Redeem Wells Fargo Rewards via ATM, and Lower Threshold

ATM Option

For cards participating in the Wells Fargo Rewards program, there’s a new, interesting option of withdrawing the rewards in the form of cash via the Wells Fargo ATM.

Read the Wells Fargo press release here.

Rewards can be redeemed at the ATM in increments of $20 and can be withdrawn as cash, transferred to a checking or savings account, or used pay a credit card bill, mortgage, home equity loan or personal loan.

They actually revamped the ATM to include this option. Here’s what the ATM screen looks like:

wells fargo atm - Edited

Photo courtesy of blog.sfgate.com

This option applies to cards which are part of the Wells Fargo Rewards program, such as the well-known Wells Fargo 5% card. (Bear in mind, that you can get a better value by redeeming for travel.) Reportedly, all Wells Fargo cards are eligible for the new ATM option, and this should include the Wells Fargo Propel card.

Lower Threshold

One interesting by-product that comes out of this move is that it helps slightly the “orphaned-points” problem. We’re often left with small denominations in a points currency which is beneath the redemption threshold. With this new ATM option we can redeem points with a $20 threshold, versus the previous minimum threshold of $25.

This is especially important with a card like the Wells Fargo 5% card which we use for 6 months and never again. If you made a travel redemption, for example, and there was $24 left, there’d be no way to redeem that without having to put more spend on the credit card. Or if you were redeeming for cashback and had $24 left, you’d be stuck. Now we’ll be able to get the $20 from the ATM.

It’s great to see more options to redeem rewards, though I suspect most people will find  it easier to just redeem online. Still, the lower redemption of $20 is worth noting. In similar news, we recently saw the move by Discover to allow redemptions as low as 1¢.

HT: Lowcards.com

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