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If you have a large amount of high-interest credit card debt that you’re struggling to pay off, you should consider a balance transfer card, like the Wells Fargo Reflect® Card.
The card offers an introductory APR on balance transfers for a year and a half. Additionally, cardholders can receive an intro APR extension of up to three months with on-time minimum payments during the introductory and extension periods.
The Wells Fargo Reflect® Card also offers a similar intro APR deal on purchases, which can help you finance a large purchase over time without paying interest charges.
If you’re looking to earn rewards on the purchases you make, this isn’t the card for you, since it doesn’t offer a rewards program. However, when paying down credit card debt, it’s best to focus on paying your balance in full within the promotional period, rather than earning rewards.
We take a look at the pros and cons of the Wells Fargo Reflect® Card, and compare it to similar balance transfer credit cards to help you determine if it’s the right fit for you.
Intro Purchase APR
0% intro APR up to 21 months from account opening
Regular Purchase APR
15.24% - 27.24% variable APR
Intro BT APR
0% intro APR up to 21 months from account opening on qualifying balance transfers
Regular BT APR
15.24% - 27.24% variable APR
Annual Fee
$0
Cash Advance Fee
Refer to Important Credit Terms
Foreign Transaction Fee
3%
Balance Transfer Fee
3% for 120 days from account opening, then up to 5%; min: $5
Intro APR on balance transfers
The Wells Fargo Reflect® Card offers one of the longest introductory APR periods currently available on balance transfers. Cardholders receive a 0% intro APR up to 21 months from account opening on qualifying balance transfers. After that, a regular 15.24% - 27.24% variable APR applies.
Intro APR on purchases
If you need to finance a large purchase and pay it off over time, the Wells Fargo Reflect® Card allows you to do so interest-free for an extended period of time. The card offers a 0% intro APR up to 21 months from account opening on purchases. After that, a regular 15.24% - 27.24% variable APR applies.
Annual fee
The Wells Fargo Reflect® Card comes with a $0 annual fee. But it’s pretty common for a balance transfer credit card not to charge an annual fee.
Cellphone protection
Receive up to $600 in cellphone protection as reimbursement for damage or theft when you use your Wells Fargo Reflect® Card to pay your monthly cellphone bill. Note, you will be subject to a $25 deductible.
No rewards program
The Wells Fargo Reflect® Card does not have a rewards program, so you won’t have the opportunity to earn a sign-up bonus or points for the purchases you make.
Balance transfer fee
If you decide to transfer a balance, you’ll be subject to a balance transfer fee of 3% for 120 days from account opening, then up to 5%; min: $5. For example, if you transfer $8,000 to the Wells Fargo Reflect® Card within the first 120 days, the balance transfer fee will be $240.
While it’s typical for a balance transfer card to charge a balance transfer fee, there are a few select cards available with no fee.
If you are just interested in a card that provides a lengthy intro APR period on balance transfers, but also offers the opportunity to earn rewards on every purchase, the Citi® Double Cash Card – 18 month BT offer is a good option.
The Citi® Double Cash Card offers an intro APR of 0% for 18 months on balance transfers, then an ongoing APR of 16.24% - 26.24% (variable) applies. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
The Citi® Double Cash Card comes with a $0 annual fee and offers a solid flat cashback rate. Cardholders earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Cash back can be redeemed as a statement credit, direct deposit or check, or converted to points.
Unlike the Wells Fargo Reflect® Card, the Citi® Double Cash Card doesn’t come with an introductory APR offer on purchases.
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| Wells Fargo Reflect® Card | Citi® Double Cash Card – 18 month BT offer | U.S. Bank Visa® Platinum Card | BankAmericard® credit card |
|---|---|---|---|
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Apply Now on Wells Fargo's secure site
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Apply Now on Citibank's secure site
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Apply Now on U.S. Bank's secure site
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Apply Now on Bank Of America's secure site
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| Welcome Offer | |||
| N/A | No bonus | No bonus | $100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening. |
| Rewards Rate | |||
| None | Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. | None | Non-rewards card |
| Annual Fee | |||
| $0 | $0 | $0 | $0 |
| Intro Purchase APR | |||
| 0% intro APR up to 21 months from account opening | N/A | 0% intro APR for 20 billing cycles on Purchases | 0% Intro APR for 18 billing cycles for purchases |
| Regular APR | |||
| 15.24% - 27.24% variable APR | 16.24% - 26.24% (Variable) | 16.74% - 26.74% (Variable) | 15.24% - 25.24% Variable APR |
| Intro Balance Transfer APR | |||
| 0% intro APR up to 21 months from account opening on qualifying balance transfers | 0% for 18 months on Balance Transfers | 0% intro APR for 20 billing cycles on Balance Transfers | 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days |
| Regular Balance Transfer APR | |||
| 15.24% - 27.24% variable APR | 16.24% - 26.24% (Variable) | 16.74% - 26.74% (Variable) | 15.24% - 25.24% Variable APR on balance transfers |
| Balance Transfer Fee | |||
| 3% for 120 days from account opening, then up to 5%; min: $5 | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening. | Either 3% of the amount of each transfer or $5 minimum, whichever is greater | Either $10 or 3% of the amount of each transaction, whichever is greater. |
| Recommended Credit | |||
| Excellent/Good | Excellent/Good | Excellent/Good | Excellent/Good |
| Card Details | |||
| Wells Fargo Reflect® Card | Citi® Double Cash Card – 18 month BT offer | U.S. Bank Visa® Platinum Card | BankAmericard® credit card |
The Wells Fargo Reflect® Card is a great option for those looking to pay off existing credit card debt or for financing a large purchase, thanks to its extremely long introductory APR period on balance transfers and purchases.
But if you plan to keep a card after paying off your balance, the Citi® Double Cash Card may be a better choice, since it also offers a rewards program.
Whichever card you choose, we recommend creating a plan to pay off your balance before the promotional APR period ends. You can do this by calculating how much your payments need to be each month to pay your balance in full by the deadline and setting up automatic payments.
