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

[Beast26]

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.

[calyx]

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@FormerCollegeDJ wrote:

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@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.  

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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.)

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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.    

[Beast26]

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.

[Beast26]

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.

[FinStar]

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@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.

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I know right 😜

I called it.  2%.

https://ficoforums.myfico.com/t5/Credit-Cards/RUMOR-DoC-Wells-Fargo-to-launch-quot-Active-Cash-Card-...

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.'

[UncleB]

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@FinStar wrote:

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@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.

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I know right 😜

I called it.  2%.

https://ficoforums.myfico.com/t5/Credit-Cards/RUMOR-DoC-Wells-Fargo-to-launch-quot-Active-Cash-Card-...

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.'

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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.)

[kilroy8]

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.

[Anonymous]

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@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.

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

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

so $20-$30 a year extra

[icednightpaper]

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.

[kilroy8]

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@Anonymous wrote:

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@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.

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

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

so $20-$30 a year extra

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Oops, thanks for the correction. 

Clearly not worth it.