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A question worth asking is if the Wells Fargo credit cards portfolio is closing as the bank changes its consumer banking model. Wells Fargo is in the process of reshuffling its consumer credit products as the big bank may offer fewer services than other megabanks. Here are a few things to know.

Wells Fargo credit cards
What is going on with the Wells Fargo credit cards? Credit: Wells Fargo

Wells Fargo Personal Line of Credit Ends

In a somewhat surprising move, Wells Fargo announced in early July that all existing personal lines of credit are closing down, and no new applications are being accepted.

This unsecured loan is similar to most rewards credit cards as it doesn’t require collateral but can have a borrowing limit as high as $100,000 and a lower interest rate. For example, a home equity line of credit (HELOC) uses your house as collateral. If you default on a HELOC, the bank can foreclose on your house.

On the other hand, personal credit lines can damage your credit score if you miss payments and default on the loan. The lender can also legally require you to make payments.

However, it appears Wells Fargo is discontinuing personal credit lines as a way to reduce risk.

Inactive Credit Cards May Shutdown

For now, it’s still possible to apply for unsecured credit cards from Wells Fargo and keep your existing Wells Fargo cards.

One slight exception to this statement can be inactive credit cards. Most banks reduce spending limits and may even close credit card accounts with minimal activity.

This practice increased in 2020 due to the pandemic. A LendingTree survey reports 70 million Americans saw their credit card limit involuntarily reduced or their entire account closed from mid-May to mid-July 2020.

More recent statistics are currently unavailable, but banks regularly prune their portfolio of inactive credit cards to minimize consumer risk.

Whether you have a credit card with Wells Fargo or not, make purchases several times a year to prevent account closings, and credit limit decreases. Either event can negatively affect your credit score.

New Wells Fargo Credit Cards

Despite the rumors that Wells Fargo is shutting down its credit cards and other loan products soon, the opposite is happening. In a June 2021 press release, Wells Fargo announced two brand new cards in 2021 and a revamped rewards card portfolio in 2022. It appears Visa will be issuing these cards.

One of the most recent Wells Fargo credit card launches was the Wells Fargo Propel American Express® Card in 2018. Unfortunately, the Propel Card stopped taking new applications in April 2021.

This card was one of the best no-annual-fee travel credit cards. Wells Fargo has yet to offer a similar Visa replacement card. Perhaps it will arrive in 2022 as part of the revamped rewards card portfolio, according to the June 2021 press release.

The information for The Wells Fargo Propel American Express® Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

The Wells Fargo Active Cash Card

The Wells Fargo Active Cash℠ Card is the bank’s first revamped rewards credit card. It is a cash rewards credit card. This card became available in early July 2021 and is now accepting new applications.

Select card benefits include:

  • Earn unlimited 2% back on all purchases
  • $200 bonus cash after spending $1,000 in the first 3 months
  • Up to $600 cell phone protection (subject to $25 deductible)
  • No annual fee

You can redeem the rewards for purchase statement credits ($1 redemption minimum), Wells Fargo loan payments, ATM withdrawals ($20 minimum), and gift cards.

The Active Cash Card 3% foreign transaction fee means you should consider another card for international travel.

Applicants are not eligible for this card’s signup bonus if they have received another Wells Fargo credit card signup bonus in the last 15 months.

Learn More: Cash Back Credit Cards

The Wells Fargo Reflect Card

The information for The Wells Fargo Reflect℠ Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

The second Wells Fargo credit card launch in 2021 is The Wells Fargo Reflect℠ Card. This card enters the world in late 2021, but a specific release date isn’t public knowledge yet. Few card details are available, except for the Reflect being a low-APR card.

You might consider this card if you need a balance transfer credit card.

No details are available yet for the credit cards that are scheduled to launch in 2022.

Current Wells Fargo Credit Cards

In addition to the Wells Fargo Active Cash Card, two other Wells Fargo credit cards are accepting new applications.

Wells Fargo Platinum Card

The Wells Fargo Platinum Card can be a good option if you need an extended 0% introductory APR offer. There’s a 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers, then a 16.49% to 24.49% variable APR; balance transfers made within 120 days qualify for the intro rate and fee.

The introductory balance transfer fee is either $5 or 3% (whichever is greater) during the first 120 days and then 5% with a minimum of $5.

This card doesn’t charge an annual fee but also doesn’t earn purchase rewards. It’s a good option if you need an interest-free way to pay for large purchases or refinance credit card debt.

One additional benefit is up to $600 in cell phone protection for covered damage and theft (after a $25 deductible).

Learn More: Balance Transfer Credit Cards Rewards Visa Credit Card

The information for The® Rewards Visa® Credit Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

If you use a third-party booking site to find hotel rooms when you travel, the® Rewards Visa® Credit Card can be a rewarding option.

Card benefits include:

  • Earn 1 stamp for every $500 in card purchases
  • Earn 1 per night on bookings
  • Get one free award night after collecting ten stamps (excludes taxes and fees)
  • Silver loyalty membership for the first 12 months
  • Trip cancellation and interruption insurance
  • Up to $600 cell phone protection (after a $25 deductible)
  • No annual fee
  • No foreign transaction fee

The current signup bonus is two rewards nights worth up to $125 per night (excluding fees and taxes). You receive this bonus after spending $1,000 in the first 3 months.

Related: Best Hotel Credit Cards


Wells Fargo isn’t closing its entire credit card line. Instead, quite the opposite is happening as the new cards launching in 2021 and 2022 might offer more benefits than the current lineup. If you’re an existing Wells Fargo credit card customer, continue making purchases on your card to keep the account active and look for potential upgrades as new products launch.

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1 Comment On "Are Wells Fargo Credit Cards Shutting Down?"
  1. Shirley Gallardo|

    Marvelous works but we have had the worst in thieving and negligence in Modesto, California. Three to five banks with not enough customership. Ex-news people just sitting there behind the counter and desk never wearing the clothing of trained bank workers. When I first entered the old Mason bank In Modesto the symptoms that overwhelmed my body and mind was a morgue. I need help with my accounts and I want out into my own possession.

    Credit should always be due to escalating prices of products needed for the home, vacation from what does not allow to see the new, old, etc. As well as the cards are the charges pickup in the economy where the public qualify and where others may not need or qualify. Mini startups at $250 were well in range for startup or lesser powered income keeping lesser charges. So if they fall just like curfew or probation you one and one half year to see what the discourse is. Small amounts are not overwhelming in paybacks so the government should provide insurance for me, you and the lender.💯👜

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