Wells Fargo Launches Reflect Credit Card (Up To 21 Months 0% APR)

Wells Fargo has launched a new credit card called ‘Reflect‘. This is the low APR card that was previously announced. The card has the following benefits:

  • No annual fee
  • 0% introductory APR for 18 months and intro APR extension of up to 3 months with on time payments

Unfortunately there is a balance transfer fee of 3% or $5 whatever is more. We are starting to see more of these 0% introductory APR offers after most of them were pulled due to the uncertainty the pandemic caused.

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Chad Wellington
Chad Wellington

I just applied today; 850 credit score – $22k opening limit

Gerald
Gerald

It’s much better for your credit score to get a 0% APR business card than a 0% APR personal card.

Kody

I’ve done a couple of these 0% APR deals lately. Before I never found a use for them because I typically have few expenses but I’m finding it a more and more compelling idea to take the deal, request BT checks from the provider, deposit those checks in my checking account and then transfer it to Bitcoin. Seriously, if Bitcoin is going to average 300%, or close to it, every year than that’s a far better use than spending it on consumer shits. Ethereum averages ~750% as of today too. Fellow DoC friends, take a close look at Bitcoin. This website, DoC, has given me a lot over the years, now is my attempt to give back.

Look into Bitcoin.

Best,

Kody

Griff
Griff

Gambling on internet coins with credit card debt. I guess I’ve seen worse advice on the internet but still.

Kody Roach

No, no. You make the mistake of making an assumption without asking further questions, Griff. You don’t see the full story because you don’t know anything about my situation. Sure, it could be considered gambling if I were betting the house, but that’s not what I’m saying nor am I doing. Holding dollars in a savings account is actually worse than holding dollar in BTC or ETH. If you can understand this idea then you know it is something other than gambling – it is being an astute investor.

Griff
Griff

Sure.

WonderingYid

+100

1120
1120
Kody

There is mal investment in every investment space at one time or another. Just because there was a time when Tulips hit a frenzy does not mean Bitcoin is the same. I mean, at one time weren’t Beanie Babies also in a craze? This is nothing new.

Implying that Bitcoin is the same as the Tulip craze shows me there is a lack of understanding on many levels of Bitcoin (e.g., scarcity, fungibility, durability, transferability).

If you want to elaborate on the link then I’m willing to engage you more but simply sharing a link only gives me so much to work with in regards to responding to you.

Christopher Robin
Christopher Robin

Kody What if the percent gains you’ve mentioned are not actually measured in Dollars but Tethers instead? What if there aren’t enough dollars available at a ratio of one-to-one to back those Tethers which are being printed up out of nothing and used to bid up other crypto currencies?

Kody

Christopher,

That’s an interesting question.

The gains I mentioned are historical annualized averages of BTC and ETH so it’s not a rule that they will return that on an annual basis. It is easy enough to transfer Bitcoin into USD by using a centralized exchange like Coinbase or Gemini if one isn’t trusting their Bitcoin/Ethereum percent gains are available in USD. That’s kinda the best response I can think of regarding your question…

Here is a referral link to Gemini (an exchange I use and find simple enough): https://gemini.com/share/qmex5z3e

You can also test this out on Robinhood but you won’t actually be able to hold your crypto until RH offers a wallet so it’s less ideal in my opinion.

Will

There’s nothing wrong with this, but I would consider keeping the amount you get from the cash advance to a minimum. What you’re essentially cool with losing. Coins do have bear markets as well and have had negative returns of 12 months.

1. Don’t take out too much debt. Consider it like going to casino
2. Have a set amount of profit you’re good with. Once you get there, start selling and paying back the debt.

May want to also consider services such as Celsius and Blockfi, where you can hold crypto and gain interest there.

Orin
Orin

I do not understand this gimmick of up to three months extension with on time payments. Does that mean they might only give you one month? And already with all other zero percent cards, if you miss a payment they jack up the interest rate to penalty apr so I double don’t get this

Superman
Superman

“Does that mean they might only give you one month?” You write the answer after your question. If you make the due dates during intro period but pay late during extension, then you should understand what happens next.

Orin
Orin

That goes without saying. It would be the same thing if they just straight up said 21 months 0% with usual terms & conditions of of you have a late payment at any time during the 21 months, penalty apr will kick in

Raymond
Raymond

They should add “No sign up necessary” in the flyer.

Harry
Harry

You face is no sign up necessary. Congrats on being the first to make another stale WF joke.

Gadget - Bank Bonus Geek

Man, no love for the one-liners tonight…

chris24618
chris24618

has wf now loosen up the required checking acct in order to be even considered for their credit cards after their so called credit card revamp?

Trvlskptc
Trvlskptc

I just got approved for the active cash card earlier this week and I have no prior relationship with Wells Fargo whatsoever.

Vaiva
Vaiva

When does the new rewards card come out?

tobago_88
tobago_88

That’s why I haven’t PCd to their active cash yet.

Don
Don

How is Wells when it comes to starting credit limits? Thanks.

PT
PT

Low. For me, far less than other issuers for card limit and total credit among cards. Active Cash was only $4k and they wouldnt budge, despite high fico and clean reports. I have a lot cards, and this is now my lowest limit.

Gerald
Gerald

Middle of the pack, in my experience. When we got our cards in 2018, I got 9K, my wife got 10K. I also have a business card with 6K.

Frank Rizzo
Frank Rizzo

If you’re just wanting a low annual fee, you would be better off with either the Chase freedom UL or Flex. The Also have a 0% apr. I think it’s only for 15 months but the $200 sign up bonus would more than make up for it.

M&M
M&M

There is also the US Bank platinum card. It’s 0% apr for 20 billing cycles, without having to ask for an extension after 18 like this one. There is no sign up bonus like with Chase but is five extra months. Just keep in mind US Bank can be stingy with credit limits in case you need to float a large amount.

Jane
Jane

Active Cash has the same.