No reward: Limited value other than intro APR
The biggest drawback of this card is that it does not offer any kind of reward program. In other words,
There are no welcome bonuses. Some credit cards offer new cardholders a welcome bonus of $200 or more. There is no purchase fee. Other cards earn cash rewards or points for all eligible purchases. This way you can earn over $500 each year.
To be fair, this card has special offers through my Wells Fargo deal. Here you can earn cashback statement credits on shopping, meals and experiences paid with your qualifying Wells Fargo Card. However, winning some statement credits here is not worth it enough to earn cash rewards for every day purchase.
This card has no long-term value due to lack of rewards. Once the 0% intro APR is over, there is no incentive to continue doing it. It's best to switch to a reward credit card at that point.
It is worth noting that there is a 0% APR credit card, which also has a reward program. The APR intro period is just shorter than 0%. If you don't need the entire 21 months since you launched this Wells Fargo Card offer, it makes sense to choose your card in a shorter intro period than earning rewards.
Balance transfer and foreign transactions costly fees
Wells FargoReflect® cards are balanced transfer cards as they have an Intro APR of 0%. However, the balance transfer fee is 5%, and the minimum is $5.
Balance Transfer Cards usually have such charges, but some of them only charge 3%. It may not seem like that, but if you are transferring $5,000, that 2% difference costs an additional $100. If you don't need 21 months from opening an account to pay your debt, you can look at more credit card reviews and choose a card with a lower balance transfer fee.
There is also a 3% foreign transaction fee. This is another reason why this isn't the best card for long-term use. If you are traveling outside the US, it is important to have a card that can be used at no additional charge, such as a travel credit card.
