Wells Fargo Reward Card

Discussion in 'General Discussion | Credit Cards' started by vickers, Sep 10, 2013.  |  Print Topic

  1. vickers

    vickers Gold Member

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    Received a targeted offer from Wells Fargo to apply for their reward card. Wells Fargo currently has my mortgage, but that's it. As I am trying to rebuild my credit after some mistakes as a young adult, I decided to give it a whirl. Went to a pending status. Called the number. Operator didn't need any other information, but told me that my card was approved for a $3,000 credit limit. While not the best card for rewards, it is good for me, and I will keep this card open to get my average age of accounts up.

    No Annual Fee. 0% Interest for 12 months (best offer I have ever had).

    • Enjoy 5X rewards points on gas, groceries, and drugstore net purchases1 for 6 months.
    • Get 1% cash back on all other net purchases.
     
  2. moongoddess

    moongoddess Silver Member

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    I have that card in my wallet. It's not bad for a cash-back card, but I don't use it much as right now I'm more interested in getting airline miles than cash back. But since it's a no annual fee card, it's worth keeping.
     
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  3. vickers

    vickers Gold Member

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    Thats my plan. Im gonna hit the 5x hard for the first 6 months. Then just keep it. Highest credit limit i have, so in case of emergencies, ill go to it.
     
  4. thepointstraveler

    thepointstraveler Silver Member

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    If you were approved by Wells your credit must be already "rebuilt" as they are one of the most conservative issuers out there! Nice job!
     
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  5. vickers

    vickers Gold Member

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    Thank you. Not enough for AMEX though. lol. They wont extend me credit.........
     
  6. boondr

    boondr Gold Member

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    Every credit card you get should be defacto to 0% for life.
     
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  7. clscholes

    clscholes Silver Member

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    And if you can't pay the balance in full (as boondr alluded to, don't get or use one.
     
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  8. vickers

    vickers Gold Member

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    Agreed, as rewards cards have higher interest rates. Very happy with the 12 months no interest! Most ive received before is 6.
     
  9. moongoddess

    moongoddess Silver Member

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    Why? It shouldn't matter, because you shouldn't be planning to ever carry a balance on your credit cards. That's a bad habit that's hard to break once you've acquired it. Get in the habit now of paying your credit card balance in full every month, or you might eventually find yourself right back in the same financial hole you were in as a youngster. The credit card companies are counting on it - that's why they offer these cash back, points, and miles cards: to lure people into carrying a balance. And most people fall for the trap. Something like 2/3s of American households carry a monthly credit card balance, and the average owed is around $8000. Most of those folks will be wage slaves for the rest of their lives, because they will never be out of debt.

    Pay yourself first every month by putting some money into savings, and don't buy something on your credit card if you can't afford to pay for it with cash. Believe me, it's worth it.

    The points and miles game can be very lucrative, but ONLY if you can avoid the traps the credit card companies are trying to set. Most people can't, alas, which is why they should stay away from rewards programs and the churn game.
     
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  10. vickers

    vickers Gold Member

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    Agreed, and great analysis. Just exciting to see that offer. lol
     
  11. moongoddess

    moongoddess Silver Member

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    I can certainly understand that! And it's amazing how once you actually HAVE money and good credit, people right and left start offering you MORE more money (in the form of loans), while folks who are truly broke can't get a loan to save their lives. It's a funny world we live in...
     
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  12. Scottrick
    Original Member

    Scottrick Gold Member

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    Why give money to someone who can't pay you back?
     
  13. vickers

    vickers Gold Member

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    While true on its face, some people could just need 1 break, or someone to take a chance on them. They could then use that to help get back on their feet. But I agree that it is not the norm. Those with bad credit will most likely continue to have bad credit, and get into trouble. And lets be honest, the credit card companies need those people.
     
  14. moongoddess

    moongoddess Silver Member

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    Oh, I understand the reasoning behind it. It's just an ironic observation. It's always easiest to get money when you really don't NEED the money, which is funny (in a black humor sort of way).
     
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  15. moongoddess

    moongoddess Silver Member

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    Those are the folks who are paying for our "free" goodies, too (cash back, free hotel stays, award flights, etc.) I feel guilty about that sometimes - but then I think of all the people I know who are chronically in money trouble not because they work a low-paying job but because they simply lack any financial discipline whatsoever, and I feel a bit better.
     
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  16. vickers

    vickers Gold Member

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    Most people spend what they make. Some, more than that!
     
  17. vickers

    vickers Gold Member

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    Been using the card for a few weeks now. Love purchasing gift cards at Kroger and CVS for merchants that do not offer bonuses. Im racking the points up. We are painting our living room, kitchen, and kids room and i just purchased a $200 gift card from CVS for Lowe's. Feeling the high. lol
     
  18. icurhere2
    Original Member

    icurhere2 Gold Member

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    You're missing a few steps if you're willing to buy gift cards via eBay:

    Buy eBay gift cards at Kroger or CVS,
    Make sure you're enrolled in eBay bonus bucks,
    Get the 5% from the card, 2% in eBay bonus bucks, and then buy the gift cards slightly below face value.
     
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