Wells Fargo Visa Signature Card Review

Full Review of Wells Fargo Visa Signature Card

Pros Explained

• Outstanding bonus rewards: Cardholders earn 5 points per dollar for the first six months on up to $12,500 in spending on groceries, gas, and drugstore purchases. That's an outstanding rate for a card with no annual fee, even if the bonus-category rewards rate expires relatively soon after the account is open. This kind of rewards offer gives you the opportunity to build up your rewards balance within a short period of time.
• Points are worth more when redeemed for airfare: Wells Fargo GoFarRewards points have 50% more value when you redeem them for airfare, which increases the value of each point to 1.5 cents.
• Above-average 0% APR offer: While there are cards offering longer promotional periods on purchases and balance transfers, this card’s 15-month 0% APR offer is still generous if your primary purpose for getting the card is for its rewards. It will allow you an opportunity to pay down debt without the burden of interest or to finance a large purchase over more than a year. 

Cons Explained

• Below-average ongoing rewards: When the bonus-category rewards of 5 points per dollar end after the first six months, the ongoing rewards rate on this card falls to 1 point per dollar on all purchases. Several other no-annual-fee rewards cards offer better ongoing rewards.
• No one-time offer: In lieu of a one-time offer, this card offers accelerated points rewards in three bonus categories for six months. Yet there are many no-annual-fee cards that offer both a one-time offer and rewards on bonus categories. The lack of a one-time offer puts this card at a disadvantage.

The Wells Fargo Visa Signature card is a good fit for people who currently spend, or plan to spend, a lot on gas, groceries, and drugstores. It offers high rewards earnings on those categories during the first six months, giving new cardholders a way to quickly boost their points balance.

Because points with this card are worth 50% more when redeemed for airfare, it's also a solid choice for people who want to earn rewards for travel without paying an annual fee.

In addition, this card could work well for anyone interested in transferring high-interest credit card debt from another card or financing a major purchase, since it has a 15-month 0% APR promotional period. However, note that it does charge a balance transfer fee of 3% or $5, whichever is greater, for the first 120 days, after which the fee increases to 5%, with a minimum of $5.

Rewards Earning Details

For the first six months after opening their account, cardholders earn 5 points per dollar on gas station, grocery, and drugstore purchases, up to $12,500 in net purchases. Any other purchases outside those categories made during the introductory period earn 1 point per dollar. After the promotional period ends, the ongoing rate on all purchases is 1 point per dollar. Unused points expire after five years.

Rewards Redemption Details

Wells Fargo offers several options for redeeming points through its GoFarRewards program, including travel, gift cards, merchandise, online auctions, and cash back.

Typically, Wells Fargo GoFarRewards are worth 1 cent each, regardless of how they are redeemed. In other words, 100 points are worth $1. However, points have 50% more value when you redeem them for airfare, increasing the rate to 1.5 cents per point. For example, you could redeem 20,000 points for $300 in airfare. That means you’ll get the most value out of your points by using them only for flights.

Automatic redemptions are available in $25, or 2,500-point, increments by phone or online. Redemptions through a Wells Fargo ATM are available in increments of $20, or 2,000 points.

Transferring Points

GoFarRewards points can't be transferred to loyalty programs. However, you can send them to another Wells Fargo customer who’s part of the GoFarRewards program, move points between your own accounts, or add them to a Wells Fargo rewards pool.

How to Maximize Your Rewards

Getting the most out of rewards with the Wells Fargo Signature Visa card means using it for every gas, grocery, and drugstore purchase during the first six months after obtaining the card. Each purchase made in those categories earns 5 points per dollar, which can add up quickly.

If your budget allows, spend enough to reach the $12,500 threshold on bonus category rewards, which would max out the number of points you can earn at the bonus rate.

Next, focus on using your GoFarRewards to pay for flights. Doing so will get you 50% more value out of each point. For example, 50,000 points are worth $750 when redeemed for airfare, but only $500 when used in other ways.

Average Case

Let's say you use this card primarily for its bonus categories during the first six months, spending $386.92 on food at home, $174.50 on gas, and $65.50 at drugstores each month. These numbers are averages from the Bureau of Labor Statistics. You'd earn 18,807 points, which would be worth $282.11 when redeemed for flight purchases. Any purchases you make outside of the bonus categories would add another 1 point per dollar to your total.

Aspirational Case

For this scenario, let's assume that you spend a little more heavily in this card’s bonus categories during the first six months, charging $600 per month for groceries, $250 for gas, and $80 at drugstores. In total, you'd earn 27,900 points worth $418.50 when redeemed for airfare.

 Again, that doesn't include the 1 point per dollar you’d earn on purchases outside those categories.

Wells Fargo Visa Signature Card’s Outstanding Benefits

• Cell phone protection: If you use this card to pay your monthly cell phone bill, it extends $600 in insurance coverage for damage or theft, subject to a $25 deductible. 

Standard Benefits

• Rental car collision insurance (secondary to your own policy)
• Travel accident insurance
• Emergency card replacement
• 24/7 travel and emergency assistance
• Trip cancellation protection and lost luggage reimbursement

Cardholder Experience

In the J.D. Power 2022 U.S. Credit Card Satisfaction Study, Wells Fargo ranked eighth out of 11 national card issuers and scored below the average.

This card offers FICO credit score access and 24/7 customer service through Wells Fargo's online platform or by calling 1-800-642-4720.

Security Features

This card has security features that are standard in the industry, including account and activity alerts and zero liability protection. It also has chip technology for enhanced security when paying at a terminal.

Fees to Watch out For

This card has a balance transfer fee of $5 or 3% of the transferred amount, whichever is greater, for the first 120 days after opening an account. The fee increases to 5%, with a minimum of $5, after the introductory period. So keep this fee in mind if you're thinking of consolidating high-interest debt onto this card. This card also has a foreign currency conversion fee of 3%, making it potentially expensive to use abroad.

Final Verdict

The Wells Fargo Visa Signature card offers solid bonus-category rewards. And it stands apart for travelers by providing a 50% boost to the value of each point that’s redeemed for airfare. Frequent fliers looking to increase the redemption value they receive for flights through the GoFarRewards program will find that feature especially useful.

However, since the rewards on these Wells Fargo cards are limited to a few categories, you might also want to consider adding a flat-rate card that provides richer rewards on all purchases. For example, the Citi Double Cash card offers 1% cash back on purchases and an additional 1% when you pay for those purchases. Using it for non-bonus category purchases would be a solid complement to the initial 5 points per dollar you'd earn on the Wells Fargo Visa Signature card.

Frequently Asked Questions

What happened to the Wells Fargo Visa Signature Card?

Wells Fargo revamped its credit card lineup in many ways in 2021. To focus on some of its new offerings, the company discontinued or stopped accepting applications for several of its cards at that time, including the Wells Fargo Visa Signature Card. Interested customers still have several other Wells Fargo credit cards to choose from.

Is Wells Fargo Visa Signature Card a credit card?

Yes, the Wells Fargo Visa Signature Card is a rewards credit card. This card comes with no annual fee and earns one point per dollar on all purchases. Points are worth 50% more when you redeem them for airfare through Wells Fargo; you can also redeem them at the standard rate for cash back, gift cards, and merchandise.

What credit score do you need for a Wells Fargo Visa Signature Card?

Wells Fargo isn't accepting new applications for its Visa Signature Card. However, most Visa Signature cards require good or excellent credit to qualify. If Wells Fargo offers this product again, having good or excellent credit could help your chances of being approved.

Are Visa Signature cards hard to get?

Visa Signature cards offer a premium package of credit card rewards that can include experiences, hotel status, rental car privileges, and discounts. Qualifying for most Visa Signature cards will require good or excellent credit.

Which Wells Fargo credit card is the hardest to get?

Wells Fargo offers three Visa cards and a Bilt Mastercard. The Wells Fargo Active Cash Card, the Wells Fargo Autograph Card, and the Wells Fargo Reflect Card are its current Visa offerings, and a good or excellent credit score is recommended if you'd like to apply for them.