The Wells Fargo Reflect® Card is a versatile credit card that caters to individuals who are looking for a solid introductory APR offer and are focused on paying down balances over time.
This card stands out for its 0% introductory APR on purchases and qualifying balance transfers for the first 18 months from account opening, which can be an excellent feature for cardholders planning to make large purchases or transfer balances from high-interest cards.
After the introductory period ends, the variable APR will range from 17.24% to 29.99%, depending on your creditworthiness.
Reasons to Choose the Wells Fargo Reflect® Card
Generous Introductory APR: The 0% intro APR for 18 months on purchases and qualifying balance transfers is one of the biggest selling points of the Wells Fargo Reflect® Card.
This allows cardholders to make purchases or transfer balances without worrying about interest charges for an extended period, making it an excellent option for individuals with large upcoming expenses or those looking to pay off existing debt.
No Annual Fee: Unlike many other credit cards that come with an annual fee, the Wells Fargo Reflect Card charges no annual fee, helping cardholders save on costs that might otherwise add up over time.
Flexible Payment Options: The card provides flexibility when it comes to making payments.
In addition to the 18-month introductory APR on purchases and balance transfers, cardholders have the option to extend this introductory APR for an additional three months by making minimum payments on time during the intro period.
This added flexibility can be extremely helpful in managing finances more effectively.
Balance Transfer Opportunities: The Wells Fargo Reflect Card allows cardholders to transfer existing balances from other credit cards to take advantage of the 0% intro APR for 18 months.
This is ideal for anyone looking to consolidate credit card debt and save on interest during the transfer period.
Easy Access to Wells Fargo’s Tools: Wells Fargo offers excellent tools for cardholders to manage their accounts and track spending, including the Wells Fargo Mobile App and online account management.
These tools allow cardholders to keep track of their balances, make payments, and monitor their credit score and spending habits conveniently.
Negative Factors of the Wells Fargo Reflect® Card
High APR After Introductory Period: Once the 18-month introductory APR expires, the regular APR for purchases and balance transfers can be 17.24% to 29.99% variable.
This high APR can be a concern for those who carry balances after the intro period.
If you don’t pay off your balance within the promotional period, the interest charges can add up quickly, potentially negating the benefits of the introductory offer.
Balance Transfer Fees: Although the card offers a 0% intro APR on balance transfers, it charges a balance transfer fee of 3% of the amount of each transfer or $5, whichever is greater.
This fee can add up, especially if you’re transferring a large balance to the card.
Limited Rewards and Benefits: Unlike some other credit cards, the Wells Fargo Reflect® Card does not offer a rewards program or additional perks like cashback, points, or travel rewards.
It’s focused more on providing a solid introductory APR, which means it might not be the best option for those looking to earn rewards or enjoy more premium benefits.
Foreign Transaction Fees: The Wells Fargo Reflect® Card charges a 3% foreign transaction fee on purchases made outside the U.S.
This is a disadvantage for international travelers, as it adds to the cost of purchases abroad.
Eligibility for Extended Introductory APR: While the introductory APR can be extended for an additional three months, this extension is contingent on making minimum payments on time during the intro period.
If you miss any payments, you won’t qualify for this extension, potentially limiting the benefits.
What Are the Requirements to Apply for the Wells Fargo Reflect Card?
To apply for the Wells Fargo Reflect® Card, you must meet certain eligibility requirements, which are typical for most credit cards. Here are the basic criteria:
Credit Score: Applicants typically need a good to excellent credit score (typically around 670 or higher) to be considered for approval.
Individuals with lower credit scores may not qualify for the card or may receive less favorable terms.
Income and Employment Information: You will need to provide information about your income, including wages or other sources of income, which will help Wells Fargo assess your ability to repay any balances you carry. A stable source of income is often required for approval.
U.S. Citizenship or Legal Residency: You must be a U.S. citizen or a legal U.S. resident to apply for the card.
Wells Fargo will require proof of your legal residency when processing your application.
Age Requirement: Applicants must be at least 18 years old to apply for the card. Some states may have different minimum age requirements, so be sure to check your state’s laws.
Social Security Number (SSN) or Tax Identification Number (TIN): You will need to provide a valid SSN or TIN as part of the application process.
Debt-to-Income Ratio: Wells Fargo will assess your debt-to-income ratio to determine whether you have enough income to handle the credit card payments and any other outstanding debts.
Fees and Costs
The Wells Fargo Reflect® Card is generally low-cost when it comes to annual fees, but there are still several fees and costs associated with using the card:
- Annual Fee: $0
- Balance Transfer Fee: 3% of the transfer amount, or $5, whichever is greater
- Cash Advance Fee: The greater of $10 or 5% of the amount of each cash advance
- Late Payment Fee: Up to $40
- Returned Payment Fee: Up to $40
- Foreign Transaction Fee: 3% of each transaction made in a foreign currency
- APR:
- Introductory APR: 0% for the first 18 months on purchases and qualifying balance transfers
- After Introductory APR Period: 17.24% to 29.99% (Variable) for purchases and balance transfers
- APR for Cash Advances: 25.99% (Variable)
Frequently Asked Questions
How can I earn rewards with the Wells Fargo Reflect® Card?
The Wells Fargo Reflect® Card does not offer a rewards program.
Its primary focus is the 18-month 0% intro APR offer for purchases and qualifying balance transfers.
Can I transfer balances from other credit cards?
Yes, you can transfer balances from other credit cards to the Wells Fargo Reflect® Card and take advantage of the 0% intro APR for 18 months.
A balance transfer fee of 3% applies.
What happens after the intro APR period ends?
After the 18-month intro APR period, your APR will increase to the variable APR of 17.24% to 29.99%, depending on your creditworthiness.
Be sure to pay off your balance before this period ends to avoid high-interest charges.
How can I extend my intro APR?
You can extend your intro APR for an additional three months by making minimum payments on time during the first 18 months of your account.
Is the Wells Fargo Reflect® Card good for international use?
While it’s a useful card for domestic purchases, be aware of the 3% foreign transaction fee for purchases made abroad.
This can add to the cost of using the card internationally.
Conclusion
The Wells Fargo Reflect® Card is a great option for those looking to take advantage of a long introductory APR period to pay down balances or make large purchases.
With its 18-month intro APR on purchases and balance transfers, no annual fee, and flexible payment options, it provides valuable financial relief.
However, its lack of rewards and the foreign transaction fees may be drawbacks for some users.
Overall, if your primary goal is to manage your debt or make significant purchases without the burden of interest charges for an extended period, the Wells Fargo Reflect® Card is worth considering.
