A 2015 Wells Fargo survey, How America Buys and Borrows, showed that rewards – cash back rewards, in particular – help shape consumer spending habits. Specifically, it found that nearly 60% of consumers charge almost everything they buy to earn rewards and that 36% indicate cash rewards to be their favorite.
Informed by these insights, Wells Fargo has introduced a new cash back Visa credit card with unlimited 1.5% cash rewards. A full read of the product earn and benefits reveals some interesting differences for folks who want the simplicity and ease of cash rewards. Here’s a quick look at the no annual fee, chip-enabled card:
Conspicuously absent is a sign-up bonus. However, some may find the special earn rate for mobile wallet use an equally attractive perk for the first year.
We suspect Wells Fargo knows mobile wallets are a good way of ensuring “sticky behavior,” and that’s a smart move as the bank strives to ensure its branded credit cards are the preferred payment choice in Apply Pay or Android Pay.
For consumers who have a deep Wells Fargo Bank relationship, the card could make sense, but for everyone else, we still believe Citi Double Cash, among a short list of cash back rewards card options, may be a richer choice.