The Wells Fargo Active Cash℠ Card has quickly risen to prominence in the credit card market. Known for its simplicity and impressive rewards program, it’s no surprise that this card has caught the attention of many consumers.
Whether you’re someone who wants a card that delivers high cashback rates without the hassle of tracking categories or you’re simply looking for a card with no annual fee, the Wells Fargo Active Cash℠ Card has plenty to offer.
In this article, we’ll explore key aspects of the Wells Fargo Active Cash℠ Card, breaking down its standout features, any potential drawbacks, and who can apply. We’ll also guide you on how to apply for the card through different methods, making sure you have all the necessary details before making your decision.
Key information about the credit card
How does the annual fee work?
One of the most attractive features of the Wells Fargo Active Cash℠ Card is that it has no annual fee. In the world of credit cards, where annual fees can sometimes reach into the hundreds, having a card with no yearly cost is a major selling point. This makes it a budget-friendly option for cardholders who want to maximize rewards without having to worry about offsetting the cost of an annual fee.
How is the credit limit determined?
Wells Fargo determines the credit limit of the Active Cash℠ Card based on several factors, including the applicant’s credit score, income, and current debt levels. Like many traditional credit cards, the limit is typically set after a thorough review of your financial profile, ensuring that the credit line is appropriate for your financial situation.
Advantages of the credit card
- Unlimited 2% cashback on all purchases: No need to track categories or activate offers.
- $200 bonus: Earn this bonus after spending just $500 in the first three months.
- No annual fee: Keep your rewards without worrying about offsetting annual costs.
- 0% intro APR: Enjoy 0% APR for 12 months on purchases and qualifying balance transfers, helping you manage your finances without paying interest during the promotional period.
- Cellular phone protection: Get up to $600 in cell phone protection when you pay your bill with the card, subject to a $25 deductible.
- Auto rental collision damage waiver: Pay for your rental car with the Active Cash℠ Card, and get reimbursed for covered damage or theft.
Standout advantage
The standout advantage of the Wells Fargo Active Cash℠ Card is undoubtedly the unlimited 2% cashback on all purchases. Unlike many other cashback cards that offer varying percentages for different spending categories, this card simplifies the process by giving a flat-rate cashback on everything you buy. Whether you’re purchasing groceries, paying for gas, or shopping online, you’ll earn the same consistent rewards.
Disadvantages
- High variable APR: After the introductory period, the APR can be as high as 29.99%, which may be problematic for cardholders who carry a balance.
- No bonus categories: While 2% cashback is great, some competitors offer higher rewards in certain categories like dining, travel, or groceries.
- Limited travel perks: Although the card offers some basic travel protections, it lacks premium travel benefits that frequent travelers might find valuable.
A standout disadvantage
The main disadvantage of the Wells Fargo Active Cash℠ Card is the high variable APR. While the card offers a 0% introductory APR for the first 12 months, the regular APR can range from 20.24% to 29.99% depending on your creditworthiness. This can be quite high, especially if you tend to carry a balance month to month.
Who can apply for this card?
To apply for the Wells Fargo Active Cash℠ Card, applicants need to meet several key criteria. You must be at least 18 years old and a resident of the United States. Applicants will need to have a valid Social Security number or Taxpayer Identification Number. Additionally, a solid credit score is important for approval, as Wells Fargo typically prefers applicants with a credit score of at least 670 or higher.
This card may not be the best fit for individuals with poor credit or those who have recently opened another Wells Fargo-branded credit card within the past six months. Furthermore, Wells Fargo will evaluate your debt-to-income ratio and current credit utilization to determine eligibility.
How to apply for the Wells Fargo Active Cash℠ Card
For the website
One of the most convenient ways to apply for the Wells Fargo Active Cash℠ Card is through the Wells Fargo website. The online application process is streamlined and can be completed in just a few minutes. Simply navigate to the Wells Fargo credit cards section, locate the Active Cash℠ Card, and click “Apply Now.” You’ll be prompted to fill out personal details, including your name, address, income information, and Social Security number.
Once the application is submitted, Wells Fargo will typically provide a decision within minutes. If approved, you’ll receive information about your credit limit and when to expect your new card in the mail. For those already holding a Wells Fargo account, the process is even faster as some information may already be on file.
Through the app
Alternatively, you can apply for the Wells Fargo Active Cash℠ Card through the Wells Fargo mobile app. The app provides a seamless experience for both new and existing Wells Fargo customers. After logging in, navigate to the credit cards section and select the Active Cash℠ Card. You’ll be guided through the application process step-by-step, which includes filling out personal and financial information.
The app also allows you to check the status of your application in real-time. If you’re approved, you can start using a virtual version of the card immediately for online purchases while you wait for the physical card to arrive.
At the branch
If you prefer a more personal touch, you can apply for the Wells Fargo Active Cash℠ Card in person at a Wells Fargo branch. This is a good option if you want to ask questions or need help with the application process. The branch staff can guide you through the application, ensuring that all the necessary information is included.
You can also get immediate assistance with any documentation or additional verification that may be required. Once approved, you’ll be informed of your credit limit and when your card will arrive. Applying in person at a branch may also give you access to special promotions or offers that are not available online.
