- There are no annual fees or foreign transaction fees
- Customers can earn extra bonus rewards when they take advantage of Wells Fargo’s Earn More mall feature
- Students that are already Wells Fargo customers will receive additional benefits for taking out this card
- Customers can apply their rewards as a statement credit to a Wells Fargo product, request a check, redeem them as gift cards, and more
- Customers receive free access to Wells Fargo credit management apps
- The card comes with a relatively low variable APR if you have good credit
- The cash back rewards and intro bonus are limited compared to what other cards offer
- The card’s rewards value seriously declines six months after account opening
- The 0% intro APR only lasts for six months
- Customers who choose to transfer the balance from another card to this one will have to pay a three percent transfer fee.
- There’s also a five percent cash advance fee
- You need an existing Wells Fargo savings account or other relationship to apply online
Recommended Credit Score:
Is the Wells Fargo Cash Back College Card Good for Students?
Finding a way to establish good credit is a big financial challenge for college students. A limited credit history can impact their ability to take out student loans and the interest rate they’ll pay on money they borrow in the future.
This is why this Wells Fargo college card might be a good option for students looking to improve their credit score. The card offers cash back rewards, a zero percent introductory APR, and additional benefits to current Wells Fargo customers.
This review will explain the benefits of taking out a Wells Fargo student credit card, who it’s ideal for, and how it stacks up against other student credit cards.
In this review:
- Benefits of the Wells Fargo College Card
- Downsides of the Wells Fargo College Card
- How it Compares to Similar Cards
Benefits of the Wells Fargo College Card
The Wells Fargo Cash Back College card is ideal for college students who are looking to build their credit and earn cash back rewards. The rewards are less than what other cards offer but this card could still be a good option. It might be a good fit for students who are already Wells Fargo customers.
Customers receive 3% cash back on up to $2,500 in purchases at gas stations, grocery stores, and drug stores for the first six months after account opening. Cardholders will also earn 1% cash back on all other purchases for as long as they use the card.
Wells Fargo offers a number of options for how customers can redeem their rewards, including using your rewards as a statement credit to your Wells Fargo savings account, requesting the money in the form of a check, and redeeming rewards as gift cards.
There are no annual fees and customers will receive a 0% introductory APR for the first six months after account opening. Current Wells Fargo customers will receive additional benefits for taking out this card and can automatically deposit the rewards into their Wells Fargo checking account.
Customers receive free access to Wells Fargo’s credit management apps. Plus, customers earn extra bonus rewards when they take advantage of Wells Fargo’s Earn More mall feature.
Downsides of the Wells Fargo College Card
The biggest downside to this card is that there are no standout features. The rewards don’t stand out compared to what other cash back credit cards offer, and the card’s introductory offer — the 3% rewards rate — is limited in value.
There is a 0% intro APR but it only lasts for six months and many other cards offer this same feature for longer periods. Plus, customers who choose to transfer their balance from another card will be stuck paying a three percent transfer fee.
How it Compares to Similar Cards
College students looking for a card that offers cash back rewards might also consider the Discover it Student Cash Back card. Customers can earn five percent cash back rewards each quarter at selected stores and one percent back everywhere else. And cardholders can earn $20 every semester that their GPA is a 3.0 or higher.
The Capital One Journey Student is another good option for college students. Customers earn 1.5% cash back on all purchases. However, customers don’t have the option to receive a 0% intro APR.
For college students who want to begin building their credit and earning cash back rewards, the Wells Fargo Cash Back College card isn’t a bad option. Wells Fargo offers many options for how customers can redeem their rewards and cardholders will receive access to online credit management tools.
However, it’s not at the top of the list for the best credit cards. Customers that are looking for higher cash back rewards might want to consider other options.
Author: Jamie Johnson
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