Wells Fargo is expanding its new Visa card suite with the Wells Fargo Reflect Card, a credit card that offers up to 21 months with an introductory 0% annual percentage rate on purchases and qualified balance transfers.
The Reflect Card comes after Wells Fargo launched the Active Cash Card over the summer. Wells Fargo plans to follow the Reflect Card with a line of rewards credit cards.
What Are Some of the Reflect Card’s Key Terms?
The Wells Fargo Reflect Card, which starts accepting applications Oct. 1, gives cardholders 18 months with a 0% APR on both purchases and balance transfers. Customers can extend the promotional period by up to three months as long as they make on-time payments.
The offer is “a very simple value proposition” that reflects customer desires and rewards good behavior, says Krista Phillips, head of branded cards and marketing for Wells Fargo Credit Cards.
After the promotional period, the card has a 12.99% to 24.99% variable APR on purchases and balance transfers.
The card does not charge an annual fee, and there is a 3% foreign transaction fee. The balance transfer fee is 3% for four months, then increases to 5%, or at least $5. The card also comes with a cash advance fee of 5%, or at least $10, along with late payment and returned payment fees of up to $40.
The Wells Fargo Reflect Card is taking the place of the Wells Fargo Platinum card, according to Phillips. The Platinum card offered a 0% APR on purchases and balance transfers for 18 months.
[Read: Best Store Credit Cards.]
Comparing Credit Cards
The Wells Fargo Reflect Card offers a 0% APR for a longer period than many other cards. The U.S. Bank Visa Platinum Card comes close with 20 months for purchases and balance transfers, but you’ll have just 60 days to make balance transfers with its promotional APR, while the Wells Fargo Reflect Card gives users 120 days.
Customers with the Wells Fargo Reflect Card can use My Wells Fargo Deals to access savings from merchants, but the card doesn’t provide many of the perks that come with a rewards credit card.
Should You Get the Card?
The Wells Fargo Reflect Card comes with no annual fee, and it could be a good choice for consumers looking to finance a large purchase or consolidate credit card debt.
The card does charge a foreign transaction fee, so customers looking to travel abroad may want to consider other options. If you’re looking for a cash back credit card, you could consider the Wells Fargo Active Cash Card, which earns 2% cash back on all purchases.
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