I see a lot of hate with this card. For goodness sake how good does it have to be? Sure most people got a 2% card already and then seeing comments like the $200 bonus is "ok." This is the only 2% card out there with a $200 bonus for this little spend that I know of and maybe the only reason there is the is because most people already got a 2% card but idk. This is only the first of 4 cards they are coming out with. But for those without a 2% card this would definitely catch people's eyes especially those like me who don't travel overseas enough to care about a FTF.
@Beast26 wrote:I see a lot of hate with this card.
For goodness sake how good does it have to be?
+1. Exactly what I was thinking @Beast26. Maybe as @Anonymous said, there is still a stigma against Wells Fargo. I think it may be time to set that aside and move forward.
I agree that the "Active Cash" 2% card is a little disappointing, but I'm surprised at comments that so quickly dismiss it. I would hardly call it "meh," "dime-a-dozen," "mediocre," or "B-Tier." Sorry, but among the largest US banks and card issuers, Wells Fargo just offered something you can't get from the majority of lenders in their category. Few major national banks even offer a no-AF 2% cash back uncapped and uncategorized card. By far, the majority of the 2% or better cards are with much smaller credit unions or regional banks and many of the 2% cards have strings attached. The Active Cash apparently seems unemcumbered of some of those requirements. Except for the AOD FCU 3% Visa card which is still pretty obscure and hard to get and US Alliance CU 3% Visa which doesn't seem committed to a permanent 3% rewards, I'm not aware of any current card you can still get that exceeds that 2% uncategorized and uncapped cash back payout with no annual fee, no deposit account, no minimum balance, no "preferred" status, no minimum direct deposit. No, it's not a new industry-leading card product but it's as good as anything in class. If matching the competition was Well's Fargo's intent, they succeeded. It appears to be a very competitive product for the market segment where Wells Fargo operates and that they are targeting.
Likewise, even before the links upthread about this being only the first of many new changes to their cards, that was exactly what I was already thinking. Combined with other facelifts, this could be part of a strong overall card lineup.
As for complaints about the presence of Foreign Transaction Fees, I think it's unrealistic to expect large banks like Wells Fargo to offer free FTFs on a no-AF rewards card. The two most popular 2% cards on My Fico forums offered by large banks (Citi Double Cash Mastercard and Synchrony PayPal Cashback Mastercard) have the identical 3% FTF. Likewise, another 2% card offered by a large US bank, First National Bank of Omaha's Evergreen Rewards Visa, has a 3% FTF. If you want/need no FTFs, they are easy to find on premium AF travel cards, credit union 2% rewards cards (such as the PenFed Power Cash Rewards or State Department FCU Premium Cashback +), or other rewards cards that pay less than 2% such as the Capital One Quicksilver or Navy Federal cashRewards that offer no-FTF with 1.5% cash back. The Elan/Fidelity Rewards Visa has a lower 1% FTF and still earns 2% with the caveat that the rewards must be redeemed through an investment account to earn the 2% rate.
I agree that Wells Fargo Cash Wise is now possibly obsolete unless more details emerge about the differences between it and Active Cash. However, I notice the similarities in the "Active CASH" and "CASH Wise" names. It's possible that as a part of the card refresh, the Cash Wise name and card will be retained, but will be revised to a 4-3-2-1 card similar to cards like Citi Costco Visa, Bank of America's Customized Cash Rewards Visa, or Synchrony's Verizon Visa.
Citi recently allowed cardholders to move cash back accrued on the DC into TY point redemption, giving valuation for travel in excess of 3% assuming someone had a Premier or Prestige card to redeem. Previously, Wells Fargo allowed the same movement of Go Far Rewards points between Propel, Cash Wise and Visa Signature, none of which charged an AF like Premier or Prestige. GF Rewards could be redeemed for 50% more value for airfare on the Visa Signature. The Active Cash disclosures reference the Go Far Rewards program. If those points can be transferred, these could be worth 3% for travel redemptions if you hold both cards, and with no AF.
As mentioned, the only other 2% card offering such a high $200 SUB is the State Department Premium Cash Back +. But it doesn't offer both a SUB combined with a 0% APR offer if you prefer to use both. PenFed Power Cash Rewards offers a $100 SUB combined with up to 12 months 0% BT (3% BT fee) but that applies only on transferred balances. Fidelity Rewards Visa has a $100 SUB if you search the web for the offer, but no BT promotion. With the Active Cash card, you could potentially use both the $200 SUB and 0% BT offer, and the 0% is good for 0% for 15 months on not only balance transfers but also purchases. That's an important distinction. Meanwhile, Citi Double Cash will give you no SUB but 18 months 0% interest (3% BT fee.) However, Citi's 0% only applies to balances transferred, not purchases. And PayPal Cashback Rewards offers no SUB or BT offer. FNBO's Evergreen Visa offers 0% on both purchases and BTs for 12 months (but has a higher 5% BT Fee and no SUB.)
If you consider Wells Fargo's competitors as one of the top-five largest US banks, the Active Cash card beats no-AF uncategorized and uncapped card offerings from many other popular lenders. Remember that this is a card someone could apply for with absolutely no banking relationship with Wells Fargo ... no checking account, minimum balances, direct deposits, etc ... and still earn an on-going 2% on everything. Out of the largest US banks, Citi, Synchrony, and FNBO are the only ones offering such a product that I'm aware of. Wells Fargo just edged out Chase, Bank of America, American Express, US Bank, Capital One, and Discover among the largest banks and card issuers who don't have a flat-rate card that earns a permanent 2% without strings attached. There are a few other large banks with 2% cards but they have strings attached to earn 2%. (TD Bank Double Up Card, Fifth Third Bank Preferred Cash Back Card, Key Bank Cash Back Card, BBVA Rewards Card, etc.)
While an Active Cash card won't be replacing some of my other valued and high earning cash back cards (AOD FCU Visa, BofA Premium Rewards, PenFed Power Cash Rewards), I think the Active Cash card is a very respectable offering and a good move in the right direction for Wells Fargo.
Unreasonable expectations is exactly right. After I grab the Active Cash I will sit and wait patiently hoping for a 5% gas card that's not attached to a credit union or military bank that's vets only. Maybe WF will provide it next year. At first I saw no reason to get a 2% flat rate cashback card but now I definitely will get this one because the sign up bonus is incentive enough and I will actually use the card beyond the bonus.
To piggy back what has already been said had chase, Citi, or any of the other big banks dropped this card everyone would go insane over this! But since it's wells Fargo they find ways to bash the card itself instead of saying why they really don't like the card(their dislike of wells fargo itself).