Wells Fargo Reflect® Card Review: An Extended Break From Interest
The Bottom Line
4.5
This card will give you plenty of time to pay down debt or finance a large purchase, without being charged interest. But it doesn't offer much in terms of ongoing value.
Rates, fees and offers
Annual fee
$0
Rewards rate
N/A
Bonus offer
N/A
Intro APR
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers
Ongoing APR
APR: 17.49%, 23.99%, or 29.24% Variable APR
Cash Advance APR: Refer to Important Credit Terms
Balance transfer fee
5%, min: $5
Foreign transaction fee
3%
More details from Wells Fargo
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.49%, 23.99%, or 29.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 Annual Fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Pros and Cons
Pros
No annual fee
Intro APR period
Cons
No rewards
Detailed Review
The Wells Fargo Reflect® Card is a solid option for consumers looking to pay down debt or pay off a large purchase. The $0-annual-fee card offers an extra-long window for 0% intro APR on purchases and balance transfers, as well as the potential to extend this promotional period even longer.
That said, once the 0% intro APR ends, the card lacks ongoing rewards or additional perks that might make it worth using long-term.
Wells Fargo Reflect® Card: Basics
Card type: Balance transfer.
Annual fee: $0.
Sign-up bonus: None.
Rewards: None.
APR: 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 17.49%, 23.99%, or 29.24% Variable APR
Foreign transaction fee: 3%.
Balance transfer fee: Balance transfers are subject to a balance transfer fee of $5 or 5%, whichever is greater.
Other benefit: Cell phone protection.
Compare to Other Cards
Benefits and Perks
Extra-long 0% intro APR period
The Wells Fargo Reflect® Card offers a lengthy interest-free period, which can make it less costly to pay down debt transferred from a high-interest card or to pay off large purchases. New cardholders get 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 17.49%, 23.99%, or 29.24% Variable APR
That's one of the longest 0% intro APR periods for purchases and balance transfers among similar cards on the market. After this interest-free period, holders will be charged the card's ongoing APR.
No annual fee
It won’t cost you anything to carry the Wells Fargo Reflect® Card, which can make it easier to hold on to it. Keeping a credit card account open for a longer period of time can positively impact your length of credit history and, subsequently, your credit score.
However, keep in mind that while it might make sense to hold on to the Wells Fargo Reflect® Card for the potential benefits to your credit history, you’ll be charged its ongoing APR once the card’s promotional period ends — and it will apply to any unpaid balance from the interest-free period in addition to new purchases.
Cards that charge annual fees can often be worth it because they typically come with premium rewards and perks that offset the yearly cost. However, if your goal is to pay down debt, earning rewards should not be a main priority in a card.
Cell phone protection
Following a growing trend among credit cards, the Wells Fargo Reflect® Card offers cell phone protection. When you use your card to pay for your monthly cell phone bill, you can get up to $600 in coverage — up to two times per year — against theft and damage to your phone.
Drawbacks and Considerations
High balance transfer fee
The Wells Fargo Reflect® Card has one of the best introductory APR periods on the market. But the balance transfer fee of 5% (minimum $5) is still pretty hefty. Unless you need the full 21 months to pay off your balance, a balance transfer card with lower fees could be a better option.
The BankAmericard® credit card has a slightly shorter APR period: 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 15.49%-25.49% will apply . But you'll only pay a lower balance transfer fee: 3% for 60 days from account opening, then 4%.
No ongoing rewards
The card’s interest-free period is valuable, but after the promotional APR ends, it won’t offer any long-term benefits. Earning rewards might not be top of mind while paying down debt, but there are cards that feature long 0% APR periods as well as incentives to hold on to them after their introductory offers expire.
For example, another card from the issuer — the $0-annual-fee Wells Fargo Active Cash® Card — comes with a 0% intro APR on Purchases for 12 months and 0% intro APR on Balance Transfers 12 months from account opening on qualifying balance transfers, and then the ongoing APR of 19.49%, 24.49%, or 29.49% Variable APR. In addition to this interest-free stretch, it has long-term value in the form of rewards: Holders earn an unlimited 2% cash back for purchases they make. It also comes with the following bonus for newcomers: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
For a card with even more rewards earning potential, consider the Chase Freedom Unlimited®. It features a 0% intro APR on purchases and Balance Transfers for 15 months, and then the ongoing APR of 19.74%-28.49% Variable APR. Plus, it comes with bonus rewards: 5% cash back on travel booked through Chase, 3% at restaurants and drugstores, and 1.5% on other purchases. News cardholders get this bonus offer: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back! It charges an annual fee of $0.
For other potential alternatives, visit NerdWallet's roundup of best credit card offers.
Foreign transaction fee
The card charges a 3% foreign transaction fee, which means it will be costly to use the card abroad. If you’re planning on making purchases outside the country, there are cards that don't charge foreign transaction fees and that come with valuable benefits such as 0% APR promotions, rewards and travel perks.
How To Decide If It's Right For You
For those looking for an ultra-lengthy break from interest, the Wells Fargo Reflect® Card is a best-in-class option. Its 0% intro APR for purchases and balance transfers is one of the most competitive on the market. However, once this promotional period ends, the card doesn't offer additional perks that would make it worth using in the long term.
» MORE: Best 0% APR credit cards
The card earns an unlimited flat rate on all your spending. Plus, it features a 0% intro APR on balance transfers for 18 months, and then the ongoing APR of 18.49%-28.49% Variable APR. It charges an annual fee of $0.
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Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
