The Wells Fargo Active Cash® Card is a popular choice for those seeking a straightforward and rewarding cash back credit card. It's designed to be simple to understand and easy to use, offering a flat cash rewards rate on virtually every purchase. If you're wondering how this card works and how you can maximize its benefits, you're in the right place! Let's dive into a step-by-step guide.
How Does Wells Fargo Active Cash Work? A Comprehensive Guide
Are you ready to unlock the potential of your spending? The Wells Fargo Active Cash Card is all about earning cash back on your everyday purchases without the hassle of rotating categories or spending limits. It's a great option for anyone who wants a consistent reward rate on everything they buy. Let's break down exactly how it functions, from earning to redeeming your hard-earned rewards.
Step 1: Getting Started – Applying for the Wells Fargo Active Cash Card
So, you're interested in the Active Cash Card? Excellent choice! The first step, naturally, is to apply. This process is fairly standard for credit cards and typically involves providing personal and financial information to Wells Fargo.
Understanding Eligibility
Before you apply, it's a good idea to understand the general eligibility requirements. While Wells Fargo doesn't publicly state a minimum credit score, the Active Cash Card is typically geared towards individuals with good to excellent credit. This generally means a FICO Score of 670 or higher. Factors like your income, debt-to-income ratio, and credit history will all play a role in their decision.
The Application Process
You can apply for the Wells Fargo Active Cash Card online through the Wells Fargo website, at a Wells Fargo branch, or sometimes even by phone. The online application is usually the quickest.
- Online Application: Navigate to the Wells Fargo credit card section and find the Active Cash Card. You'll fill out a digital form with details such as your name, address, Social Security number, income, and employment information.
- In-Branch Application: If you prefer a more personal touch or have questions, you can visit a Wells Fargo branch. A banking representative can assist you with the application.
What happens after you apply? You might receive an instant approval, or Wells Fargo might need a few business days to review your application. If approved, your card will be mailed to you, usually within 7-10 business days.
Step 2: Earning Cash Rewards – The Core of the Active Cash Card
This is where the magic happens! The Wells Fargo Active Cash Card stands out because of its simple, yet powerful, rewards structure.
Unlimited 2% Cash Rewards on Purchases
The primary feature of the Wells Fargo Active Cash Card is its unlimited 2% cash rewards on every qualifying purchase. This means for every $1 you spend, you'll earn 2 cents back in cash rewards. There are no rotating categories to track, no sign-ups required for bonus categories, and no limits on how much cash back you can earn. This makes it incredibly easy to maximize your rewards without constantly strategizing where to spend.
For example, if you spend $100 on groceries, you'll earn $2 back. If you spend $50 on gas, you'll earn $1 back. It's that straightforward!
Welcome Bonus Offer
Many new cardholders can also take advantage of an attractive welcome bonus. Typically, this involves earning a cash rewards bonus after spending a certain amount on purchases within the first few months of account opening (e.g., earn $200 cash rewards bonus after spending $500 in purchases within the first three months). Always check the most current offer when applying, as these can change. This bonus is a fantastic way to kickstart your cash back earnings!
What Doesn't Earn Rewards?
It's important to note that while most purchases earn cash rewards, some transactions typically do not qualify. These usually include:
- Cash advances
- Balance transfers
- ATM transactions
- Money orders
- Prepaid gift cards
- Gambling transactions
- Fees and interest charges
Step 3: Managing Your Account – Staying on Top of Your Card
Once you have your Wells Fargo Active Cash Card, managing it effectively is crucial to maximizing its benefits and maintaining good financial health.
Online and Mobile Banking
Wells Fargo offers robust online and mobile banking platforms that allow you to:
- View your transactions: Keep track of your spending in real-time.
- Check your rewards balance: See how much cash back you've accumulated.
- Make payments: Pay your bill easily and securely.
- Set up alerts: Receive notifications for payment due dates, large purchases, or when your balance approaches your credit limit.
- Access your FICO Score: Wells Fargo provides complimentary access to your FICO Score, which can help you understand and improve your credit.
Introductory APR Offers
The Wells Fargo Active Cash Card often comes with introductory 0% APR offers on both purchases and qualifying balance transfers for a specified period (e.g., 12 months from account opening).
- 0% Intro APR on Purchases: This can be incredibly beneficial if you plan to make a large purchase and want to pay it off over time without accruing interest. Remember to pay off the balance before the introductory period ends to avoid interest charges.
- 0% Intro APR on Balance Transfers: If you have high-interest debt on other credit cards, you might be able to transfer it to your Active Cash Card and pay it down interest-free for the introductory period. Be aware that balance transfers typically incur a fee (e.g., 3% for the first 120 days, then up to 5%).
Step 4: Redeeming Your Cash Rewards – Enjoying Your Earnings!
This is the most satisfying part – turning your earned cash rewards into tangible benefits! Wells Fargo offers a variety of flexible redemption options for your Active Cash rewards.
Cash Redemption Options
The primary way to redeem your Active Cash rewards is for cash. You have several convenient methods:
- Statement Credit: Apply your cash rewards directly to your credit card statement, reducing your balance. This is a popular and easy option.
- Direct Deposit: Have your cash rewards deposited directly into an eligible Wells Fargo checking or savings account.
- Cash at Wells Fargo ATMs: You can redeem cash rewards in $20 increments at Wells Fargo ATMs if you have a linked Wells Fargo Debit or ATM Card. This is a unique and highly convenient option.
Other Redemption Options
Beyond cash, you may also be able to redeem your rewards for:
- Gift Cards: Choose from a wide selection of gift cards from popular retailers.
- Travel: Book travel through the Wells Fargo Rewards program.
- Merchandise: Select various products from the Wells Fargo Rewards catalog.
- Pay with Rewards (PWR): Use your rewards at participating online merchants.
Redemption increments may vary by method (e.g., online cash redemptions are often in $25 increments).
Step 5: Utilizing Additional Card Benefits – Beyond Cash Back
The Wells Fargo Active Cash Card comes with a suite of additional benefits, primarily due to its Visa Signature® status, which can add significant value.
Cell Phone Protection
This is a standout benefit for many! When you pay your monthly cellular telephone bill with your Wells Fargo Active Cash Card, you can get up to $600 in cell phone protection against damage or theft (subject to a $25 deductible, up to two claims per year). This can potentially save you money on a separate cell phone insurance policy.
Auto Rental Collision Damage Waiver
When you rent a car and pay for the entire rental cost with your Active Cash Card, you can decline the rental company's collision loss/damage insurance. This benefit provides secondary coverage for covered damage or theft to the rental vehicle.
Travel and Emergency Assistance Services
While not full-fledged travel insurance, this service provides referral assistance in case of an emergency while you're traveling. This could include connecting you with medical or legal resources, or helping with emergency cash advances. You are responsible for the cost of any actual services or goods provided.
Visa Signature Concierge Services
Access to a 24/7 complimentary concierge service can assist with a variety of tasks, from making dinner reservations and finding tickets to planning travel arrangements.
Visa Signature Luxury Hotel Collection
If you enjoy premium travel, this benefit offers perks at over 900 luxury hotels worldwide, such as automatic room upgrades (when available), complimentary in-room Wi-Fi, complimentary breakfast for two, and late checkout.
Zero Liability Protection
Rest assured with Zero Liability Protection, meaning you won't be held responsible for promptly reported unauthorized transactions on your card.
Key Things to Remember
- No Annual Fee: The Wells Fargo Active Cash Card has a $0 annual fee, making it a cost-effective choice for earning rewards.
- Foreign Transaction Fee: Be aware that there is a 3% foreign transaction fee on purchases made outside the U.S. This means it's not the best card for international travel.
- Credit Limit: Your credit limit will depend on your creditworthiness. The average credit limit for this card is reportedly around $6,437, with $3,000 being common.
- Payments: Always make at least the minimum payment by the due date to avoid late fees and interest charges. Paying your statement balance in full each month is the best way to avoid interest and maximize your cash back.
The Wells Fargo Active Cash Card offers a compelling combination of a high flat cash back rate, valuable introductory offers, and useful card benefits, all with no annual fee. By understanding how it works and utilizing its features, you can make your everyday spending more rewarding!
10 Related FAQ Questions
Here are 10 frequently asked questions about the Wells Fargo Active Cash Card, focusing on "How to" inquiries, with quick answers:
How to get approved for the Wells Fargo Active Cash Card? To increase your chances of approval, aim for a good to excellent credit score (typically 670+ FICO Score), a healthy debt-to-income ratio, and a solid credit history.
How to maximize cash back with the Wells Fargo Active Cash Card? The simplest way to maximize cash back is to use the card for all your everyday purchases since it offers an unlimited 2% on everything. Also, aim to meet the spending requirement for the welcome bonus if you're a new cardholder.
How to redeem Wells Fargo Active Cash rewards for cash? You can redeem for cash as a statement credit, a direct deposit into an eligible Wells Fargo account, or withdraw cash in $20 increments at Wells Fargo ATMs with a linked debit/ATM card.
How to make a payment on your Wells Fargo Active Cash Card? Payments can be made online through Wells Fargo Online or the Wells Fargo Mobile app, by phone, or at a Wells Fargo branch or ATM.
How to transfer a balance to the Wells Fargo Active Cash Card? If eligible, you can initiate a balance transfer online by logging into your Wells Fargo account, by calling customer service, or by visiting a branch. Transfers typically need to be made within 120 days to qualify for any introductory APR offer.
How to check your Wells Fargo Active Cash rewards balance? You can easily check your rewards balance by logging into your Wells Fargo Online account or through the Wells Fargo Mobile app.
How to use the cell phone protection benefit on your Wells Fargo Active Cash Card? To activate this benefit, simply pay your monthly cell phone bill with your Wells Fargo Active Cash Card. In case of damage or theft, you'll need to file a claim according to the guide to benefits.
How to increase your credit limit on the Wells Fargo Active Cash Card? You can request a credit limit increase by calling the number on the back of your card or on your statement. Wells Fargo may also offer automatic credit limit increases based on your payment history and credit profile.
How to avoid foreign transaction fees with the Wells Fargo Active Cash Card? The Wells Fargo Active Cash Card has a 3% foreign transaction fee. To avoid this, use a credit card that does not charge foreign transaction fees when making purchases outside the U.S.
How to know if the Wells Fargo Active Cash Card is right for you? This card is ideal for individuals who want a simple, flat-rate cash back card with no annual fee, especially if they prefer not to track bonus categories and value benefits like cell phone protection and introductory APR offers.