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Wells Fargo has reined in the bonus offer for new cardholders on the Wells Fargo Cash Wise Visa® Card, which had been among the richest welcome offers on any no-annual-fee cash-back credit card.
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As of July 2, 2019, the Wells Fargo Cash Wise Visa® Card offers the following sign-up bonus: Earn a $150 cash rewards bonus after spending $500 in the first 3 months. Previously, new cardholders could have earned a $200 bonus for spending $1,000 in the same amount of time. A $150 bonus is more or less the industry standard for no-fee cash-back cards in 2019.
On the other hand, the issuer also lengthened the introductory 0% APR period on the card. You now get an APR of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 16.24% – 28.24% Variable APR. That’s three months longer than before.
The Wells Fargo Cash Wise Visa® Card earns a flat 1.5% cash back on purchases and an annual fee of $0, which matches the terms on an array of cards. The 1.5% field has been churning a bit of late:
- In April, the Chase Freedom Unlimited® eliminated its $150 cash sign-up bonus in favor of a higher introductory rewards rate. With that card, you now get 3% cash back on the first $20,000 in purchases in the first year, and 1.5% on all other purchases.
- The American Express Cash Magnet® Card, introduced in summer 2018, formerly featured a two-tiered bonus offer for new cardholders worth up to $250. That’s since been reduced. The current offer: Earn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. Terms Apply.
For a high bonus on a $0-fee cash-back card, consider the Bank of America® Cash Rewards credit card – $200 Cash Rewards Offer: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. That card pays 3% cash back in a category of your choice and 2% cash back at grocery stores and wholesale clubs, on up to $2,500 per quarter in combined choice category/grocery store/wholesale club spending. All other purchases earn 1%.