize BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points or miles rewards at a set rate on all spending or in consideration of bonus rewards for certain spending categories, like gasoline, groceries, restaurants or travel.
  3. We determine the maximum points value of rewards cards by dividing the points, cash back or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
  • Cards that are selected best overall in their respective categories generally feature most if not all of the following attributes:
  • Low or Reasonable Fees Credit card fees come in many forms but the primary ones involve those for annual card membership and balance transfer. There are a myriad of reward and non-reward card options that charge no annual fee but for the many that do assess an annual fee the cost is often justified by their lucrative ongoing rewards and initial signup bonuses. Balance transfer fees are occasionally waived during introductory periods with certain cards, a factor which is heavily and positively weighted in our scoring model for cards offering this benefit. When charged, balance transfer fees range between 3% - 5%, which we grade accordingly. Other standard fees can generally be avoided, such as those for paying late or taking cash advances but we rate those relative to other cards in the market for reference, though with less weight assigned
  • Competitive Interest Many cards offer 0% introductory APR on purchases and balance transfers for varying lengths and then revert to a permanent or regular APR (based on a variable rate tied to the prime rate) that applies to any balances not paid in full. We rate both introductory APR percentage and length (in months) along with the midpoint of the variable regular APR interest rate range.
  • Valuable Rewards Credit card reward programs can be based on cash back, points or travel rewards (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs). For cards that offer rewards we determine the value per dollar spent along with average redemption values and assign more favorable ratings to cards that offer superior consumer value. We also assign value to sign-up bonus offers and their initial spending requirements, when present.
  • Excellent Benefits Credit card benefits cover a range of offerings like concierge service, TSA Pre-check, auto rental coverage, travel accident insurance, lost luggage assistance and free credit scores. We rate cards on the number and level of over a dozen standard and upscale benefits and provide extra weighting emphasis for those travel-related perks that apply to premium travel cards when present.
  • Solid Security/Customer Service Security and customer service features like lost or stolen card replacement, being able to lock one’s card from an issuer app and 24 hour customer support are becoming more standard across the card market and we provide a significant amount of weighting to features in this area.
  • You can also read the full version of our methodology for a more in-depth look at how we assess cards and award them the best in various categories.