I’m going to talk about the Wells Fargo Cash Wise Card. Recently Wells has some bad news, but huge scandal doesn’t mean that you can’t get this card. It’s another line of bank cards, so it’s not a huge benefit overall in terms of the percentage of the rewards.
If you have already had an account with them or you’re setting one up, you will know it is conservative. You can have your credit card easily tied to your debit account, so you can pay quickly in the same page. It’s not a terrible idea from a financial standpoint. There is no annual fee, which is good because you’re not getting a huge reward pot here.
And introductory APR and the balance transfer APR in the first 15 months are 0%. After that, it’s 13.24% to 24.24% and that’s almost totally what we’ve seen with every other card, so nothing should stand out to you now for cash advances. The APR is 24.24% to 26.24% which is standard, balance transfer fee is $5 or 3%. If you don’t pay on time, it is $37, so these are all normal. You shouldn’t be concerned in terms of benefits. It has the usual suspects assistance with shopping protection, accident collision, insurance, travel insurance and roadside assistance with no liability.
If you lose the car, those are all solid things, but one element I saw which is different from some other cards is that they have the Wells Fargo Platinum Service Program which gives you a little bit more leeway. If you can’t pay on time, maybe you come up with some financial difficulties. If you set that up, you’re not immediately screwed on missing a payment which is good to see. We want to go towards an environment where companies and the investors themselves want to be responsible, we want to make good decisions as individuals, but the company should be encouraging that as well, so it’s nice to see Wells doing that.
They are a good company, though there is some bad news recently. But they are a good company. They’ve been in service for a while and you can tell why they’re expanding so much. But beyond that, Wells is better than PNC in terms of their customer service. It’s not all going to be perfect, the best thing to do is to do as much automated as possible, avoid dealing with actual people, because they’re the ones that screw things up.
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