The Wells Fargo Active Cash® Card is a popular choice for those seeking a straightforward and rewarding cash back credit card. With its unlimited 2% cash rewards on purchases, it stands out as a strong contender in the competitive credit card market. This guide will delve into the key features, benefits, and important considerations of the Active Cash Card, as well as provide a step-by-step guide on how to apply for it.
Key Features and Benefits
The appeal of the Wells Fargo Active Cash Card lies in its simplicity and generous rewards structure. Here’s a breakdown of what makes it an attractive option:
Unlimited 2% Cash Rewards
The flagship feature of the Active Cash Card is its unlimited 2% cash rewards on virtually all purchases. This means that for every dollar you spend, you earn two cents back, regardless of the spending category. Unlike cards with rotating bonus categories or caps on rewards, the Active Cash Card offers consistent and predictable earnings. This makes it an excellent choice for everyday spending, from groceries and gas to dining and online shopping. The beauty of unlimited rewards is that the more you spend, the more you earn, without having to track specific categories or worry about hitting a limit.
Sign-Up Bonus
New cardholders can often take advantage of a competitive sign-up bonus. This typically involves spending a certain amount within a specified timeframe after account opening to receive a one-time cash rewards bonus. While the specific bonus amount and spending requirements can vary, it provides a significant boost to your initial earnings and adds extra value to the card. It’s always a good idea to check the current offer when considering an application.
0% Intro APR Offer
The Wells Fargo Active Cash Card frequently offers a 0% introductory APR on purchases and qualifying balance transfers for a set period. This can be a valuable benefit for several reasons:
- For Purchases: If you’re planning a large purchase, the intro APR allows you to pay it off over time without incurring interest charges. This can help manage your budget and avoid accumulating debt, provided you pay off the balance before the introductory period ends.
- For Balance Transfers: If you have high-interest debt on other credit cards, a balance transfer can help you save money on interest payments. By transferring your balance to the Active Cash Card during the intro APR period, you can focus on paying down the principal without additional interest charges. It’s crucial to note that a balance transfer fee typically applies, even during the intro APR period.
After the introductory period, a variable APR will apply, so it’s important to be aware of the standard interest rates.
Cell Phone Protection
A standout perk of the Active Cash Card is its cell phone protection. When you pay your monthly cell phone bill with your card, you can get up to $600 of protection against covered damage or theft, subject to a $25 deductible. This coverage is per claim with a maximum of two claims per 12-month period. This can offer significant peace of mind and potentially save you money on costly repairs or replacements for your phone. Be sure to review the specific terms and conditions of this benefit, as certain exclusions and limitations apply.
No Annual Fee
The Wells Fargo Active Cash Card has no annual fee. This is a significant advantage, as it means you can enjoy all the benefits and earn unlimited cash rewards without an recurring cost. This makes it a cost-effective option for long-term use and ensures that all your earned rewards are pure profit.
Contactless Payment and Digital Wallet Compatible
For convenience and security, the Active Cash Card supports contactless payments and is compatible with popular digital wallets such as Apple Pay®, Google Pay™, and Samsung Pay®. This allows for quick and secure transactions in stores and online.
Important Considerations
While the Wells Fargo Active Cash Card offers many benefits, it’s essential to consider a few factors before applying:
Credit Score Requirements
To qualify for the Wells Fargo Active Cash Card, you typically need good to excellent credit. This generally translates to a FICO Score of 670 or higher. Lenders consider various factors, including your credit history, income, and existing debt, when evaluating applications. A strong credit score increases your chances of approval and may lead to a higher credit limit.
Foreign Transaction Fees
One important point to note is that the Wells Fargo Active Cash Card charges foreign transaction fees. These fees, typically around 3% of the transaction amount, apply to purchases made outside of the United States. If you travel internationally frequently, this card might not be the best option for foreign spending, and you might consider a travel-focused card with no foreign transaction fees.
Redemption Options
Cash rewards earned with the Active Cash Card are straightforward to redeem. You can typically redeem your rewards as:
- Statement Credits: Apply your rewards directly to your credit card balance.
- Direct Deposit: Have your rewards deposited into an eligible Wells Fargo checking or savings account.
- Withdrawal at Wells Fargo ATMs: Redeem your rewards in $20 increments at Wells Fargo ATMs using your Wells Fargo ATM or Debit Card.
- Gift Cards: Convert your rewards into gift cards from a variety of retailers.
The flexibility in redemption options makes it easy to use your rewards in a way that best suits your needs.
How to Apply for the Wells Fargo Active Cash® Card (English)
Applying for the Wells Fargo Active Cash Card is a relatively simple process that can typically be completed online. Here’s a step-by-step guide:
- Visit the Official Wells Fargo Website: Go to the official Wells Fargo website (www.wellsfargo.com). Navigate to the “Credit Cards” section and find the Wells Fargo Active Cash Card.
- Review Card Details: Carefully read all the terms and conditions, including the current APRs, fees, sign-up bonus offer, and any special introductory offers. Ensure you understand all aspects of the card before proceeding.
- Click “Apply Now”: Once you’re ready, click on the “Apply Now” or “Apply for Card” button.
- Provide Personal Information: You will be prompted to enter your personal details. This typically includes:
- Full legal name
- Date of birth
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
- Physical address (no P.O. boxes)
- Phone number
- Email address
- Provide Financial Information: You will also need to provide information about your financial situation, such as:
- Employment status (employed, self-employed, retired, etc.)
- Employer name (if applicable)
- Annual gross income (your total income before taxes)
- Monthly housing payment (rent or mortgage)
- Any other sources of income you wish to include.
- Review and Consent: Carefully review all the information you have entered to ensure accuracy. You will also need to read and agree to the terms and conditions, including the cardholder agreement and privacy policy. Make sure you understand the fine print before submitting.
- Submit Your Application: Once you’ve verified everything, click the “Submit” button to send your application.
- Application Decision: In many cases, you may receive an instant decision on your application. If not, Wells Fargo will typically notify you of their decision via email or mail within a few business days. They may also request additional information if needed.
- Receive Your Card: If approved, your Wells Fargo Active Cash Card will be mailed to your address within 7-10 business days. Once received, follow the instructions to activate your card before using it.
Tips for Applying:
- Check Your Credit Score: Before applying, it’s a good idea to check your credit score. Many websites offer free credit score checks. This will give you an indication of your likelihood of approval.
- Be Honest and Accurate: Provide truthful and accurate information on your application. Any discrepancies could lead to delays or denial.
- Don’t Apply for Too Many Cards at Once: Applying for multiple credit cards within a short period can negatively impact your credit score.
- Understand the Terms: Make sure you fully comprehend the APR, fees, and other terms before committing.
The Wells Fargo Active Cash Card stands out as a strong contender for individuals seeking a simple yet rewarding cash back credit card. Its unlimited 2% cash rewards, attractive sign-up bonus, and valuable cell phone protection make it a compelling choice for everyday spending. By understanding its features and considering the important aspects outlined above, you can determine if the Active Cash Card aligns with your financial goals and spending habits.
