The Wells Fargo Active Cash® Card is a popular choice for those looking to earn cash back rewards without much hassle. But before you apply for this credit card, it’s essential to understand the credit score requirements to increase your chances of approval.
To be eligible for the Wells Fargo Active Cash Card, applicants typically need a good-to-excellent credit score. More specifically, a minimum credit score of 670 on the FICO Score model is generally required. This criterion ensures that Wells Fargo can assess your creditworthiness and determine the terms and conditions of your credit card.
By understanding the credit score requirements for the Wells Fargo Active Cash Card, you can plan and take proactive steps to strengthen your credit profile if needed. Whether you already meet the score criteria or need to work towards improving your credit, this knowledge will guide you towards financial freedom and a successful credit card application.
Key Takeaways:
- The Wells Fargo Active Cash Card requires a good-to-excellent credit score, typically a minimum of 670 on the FICO Score model.
- Understanding the credit score requirements can help you assess your eligibility for the card and plan accordingly.
- If your credit score falls short of the requirement, you may need to work on improving your credit before applying for the card.
- Achieving a strong credit profile can lead to financial freedom and better credit card options in the future.
- Research other credit cards available that may have different credit score requirements if the Wells Fargo Active Cash Card doesn’t meet your needs.
Benefits of the Wells Fargo Active Cash Card
The Wells Fargo Active Cash Card is packed with benefits that make it a great choice for those seeking cash back rewards and bonus offers. Here are some of the key advantages of this credit card:
- Earn unlimited 2% cash rewards on every purchase you make with the Wells Fargo Active Cash Card. Whether you’re buying groceries, filling up your gas tank, or treating yourself to a shopping spree, you’ll earn cash back on every dollar you spend.
- Receive a generous $200 cash rewards bonus when you spend $500 or more in purchases within the first 3 months of card ownership. This bonus is a fantastic way to kickstart your cash back rewards and maximize your earning potential.
“The Wells Fargo Active Cash Card offers an impressive 2% cash back on every purchase, along with a $200 cash rewards bonus. It’s a great choice for individuals looking to earn money while they spend.”
With these benefits, the Wells Fargo Active Cash Card provides a straightforward and rewarding experience for cardholders. Whether you’re a frequent shopper or have specific spending goals, this card can help you earn cash back and enjoy valuable rewards.
Introductory APR and Balance Transfers
One of the notable advantages of the Wells Fargo Active Cash Card is its introductory APR offer for 15 months. During this period, cardholders enjoy a 0% interest rate on both purchases and qualifying balance transfers.
When it comes to balance transfers, it’s important to note that transfers made within the first 120 days are eligible for the introductory rate. However, a balance transfer fee of 3% applies during this period. After the initial 120 days, the fee increases to up to 5% for subsequent transfers.
By taking advantage of the introductory APR, cardholders have the opportunity to save significantly on interest payments, making it an attractive feature for those looking to consolidate their debt or make larger purchases without incurring additional costs.
Introductory APR and Balance Transfer Fees
Below is a breakdown of the introductory APR offer and balance transfer fees for the Wells Fargo Active Cash Card:
| Introductory APR | Balance Transfer Fee |
|---|---|
| 0% for 15 months | 3% for transfers made within 120 days, then up to 5% |
It’s important to be mindful of the balance transfer fee and consider whether the potential savings on interest outweigh the associated costs. Additionally, cardholders should ensure they understand the terms and conditions related to the introductory APR offer to make the most of this benefit.
Credit Score Requirement for Wells Fargo Active Cash
If you’re considering applying for the Wells Fargo Active Cash Card, it’s important to understand the credit score requirements. In general, applicants for the Wells Fargo Active Cash Card are typically required to have a good credit score of at least 670 on the FICO Score model.
Your credit score plays a crucial role in determining your creditworthiness and ability to manage credit responsibly. Lenders, including Wells Fargo, use credit scores as a key factor in evaluating credit card applications. A good credit score not only increases your chances of approval but also allows you to access better credit terms, including lower interest rates and higher credit limits.
Having a good credit score demonstrates to lenders that you have a history of paying your bills on time and managing your credit responsibly. It shows that you are a low-risk borrower and are likely to repay your debts. This gives lenders confidence in your ability to handle credit and increases your likelihood of being approved for credit cards with competitive rewards and benefits, such as the Wells Fargo Active Cash Card.
Before applying for the Wells Fargo Active Cash Card, it’s a good idea to check your credit score. You can obtain a free copy of your credit report from each of the three major credit bureaus – Equifax, Experian, and TransUnion – once a year. Reviewing your report enables you to identify any errors or negative factors that may impact your credit score.
If you find that your credit score is below the required threshold of 670, don’t despair. There are steps you can take to improve your credit score over time. This may include paying your bills on time, reducing your credit card balances, and avoiding new credit applications. With dedication and responsible credit management, you can work towards achieving a good credit score and increase your chances of qualifying for the Wells Fargo Active Cash Card.
| Credit Score Criteria | Good Credit Score Range |
|---|---|
| Credit Score | 670 or higher |
As you can see from the table above, a good credit score of at least 670 or higher is typically required to be eligible for the Wells Fargo Active Cash Card. Meeting this credit score requirement is an important step towards enjoying the benefits and rewards of this cashback credit card.
Next, we’ll explore the credit bureau that Wells Fargo uses and how it impacts your credit score evaluation.
Credit Bureau Used by Wells Fargo
When it comes to managing your credit, Wells Fargo has you covered. Through its credit monitoring tool, Credit CloseUp, Wells Fargo provides customers with access to their credit report from Experian. This tool allows you to keep a close eye on your credit and stay informed about your financial standing.
With Credit CloseUp, you can view important details such as your credit history, open accounts, and payment history. It’s a valuable resource for monitoring changes in your credit report and detecting any potential issues or inaccuracies that may arise.
It’s important to note that the credit score provided by Credit CloseUp is for educational purposes only and may not be the same score used for credit decisions. However, it offers valuable insights into your credit health and can help you understand how certain actions may impact your creditworthiness.
“Credit CloseUp is a powerful tool that allows Wells Fargo customers to stay on top of their credit. With easy access to your credit report and regular monitoring, you can proactively manage your credit and make informed financial decisions.”
Wells Fargo Active Cash Prequalification
Are you interested in the Wells Fargo Active Cash Card? Before applying, you may want to check if you are already pre-qualified for this credit card offer. Wells Fargo offers a convenient pre-qualification tool that allows customers to determine their eligibility based on information provided by credit bureaus. What’s even better is that this pre-qualification process involves a soft credit check, which means it won’t negatively impact your credit score.
By using the Wells Fargo Active Cash pre-qualification tool, you can find out if you meet the initial criteria for the card without any commitment. It’s a great way to assess your chances of approval and ensure you are applying for a credit card that aligns with your financial goals.
With the Wells Fargo Active Cash Card, you’ll enjoy unlimited 2% cash rewards on purchases, making it a rewarding choice for everyday expenses. Plus, there’s a $200 cash rewards bonus waiting for you after you spend $500 on purchases within the first 3 months of account opening.
Don’t miss out on the benefits and rewards this card has to offer. Discover if you’re already pre-qualified for the Wells Fargo Active Cash Card by using their pre-qualification tool. Take advantage of this opportunity to explore your credit card options and make an informed decision.
Rejected Applications and Improving Credit
If your application for the Wells Fargo Active Cash Card is rejected, it can be discouraging. However, it’s important to understand that Wells Fargo is required by law to provide you with a formal notice listing the reasons for rejection. This notice can provide valuable insights into areas where you can improve your credit and increase your chances of approval in the future.
Here are some steps you can take to improve your credit and reapply for the Wells Fargo Active Cash Card:
- Review the rejection notice: Take the time to carefully review the reasons provided by Wells Fargo for rejecting your application. Understanding the specific factors that contributed to the rejection can help you identify areas for improvement.
- Address the reasons for rejection: If the rejection notice highlights issues such as a low credit score, high credit utilization, or a history of late payments, focus on addressing these concerns. Make an effort to pay your bills on time, reduce your credit card balances, and improve your credit utilization ratio.
- Monitor your credit: Regularly check your credit reports from the major credit bureaus—Experian, Equifax, and TransUnion—to ensure accuracy and identify areas that need improvement. Consider using credit monitoring services to stay updated on changes to your credit history.
- Build a positive credit history: Establishing a record of responsible credit behavior is crucial for improving your creditworthiness. Make timely payments on all your debts, avoid maxing out your credit cards, and consider diversifying your credit mix by adding different types of credit.
- Wait at least six months: It’s generally recommended to wait at least six months before reapplying for the Wells Fargo Active Cash Card after a rejection. This allows sufficient time for any improvements you’ve made to reflect positively on your credit report.
By taking these steps to address the reasons for rejection and improve your credit, you can increase your chances of being approved for the Wells Fargo Active Cash Card in the future.
Benefits of Improving Credit
Improving your credit goes beyond increasing your chances of being approved for the Wells Fargo Active Cash Card. It can have a wide range of benefits that positively impact your financial well-being. Some of the key benefits include:
- Better access to credit: A higher credit score opens doors to better loan and credit card options with favorable terms and lower interest rates.
- Lower borrowing costs: With improved credit, you’re more likely to secure loans and credit cards at lower interest rates, which can save you money in the long run.
- Improved financial flexibility: Good credit allows you to confidently pursue financial goals, such as buying a home or starting a business.
- Increased likelihood of approval: Lenders and credit card issuers are more likely to approve applications from individuals with strong credit histories.
Improving your credit is a long-term process that requires discipline and patience. However, the benefits of increased financial flexibility and better borrowing opportunities make it worth the effort.
Remember, while the Wells Fargo Active Cash Card is an attractive option, there are other credit cards available that may suit your needs. Research and compare different credit card offers to find the one that aligns with your financial goals and credit profile.
How to Improve Credit
| Steps to Improve Credit | Benefits |
|---|---|
| Pay bills on time and in full | – Builds a record of responsible payment behavior |
| Reduce credit card balances | – Lowers credit utilization ratio |
| Avoid opening new credit accounts | – Prevents potential inquiries on your credit report – Reduces the risk of overspending |
| Check credit reports regularly | – Helps identify errors and discrepancies |
| Diversify credit mix | – Demonstrates ability to handle different types of credit |
Improving your credit is a journey that requires consistent effort and responsible financial habits. By following these steps and staying committed to managing your credit, you can increase your chances of being approved for the Wells Fargo Active Cash Card and enjoy the benefits of a healthier credit profile.
International Usage and Foreign Transaction Fees
When using the Wells Fargo Active Cash Card for purchases made internationally or online with foreign merchants, there is a 3% foreign transaction fee. While the card offers numerous benefits and cash back rewards, this fee may not make it the best choice for frequent travelers seeking travel benefits without foreign transaction fees.
| International Usage | Foreign Transaction Fee |
|---|---|
| Wells Fargo Active Cash Card | 3% |
Cell Phone Protection Benefit
One of the valuable benefits of the Wells Fargo Active Cash Card is the Cell Phone Protection feature. By using your Wells Fargo Active Cash Card to pay your cell phone bill, you automatically receive insurance coverage for your cell phone against damage or theft.
With Wells Fargo Active Cash Cell Phone Protection, you can enjoy up to $600 in coverage, subject to a $25 deductible. This coverage can help you save money on expensive cell phone insurance policies and provide peace of mind knowing that your device is protected.
Whether you accidentally drop your phone or it gets stolen, the Cell Phone Protection benefit offered by Wells Fargo Active Cash has got you covered. Just pay your cell phone bill using your Wells Fargo Active Cash Card, and you’ll be eligible for this valuable insurance benefit.
Here’s a breakdown of the key details:
| Coverage Limit | $600 |
|---|---|
| Deductible | $25 |
This benefit can be an excellent way to protect your investment in your cell phone and provide financial assistance for a replacement or repair in unfortunate circumstances. Plus, it eliminates the need for separate cell phone insurance, saving you even more money in the long run.
So, make sure to take advantage of the Cell Phone Protection benefit offered by the Wells Fargo Active Cash Card. It’s just one more way this credit card can help you save and enjoy additional perks.
Wells Fargo Active Cash Referral Bonus
Looking to earn additional rewards with your Wells Fargo Active Cash Card? While the card offers generous cash back rewards and benefits, Wells Fargo does not currently have a referral bonus program for the Active Cash Card. However, there are still plenty of other ways to maximize your rewards and take advantage of the card’s bonus features.
One option is to explore the various redemption options available through the Wells Fargo rewards portal. Whether you prefer cash back, travel rewards, merchandise, or gift cards, there are plenty of opportunities to turn your earned cash rewards into valuable perks and savings.
“While the Wells Fargo Active Cash Card does not offer a referral bonus, cardholders can still enjoy the benefits of unlimited 2% cash rewards on purchases and a $200 cash rewards bonus.”
Another way to boost your rewards is to take advantage of the cardholder referral program, if available for other Wells Fargo credit cards. By referring friends or family members to apply for a different Wells Fargo credit card with a referral bonus, you may be able to earn additional bonus rewards.
Although the Active Cash Card does not currently have a referral bonus, it’s important to stay informed about any changes or updates Wells Fargo may introduce in the future. In the meantime, make the most of the card’s cash back rewards and explore other opportunities to earn bonus rewards.
At a Glance: Wells Fargo Active Cash Referral Bonus
| Referral Bonus | Cardholder Referral Program | Bonus Rewards |
|---|---|---|
| No referral bonus currently available | Explore other Wells Fargo credit card referral programs | Maximize rewards through cash back, travel, merchandise, or gift card redemptions |
Redemptions and Rewards
Cardholders of the Wells Fargo Active Cash Card have a variety of options when it comes to redeeming their rewards. Through the Wells Fargo rewards portal, the mobile app, by phone, or at an ATM, they can easily access their rewards and choose how to redeem them.
With the Wells Fargo Active Cash Card Rewards program, cardholders can enjoy:
- Cash Back: Redeem your rewards for cash back, providing you with extra money in your pocket.
- Travel: Use your rewards to book flights, hotels, rental cars, and more for your next adventure.
- Merchandise: Treat yourself to a wide selection of merchandise, including electronics, home goods, and more.
- Gift Cards: Choose from a range of popular retailers and restaurants to find the perfect gift card for yourself or someone special.
Whether you prefer to maximize your cash back or indulge in travel experiences, the Wells Fargo Active Cash Card Rewards program offers flexibility to suit your preferences and lifestyle.
“The Wells Fargo Active Cash Card rewards program provides cardholders with the freedom to choose how they want to redeem their rewards, offering a range of options from cash back to travel and more.”
Take full advantage of your rewards by accessing the Wells Fargo rewards portal to explore your redemption options and make the most of your earned rewards.
| Redemption Options | Description |
|---|---|
| Cash Back | Redeem your rewards for cash directly deposited into your Wells Fargo account or as a statement credit. |
| Travel | Use your rewards to book flights, hotels, rental cars, and more through the Wells Fargo rewards portal. |
| Merchandise | Shop for a variety of merchandise options, including electronics, home goods, and more, using your rewards. |
| Gift Cards | Choose from a wide selection of gift cards from popular retailers and restaurants. |
Wells Fargo Active Cash Card Fees
The Wells Fargo Active Cash Card is a great credit card option for those looking to earn cash back rewards. While this card doesn’t have an annual fee, it’s important to be aware of the fees associated with balance transfers.
Balance Transfer Fee
When transferring a balance to the Wells Fargo Active Cash Card, there is an introductory fee of 3% for the first 120 days. After that, the fee goes up to 5%. This fee is applicable to the amount transferred and should be taken into consideration when deciding to transfer a balance.
It’s worth noting that not all credit card companies charge a balance transfer fee, so if you’re planning on transferring a large balance, it may be worth exploring other options.
| Fee | Amount |
|---|---|
| Introductory Balance Transfer Fee | 3% |
| Balance Transfer Fee after 120 days | Up to 5% |
By understanding the balance transfer fee associated with the Wells Fargo Active Cash Card, you can make an informed decision about whether this card is right for your financial needs.
Wells Fargo Active Cash Card Alternatives
If the Wells Fargo Active Cash Card does not meet your specific needs, there are several alternatives to consider. Other cash back cards with similar benefits may offer different rewards, interest rates, or fees.
Similar Credit Cards
If you’re looking for credit cards that offer cash back rewards similar to the Wells Fargo Active Cash Card, here are some options to consider:
- Chase Freedom Unlimited: This card offers unlimited 1.5% cash back on all purchases, and new cardholders can earn a $200 bonus after spending $500 in the first three months.
- Citi Double Cash Card: With this card, you can earn up to 2% cash back on all purchases – 1% when you make a purchase and an additional 1% when you pay it off.
- Discover it Cash Back: This card offers rotating 5% cash back categories that change every quarter, along with 1% cash back on all other purchases. Discover will also match all the cash back you’ve earned at the end of your first year.
Cash Back Cards
If cash back rewards are your priority, these cards offer competitive cash back programs:
- Capital One Quicksilver Cash Rewards Credit Card: This card offers unlimited 1.5% cash back on all purchases, and new cardholders can earn a $200 cash bonus after spending $500 in the first three months.
- American Express Cash Magnet Card: With this card, you can earn unlimited 1.5% cash back on all purchases, and new cardholders can earn a $150 statement credit after spending $1,000 in the first three months.
- Bank of America Cash Rewards Credit Card: This card offers 3% cash back in a category of your choice, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases.
Remember to carefully review the terms and conditions of each card to ensure it aligns with your spending habits and financial goals.
When comparing credit cards, consider factors such as rewards programs, annual fees, introductory APR offers, and additional cardholder benefits. By exploring these alternatives, you can find a credit card that best suits your financial needs and preferences.
| Credit Card | Rewards Program | Annual Fee | Introductory APR |
|---|---|---|---|
| Chase Freedom Unlimited | Unlimited 1.5% cash back | $0 | 0% for the first 15 months |
| Citi Double Cash Card | Up to 2% cash back | $0 | 0% for the first 18 months |
| Discover it Cash Back | Rotating 5% cash back categories | $0 | 0% for the first 14 months |
| Capital One Quicksilver Cash Rewards Credit Card | Unlimited 1.5% cash back | $0 | 0% for the first 15 months |
| American Express Cash Magnet Card | Unlimited 1.5% cash back | $0 | 0% for the first 15 months |
| Bank of America Cash Rewards Credit Card | 3% cash back in a category of your choice | $0 | 0% for the first 15 billing cycles |
Wells Fargo Active Cash Card for Building Credit
The Wells Fargo Active Cash Card can be a good option for individuals looking to establish and build credit history. This credit card provides an opportunity to demonstrate responsible credit management and improve your credit score over time.
One of the key benefits of the Wells Fargo Active Cash Card is that it reports your account information to all three major credit bureaus each month. This means that your credit history and payment behavior will be recorded and considered by lenders when you apply for credit in the future.
To effectively build credit with the Wells Fargo Active Cash Card, it is essential to make on-time payments on your credit card balance. Late payments can have a negative impact on your credit score and hamper your credit-building efforts. By consistently paying your bills on time, you can demonstrate responsible financial behavior and show lenders that you are a reliable borrower.
In addition to making on-time payments, it is important to keep your credit utilization ratio low. This ratio represents the amount of credit you are using compared to your total credit limit. A lower credit utilization ratio shows that you are using only a small portion of your available credit, which is considered a positive factor in credit scoring models.
By responsibly managing your Wells Fargo Active Cash Card and practicing good credit habits, you can establish a positive credit history. Over time, this can lead to improved credit scores, which may open up opportunities for better credit offers and loan terms in the future.
Wells Fargo Active Cash Card Credit Building Tips
- Make on-time payments every month to establish a track record of responsible credit behavior.
- Keep your credit utilization ratio below 30% to show that you are using credit responsibly.
- Monitor your credit report regularly to ensure accuracy and identify any potential errors or fraudulent activity.
- Avoid applying for too many new credit accounts at once, as this can negatively impact your credit score.
- Consider setting up automatic payments to ensure you never miss a payment deadline.
Building credit takes time, but with the Wells Fargo Active Cash Card and responsible credit management, you can establish a solid credit history and pave the way for a brighter financial future.
Conclusion
In summary, the Wells Fargo Active Cash Card is an ideal choice for individuals with good credit who want to earn cash back rewards. By meeting the credit score requirements of at least 670 on the FICO Score model, applicants can access the benefits offered by this card.
With unlimited 2% cash rewards on purchases and a $200 cash rewards bonus, cardholders can quickly accumulate cash back. The 0% intro APR for 15 months on purchases and qualifying balance transfers is another attractive feature for those looking to save on interest.
Furthermore, the Wells Fargo Active Cash Card provides additional perks such as cell phone protection and convenient redemption options. By using this card responsibly and making on-time payments, individuals can also build their credit history.
In conclusion, the Wells Fargo Active Cash Card offers a valuable credit card solution for those seeking rewards and credit-building opportunities. By understanding the credit score requirements and the benefits of this card, individuals can make informed decisions and maximize their financial opportunities.
FAQ
What is the credit score requirement for the Wells Fargo Active Cash Card?
To qualify for the Wells Fargo Active Cash Card, applicants typically need a good-to-excellent credit score, with a minimum of 670 on the FICO Score model.
What are the benefits of the Wells Fargo Active Cash Card?
The Wells Fargo Active Cash Card offers numerous benefits, including earning unlimited 2% cash rewards on purchases and a 0 cash rewards bonus after spending 0 in purchases within the first 3 months.
Does the Wells Fargo Active Cash Card have an introductory APR for balance transfers?
Yes, the Wells Fargo Active Cash Card provides a 0% intro APR for 15 months on purchases and qualifying balance transfers. Balance transfers made within 120 days qualify for the intro rate and a fee of 3%, then a fee of up to 5%.
What credit bureau does Wells Fargo use for credit monitoring?
Wells Fargo offers customers a credit monitoring tool called Credit CloseUp, which provides access to your credit report from Experian. This score is for educational purposes and may not be the same score used for credit decisions.
Can I see if I am pre-qualified for the Wells Fargo Active Cash Card?
Yes, Wells Fargo offers a pre-qualification tool that allows customers to see if they are already pre-qualified for a credit card offer based on information provided by credit bureaus. This process involves a soft credit check.
What should I do if my application for the Wells Fargo Active Cash Card is rejected?
If your application for the Wells Fargo Active Cash Card is rejected, Wells Fargo is required by law to provide you with a formal notice listing the reasons for rejection. The best course of action is to improve your standing by addressing the reasons listed and waiting at least six months before reapplying.
Does the Wells Fargo Active Cash Card charge foreign transaction fees?
Yes, the Wells Fargo Active Cash Card charges a 3% foreign transaction fee for purchases made internationally or online with foreign merchants. It may not be the best choice for frequent travelers seeking travel benefits without foreign transaction fees.
Does the Wells Fargo Active Cash Card offer cell phone protection?
Yes, when you use the Wells Fargo Active Cash Card to pay your cell phone bill, you automatically receive up to 0 in cell phone protection against damage or theft, subject to a deductible. This benefit can save you money on cell phone insurance.
Is there a referral bonus for the Wells Fargo Active Cash Card?
No, Wells Fargo does not currently offer a referral bonus for the Active Cash Card.
How can I redeem my Wells Fargo Active Cash Card rewards?
Cardholders can easily redeem their Wells Fargo Active Cash Card rewards through the Wells Fargo rewards portal, the mobile app, by phone, or at an ATM. Rewards can be redeemed for cash back, travel, merchandise, or gift cards.
Are there any fees associated with the Wells Fargo Active Cash Card?
The Wells Fargo Active Cash Card does not have an annual fee, but it does have a balance transfer fee of 3% intro for 120 days, then up to 5%. It is important to be aware of any fees associated with the card.
What are some alternatives to the Wells Fargo Active Cash Card?
If the Wells Fargo Active Cash Card does not meet your specific needs, there are several alternatives to consider. Other cash back cards with similar benefits may offer different rewards, interest rates, or fees.
Is the Wells Fargo Active Cash Card good for building credit?
Yes, the Wells Fargo Active Cash Card can be a good option for individuals looking to build credit, as the card reports account information to all three major credit bureaus each month. Making on-time payments and keeping credit utilization low can help establish a positive credit history.