Were you thinking about making a big purchase and pay in installments, but the interest rates were too scary? Maybe you just found the solution by researching Wells Fargo Reflect Credit Card, an option that has a great introductory offer to keep a balance and even pay big purchases over time without worrying about interest rates.
This is also a great idea if you’re just trying to get rid of other credit cards’ debts and would like something simple to start again. While there isn’t much to say when it comes to rewards or cashback, it is a great low cost choice to use on daily purchases.
We know that keeping a credit card can be backbreaking work, especially when there’s a risk of paying a lot of interest rates. That’s why we’ll explain why the Wells Fargo Reflect, a new addition to the Wells Fargo credit card family, is a great choice for you!
Keep reading to find out how this credit card works, main benefits, APRs and interest rates and how to apply through Wells Fargo own website.
Wells Fargo Reflect Credit Card
No annual fee 0% APR intro offerHow does Wells Fargo Reflect work?
The Wells Fargo Reflect attracts its users with a promise to pay no annual fees or interest rates for a few months. That promise is true, as its initial offer is exactly that: 18 months free of any pesky fees, interest rates or balance transfer rates. Knowing that, you’re probably already planning which credit card you’ll start paying off to get rid of your old debts.
Here is the catch: the 0% APR for the first 18 months (which we’ll explain shortly) is the only reason you should have to apply. Once this period ends, you’ll have difficulty making up for your investment.
So if you currently have a good credit score, there might be better choices for you out there. Wells Fargo itself has such options, like the Wells Fargo Active Cash Card, that gives you cash rewards while shopping.
Since this credit card isn’t as flash as other offers, including some cashback and rewards cards, it’s possible it’ll fly under most people’s radar. We won’t be fooled by that, however! There is real value in checking out this credit card, that is one of the longest 0% interest periods in the market.
Is there an initial offer for Wells Fargo Reflect?
Alright, it’s time to talk about the main draw for the Wells Fargo Reflect Card! The intro offer for this credit card is 18 months free of interest rates for purchases and eligible balance transfers. These 18 months are already longer than what most balance transfer credit cards offer, but there’s more.
If you pay your monthly balances on time you’ll be eligible for a 3 months extension on the 0% APR offer. In total, this gives you 21 months without interest rates for both purchases and balance transfers. It’s almost 2 years that allows you to get your finances in order and get rid of any old balances that were accumulating interest.
After this initial period the normal variable interest rates apply. They aren’t exactly competitive, going from 13,24% to 25,24% monthly. So we don’t advise you to hold a balance on this credit card after the first 21 months offer is over.
One warning: you won’t be able to transfer balances during all of the 21 months if you want to get no interest. Only those made within the first 120 months of holding the credit card apply for the offer. Afterwards you’ll have to pay the conventional rates.
Main benefits for Wells Fargo Reflect
To sum up the Wells Fargo Reflect credit card, it is a great choice for anyone who wishes to remain interest-free for a few months. Other great points about the card are:
- Up to 21 months with 0% APR rates for purchases and balance transfers;
- No annual fee;
- Up to $600 cellphone insurance for those who pay credit card bills with the card;
- $5 balance transfer fee or 3%, whatever is greater, for the first 3 months;
- Zero liability protection, you won’t be held responsible in case of fraud;
- 24/7 emergency roadside assistance for credit card holders.
Watch out for the balance transfer fees, especially after the first 3 months of holding the credit card. While the 0% APR is great, the transfer fee goes up to 5% in the following months.
Any cons for this credit card?
The main drawback for the Wells Fargo Reflect card is the fact that there aren’t any ongoing rewards. After the first 21 months when you get 0% interest rates, there won’t be anything to look forward to. The recommendation here is to try and find a card with better rewards for use on the long term, after you pay down your balance.
Good planning might help you even get a better credit score during this time to be eligible for other offers from the same provider or others. There is also a foreing transaction fee that applies in case you travel using your Wells Fargo Reflect. You’ll have to pay 3% for every transaction, which you might want to keep in mind to avoid overspending by accident.
APRs and fees for the Wells Fargo Reflect card
As is the case with any card, the Wells Fargo Reflect has a few APRs and fees that apply:
- 13,24% to 25,24% interest rates after initial offer;
- $0 annual fee;
- 3% foreign transaction fee;
- 3% or $5 balance transfer fee for 3 months;
- 5% balance transfer fee after the initial offer;
- 26,24% cash advance rate.
Who is this credit card for?
This credit card is for those who are looking for a break from high interest rates and annual fees. Thanks to its extended interest-free period, you’ll be able to get your finances in order before looking for a more advantageous credit card. At worst, this is an annual-fee free card that allows you to shop at ease, at best it’s something that will allow you to pay for your biggest purchases with no problems.
You can apply at Wells Fargo official website.
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