18 Things Everybody Should Know About Wells Fargo Credit Cards

Wells Fargo didn’t used to be a big player in the credit card space, then they introduced their 5x cards and the Propel series and have been steadily getting more popular. They are quite strange when it comes to credit cards, so read this before you think about applying for one of their cards.

The List

  1. Wells Fargo usually want you to have an existing relationship with them before approving you for a credit card. The easiest way to get a relationship with them is to set up a checking account with them, you can currently get a $100 bonus for setting one of those up.
  2. Wells Fargo won’t normally approve you if you’re not a permanent resident. Not sure why, but another one of their quirks.
  3. If you’re denied for a Wells Fargo card, call their reconsideration department. It’s not the easiest card issuer to turn a denial into an approval, but still worth a try (especially if you’ve followed #1 & #2). Tips for dealing with reconsideration departments can be found here.
  4. Wells Fargo cards are churnable, we have at least a few data points this is the case. They don’t have a lot of cards worth signing up for, so the fact you can get the bonus more than once is great.
  5. They will merge multiple inquiries if made on the same day. Although it’s usually difficult to get approved for two cards on the same day anyway.
  6. There isn’t a hard limit on the number of Wells Fargo credit cards you can have.
  7. They do not offer a referral program. Referral programs seem to be more and more out of favor with credit card issuers, probably due to compliance issues.
  8. It’s not possible to check for pre-approval or pre-qualified offers online. One of the few card issuers that doesn’t let you do this.
  9. Wells Fargo allows you to request a credit limit increase. I’d recommend doing this by phone and finding out if it’s a hard or soft pull before doing it, as there have been mixed reports in the past.
  10. Reallocating credit limits with Wells Fargo is unfortunately always a hard credit pull.
  11. Wells Fargo doesn’t do a true product change, instead they close your existing card and open the new card. In essence this means no hard pull is done, but you don’t keep your account history/age when doing a product change
  12. As far as I know, they don’t offer any type of retention bonus for cards with an annual fee.
  13. Wells Fargo reports your statement balance as your credit used to the credit reporting agencies. Credit utilization is one of the major scoring factors for the FICO score, so make sure to pay large balances before your statement closes.
  14. Wells Fargo lets you change your statement closing date by calling in. Might be useful with the above information (e.g if your pay falls at a certain time and you want to pay off your card before the statement closes).
  15. For minimum spending requirements, the time you have to reach that requirement is based on card approval and calendar months. (more recent DP says you have 95 days)
  16. Wells Fargo says that they don’t report balances from business credit cards to the credit bureaus which is useful for keeping your credit report cleaner.
  17. You can check your credit card’s application status online.
  18. If you’ve opened a Wells Fargo card in the last 16 months, you can’t get the sign up bonus on another card. It’s important to note you can get one personal and one business per 16 months.

Things We’re Aren’t Sure About

Final Thoughts

This is our last post in this series, we’ve now covered all the major credit card issuers. If you’d like to see similar information about smaller credit card issuers or you know some information we’ve listed above that we aren’t sure about then please let us know in the comments below. If you’d like to discuss any of these, don’t refer to them as their numbers as these sometimes change. You can view other posts in this series by clicking the links below.

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Rakesh
Rakesh

After Nov 20, 2020 Wells fargo, Cash rewards is being available to non-permanent residents according to a mailer.Please note @William Charles

TJ
TJ

I’ve always had issues with Wells. I got denied for wahtever card offered $500 when they intiitally started really marketing credit cards 5-6 years ago. When I called recon, they had an issue with my historical “high balance”, but I always pay in full unless there a 0% BT offer. It was the oddest experience, I had never been declined up to that point.

I just tried for he Propel card and got a pending (and this time I have an active deposit account), I’ll be surprised if they approve.

DH7
DH7

The links at the bottom don’t include all of the other Things to know pages, might be worth just making a list and linking each article to that list?

arch
arch

Per a CSR today, on my biz card the Cash Advance limit is the Credit Limit and CA can’t be lowered w/o lowering CL

artgriego
artgriego

(5) seems like a moot point given (18). And (18) should really be the first thing listed. One bonus per 15 months!? I’m glad I read to the bottom…

Alex
Alex

Are there any data points on how long you need to wait between credit card applications? For instance, if I applied for a Propel today, how long would I need to wait to be approved for the Visa Signature card?

Also, does being a Propel cardholder count as having “an existing relationship” for the purposes of applying for other cards?

Three monks
Three monks

With regard to number 11, does anyone know if you do a “product change”, can you get the bonus on the new card? Essentially, this would be the same closing a current card and opening a new one while avoiding a hard pull.

I am about to apply for a new card and if I could save a hard pull that would be great.

Trippy
Trippy

Curious to know this too.

John M
John M

I have a number of DPs for reallocating my credit lines between WF cards with no hard pull. The agent will tell you that they may do a hard pull but I always say if they get to that point in the process then I don’t want to go forward with the reallocation. However, none of the times I have done this has a hard pull been required/done. I have done this 4 times in the last 6 months.

Gadget 🕵️

William Charles Requesting an update on #15: You get about 95 days to complete minimum spending, from the day you get the card, based on my experience. With the advent of the gofarrewards bonus tracker, it tells you your progress and cutoff date.

Propel World DP:
8/30 Applied in branch
8/31 Noticed card was listing in online banking
9/7 Card arrived in mail and activated. Then, clicked thru tracker to find “95 days” remaining. Not sure if it was available sooner, as the tracker is difficult to find. My tracker says: Offer End Date: 12/10/2019

Based on your calendar month explanation, I would only have until 1 December.

Marcos19
Marcos19

Hi Gadget, Thanks for the DP, Just got approved for the Propel, how can I find the tracker?

Marcos19
Marcos19

Just found it, offer ends 12/28, exactly 100 days after approval date.

arch
arch

They have up to $1.99 small balance forgiveness