Posted by William Charles on June 12, 2016
Credit Card Review

Published on June 12th, 2016 | by William Charles

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Wells Fargo Cash Wise Visa Credit Card Full Review – 1.5% Cash Back & Free Cell Protection Insurance

Currently comes with a sign up bonus of $150, making it much more attractive than normal.

As expected, Wells Fargo have launched their new Cash Wise visa credit card. The card comes with the following benefits:

  • Card earns at the following rates:
    • 1.5% cash back on all purchases with no limit
    • 1.8% cash back on all Apple Pay & Android Pay purchases for the first twelve months
  • No annual fee
  • 0% Introductory APR for purchases and balance transfers for first 15 months
  • Cash back can be redeemed in increments of $25 ($20 for ATM withdrawals)
  • Cell Phone Protection insurance, up to $600 with a $25 deductible

wells fargo cash wise

1.5% Cash Back

This isn’t a great option with other cash back cards on the market offering 2% (e.g Citi Double Cash or the Fidelity Visa).

Cell Phone Protection

All Wells Fargo cards come with Cell Phone Protection insurance. To be eligible you need to put your monthly cellular bill on this card (or any other Wells Fargo cards). You’re covered for up to $600 and on up to four phones (as long as they are listed on the monthly bill). It covers you in the event of:

  • Damage
  • Theft

You’re required to pay a $25 deductible, you’re also limited to two claims per twelve month period. The $600 limit is per claim, so you can claim a maximum of $1,200 per twelve months.

Sign Up Bonus

The public sign up bonus has always been $100, but they have offered a targeted promotion for $200 once.

Our Verdict

Given that this card has no sign up bonus and the earnings rate is lackluster, I can’t see many people signing up for it directly (keep in mind you have to be an existing Wells Fargo customer to do this online, easily way to do this is by becoming a checking customer. Keep your eyes out for Wells Fargo checking bonuses). One interesting option is to downgrade to this card from one of their other cards (e.g Wells Fargo Propel 365 or Wells Fargo Propel 365).

This would allow you to have the cell phone insurance without an annual fee, plus you’d earn 1.5% cash back on your cellular bill. You’d be giving up 3.5% by not putting it on a card that earns higher in this category (e.g Chase Ink Plus, Chase Ink Cash or AmEx Simply Cash or AmEx Simply Cash Plus), but I can see that being worth it for the insurance for some people.

Overall, this is a disappointing card with one very limited use. What are your thoughts about this new card? Let me know in the comments below.



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Alex
Alex

Can someone with an existing other wells fargo credit card do a product change to this one?

faris
faris

yes, this card is perfect for some people “planning on” losing their phone twice a year lol

Carlos
Carlos

For someone who currently pays $12×2=$24 a month for cell phone protection this really isnt a bad deal.
$288 savings a year, I can deal with that.
Sorry but if I lost my phone I wouldnt be dumb enough to say I did.
Nope somebody stole it lol.

Raul
Raul

Man peoplease. I don’t like paying for stuff but I’m not willing to lie to the police for some $300. Plus I think my morals r worth more than that. This is what’s wrong with our society. So since ur too irresponsible to remember where u put ur phone the rest of us have to pay more in insurance. This is the equivalent of crashing ur car drunk and saying it was stolen. The insurance company is gonna get its money from somewhere and it’s not gonna be their pocket, they will just raise prices on insurance. Take some responsibility for ur action people.

Parkerthon
Parkerthon

I don’t get how you can lose a cell phone these days. They are like attached to us, ingrained in our lives hour to hour, if not minute to minute. What I do know happens is cell phones are left someplace and when the owner returns for them they are gone. I consider that stolen, but cc companies would call it lost. Is it lost if I leave my phone in my car, unlocked, and someone gets into it? Irresponsible sure, but so is leaving valuables visible in your car, period. Just saying, lost phones are almost taken by someone.

Raul
Raul

Yeah that’s stolen to me as well. If i forget my phone in restroom and return say 10 minutes later and it’s no longer where I left it then it’s stolen. Now if u try coming back an hour and a half later then u lost it. I once lost my phone though. It was in Halloween like 3 years ago. Must have fell out while getting out of car and getting into my costume. Long story short a Mexican family found it and returned it to me without taking the $100 reward I offered them. P.s. they didn’t try and rape me either.

Carlos
Carlos

#1 never said anything about lying to the police.
#2 People lying is not why you pay more for insurance so spare me your holier then thou attitude.
Corporate greed is why your rates go up.
So please save it.

Raul
Raul

Wondering if the whole phone bill has to be put on the card monthly to get insurance benefit. I guess my real question is can i pay most of cell phone bill with Chase Ink then pay one dollar monthly using wells Fargo CC and still get phone insurance coverage? Is so then this might make the card usefully since I hate paying for phone insurance.

lingua
lingua

https://www.wellsfargo.com/credit-cards/visa-wise/

they’ve added a 150 cash bonus with 1k spend

Conor
Conor

Is it straight cash or GoFar rewards? If it can go into combined GoFar rewards account, then 1.5x everything combines with 1.5x redemption in airware (for Visa Signature) will give 2.25x on everything, which is not bad…

Iks
Iks

Did you get the card and find out if it earns Go Far Rewards?

Harv
Harv

Applied on a Saturday and the card came the following Friday. Only given a $3500 credit line. Should get $150 bonus after $1k spend in 3 months.

Shaun
Shaun

Looks like a $200 public offer is available now.

https://www.wellsfargo.com/jump/credit-cards/cash-wise-200/

Shaun
Shaun

Weird, after clicking apply now it only shows $150 bonus.

Shaun
Shaun

Now it says $200. I’m taking crazy pills.

Daryl J
Daryl J

Applied for the WF Cashwise $200 bonus after 1K spend, in beg of June. Called to ask if I had met the requirements after some purchases. They told me I wouldn’t get the bonus because of my Propel card I closed in February. It needed to be 16 months after closing. I never noticed that anywhere and would not have signed up if I did.

BSK
BSK

Anyone know how long you have to keep this card active after you collect the reward??

Matt
Matt

Just purchased 2 $500 gift cards, waiting for bonus to post

ppd
ppd

It’s almost the third statement cycle and still haven’t seen the rewards, after meeting the spend in the first 10 days of receiving the card.

Tom
Tom

Thinking about getting this card, even though I have a bunch of new and newish cards:

Currently 9/24, 7/18, 5/12, 5/6. So 5 cards this calendar year.

Anyone have DP with a similar number of recent cards?

I have excellent FICO (838).

Josh
Josh

Application status went pending. Anyone else get approved after pending or should I expect a denial letter?

Jack
Jack

Josh Know this is like years later but wondered if the pending ended up being a denial or did you get approved. Got hit with a pending when I applied today. Thanks.

Josho
Josho

It got denied

Celia
Celia

I got pending last week when I applied and I was approved. So you probably need to wait it out or call for status.

Luke
Luke

Has anyone gotten any rewards from this card for paying for federal taxes?

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