Wells Fargo Announces Reflect Card
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Wells Fargo today launched a new credit card for consumers who need an extended period of purchasing flexibility. With an introductory period of up to 21 months at 0% APR (then 12.99% – 24.99% variable APR), the Wells Fargo Reflectâ card allows cardholders to finance their purchases for up to two years with zero interest charges.
This period of up to 21 months could potentially be the longest introductory period at 0% APR of any card available on the market today.
But is the Reflect card right for you? Select analyzed the benefits of the new card to see if it might be right for your wallet.
Wells Fargo Introduces Reflect Card
Wells Fargo Reflect Carte Map
On the Wells Fargo Secure Site
0% introductory APR on qualifying purchases and balance transfers during the first 18 months after account opening; extension up to 3 months (totaling 21 months) with minimum on-time payments during the introductory and extension periods
Variable APR from 12.99% to 24.99% on purchases and balance transfers
Balance transfer fees
3% launch fee ($ 5 minimum) for 120 days from account opening, then up to 5% ($ 5 minimum)
Foreign transaction fees
The card isn’t flashy, but the ability to save on credit card interest can be great for consumers who need flexibility in spending, especially around the corner. holidays.
The Wells Fargo Reflectâ Card offers many benefits, including:
- 0% introductory APR for 18 months from account opening on qualifying purchases and balance transfers. You can benefit from an introductory APR extension of up to three months with minimum on-time payments during the introductory and extension periods. After the introductory period, the interest rate will increase to 12.99% – 24.99% variable APR thereafter. Balance transfers made within 120 days are eligible for the introductory rate and fees.
- Cell phone protection, up to $ 600 when you pay your monthly cell phone bill with the card. Claims will have a deductible of $ 25.
- Access to My Wells Fargo Deals, a cash back program for select retailers, offering cardholders discounts on purchases made with their Reflect card.
- $ 0 annual fee.
The three-month extension gives cardholders up to 21 months interest-free, meaning if you open the card this month, you won’t have to pay interest until 2023.
The card doesn’t offer any rewards for spending or a welcome bonus, so it’s definitely best for those who aren’t looking for credit card rewards. But the interest savings could be enough of an incentive to choose the Wells Fargo Reflect.
How to choose a 0% introductory APR card
An introductory 0% APR card is a great tool to help you eliminate credit card debt without paying heavy interest charges. Here are a few things to consider when deciding to open a card with an introductory APR of 0%:
- Duration of APR introduction: Consider how long you want the 0% interest period to last, because every 0% card offers something different. For example, the US Bank VisaÂ® Platinum card has an introductory APR of 0% for 20 billing cycles (APR variable from 14.49% to 24.49% thereafter). While a longer introductory APR term is almost always better, it’s not the only thing to consider, especially if you don’t need the full length of the term to pay off your balance.
- Spending incentives and welcome bonus: Some introductory 0% APR cards come with incentives to spend. For example, the Chase Freedom UnlimitedÂ® has an introductory APR of 0% for the first 15 months (varying from 14.99% to 23.74% thereafter) after opening the account. In addition, the card offers 5% cash back on Chase trips purchased through Ultimate Rewards, 3% on drugstore purchases and restaurant meals (including eligible takeout and delivery services) and 1.5% on all other eligible purchases. And to top it off, new cardholders can earn a one-time $ 200 cash bonus after spending $ 500 on purchases within three months of opening the account.
- Balance transfer fees: If you plan to transfer a balance from a high interest credit card to an interest free credit card, be sure to factor in the balance transfer fee. This is usually 3% of the balance. These fees may be worth paying if you have a large balance on a card that is currently charging you interest, but be sure to do the math.
At the end of the line
Americans spend hundreds of billions each year in interest charges on credit cards, and it’s always best to avoid paying them when possible. The Wells Fargo Reflectâ card is a great choice for those looking for repayment flexibility and wanting to avoid paying credit card interest for a significant period of time.
However, if you are looking for a card with more perks, like the ability to earn cash or travel rewards, there are plenty of other options to choose from. Some even have their own introductory 0% APR periods.
Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.