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Wells Fargo has long been behind other card issuers in terms of robust credit card options and rewards for years. However, the legacy bank is stepping up its game to introduce its latest offering: the Wells Fargo Autograph℠ credit card.
If you’re looking for an easy-to-use rewards credit card, this card, available from mid-July, is a solid option. It’s worth considering for consumers who want to earn rewards that can be used for travel or cash back, and who don’t want to pay pesky annual fees.
Below, Select details the benefits and features of the new card, and goes over a few things to keep in mind when applying for a new card.
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Wells Fargo Autograph℠ Credit Card Details
For starters, the Wells Fargo Autograph℠ Credit Card comes with a massive welcome bonus and 0% introductory APR on purchases for 12 months after you open your account (after that, it’s a variable APR of 15.74%, 20.74% or 25.74%).
Once approved, new cardholders can earn 30,000 bonus points after spending $1,500 on purchases within the first three months of card membership, representing a cash surrender value of $300.
By spending with the card, you can earn:
- 3X points per dollar in restaurants
- 3X points per dollar at gas stations
- 3X points per dollar for travel-related purchases, including public transit
- 3X points per dollar for select streaming services and phone plans
- 1X point per dollar for all other purchases
Cardholders can then redeem their points for travel, cash back, statement credits, gift cards or other merchandise. In terms of redemption value, points are generally worth a penny per point, although some redemptions – like using them for gift cards or buying merchandise – can be lower, so use your points wisely.
By simply having the card, you will also have access to these additional benefits:
- Up to $600 in cell phone protection when you use it to pay your monthly bill (subject to a $25 deductible)
- Complimentary access to Visa Signature Concierge services, which can be used to book tickets for travel and other sporting and entertainment events or to make exclusive dining reservations
- Rental Car Insurance through Rental Car Collision Damage Waiver
- No foreign transaction fees for using your card abroad
The Wells Fargo Autograph℠ credit card stands out for its strong points-earning potential, as it earns 3X points across a wide variety of spend categories. Plus, you won’t have to worry about paying annual fees or being charged to use your card abroad.
However, this card may not be the best for travelers, as you won’t be able to transfer your points to airline or hotel partners like you can with Chase Points and Amex Points, or receive increased value when you redeem your points through the Wells Fargo Travel Portal.
What to consider before applying for a new card
Is my credit score good enough?
Each credit card is designed for a specific consumer based on their spending habits and the type of rewards they want. This also applies to credit scores. Therefore, when researching different cards, check your credit rating to see which cards you are most likely to qualify for. You may also consider using a credit monitoring service such as CreditWise Where Chase Credit Journey to keep a timely pulse on the status of your credit score.
How does this new credit card fit into my budget?
One of the basics of personal finance is having a budget set so you can understand how much money is coming in and going out of your accounts. Credit cards, however, can make this difficult, as you can spend up to the credit limit. It’s also beneficial to have a credit card that rewards you in areas where you spend the most, like travel or groceries, so make sure the card you choose fits your budget as well as your habits. expenses. .
Can I spend enough – responsibly – to earn the welcome bonus?
Many credit cards come with an attractive welcome bonus to help jump-start your spending and boost your rewards balance. Keep in mind, however, that it’s never a good idea to spend more than usual just to earn extra rewards on your credit card.
With the new Wells Fargo Autograph Card, you must be able to spend $1,500 within the first three months of opening your account to earn the 30,000 bonus points. If you think you won’t be able to spend this amount responsibly on your own, another way is to ask trusted friends and family if you can use the card to buy big-ticket items from them. name and refund you, allowing you to spend more and earn bonus points faster.
What do I intend to use the reward points for?
Perhaps the most important question to ask yourself is why you plan to use the rewards points. As you spend more with your card, having a goal in mind is always a good strategy, especially since loyalty programs regularly undergo changes or devaluations.
That said, you really shouldn’t waste your hard-earned points on low-value redemptions just to get rid of them. If you have an upcoming trip in mind, find out how many points you’ll need to redeem and enjoy your free vacation when you can. Another simple and valuable option is to redeem your points for cash back, as you can then use that cash however you see fit.
Wells Fargo Autograph℠ credit card information was independently collected by Select and was not reviewed or provided by the card issuer prior to publication.
Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff alone and have not been reviewed, endorsed or otherwise endorsed by any third party.