Wells Fargo has introduced a credit card that offers new cardholders a truly impressive interest-free period: potentially nearly two years. The card is a possible financing tool for holiday shoppers whose spending may outstrip their ability to pay right away.
The Wells Fargo Reflect℠ Card, which began taking applications Oct. 1, 2021, has an annual fee of $0 and offers a 0% intro APR for 18 months from account opening on and qualifying balance transfers. But Wells Fargo will also reward good financial behavior. That intro APR will be extended for three additional months if you make minimum payments on time during the intro and extension periods (12.99% to 24.99% variable APR thereafter).
That’s a potential 21 months of 0% interest — among the longest you’ll find on the market.
Notably, that promotional offer applies to both new purchases and within the first 120 days, from non-Wells Fargo credit cards. However, it charges a balance transfer fee during that introductory period of $5 or 3% of the amount of each balance transfer, whichever is greater. After that, the balance transfer fee is 5% of the amount transferred, with a minimum fee of $5.
The card also offers cell phone protection when customers pay their monthly cell phone bill with their Wells Fargo Reflect℠ Card.
The card earns no rewards for spending. But like other eligible Wells Fargo credit and debit cards, it gives cardholders access to My Wells Fargo Deals, where they can earn cash back in the form of a statement credit on eligible shopping, dining or experiences. Cardmembers just need to activate a given deal online and use their Wells Fargo Reflect℠ Card to make the purchase.
The Wells Fargo Reflect℠ Card immediately becomes a top contender in the market for . Its potential for a 21-month introductory interest-free term is difficult to find, making the new card a compelling choice in a competitive sector of the credit card market.
“These continue to be uncertain times for consumers, so we want to provide simple, reliable tools to help them take control of their finances,” said Krista Phillips, head of branded cards and marketing for Wells Fargo Credit Cards, in a news release. “Our customers know what works and what doesn’t work for them, and we’re pleased to offer a way to get a break from interest so they can plan for the future or pay off past expenses with a low, everyday APR, even after the introductory period ends.”
A potential knock on the card is that it carries a of 3% of the purchase price. That makes it a poor choice for making purchases abroad. However, several of its direct competitors also charge a foreign transaction fee.
The Wells Fargo Reflect℠ Card is the second in a new lineup of Visa cards the bank will be offering as it makes a new push into the credit cards business.
In June, Wells Fargo announced one of the most compelling flat-rate credit cards on the market: The . Cardmembers get 2% cash back on all purchases, a nice sign-up bonus and . The annual fee is .
The bank said previously that a new rewards card line will come in 2022. It will also make a push into co-branded credit cards, similar to the 2020 release of its , a bank official has said.