The promo makes this one of the best cards on the market for making a big purchase that you’ll need time to pay off, or for unplanned emergency purchases (e.g., your water heater breaks or you need expensive car repairs) that you can’t pay for in full right away.
That said, it lacks some of the bells and whistles offered by a few of its competitors, and its long-term value beyond the initial 0% interest promo is relatively minimal.
Key facts/overview
- Best for — Low purchase APR intro
- Annual fee — $0
- Welcome offer — 0% intro APR on purchases and balance transfers for 18-21 months
- Regular APR — Varies, see issuer’s website.
- Other features — $600 coverage against damage or theft of your cell phone if you pay your phone bill with the card
In-depth analysis
Intro APR offer
New Wells Fargo Reflect cardholders will get 21 months of 0% APR on purchases and balance transfers before the regular APR kicks in.
Balance transfers must be made within the first 120 days to qualify for the intro APR and come with a fee of 5% of the transferred balance or $5, whichever is higher.
Read more: Best 0% APR credit cards
Other Tools/Advantages
Aside from its APR benefits, the Wells Fargo Reflect card also includes:
- Coverage of up to $600 per claim for theft of or damage to your cellphone, provided you use the card to pay your phone bill (subject to $25 deductible).
- 24/7 emergency roadside assistance, including towing (up to five miles); tire changing; jump starting; fuel delivery; winching; and lockout service. The service is pay-per-use, with no membership fee required.
- Zero liability on fraudulent purchases.
- My Wells Fargo Deals, an opt-in program that allows you to get discounts in the form of cash reimbursement from a few specific retailers.
Aside from My Wells Fargo Deals, this card doesn’t include guaranteed rewards like travel points or cash back offers.
Fees and regular interest
The Wells Fargo Reflect card has no annual fee. However, like most credit cards, there are some punitive fees associated with the card. For example, there could be a charge of up to $40 if you miss your monthly payment deadline. Additionally, the card charges a 3% foreign transaction fee, so it’s not the ideal card to use if you are traveling abroad.
The regular APR of is fairly standard among low interest cards, and applies to both purchases and balance transfers made within the first 120 days.
Pros & cons
Pros
- Very competitive purchase APR intro rate — You’ll be hard-pressed to find a longer intro APR period – 0% APR for up to 21 months on purchases
- Cellphone protection — This can potentially save you a lot of money if you have an expensive mobile device.
- No annual fee — This is a must if you’re trying to save wherever you can.
Cons
- Minimal extra features — The card doesn’t have a whole lot to offer after the intro APR period expires.
- 5% balance transfer fee – Some competing cards only charge 3%
- Foreign transaction fee — A 3% charge really adds up if you travel internationally even once a year.
Wells Fargo Reflect Card compared
| Wells Fargo Reflect Card | U.S. Bank Visa® Platinum Credit Card | Citi® Double Cash Card | |
|---|---|---|---|
| Annual fee | $0 | $0 | $0 |
| APR promo | 0% APR on purchases and balance transfers for 21 months + 5% transfer fee | 0% APR on purchases and balance transfers for 18 billing cycles (3% fee) | 0% APR on balance transfers for 18 months + 3% transfer fee (min. $5) |
| Cash back/rewards rates | N/A | N/A | 1% cash back on purchases + 1% for paying off purchases (unlimited) |
| Other notable features | Cell phone protection; pay-per-use emergency roadside assistance | Purchase security | N/A |
U.S. Bank ® Visa®Platinum Credit Card
The APR promo offered by the this card might seem inferior to the Wells Fargo Reflect Card’s at first glance, and the Reflect Card’s deal is definitely better for those looking for low purchase interest. But keep in mind that the Reflect Card charges a 5% fee for balance transfers compared to 3% at competitors, which can be a big chunk of change depending on your transfer amount — a $10k balance transfer would result in an additional $200 in transfer fees with the Reflect Card.
Citi® Double Cash Card
The Citi® Double Cash Card’s balance transfer promotion is comparable to the offer from the Wells Fargo Reflect Card, though it doesn’t include 0% APR on purchases (only balance transfers). Where the Citi® Double Cash Card outshines the Reflect is in its ability to earn cash back.
After you’ve paid off your transferred balance you can use the Citi® Double Cash Card to earn 2% cash back on everything — 1% when you initially make a purchase, and another 1% when you pay the purchase off later. If you think you can pay off your balance transfer within 18 months and you’d like to earn cash back afterward, go with the Citi® Double Cash Card over the Wells Fargo Reflect Card.
Who should get the Wells Fargo Reflect Card?
The Wells Fargo Reflect card is ideal for those who fit the following use cases:
Making a big purchase
If you’ve encountered an expensive emergency or you intend to make a must-have big purchase, and you don’t have an emergency fund to cover it, the Wells Fargo Reflect card is a great option. 21 months of 0% intro APR buys you a lot of time to pay off your bill without incurring interest charges. Just make your minimum payments on time and the 0% interest rate is almost equivalent to having paid for your expense in cash.
Consolidating credit card debt
Signing up for the Wells Fargo Reflect card may also be a good move if you have one or more high-interest credit cards you’d like to pay off, and you’ve already exhausted better balance transfer promos that might be on the market. If you’ve already transferred your balance to a card like the U.S. Bank Visa Platinum Card and you weren’t able to pay the balance off in time before its promo ended, you could potentially surf your balance onto the Wells Fargo Reflect card to give you more time to pay it off.
All you have to worry about is the 5% balance transfer fee, which will end up being less than what you would pay in APR in most circumstances.
Who should avoid the Wells Fargo Reflect card?
The Wells Fargo Reflect might not be a good fit for you if you nod to any of the below:
- You need a card to use while traveling abroad (foreign transaction fees really hurt)
- You’re looking for a card with guaranteed cash back or rewards points for your purchases
- You’re looking to make a balance transfer and haven’t explored other options out there
Summary
If you want a card that offers a low purchase interest rate for an extended period of time, it’s really hard to beat the Wells Fargo Reflect Card.
But if you’re on the hunt for a great balance transfer deal, or if you want to earn rewards for your purchases, you should probably look at alternative options.