Wells Fargo Cash Back College Visa
A Good, No-Frills Student Card, With Rewards
The Wells Fargo Cash Back College Visa is a no-frills, easy to understand card that's excellent for young people to establish their credit history with a bank known for creating long-term relationships with its customers, which should pay dividends later on. It also has a good rewards program.
Because it's a credit card meant for college students, the Wells Fargo Cash Back College Visa is a great credit card to start out with. Young adults can use the card to establish a strong credit history and earn cash rewards in the process.
Rewards on the Wells Fargo Back College Visa
The Wells Fargo Cash Back College Visa has a nice rewards program especially considering it's a card for college students. You can earn 3% cash rewards on gas, grocery, drugstore purchases for the first six months and 1% cash rewards on all other purchases. There are no limits to the rewards you can earn and you can redeem them for cash back directly into your Wells Fargo account.
To make the most of your rewards, pay your balance in full every month so that you avoid paying interest on your purchases.
Wells Fargo offers Cellular Telephone Protection that will cover damage or theft of your phone when you pay your bill with your Wells Fargo Cash Back College Visa.
What You Need to Qualify
You'll need an existing Wells Fargo account to qualify. Wells Fargo will also request your social security number, school and income information. If you're under age 21, you'll have to provide proof of your own income to be approved. Otherwise, you'll to apply jointly with an adult who is over age 21 who does have income.
The fees associated with the Wells Fargo Cash Back College Visa are on par with most other credit cards. Since there's no annual fee, you can avoid all other fees on the card based on how you use it. For example, you can use your card for absolutely free if you avoid transactions that incur a fee, pay on time each month, and be sure there's enough money in your checking account to cover your payment.
|Purchases APR||0% for 6 months; then 11.40% to 21.40%|
|Balance Transfer APR||0% for 6 months; then 11.40% to 21.40%|
|Cash Advance and Overdraft Protection APR||24.24%|
|Balance Transfer Fee||3% of the transfer or $5 for the first six months; then 5% or $5|
|Cash Advance Fee||$10 or 5%|
|Overdraft Protection Advance Fee||$12.50 for advances less than $50; $20 for advances over $50|
|Foreign Transaction Fee||3%|
|Late Fee||Up to $37|
|Returned Payment Fee||Up to $37|
If approved, you can link your Wells Fargo Cash Back College Visa to your checking account for overdraft protection. However, overdraft advances will be charged a fee of $12.50 or $20 depending on the amount of the advance. Overdraft advances are also charged a higher interest rate than purchases. While linking your card to your checking account can prevent expensive overdraft fees with your checking account, it can potentially get expensive. It's better to avoid overdrafts completely.
The First Six Months With the Wells Fargo Cash Back College Visa
During the first six months of having your credit card, you'll enjoy the most perks. Some purchases will earn cash back at 3% and you'll pay no interest on purchases, even if you carry a balance. It's important that you don't let these perks lure you into a debt trap. You may be tempted to charge a high balance to earn more rewards and pay just the minimum since there's no interest. But, keep in mind that six months will pass faster than you can realize.
It's better to get into the habit of paying in full right from the start. That way, you create the solid payment habits that will keep you out of credit card debt and help you build a good credit score.
Edited by LaToya Irby. Credit card terms and sign-up bonuses are subject to change from the time of this review. Refer to the application for current terms and conditions.