Wells Fargo flat 2% back, no annual fee card coming out in July

[Wander907]

https://www.cnbc.com/select/wells-fargo-launch-new-no-annual-fee-active-cash-credit-card/

 

Pretty interesting for me especially since I was still vacillating between going BOA route, getting a fidelity brokerage flat 2% back card, or getting a citi double cash.  I have been VERY happy overall with my WF Propel travel card.  This new one has a sign on bonus!  Just when I think they are trying to not be competitive when they stopped issuing new Propels they do this.  People nocked the propel as not amazing or very transferable to travel partners but I thought 3% travel, dine, streaming and gas was good for no fee card which when I got it had a 30000 point sign on bonus.  This new card supposedly has a $200 sign on.  Whats everyone think?

[centex]

13 hours ago, Wander907 said:

https://www.cnbc.com/select/wells-fargo-launch-new-no-annual-fee-active-cash-credit-card/

 

Pretty interesting for me especially since I was still vacillating between going BOA route, getting a fidelity brokerage flat 2% back card, or getting a citi double cash.  I have been VERY happy overall with my WF Propel travel card.  This new one has a sign on bonus!  Just when I think they are trying to not be competitive when they stopped issuing new Propels they do this.  People nocked the propel as not amazing or very transferable to travel partners but I thought 3% travel, dine, streaming and gas was good for no fee card which when I got it had a 30000 point sign on bonus.  This new card supposedly has a $200 sign on.  Whats everyone think?

2% is sort of meh, especially for having to put up with the Stagecoach...

[nemo]

I've been very happy in my dealings with WF as well, most recently with the Propel card.  However, I'll skip the new card because it has a 3% FTF.

[cv91915]

17 hours ago, Wander907 said:

https://www.cnbc.com/select/wells-fargo-launch-new-no-annual-fee-active-cash-credit-card/

 

Pretty interesting for me especially since I was still vacillating between going BOA route, getting a fidelity brokerage flat 2% back card, or getting a citi double cash.  I have been VERY happy overall with my WF Propel travel card.  This new one has a sign on bonus!  Just when I think they are trying to not be competitive when they stopped issuing new Propels they do this.  People nocked the propel as not amazing or very transferable to travel partners but I thought 3% travel, dine, streaming and gas was good for no fee card which when I got it had a 30000 point sign on bonus.  This new card supposedly has a $200 sign on.  Whats everyone think?

 

We have the Double Cash card, and I absolutely hate it.  It was a PC from something else; I never would have applied for this card.  

 

Citi, Darling, if you want to pay 2%, pay 2%.  Not 1% now and another 1% later when I pay.  I'm going to pay, and if I don't, chasing me down to claw back 1% is going to be the least of your problems.  Just give me the 2% and be done.

 

Citi even had to build a Rube Goldberg device for calculating 2% cash back:

 

 

 

 

This begs the question... why not Citi Quadruple Cash?  

 

• 0.5% back when you buy
• 0.5% back when you pay
• 0.5% back when you request a redemption, based on the dollar value of the purchases that earned the cash back
• 0.5% back as calculated above, paid 30 days after the redemption posts
   

I also loathe minimum redemption amounts.  I only ever draw down the rewards balance to $25.00 exactly (like I did this week) so there's always enough there to do a final redemption when we decide to get rid of this ridiculous card.

 

 

 

Edited June 13, 2021 by cv91915

[Wander907]

4 hours ago, cv91915 said:

 

We have the Double Cash card, and I absolutely hate it.  

Yeah, I actually had that card too and I consider it because of the simplicity of getting another.  I product switched it to Costco card (also citi) and have used that extensively.  Still because of my profession I have lots of expenses that really dont fit into standard categories so for me 2% back on about 7-14K a year is worth opening a card for.  What someone should really make is a third category of card thats not personal or business specifically dedicated to working professionals who work for others.  I can say in the medical community it likely would be super popular as less and less people have a private practice but licensing fees are very high especially if your someone like me with 10 state licenses.  It would target people who do not want there own business but who have some categories of expenses that are professional in nature.   

[cv91915]

7 hours ago, Wander907 said:

I product switched it to Costco card (also citi) and have used that extensively. 

 

I never considered this as a possibility, but I think I know what to do with our DC now.  

Thank you!!  😽

 

 

 

 

Edited June 13, 2021 by cv91915

[nemo]

8 hours ago, cv91915 said:

I only ever draw down the rewards balance to $25.00 exactly (like I did this week) so there's always enough there to do a final redemption when we decide to get rid of this ridiculous card.

That's my usual MO for cards that have a minimum redemption amount.  I'm constantly ready to bolt.

[cv91915]

7 hours ago, Wander907 said:

Yeah, I actually had that card too and I consider it because of the simplicity of getting another.  I product switched it to Costco card (also citi) and have used that extensively.  Still because of my profession I have lots of expenses that really dont fit into standard categories so for me 2% back on about 7-14K a year is worth opening a card for.  What someone should really make is a third category of card thats not personal or business specifically dedicated to working professionals who work for others.  I can say in the medical community it likely would be super popular as less and less people have a private practice but licensing fees are very high especially if your someone like me with 10 state licenses.  It would target people who do not want there own business but who have some categories of expenses that are professional in nature.   

 

Also, thanks for creating the thread.  I'm going to add this WF card to the master 2% thread.

[Burgerwars]

Just to add my 2%: The SoFi credit card offers 2% cash back, but you need to put those points in a SoFi Money or investment account. As a statement credit, it's only 0.5% cash back. If you really want to make a card payment with 2%, just put the funds in your SoFi Money account and make a payment from there.

I don't have the card yet but do have a SoFi Money and Invest account. You also earn points worth from one to four cents, each day you logon with the app. Whoopee! 

[MP80]

There are 2 cards to choose from, Citi Custom Cash Card or Wells Fargo 2% Active Cash Card.

 

If I apply, I will choose 5%. 👍

 

Since the pernicious scandal a few years ago, everyone has been observing Wells Fargo under the microscope. 

 

If I apply for Wells Fargo Bank, I will definitely open a savings account along with my credit card. If not, I am worried that they may secretly open one for me without my consent. 

[Wander907]

4 hours ago, MP80 said:

If I apply for Wells Fargo Bank, I will definitely open a savings account along with my credit card. If not, I am worried that they may secretly open one for me without my consent. 

So I have a side story on this, years ago now, several years before the scandal broke into the open I and my older brother were about to start a car lot and we went to Wells Fargo for banking, needless to say they opened several accounts and products that we didnt request at all or sign off on and we ended up closing the accounts and walking into a Chase bank and opening an account.  We never did go forward with that business as the property just was not worth the price so that company was dissolved but this was years before the scandal.  I DO think service has improved since the scandal and I do think they are at least trying to become competitive again without overtly screwing people.  I have been pretty happy with service and also extra deals that come out of my Propel card and my now very old checking account has been consistently right with no errors (same one since high school in the mid 90's).  Having said that for business I think I would go Chase if I were to do it again, they didnt have any screw ups.  For investing I really hated chases You invest though (love love love Fidelity, and TD ameritrade  though).  

Edited June 13, 2021 by Wander907

[MP80]

Yes, I believe they completely reformed their policies and had to fire many bank executives. However, nothing can change the fact that they secretly lie to investors.

 

I have a long history with Wells Fargo Bank, and I write personal checks to pay for my monthly mortgage, water service, PG&E power utility, and other bills. I will never know if Wells Fargo has secretly created other accounts. I have not been messed up by them. At least we will see what will happen in the future. The bad things are over and cannot be erased, but Wells Fargo has been fined by the US Securities and Exchange Commission and has paid a heavy price since then.

 

Not years, it will take a decade for people to trust them again. 

[hdporter]

10 hours ago, cv91915 said:

 

We have the Double Cash card, and I absolutely hate it.  It was a PC from something else; I never would have applied for this card.  

 

This begs the question... why not Citi Quadruple Cash?  

 

• 0.5% back when you buy
• 0.5% back when you pay
• 0.5% back when you request a redemption, based on the dollar value of the purchases that earned the cash back
• 0.5% back as calculated above, paid 30 days after the redemption posts

 

 

Well, truth is, I've had Citi DC going on 12 years now and every thing has been hunky dory.  But with embers still burning in my gut over my recent Citi Best Buy application/approval experience, I'm cheering you on all the way to the mountains ...

 

The mechanism put in place for this 2% card smacks of a bunch of alchemists being rounded up and asked to devise a stratagem by which Citi could pay something less than 2% on purchases, without anyone the wiser.  The alchemists are convinced they succeeded (just as they did in transmuting base metals to gold).

 

Pity Citi discontinued their Simplicity card ... they could have introduced Simplicity Double Cash: "We've made it simpler!!  We just pay you 2% on your purchases now!)

[cv91915]

Does Wells Fargo do PCs?  (Someone else asked recently but I can't find the post.)

 

We have a generic Rewards Visa that pays 1% (TAD's first credit card when he came to the US).

 

If I could PC to a flat 2% card we could then PC the stupid City Dubble Kash to a Custom Cash and then I'd finally have a 5% gas card.

[nemo]

Wells Fargo does PCs but they like to think it's their idea.  A few years back, I tried to PC a Platinum to a Rewards Visa, and at first they said no, but a few months later I got a letter saying "Congratulations, you are being upgraded!"

 

[Burgerwars]

On 8/8/2021 at 8:39 AM, cv91915 said:

Does Wells Fargo do PCs?  (Someone else asked recently but I can't find the post.)

 

We have a generic Rewards Visa that pays 1% (TAD's first credit card when he came to the US).

 

If I could PC to a flat 2% card we could then PC the stupid City Dubble Kash to a Custom Cash and then I'd finally have a 5% gas card.

Yes. I have three WF cards that look very much alike. One was from Wachovia, when they died and WF took them over. I saw online a few weeks where I could do a PC change from WF Signature Visa to a WF Active Cash Visa.  There were some links on the right side of the screen when browsing a card, and one was to product change to this card. They sent me a new card in a week. Same account number, different card.

Edited August 9, 2021 by Burgerwars

[Burgerwars]

An added note about switching cards/product changes.  I just logged into Wells Fargo to check again.  Click on your credit card, then click on "More Services" on the right.  You'll then see another choice called "Switch My Credit Card."  That choice won't always be there, if the card you currently have is already the Active Cash card, or a card not eligible to be switched.  I think that choice is there to get customers to switch from cards Wells Fargo no longer offers.  The only card I've seen that I can switch to is Active Cash.  

[Glacier]

Thanks I just PC'd my WF Platinum to the 2% Rewards.  

[nemo]

13 hours ago, Burgerwars said:

An added note about switching cards/product changes.  I just logged into Wells Fargo to check again.  Click on your credit card, then click on "More Services" on the right.  You'll then see another choice called "Switch My Credit Card."  That choice won't always be there, if the card you currently have is already the Active Cash card, or a card not eligible to be switched.  I think that choice is there to get customers to switch from cards Wells Fargo no longer offers.  The only card I've seen that I can switch to is Active Cash.  

 

Nice, thanks!

 

As expected because it's an Amex, my Propel card does not have that option.  Not that I would want to change it.  I was just curious after that great explanation.

[hdporter]

16 hours ago, nemo said:

 

Nice, thanks!

 

As expected because it's an Amex, my Propel card does not have that option.  Not that I would want to change it.  I was just curious after that great explanation.

 

Bev has a WF rather plain jane rewards VISA card.  No option to change product there either.

[cv91915]

I can't PC our card (Rewards Visa) either.

 

We recently received and activated replacement cards, which were sent to us automatically because the expiration date is this month. 

 

  

 

To be certain I went through the card activation process again yesterday, and then waited overnight in case a database refresh was required in order to re-enable the PC functionality.

 

Same result this morning, though.

 

Now I'm going to wait until the next statement closes (9/3) and try again, and if that doesn't work then my backup theory will kick in.

[nemo]

15 hours ago, hdporter said:

Bev has a WF rather plain jane rewards VISA card.  No option to change product there either.

 

12 hours ago, cv91915 said:

I can't PC our card (Rewards Visa) either.

 

If you have a Visa and want to PC, but can't right now, I would go ahead and call WF on the phone anyway.  They tend to keep track of what people want, and sometimes grant it months later.  That's what happened to me for my previous PC.

 

[Edit]

I just recalled what made me think that.  When I called WF to try to PC a Platinum to a Rewards Visa, and they told me no, the CSR also said they would keep my request on file because they sometimes grant these requests later.  This was years ago; hopefully they still do the same.

Edited August 11, 2021 by nemo

[cv91915]

5 hours ago, nemo said:

If you have a Visa and want to PC, but can't right now, I would go ahead and call WF on the phone anyway.  They tend to keep track of what people want, and sometimes grant it months later.  That's what happened to me for my previous PC.

 

[Edit]

I just recalled what made me think that.  When I called WF to try to PC a Platinum to a Rewards Visa, and they told me no, the CSR also said they would keep my request on file because they sometimes grant these requests later.  This was years ago; hopefully they still do the same.

 

The WF card we have is a joint account owned by both of us (not an AU relationship), and my backup theory is that this is the actual problem here.

 

We did it this way so the age of the card would help my AAoA, and I didn't really understand at the time that I could have accomplished the same thing with an AU card.  I figured this was better.  🤷‍♂️

 

We have one other joint credit card account (with Bank of America), and while I don't recall the specifics, the joint ownership has made some other pretty mundane things unnecessarily complicated.

[Wander907]

So I went ahead and opened the Active cash card (a little earlier then planned but whatever).  I intend to use it as a general everything else type card with the plan to try and convert my CapOne Venture to a CapOne SavorOne card.  I was only approved for 4K line on this one interestingly but I called up and they agreed to move some of the 20K credit line from my WF Propel amex to this card (I decided to split them = and now both have a 12K limit which for me is plenty for what I will use them for).  Overall im pretty happy with this so far given I could not convert the Propel to this (but I do think its a decent no fee back up travel, dine, gas card).   Will update when I try to do the CapOne conversion to show if they let me or not (first getting the value of remaining points off in 1:1 gift card transfers to stores I do use).   Its interesting in that my credit (both fico 8 and fico 9 scores) took a 20 point hit, but it may rebound as it does not show the new card yet on my credit report (as total credit went up a bit).  It may be the credit hit as I recently also opened a Chase Sapphire for travel, and in the past year a Amex Blue Cash everyday (grocery card and for the Amex deals which actually have used $200 worth this year so far).  

Edited August 14, 2021 by Wander907

[hdporter]

On 8/11/2021 at 12:37 AM, hdporter said:

 

Bev has a WF rather plain jane rewards VISA card.  No option to change product there either.

 

Well, this is freaky:  I'm confident that when I checked on Wednesday the Wells system said this card wasn't eligible for a product change.  I just checked it again, for the hell of it ... it's offering a switch to Active Cash.  Done deal.  (And, surprisingly, it looks like the card is going to retain it's 6.65%.)

 

Edited August 14, 2021 by hdporter