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The Wells Fargo Reflect℠ Card is a new balance transfer credit card with an introductory rate of up to 21 months. You also won’t pay an annual fee and can enjoy other benefits like complimentary cell phone insurance. Here is a closer look at the Reflect Card benefits.
Wells Fargo Reflect Card Review
The Wells Fargo Reflect℠ Card is best for people who want an interest-free balance transfer offer. You also get a discounted balance transfer charge on transfers within the first 120 days of account opening.
It is a Visa Platinum product and will have near-universal acceptance across the United States and the world. This card replaces the Wells Fargo Platinum Card that previously offered one of the best balance transfer offers.
Unfortunately, this card has a 3% foreign transaction fee and doesn’t earn rewards points on purchases. Therefore, it’s best to only use this card for its 0% introductory rate.
Learn more: Balance Transfer Credit Cards
0% Balance Transfer APR for Up to 21 Months
The best reason to get this card is for the 0% introductory APR on purchases and balance transfers for up to 21 months.
However, this is a slight “catch” to qualify for the full 21-month offer:
- All applicants qualify for 18 months at the 0% introductory APR.
- Then, you will receive a 3-month introductory APR extension when you make at least the minimum monthly payment for the first 18 months and extension periods.
This extension makes this offer one of the longest balance transfer offers. Many offers are only for 15 to 18 months.
You can transfer existing balances from non-Wells Fargo credit cards to the Reflect Card.
Be sure to transfer your balances in the first 120 days to qualify for the introductory APR. Also, your one-time balance transfer fee is either $5 or 3% (whichever is greater) for the first 120 days. After that, the fee is either $5 or 5% and your transferred balance immediately accrues interest.
Who Qualifies for Wells Fargo Signup Bonuses?
You can qualify for this bonus if you haven’t received another Wells Fargo credit card signup bonus in the last 15 months.
Wells Fargo can have stricter signup bonus restrictions than other credit cards. This limitation is something to keep in mind if this is the second Wells Fargo credit card you’re applying for in the most recent 15 months, even if that card is no longer active.
Minimum Credit Limit
The minimum credit limit will be $1,000 if Wells Fargo approves your application.
Learn more: Balance Transfer Credit Cards
No Annual Fee
Another great benefit of this card is being a no-annual-fee credit card. This benefit helps you rebuild your credit history at no additional cost.
As this card doesn’t earn purchase rewards, it’s not the best long-term solution. But the short-term perks can be worth it to improve your finances.
Cell Phone Protection
You can get up to $600 in annual cell phone protection benefits when you pay your monthly cell phone bill with the Wells Fargo Reflect.
It’s possible to file up to two claims per year. Each claim is subject to a $25 deductible when you have qualifying theft and damage reasons. Accidental losses without an explanation are ineligible claims.
Related: Best Credit Cards with Cell Phone Protection
Roadside Dispatch
Wells Fargo can dispatch roadside assistance and towing services for most passenger vehicles. Unfortunately, there is a minimum $69.95 service fee.
Related: Best Credit Cards with Roadside Assistance
My Wells Fargo Deals
You can enjoy special discounts at participating local and online stores and restaurants with the My Wells Fargo Deals program. After activating a shopping offer and making a qualifying purchase, you receive a cash statement credit.
This benefit can at least help you indirectly earn purchase rewards on select purchases.
Card Fees
Here is a breakdown of the fees you might encounter with this card:
- Annual fee: $0
- Introductory APR: 0% for up to 21 months on balance transfers occurring in the first 120 days (new purchases are also eligible for the first 18 months)
- Ongoing APR: 12.99% to 24.99%
- Introductory balance transfer fee: $5 or 3% for the first 120 days
- Ongoing balance transfer fee: $5 or 5%
- Late payment: $40
- Returned payments: $40
- Foreign transaction fee: 3%
Once again, to qualify for the entire 21-month 0% balance transfer offer, you must make the minimum monthly payment on time each month. Otherwise, you will only get the 0% intro rate for the first 18 months, which is the standard bonus length.
Learn more: Balance Transfer Credit Cards
Other Credit Cards to Consider
Here are some of the other cards you might consider if you want a different Wells Fargo rewards card or need a different balance transfer offer.
Wells Fargo Active Cash Card
The Wells Fargo Active Cash℠ Card is a cash back credit card and also offers an introductory APR on purchases and balances for 15 months.
You might prefer this product if you don’t need to full 18-21 months to pay off your balance. Also, consider this card if you want to future-proof your credit card portfolio with a product that can earn rewards on purchases and is worth holding for several years to build your credit history.
This card earns 2% back on all purchases, a $1 redemption minimum, and doesn’t have an annual fee.
Chase Slate Edge
The Chase Slate Edge℠ only offers 0% Intro APR for 18 months from account opening on purchases and balance transfers. A variable APR of 15.24% – 23.99% on balance transfers and purchases after the introductory period ends.
After the first six months of on-time payments, Chase will review your credit profile and may automatically increase your credit line by $500.
While you won’t earn purchase rewards, there isn’t an annual fee.
This card can help you develop a relationship with Chase, the bank that has some of the best travel credit cards.
Citi Simplicity Card
The Citi Simplicity® Card has a 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 15.49% – 25.49%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater. Citi Flex Plan offers are made available at Citi’s discretion.
The standard variable APR for Citi Flex Plan is 15.49% – 25.49%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.
You might consider this card as you won’t pay late fees or a penalty APR if you miss the minimum monthly payment due date.
Related: Best Citi Credit Cards
Summary
The Wells Fargo Reflect Card is the second of the bank’s new credit cards launching in 2021 and 2022. This card offers one of the longest balance transfers available today. It can be worth it so you have as much time as possible to get out of debt interest-free.
Learn more: Balance Transfer Credit Cards
Related Articles:
- The Best Travel Credit Cards
- Are Wells Fargo Credit Cards Shutting Down?
- Wells Fargo Propel vs Chase Sapphire Cards: Which Has Better Travel Rewards?
Chase Sapphire Preferred® Card
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®.
- Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
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