Wells Fargo Visa Signature Card Credit Card Review

Highlights

  • 50% more value when redeeming points for airfare: If you use points to book airfare through mywellsfargorewards.com, your points value can increase by 50%, up to 1.5 cents per point (a $150 ticket only needs 10,000 points). There is a $24 ticketing fee for each airfare booking, so the effective value ends up being lower than 1.5 cents. You can also transfer points from the Wells Fargo Propel and Rewards cards to this card and redeem them together.
  • 5x on gas, grocery stores, and drugstores for six months: If you have a lot of spending, this is a great six-month opportunity. The 5x bonus is capped at the first $12,500 in purchases, for a total of up to $625 in rewards.
  • Built-in cell phone protection: If you pay your monthly cell phone bill with this card, you can receive up to $600 in coverage if your phone is damaged or stolen (with a $25 deductible).
  • Free FICO score: An Experian FICO score is provided monthly. See: Which Free Credit Score Is Best?
  • 0 APR for 12 months: There is no interest on purchases and balance transfers for 12 months after opening the card. See: 0 APR Guide

My Take

This card used to be a beast. During the first six months, the 5x bonus had no cap. Some people took the risk and, after being approved, went on a Visa gift card buying spree at drugstores and grocery stores to make money. Now that a $12,500 cap has finally been added, the era of unlimited 5x is officially over. As a card that is really only worth holding for the first six months, it is still worth applying for if you know you want to max out the $12,500 cap. After factoring in the 1% fee on Visa gift cards, it is roughly like getting a $500 signup bonus card.

After six months, the most useful feature of this card is the 50% boost in point value, and you can combine points from the Wells Fargo Propel and Rewards cards to redeem them with that same boost. For a card like Propel that earns 3x on travel and dining, adding a 1.5x redemption rate is essentially 4.5% cash back, with no cap, which is still very powerful.

How to Apply

  • Application difficulty: The approval standards for this card are average. It is recommended to have at least 1 year of credit history, and having a checking account with Wells Fargo is best.

Wells Fargo Credit Card Application Guide

  • Application status check link. Or call: (800) 967-9521
  • If you applied for one of their cards within the past 6 months, you will not be approved for a new personal card. For Hotles cards, the restriction is 15 months. For business cards, the restriction is 12 months.
  • Wells Fargo credit cards appear to have an unknown limit on the total number of cards you can hold. You may need an SSN, and you may need to be a U.S. citizen or green card holder to apply.
  • You can call the reconsideration line at 866-412-5956 to speed up credit card approval or request a review of a denied application.
  • Having a Checking account may help with getting approved for a credit card.
  • More about applying for Wells Fargo credit cards

Application Link