If you’re looking for a credit card to help you pay down debt or stretch payments on a new, large purchase, the Wells Fargo Reflect Card might be one to consider. With a 0% APR intro period of up to 21 months and no annual fee, this card offers an extended break from interest.
One of the most significant advantages of the Wells Fargo Reflect Card is the 0% APR intro period on both purchases and balance transfers. This makes it one of the most extensive introductory periods available, giving you over a year and a half to pay down your existing debt or make new purchases without having to worry about accruing interest charges. Additionally, there is no annual fee, so you don’t have to worry about any additional costs associated with owning the card.
Another perk of this card is cell phone protection against damage or theft. You can get up to $600 of protection (with a $25 deductible) as long as you pay your phone bill with the card.
Of course, the card does have some drawbacks as well. The balance transfer fee is either $5 or 3% of the amount of each balance transfer (whichever is greater) for the first 120 days from account opening. After that, you’ll need to pay up to 5% for each balance transfer with a minimum fee of $5.
Additionally, after the introductory period ends, the regular APR rate can range from 17.49% to 29.49%. This could be quite costly if you cannot pay off your balance in full before the end of the intro period.
Plus, if you make a late payment, your introductory APR may be terminated, and the regular purchase and balance transfer APR could be applied. Finally, the available cell phone protection does not cover lost phones.
This card is geared primarily toward consumers who have a credit score of 670 or better. Also note that if you have opened a Wells Fargo credit card within the last six months, you may not be eligible for the Wells Fargo Reflect Card.
The Wells Fargo Reflect Card is a solid option for those individuals who have good credit and need some extra time to pay off their balance. However, if you are unable to pay off your balance before the end of the introductory period, this card could be costly.
As always, make sure you understand all the terms and conditions of any credit card before you decide to apply. In addition, be sure to read the fine print and understand all the fees associated with the card as well as any potential rate increases that may occur.
To learn more or apply, visit the Wells Fargo website or your nearest Wells Fargo branch.