Wells Fargo Reflect^® Card Review

If you have a large amount of high-interest credit card debt that you’re struggling to pay off, the Wells Fargo Reflect^® Card might be a good card for you. It offers an intro APR on purchases and balance transfers for almost two years. This can help you finance a large purchase or pay off a balance transfer over time without paying interest charges.

If you’re looking to earn rewards on the purchases you make, this isn’t the card for you, since it doesn’t offer a rewards program. If you’re planning to use this card for a balance transfer, you should also be aware that there’s a balance transfer fee of 5%, min: $5.

• Annual fee: $0
• Sign-up bonus: None
• Rewards: None
• APR: 0% intro APR for 21 months from account opening on purchases and 0% intro APR for 21 months from account opening on qualifying balance transfers. After that, a 17.49%, 23.99%, or 29.24% Variable APR applies.
• Balance transfer fee: 5%, min: $5
• Foreign transaction fee: 3%
• Other benefits: Cellphone protection, My Wells Fargo Deals, Roadside Dispatch®, Free FICO® credit score access and Zero Liability protection.
• Credit needed: Good / Excellent

• Long intro APR on purchases

  The Wells Fargo Reflect^® Card offers the longest 0% intro APRs that you can currently find on purchases. You’ll get a 0% intro APR for 21 months from account opening on purchases. Then, a 17.49%, 23.99%, or 29.24% Variable APR applies.

  A credit card with a long 0% APR is a good choice if you’re planning to use your credit card to finance a large purchase and pay it off over time without interest.

• Long intro APR on balance transfers

  The Wells Fargo Reflect^® Card also offers one of the longest introductory APR periods for balance transfers. You’ll get a 0% intro APR for 21 months from account opening on qualifying balance transfers. Then, a 17.49%, 23.99%, or 29.24% Variable APR applies.

  A balance transfer credit card usually offers an introductory 0% APR for six to 21 months to allow you to work towards paying down your credit card balance without interest.

   

  Compared to other cards: The Citi Simplicity^® Card and Citi^® Diamond Preferred^® Card both offer a similar intro APR on balance transfers, but a shorter APR on purchases.

• Cellphone protection

  With the Wells Fargo Reflect^® Card, you’ll get up to $600 in cellphone protection as reimbursement for damage or theft when you use your card to pay your monthly cellphone bill. You’ll be subject to a $25 deductible. Similar cards like the Citi Simplicity^® Card and Citi^® Diamond Preferred^® Card don’t offer cellphone protection as a benefit.

  This card also comes with a few other benefits:

  • Roadside dispatch: 24/7 on-demand referral dispatch network that provides emergency roadside assistance, towing or locksmith service.
  • Zero liability protection: Built-in protection so you won’t be held responsible for unauthorized transactions.
  • Credit close-up: Complimentary monthly FICO Score updates and credit insights.

• High balance transfer fee

  If you decide to transfer a balance, you’ll be subject to a balance transfer fee of 5%, min: $5. For example, if you transfer $6,000 to the Wells Fargo Reflect^® Card within the first 120 days, the balance transfer fee will be $300. While most credit cards have a balance transfer fee, the Wells Fargo Reflect^® Card is on the higher end.

  The high balance transfer fee puts the Wells Fargo Reflect^® Card at a disadvantage to some cards with smaller fees, despite its long introductory period. For example, on a $6,000 balance transfer, you can potentially save much more with the Citi Simplicity^® Card. You can also potentially save more with the Citi Double Cash^® Card and the BankAmericard^® credit card, even though they have slightly shorter intro periods.

  Cost of $6,000 balance transfer

  	Balance transfer fee	Cost of balance transfer	Estimated savings*
  Citi Simplicity® Card	There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).	$180	$1,180
  BankAmericard® credit card	3% intro fee for 60 days, then 4%.	$180	$1,164
  Citi Double Cash® Card	There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).	$180	$1,162
  Wells Fargo Reflect® Card	5%, min: $5	$300	$1,060
  Citi® Diamond Preferred® Card	Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum.	$300	$1,060

  *We estimate how much the typical cardholder might save on a $6,000 balance transfer, assuming the card’s intro period, average APR, a $300 monthly payment and subtracting any fees involved, compared to carrying the same balance on another card.

  There are a few credit cards available with no balance transfer fee. This can save you a significant amount that you can use towards paying off your balance.

• No rewards program or sign-up bonus

  If you’re looking to earn rewards with your credit card, the Wells Fargo Reflect^® Card isn’t a good choice. It doesn’t have a rewards program, so you won’t have the opportunity to earn cash back, points or miles for the purchases you make. There’s also no sign-up bonus with this card.

  If earning rewards is important to you, the Citi Double Cash^® Card is a good alternative. It still offers a long 18 month intro APR on purchases and balance transfers, but you can earn up to 2% on every purchase. Plus, there’s an opportunity to earn a sign-up bonus.

  If you’re looking to earn rewards, check out a rewards credit card like a cash back or travel card or a credit card that offers a sign-up bonus.

• Potentially high ongoing APR

  While the Wells Fargo Reflect^® Card has an excellent intro period on purchases and balance transfers, you should make sure that you can pay your balance in full over the 21 month period. That’s because this card comes with a potentially high ongoing 17.49%, 23.99%, or 29.24% Variable APR on purchases and balance transfers. And there’s no guarantee that you’ll get the low end because it’s based on creditworthiness when you apply for the card.

Wells Fargo Reflect^® Card vs. Citi Double Cash^® Card

The Citi Double Cash^® Card offers a better overall value for transferring a balance. While it comes with a slightly shorter intro APR of 18 months, there is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5). The lower intro balance transfer fee can save you more than $100 on a large balance transfer, compared to the Wells Fargo Reflect^® Card.

Plus, it has a solid cash back rewards program that allows you to earn up to 2% on every purchase — 1% when you make a purchase and the other 1% when you pay it off. Cash back can be redeemed as a statement credit, direct deposit or check, or converted to points.

But unlike the Wells Fargo Reflect^® Card, The Citi Double Cash^® Card doesn’t come with an intro APR on purchases.

Wells Fargo Reflect^® Card vs. Citi Simplicity^® Card

The Citi Simplicity^® Card is another option that offers an intro APR on balance transfers for 21 months. This card beats the Wells Fargo Reflect^® Card in terms of balance transfers because it offers a lower intro balance transfer fee. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).

But the Citi Simplicity^® Card comes with a much shorter intro APR on purchases for only 12 months. It also doesn’t come with many additional benefits that the Wells Fargo Reflect^® Card has like cellphone protection. Like the Wells Fargo Reflect^® Card, there’s no rewards program or sign-up bonus.

Wells Fargo Reflect^® Card vs. Citi^® Diamond Preferred^® Card

The Citi^® Diamond Preferred^® Card is a very similar card to the Wells Fargo Reflect^® Card. It offers the same intro APR of 21 months on balance transfers and comes with the same high balance transfer fee.

But the Wells Fargo Reflect^® Card beats this card because it has a longer purchase APR and better benefits like cellphone protection.

The Wells Fargo Reflect^® Card is a great option for those looking to pay off existing credit card debt or finance a large purchase, thanks to its extremely long introductory APR period on balance transfers and purchases. But if you’re looking for a card to earn rewards with once you’re done paying off your balance, you may want to look elsewhere.

You can find balance transfer cards and 0% APR cards that offer a much better value overall because they include rewards on every purchase.