Wells Fargo is expected to launch a new credit card in July 2022 — a no-annual-fee credit card with great cash-back rates on several categories.
The New Wells Fargo Autograph℠ Card
The new card will be called the Wells Fargo Autograph card and will carry no annual fee, making this card a great addition to your wallet without having to worry about an annual fee just for keeping it open. This card is obviously aimed at general consumers, and while it comes with some good cash-back rates, it carries few tangible perks.
Welcome Bonus
After you spend $1,500 on this card in the first 3 months of card membership, you’ll earn 30,000 Wells Fargo points, which translates into $300 since Wells Fargo points cannot transfer to any airlines or hotels, unlike transferrable currency credit cards.
To receive the bonus, you must be applying for this card as a new cardholder. While you’re welcome to participate in a product change from another Wells Fargo product, you will not earn the bonus if you go that route.
Wells Fargo is introducing the Wells Fargo Autograph card. Image Credit: Rob Wilson via ShutterstockEarnings
Wells Fargo points cannot be transferred out like Chase Ultimate Rewards or American Express Membership Rewards, but they can be used to purchase travel through a Wells Fargo portal, a statement credit, or a paper check at a rate of 2,500 points to $25. You can consider this new credit card a cash-back card because of this, where each point earns 1 cent of value.
The earnings on this credit card are great, and it’s rare to have a credit card with such a great earning potential on a wide variety of categories:
- Earn 3x points on restaurants, travel and transit, gas, phone plans, and streaming services
- Earn 1x points on all other purchases that don’t fit into other categories.
However, because you can’t transfer these points to traditional frequent flyer miles, you’re only going to get a fixed value of redemption as cash-back. Still, if you like earning cash-back on your account, this might be a great card for you.
In addition, there will be no foreign transaction fees (necessary, especially when such a large percentage of the card’s earnings come from travel) and the card will come with Visa Signature benefits, which included extended warranty protection, rental car insurance, and trip delay coverage.
Hot Tip: Is the Wells Fargo Autograph card right for you? Check out our guide to the best no-annual-fee credit cards to maximize your rewards!
Final Thoughts
While this card comes with great earnings on a variety of purchase categories, the fact that it earns cash-back could be a huge downside for many. Consider the value this card brings you in your wallet and whether you’re able to better utilize cash-back or true frequent flyer points as your primary reward method when spending.
The information regarding the Wells Fargo Autograph℠ Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
Featured Image Credit:
Kristi Blokhin via Shutterstock
