wellsfargo.com/mynewcard – Wells Fargo Cash Wise Pre-Approved

April 17, 2020

By Martin Norris

The wellsfargo.com/mynewcard mail offer has a decent flat rate for cash rewards, a decent introductory offer, reasonable APR, and understandable fees and limits. It's not a great credit card, but it's far from a poor credit offer. On the upside, it doesn't take a credit score of 700 or more to get. If your score is right around 600, this is a great card in that gray space to go for and help you get to an even better offer.

Still, even though all of the major points are relatively average for this type of credit card, there are a few things that could be beneficial, or major sticking points, for some potential cardmembers. These points are outlined in the following full review.

The Wells Fargo Cash Wise Visa is for one of two types of people. The first type adores simplicity and, potentially, also has some loyalty to Wells Fargo from a previous card or transaction. For this type, the Wells Fargo Cash Wise Visa is a great choice because it offers flat rewards that are easy to redeem for cash and other limited options.

The caveats here are that you cannot open a new Wells Fargo card more than once every 6 months and linking this card to your Wells Fargo bank account is not as beneficial as it is convenient due to overdraft protection fees.

The second type of person who would do well with the Wells Fargo Cash Wise Visa is rebuilding their credit but having a hard time bringing their score from 600 to 700, possibly due to a lack of overall available credit or somewhat high credit utilization. This card could help with that. Even better, there's no annual fee and this could become your best everyday card due to the flat 1.5% cash rewards with no cap.

The APR for the Wells Fargo Cash Wise Visa is variable. This means that you could receive a margin rate of 10.74% to 22.74% on all purchases and balance transfers. The Prime Rate is added to these margins to create the total APR. Overall the rate is below average, on the low end of the APR, for a credit card of this tier.

The APR for cash advances is similarly variable with a margin of 20.74% to 22.74% added to the Prime Rate. This is on par with most other credit cards regardless of tier. However, with cash advances and balance transfers, additional fees will apply. Higher fees may apply to Well Fargo customers without a Wells Fargo bank account.


  • Annual Fee – There is no annual fee for the Wells Fargo Cash Wise Visa.
  • Cash Advance Fee – The cash advance fee for the Wells Fargo Cash Wise Visa is the greater of $10 or 5% of the total cash advance.
  • Foreign Transaction Fee – The foreign transaction fee for the Wells Fargo Cash Wise Visa is 3% after the purchase has been converted into USD.
  • Late Payment Fee – The late payment fee for the Wells Fargo Cash Wise Visa is up to $37.
  • Return Payment Fee -  The returned payment fee for the Wells Fargo Cash Wise Visa is up to $37.
  • Authorized User Fees – There is no authorized user fee for the Wells Fargo Cash Wise Visa, though certain restrictions about additional cards and authorized users apply. Initially you will need to respond to you wellsfargo.com/mynewcard mail offer before receiving details regarding authorized users.
  • Balance Transfer Fee – The balance transfer fee for the Wells Fargo Cash Wise Visa is the greater of 5% of the total balance to be transferred or $5. If still within a promotional period, like 0% APR for 15 months, the promotional balance transfer rate for the Wells Fargo Cash Wise Visa is $5 or 3% of the total balance, whichever is greater.


The Wells Fargo Cash Wise Visa offers a simple rewards program of 1.5% in cash rewards for every qualifying purchase with no limit. Occasionally, if you shop through Wells Fargo offers, it's possible to get a higher cash reward rate. However, there are a few rules to remember to make the most of the Wells Fargo Cash Wise Visa card's rewards program.

First, you can only redeem these rewards directly to a Wells Fargo checking or savings account or have a paper check mailed to you.  These rewards are also only redeemable in increments of $25. Any delinquent cards or accounts could result in forfeiture of any accumulated rewards.

Alternatively, if you prefer not to redeem the accumulated cash rewards as cash, you can choose to donate them through Wells Fargo or be sent travel, gift card, or physical items. What these are and availability will change frequently.

Why to get a wellsfargo.com/mynewcard Cash Wise Card

Simplicity may be the greatest advantage of the Wells Fargo Cash Wise Visa, but there are a few others.

  • 1.5% Cash Rewards with No Limit – This is one of the highest general cash rewards rates of any no-annual-fee credit card.
  • Good Credit Card for a Good Credit Score – Credit scores around 600 are in the “good” range. This credit card has benefits almost as good as those in the “great” range and allows “good” scores to be approved often.

Why to not respond to a wellsfargo.com/mynewcard Cash Wise Card Invite

Looking at this list of cons, it's clear that Wells Fargo wants you to use other Wells Fargo financial products with this credit card.

  • Transfer of Cash Rewards to Wells Fargo Accounts Only – You can get a paper check delivered to you, but this takes much longer. Further, nearly every other credit card that offers redemption of cash rewards will transfer those rewards to any bank account. This is one of the main reasons why people find it useful to go in another direction other than deciding to carry the Cash Wise card through wellsfargo.com/mynewcard
  • Overdraft “Protection” - If you do link your accounts, however, you may be subject to an overdraft fee when going over your account or credit limits. With how high this fee is, it's hard to call it “protection”. Unless you intentionally charge over $50 more than you have available regularly.

The Wells Fargo Cash Wise Visa credit card is a good choice if you have no other card that earns above 1% cash back. It's also a decent balance transfer card is you happen to be given a low APR. Further, if you're already a Wells Fargo customer, this credit card may provide a few marginal benefits.

In general, however, the Wells Fargo Cash Wise Visa is a card in a space that is sorely lacking in good credit card options. This makes it a perfect card to help build up your credit score your credit-building journey has started to pay off. It's also a simple card with no annual fee and a great, though frequently changing, set of introductory offers.

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