With the Wells Fargo student credit card, you may receive 1% cash back on all purchases and 3% cash back on select purchases during your first six months as a cardholder, up to $2,500 in total spending. Along with a cell phone protection benefit, there is a promotional period of six months with a 0% APR for balance transfers and new purchases. Customers of Wells Fargo are the only ones who can get this card.
Pros
- Offer of triple incentives for brand-new cardholders
- Introductory APR of 0% on balance transfers and purchases for a period of six months
- Many advantages for a student card, including cellphone insurance
Cons
- Low return on investment for continued rewards
- To redeem, you must have at least $20 in rewards.
- Customer satisfaction with Wells Fargo is subpar.
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Five things to know about Wells Fargo Student Credit Card
The Wells Fargo student credit card has no annual fee, and here are five things you should know about it:
1. It generates Wells Fargo Rewards that can be exchanged for money.
The following benefits are earned by using the Wells Fargo Cash Back College Card:
- For the first six months, you can receive 3% cash back on up to $2,500 in gas, supermarket, and pharmacy purchases.
- All other purchases will earn 1% back.
These benefits are given in the form of Wells Fargo Rewards points. They are worth one penny each and can be redeemed for cash back among other things.
2. If you already have a relationship with Wells Fargo, applying is simpler.
You can apply for the card online if you already have a Wells Fargo account. If not, you must submit a paper application in person at a Wells Fargo location.
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3. You might later be able to switch to another Wells Fargo card.
While it’s not always possible, some cardholders who graduate may be able to switch from one Wells Fargo program to another (one that offers better benefits).
The Wells Fargo student credit card doesn’t have any stated credit score restrictions, but the bank claims it is intended for college students and those who are developing credit. It informs the three credit bureaus of payment information. That means that if you pay your bills on time each month and keep your balances within a reasonable range of your credit limit, you can gradually raise your credit scores and increase your chances of being approved for other cards that have acceptable to exceptional credit requirements.
4. You can gradually raise your credit limit.
However, the bank does state that it has a program for credit limit increases for the card. Wells Fargo also withholds the specifics of its underwriting standards for credit limit increases. This means that you stand a strong possibility of having your credit limit increased if certain conditions are met, like an increase in your income and a sound financial situation.
5. The card has an introductory APR term.
The Wells Fargo student credit card offers a 0% introductory annual percentage rate for the first six months, which is unique for credit cards in this category (a variable APR applies after that). That might be useful for college students who have a lot of upfront costs.
After that deal expires, the card’s recurring APR, which is based on creditworthiness, takes effect.
It’s also important to note that the card, like other Wells Fargo cards, includes cell phone protection, which is useful and not very common.
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Outstanding Benefits of Wells Fargo Student Credit Card
One significant perk that the Wells Fargo student credit card offers that can be helpful to college students is cell phone insurance.
You will receive coverage of up to $600 when you use your card to pay for your monthly cell phone bill, subject to a $25 deductible. This is a fantastic benefit for a student credit card, and it distinguishes the Wells Fargo Cash Back College card from other products.
The coverage comes with a few restrictions. While theft is protected, a straightforward phone loss is not. Additionally, qualified damage must interfere with the phone’s performance; repairs that are made just for aesthetic appeal or because of technical or software issues unrelated to physical damage are not eligible. After you have received the benefits from any other insurance coverage, including that from home or auto insurance, this secondary coverage kicks in.
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Regular Benefits
This Wells Fargo student credit card offers extensive perks that are typical of regular credit cards but unheard of for student cards. Benefits include:
- Emergency replacement of the card: To get a new card delivered to you and to access emergency cash, dial 1-800-847-2911.
- Roadside dispatch: You can dial 1-800-847-2869 for roadside assistance if you get a flat tire or run out of gas. Any services offered will incur a separate charge from your payment.
- Emergency aid and travel services: Call 1-800-992-6029 to get travel and emergency assistance when you pay your complete fare with your card on a common carrier. They can give you access to resources like translators and referrals for health or legal matters.
- Secondary collision damage waiver for auto rentals: To receive free additional rental car insurance, decline the company’s insurance and pay with your card instead.
Security Features
Security protections on the Wells Fargo student credit card are typical of most credit cards. Since the card has no liability insurance, you are never liable for fraudulent charges. Additionally, you can register to get notifications regarding payment due dates and questionable behaviour.
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Cardholder Experience
You might not have much experience using credit cards as a college student and you might have concerns. If that’s the case, you should be aware that Wells Fargo’s customer service isn’t particularly renowned.
Out of 11 major national card issuers, the J.D. Power 2020 U.S. Credit Card Satisfaction Study ranked Wells Fargo eighth. In the research, Wells Fargo scored a below-average rating.
Customer care for Wells Fargo is accessible twenty-four hours a day, seven days a week, by secure email or at 800-642-4720.
Frequently Asked Questions
Do students receive credit cards from Wells Fargo?
College students with little credit history may be given credit cards, some of which have introductory interest rates or reward programs.
Can a student without a job receive a credit card?
Students can cite additional sources of income, such as family bank deposits or unclaimed financial aid, in their credit card application even if they don't have a job that pays a salary. In order to be eligible for a credit card, students must be at least 18 years old.
What is the credit card limit for students?
What is the credit card limit for students? A student credit card often has a lower credit limit than a standard credit card. The credit limit could be as low as $100 or $200 depending on the card you acquire, your salary, and your creditworthiness.
How can Wells Fargo give me $200?
You must be approved for the Wells Fargo Active Cash® Card and spend $1,000 within the first three months of account opening to qualify for the Wells Fargo $200 Cash Rewards incentive.
Conclusion
The Wells Fargo student credit card is a good choice if you’re searching for a student credit card without an annual fee, at least for the first six months you’ll have the card. During that time, you’ll receive 3% cash back on selected purchases up to $2,500 in total.
The card also offers several useful features that are uncommon for a student credit card with no annual charge, such as supplementary rental-car coverage and cell-phone protection. Younger renters of cars are frequently charged extra, and some businesses may even exclude them, so students should be aware of this.
But other from those perks and its introductory offers, the Wells-Fargo Cash Back card doesn’t provide anything particularly noteworthy. You will continuously receive 1% cash back, which is a respectable rewards rate for a student card but not particularly noteworthy. Additionally, the card does have foreign transaction fees, so if you want to go outside of the US, you would be better off using a different card.
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