topic Re: Wells Fargo to launch "Active Cash Card" on July 1st in Credit Cards

Wells Fargo to launch "Active Cash Card" on July 1st

FormerCollegeDJ — Tue, 08 Jun 2021 03:31:12 GMT

Wells Fargo has released more details about the Active Cash Card. It will be a 2% flat cash back card with no annual fee, offer a $200 SUB after $1000 in spend in the first three months, and have a 0% purchase and balance transfer APR for the first 15 months.

https://creditcards.wellsfargo.com/active-cash-view-details/?vendor_code=WF&sub_channel=WEB

The card is intriguing to me, but the fact it has foreign transaction fees is a significant negative. Most 2% rewards cards don't offer fairly easily attainable SUBs though.

Re: Wells Fargo to launch "Active Cash Card" on July 1st

CBartowski — Tue, 08 Jun 2021 03:31:28 GMT

@FormerCollegeDJ wrote:
Wells Fargo has released more details about the Active Cash Card. It will be a 2% flat cash back card with no annual fee, offer a $200 SUB after $1000 in spend in the first three months, and have a 0% purchase and balance transfer APR for the first 15 months.

https://creditcards.wellsfargo.com/active-cash-view-details/?vendor_code=WF&sub_channel=WEB

The card is intriguing to me, but the fact it has foreign transaction fees is a significant negative. Most 2% rewards cards don't offer fairly easily attainable SUBs though.

Thanks for sharing!

I'm actually pretty disappointed with this one. 2%s really are a dime a dozen now a days and the Propel was a marketable product. Taking that and replacing with a 2% imo is not great. Besides now whats the point of cash wise at 1.5%?

Re: Wells Fargo to launch "Active Cash Card" on July 1st

Anonymous — Tue, 08 Jun 2021 03:31:43 GMT

@FormerCollegeDJ wrote:
Wells Fargo has released more details about the Active Cash Card. It will be a 2% flat cash back card with no annual fee, offer a $200 SUB after $1000 in spend in the first three months, and have a 0% purchase and balance transfer APR for the first 15 months.

https://creditcards.wellsfargo.com/active-cash-view-details/?vendor_code=WF&sub_channel=WEB

The card is intriguing to me, but the fact it has foreign transaction fees is a significant negative. Most 2% rewards cards don't offer fairly easily attainable SUBs though.

So as suspected, not a great card. Thanks for the info.

Re: Wells Fargo to launch "Active Cash Card" on July 1st

UncleB — Tue, 08 Jun 2021 03:46:10 GMT

I agree this is rather 'meh', but it's about what I expected.

I can see how this card and the Propel together would make a decent combo for 3%/2% back for everything, especially if the rewards earned with the new product are transferrable to/from the Propel.

The 'Cash Wise' is going to be a tough sell going forward, though.

New 2% everything card confirmed for Wells Fargo

Andypanda — Tue, 08 Jun 2021 04:44:04 GMT

https://www.doctorofcredit.com/source-wells-fargo-to-release-active-cash-credit-card-on-july-1st/

Deciding if i want to get it, just so I don't have to wait a year to get my rewards from costco since my current 2% cards are either MC or amex.

Re: Wells Fargo to launch "Active Cash Card" on July 1st

Jordan23ww — Tue, 08 Jun 2021 12:28:38 GMT

Thank you for the info! It will be interesting to see if the Cash Wish is next on the chopping block. Seems like a no brainer to go for the Active Cash over the Cash Wise if both are an option.I'm also curious to see if any new travel card will be offered by Wells Fargo since that was a nice perk of the Propel. Thanks again for posting this!

Re: Wells Fargo to launch "Active Cash Card" on July 1st

Jordan23ww — Tue, 08 Jun 2021 12:33:51 GMT

@CBartowski wrote:
@FormerCollegeDJ wrote:
Wells Fargo has released more details about the Active Cash Card. It will be a 2% flat cash back card with no annual fee, offer a $200 SUB after $1000 in spend in the first three months, and have a 0% purchase and balance transfer APR for the first 15 months.

https://creditcards.wellsfargo.com/active-cash-view-details/?vendor_code=WF&sub_channel=WEB

The card is intriguing to me, but the fact it has foreign transaction fees is a significant negative. Most 2% rewards cards don't offer fairly easily attainable SUBs though.
Thanks for sharing!

I'm actually pretty disappointed with this one. 2%s really are a dime a dozen now a days and the Propel was a marketable product. Taking that and replacing with a 2% imo is not great. Besides now whats the point of cash wise at 1.5%?

@CBartowski I agree! I love my Propel and already have 3 cards that give me 2% back. If I had to chose between this or the Propel I'd pick the Propel every time! I'm sure someone will benefit from this card though. Just wish people could get the Propel still too if they wanted it.

Re: Wells Fargo to launch "Active Cash Card" on July 1st

summerterrace — Tue, 08 Jun 2021 12:38:48 GMT

A 2% cash back card with a $200 sub is pretty unusual. This could be a good option for those looking for a flat cash back with no af and a good sub.

Re: Wells Fargo to launch "Active Cash Card" on July 1st

FormerCollegeDJ — Tue, 08 Jun 2021 12:56:44 GMT

According to the Bloomberg News article linked below, the WF Active Cash Visa is only the first step in Wells Fargo's plan to revamp and improve their credit card lineup in an attempt to make them more competitive with companies like Citi, Chase, and American Express. The article indicates the bank plans to introduce a new low APR card in the next few months, roll out a new rewards card line next year, and increase its number of co-branded credit cards (joining the WF Hotels.com card introduced in 2020).

https://www.bloomberg.com/news/articles/2021-06-08/wells-fargo-s-scharf-goes-on-offense-with-new-credit-card-lineup

(You can view a limited number of Bloomberg News articles for free per month, then a subscription is required.)

It should be noted the article includes comments from various Wells Fargo executives who previously worked in the credit card space for Chase, Citi, and Visa.

Re: Wells Fargo to launch "Active Cash Card" on July 1st

FormerCollegeDJ — Tue, 08 Jun 2021 13:11:50 GMT

@summerterrace wrote:
A 2% cash back card with a $200 sub is pretty unusual. This could be a good option for those looking for a flat cash back with no af and a good sub.

The good SUB for a no annual fee card is really the distinguishing feature about the impending Active Cash Card IMO; to me this new card is a pretty good offering. It also doesn't have as many strings attached as the Citi Double Cash or the Synchrony PayPal Cashback cards. As I noted above, the only real negative IMO is the 3% foreign transaction fee. It is also possible Wells Fargo cash back options will be less user-friendly than some other cards (i.e. no direct deposit into any non-Wells Fargo bank account).

One other note - with its $200 SUB, the 2% WF Active Cash Card would come out ahead of a 3% rewards card like the AOD Credit Union card for up to $20,000 in spend.

I'll personally consider the Active Cash Card vs. my primary credit union's (PSECU's) 2% cash back card, which doesn't have a SUB but also doesn't have foreign transaction fees. (Both cards will be evaluated against the Chase Sapphire Preferred and whether or not I want to go further into the Chase ecosystem or focus more on cash back rewards; I'm leaning towards the latter currently. However, I don't plan to apply for one of those cards until probably fall 2022.)

Re: Wells Fargo to launch "Active Cash Card" on July 1st

Beast26 — Tue, 08 Jun 2021 14:16:57 GMT

I may have to grab this! I bank with wells Fargo and $200 bonus on a flat 2% card is unheard of other than the SDFCU which is a credit union.

Re: Wells Fargo to launch "Active Cash Card" on July 1st

calyx — Tue, 08 Jun 2021 14:46:33 GMT

@FormerCollegeDJ wrote:
@summerterrace wrote:
A 2% cash back card with a $200 sub is pretty unusual. This could be a good option for those looking for a flat cash back with no af and a good sub.
The good SUB for a no annual fee card is really the distinguishing feature about the impending Active Cash Card IMO; to me this new card is a pretty good offering. It also doesn't have as many strings attached as the Citi Double Cash or the Synchrony PayPal Cashback cards. As I noted above, the only real negative IMO is the 3% foreign transaction fee. It is also possible Wells Fargo cash back options will be less user-friendly than some other cards (i.e. no direct deposit into any non-Wells Fargo bank account).

One other note - with its $200 SUB, the 2% WF Active Cash Card would come out ahead of a 3% rewards card like the AOD Credit Union card for up to $20,000 in spend.

I'll personally consider the Active Cash Card vs. my primary credit union's (PSECU's) 2% cash back card, which doesn't have a SUB but also doesn't have foreign transaction fees. (Both cards will be evaluated against the Chase Sapphire Preferred and whether or not I want to go further into the Chase ecosystem or focus more on cash back rewards; I'm leaning towards the latter currently. However, I don't plan to apply for one of those cards until probably fall 2022.)

Just to be "that guy" - SDFCU has a 2% no-FTF card with a $200 SUB - admittedly with larger spend at $3000/90d... but they are conservative and if you aren't prepared to deal with them/are not used to them, it might not be a great option.

Re: Wells Fargo to launch "Active Cash Card" on July 1st

Beast26 — Tue, 08 Jun 2021 15:50:12 GMT

Active cash would be a lot less hassle and an easier to meet spend threshold. I personally has no use for the propel but this is motivation enough for me to get a 2% card rather than wait another year and get the AOD without getting a 2% card first.

Re: Wells Fargo to launch "Active Cash Card" on July 1st

Beast26 — Tue, 08 Jun 2021 16:28:01 GMT

After reading articles this is only the first of multiple cards being released by Wells Fargo. There will be another low APR card at the end of the year and another one releasing next year.

Re: Wells Fargo to launch "Active Cash Card" on July 1st

FinStar — Tue, 08 Jun 2021 17:43:10 GMT

@UncleB wrote:
I agree this is rather 'meh', but it's about what I expected.

I can see how this card and the Propel together would make a decent combo for 3%/2% back for everything, especially if the rewards earned with the new product are transferrable to/from the Propel.

The 'Cash Wise' is going to be a tough sell going forward, though.

I know right 😜

I called it. 2%.

https://ficoforums.myfico.com/t5/Credit-Cards/RUMOR-DoC-Wells-Fargo-to-launch-quot-Active-Cash-Card-quot-on/m-p/6339040#M1779203

There were hopeful members for comparable peer reward structures, but anything beyond Propel wouldn't have been sustainable for WF, IMO. Downside to this one, FTF. But, the SUB is at least 'ok.'

Re: Wells Fargo to launch "Active Cash Card" on July 1st

UncleB — Tue, 08 Jun 2021 19:32:51 GMT

@FinStar wrote:
@UncleB wrote:
I agree this is rather 'meh', but it's about what I expected.

I can see how this card and the Propel together would make a decent combo for 3%/2% back for everything, especially if the rewards earned with the new product are transferrable to/from the Propel.

The 'Cash Wise' is going to be a tough sell going forward, though.
I know right 😜

I called it. 2%.

https://ficoforums.myfico.com/t5/Credit-Cards/RUMOR-DoC-Wells-Fargo-to-launch-quot-Active-Cash-Card-quot-on/m-p/6339040#M1779203

There were hopeful members for comparable peer reward structures, but anything beyond Propel wouldn't have been sustainable for WF, IMO. Downside to this one, FTF. But, the SUB is at least 'ok.'

You sure did!

It's not the "bestest" by any means, but at least they're making an effort (however mediocre it may be). In any case competition is always good, and maybe they'll suprise us with something better down the road.

Baby steps... LOL.

(Side note: I really hope they leave the Propel alone. I don't use it that often these days but that could always change. Also, all their "sins" aside I've personally found WF to be solid.)

Re: Wells Fargo to launch "Active Cash Card" on July 1st

kilroy8 — Tue, 08 Jun 2021 20:00:53 GMT

Ok, let's see, a 2% misc spend card.

I already have several 1.5% cards, and maybe put $4K-$6K a year through them.

So getting maybe $80-$120 a year extra if I go 2%.

Not peanuts, but not quite worth losing the Ficos, either.

Re: Wells Fargo to launch "Active Cash Card" on July 1st

Anonymous — Tue, 08 Jun 2021 20:08:15 GMT

@kilroy8 wrote:
Ok, let's see, a 2% misc spend card.

I already have several 1.5% cards, and maybe put $4K-$6K a year through them.

So getting maybe $80-$120 a year extra if I go 2%.

Not peanuts, but not quite worth losing the Ficos, either.

$4,000 x (2%-1.5%) = $20

$6,000 x (2%-1.5%) = $30

so $20-$30 a year extra

Re: Wells Fargo to launch "Active Cash Card" on July 1st

icednightpaper — Tue, 08 Jun 2021 20:09:14 GMT

I'm willing to bet by the end of 2022, WF will have a solid B-tier lineup as far as ecosystems go. Taking in to mind the comments about their efforts, I feel like the upcoming products will be better than we expect.

I mean, I wouldn't bet a -lot-, but still.

Re: Wells Fargo to launch "Active Cash Card" on July 1st

kilroy8 — Tue, 08 Jun 2021 20:09:50 GMT

@Anonymous wrote:
@kilroy8 wrote:
Ok, let's see, a 2% misc spend card.

I already have several 1.5% cards, and maybe put $4K-$6K a year through them.

So getting maybe $80-$120 a year extra if I go 2%.

Not peanuts, but not quite worth losing the Ficos, either.
$4,000 x (2%-1.5%) = $20
$6,000 x (2%-1.5%) = $30

so $20-$30 a year extra

Oops, thanks for the correction.

Clearly not worth it.