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

Beast26
Frequent Contributor

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

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.  





Revolving history: 1 year 7 months across the board
AAoA:
TU: 5yrs 10months
EX: 2yrs 2 months
EQ: ~5yrs 6 months
Inquiries: Ex: 1/12. EQ: 1/12 Tu: 1/12
As of 10-5-2020

Fingerhut $500
Quicksilver $600
Discover It Miles $9,500
Chase Freedom Flex $3,200
Amazon Prime Store Card $6000
Walmart MC $2,000

Message 21 of 56
FormerCollegeDJ
Regular Contributor

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


@Beast26 wrote:

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.  


From what was said in the Bloomberg News article it sounds like more than four cards will eventually be released - the Active Cash Card, a low APR card (which it appears will be called the Reflect - see link to press release below), a line of rewards cards, and at least 1-2 co-branded retail cards.

 

"Wells Fargo Announces Active Cash℠ Credit Card, Cash Back Card is First in New Multi-Card Suite": https://www.businesswire.com/news/home/20210608005295/en/

 

One thing noted in the press release that wasn't stated in the Bloomberg News article I posted this morning - the Active Cash Card will offer cell phone protection when the card is used to pay for cell phone bills.  That's a very good perk for a 2% cash back rewards card IMO.

Playing the credit card rewards game since early May 2020.

Current credit cards:
*Discover Cash It, 10/5/94, $10,000 CL
*American Express Hilton Honors, 9/23/96, $16,500 CL
*Kohl's store card, 7/31/00, $2500 CL
*Chase Amazon Rewards Visa, 10/29/06, $7000 CL
*Citi Sears/Thank You Rewards Mastercard, 9/19/09, $2001 CL (LOL)
*Citi My Best Buy Visa, 12/29/11, $4600 CL
*Bank of America Amtrak Guest Rewards Platinum Mastercard, 10/17/15, $15,000 CL
*Bank of America AAA Member Rewards Visa, 3/9/17, $15,000 CL
*Chase Freedom Unlimited Visa, 6/29/20, $11,000 CL
*Chase Freedom Flex Mastercard, 11/9/20, $9900 CL
*Capital One SavorOne Mastercard, 3/30/21, $10,000 CL
*Wells Fargo Propel American Express, 4/11/21, $10,000 CL

Next target credit cards:
*US Bank Cash+ Visa
*Wells Fargo Active Cash Visa, PSECU Founder's Card Visa, or Chase Sapphire Preferred Visa
*Citi Custom Cash Mastercard
*Elan Financial Services Max Cash Preferred (S&T Bank Visa version)
Message 22 of 56
Saeren
Mega Contributor

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


@Beast26 wrote:

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.  


I think a lot of the hate is because people aren't sure they want to deal with Wells Fargo for a 2% card with an FTF. They have a habit of being difficult to get in with if you don't bank with them and that goes beyond all the fraud stuff their employees have been caught doing. 

If this same card was offered by Citi with the same SUB and same flat 2%, no gimmicks, there wouldn't be anywhere near as much hate. 





Message 23 of 56
FormerCollegeDJ
Regular Contributor

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


@Saeren wrote:

@Beast26 wrote:

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.  


I think a lot of the hate is because people aren't sure they want to deal with Wells Fargo for a 2% card with an FTF. They have a habit of being difficult to get in with if you don't bank with them and that goes beyond all the fraud stuff their employees have been caught doing. 

If this same card was offered by Citi with the same SUB and same flat 2%, no gimmicks, there wouldn't be anywhere near as much hate. 


FWIW, when I applied for the Wells Fargo Propel shortly before it was discontinued to new applicants, I had no WF credit cards and no banking relationship with them.  I had also applied (and was approved) for three credit cards in the previous 12 months, including one less than two weeks earlier.  After hitting the submit button, I received automatic approval on the WF Propel and was given a credit line consistent with my other credit cards ($10K).  (Disclosure note: my credit scores are in the low 800s.)

Playing the credit card rewards game since early May 2020.

Current credit cards:
*Discover Cash It, 10/5/94, $10,000 CL
*American Express Hilton Honors, 9/23/96, $16,500 CL
*Kohl's store card, 7/31/00, $2500 CL
*Chase Amazon Rewards Visa, 10/29/06, $7000 CL
*Citi Sears/Thank You Rewards Mastercard, 9/19/09, $2001 CL (LOL)
*Citi My Best Buy Visa, 12/29/11, $4600 CL
*Bank of America Amtrak Guest Rewards Platinum Mastercard, 10/17/15, $15,000 CL
*Bank of America AAA Member Rewards Visa, 3/9/17, $15,000 CL
*Chase Freedom Unlimited Visa, 6/29/20, $11,000 CL
*Chase Freedom Flex Mastercard, 11/9/20, $9900 CL
*Capital One SavorOne Mastercard, 3/30/21, $10,000 CL
*Wells Fargo Propel American Express, 4/11/21, $10,000 CL

Next target credit cards:
*US Bank Cash+ Visa
*Wells Fargo Active Cash Visa, PSECU Founder's Card Visa, or Chase Sapphire Preferred Visa
*Citi Custom Cash Mastercard
*Elan Financial Services Max Cash Preferred (S&T Bank Visa version)
Message 24 of 56
FinStar
Moderator

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


@Beast26 wrote:

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.  


Well, for one, this forum is built on the foundation of weighing opinions with either side of the spectrum.  This helps individuals make informed decisions on whether the product is the right fit or not -- short term or otherwise.  If you do the math, and it aligns for you, great.  If it doesn't, then members can also opine on why it doesn't stack up given the abundance of other equally priced products and options with or without AF/FTFs.

Some people like WF, others do not - plain and simple.

 

FWIW - I have several WF CCs (personal and business), but this particular one isn't necessarily (IMO) industry leading 🤷‍♂️

Message 25 of 56
Remedios
Moderator

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

I got in and I don't bank with them.

 

 Amex just recently had to deal with similar unauthorized account openings, and so have many other lenders. 

 US Bank currently under investigation, BoA recently etc.

If we are going to go with high moral ground, it should be all inclusive..

 

I understand that WF did the bad thing, but if we're going to skip lenders who did same/similar, signatures gonna shrink. 

 

Also, I see no hate, just some people going "meh" on 2% card while we have a mega thread dedicated to 2%-3% cards. 

 

I wouldn't call it hate, I'd call it unreasonable expectations since they didn't release 5% back unlimited with $5000.00 SUB. 

 Had they released card with three different 3% categories, half the responses would be "card sucks, I have that on 15 other cards" 

 

Those of us playing with half a deck certainly don't view cards same way as general population does, but they are the target audience for new customer acquisitions, not those if us who hang out on credit card forum while "maximizing" candy bar spend. 

 

 

 

 

 

 

Message 26 of 56
Aim_High
Senior Contributor

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


@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 @Saeren 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.



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 27 of 56
Beast26
Frequent Contributor

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

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.





Revolving history: 1 year 7 months across the board
AAoA:
TU: 5yrs 10months
EX: 2yrs 2 months
EQ: ~5yrs 6 months
Inquiries: Ex: 1/12. EQ: 1/12 Tu: 1/12
As of 10-5-2020

Fingerhut $500
Quicksilver $600
Discover It Miles $9,500
Chase Freedom Flex $3,200
Amazon Prime Store Card $6000
Walmart MC $2,000

Message 28 of 56
FormerCollegeDJ
Regular Contributor

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

Let me just add to what @Aim_High said above and note the WF Active Cash IMO is very competitive with the Chase Freedom Unlimited, in addition to the 2% flat rewards cards already mentioned.  To me, the CFU is probably a better card than the Citi Double Cash, which is probably the most visible 2% rewards card available, mainly because the CFU offers a $200 SUB (on only $500 in spend in the first three months), 15 months 0% APR on purchases, and a limited number of 3% and 5% rewards categories.  But I'm not so sure the CFU is a better card than the WF Active Cash.  Here's a head-to-head comparison:

 

ANNUAL FEES

*CFU - none

*WF Active Cash - none

*Advantage - tie

 

REWARDS

*CFU - 5% on CUR travel purchases, 3% on dining and drug store purchases, 1.5% on all other purchases

*WF Active Cash - 2% on all purchases

*Advantage - roughly a tie, probably slight edge to WF Active Cash

 

SIGN UP BONUS

*CFU - $200 on $500 in spend in first three months

*WF Active Cash - $200 on $1000 in spend in first three months

*Advantage - CFU ($200 SUB on $500 in spend is probably best in class for a no annual fee card, but a $200 SUB on $1000 in spend is still very good)

 

INTRODUCTORY APR

*CFU - 0% for 15 months on purchases

*WF Active Cash - 0% for 15 months on purchases and balance transfers

*Advantage - WF Active Cash

 

FOREIGN TRANSACTION FEES

*CFU - 3%

*WF Active Cash - 3%

*Advantage - tie

 

CASH BACK OPTIONS

*CFU - direct deposit to non-Chase banking account available

*WF Active Cash - unknown, but my guess is physical check to non-Wells Fargo banking account will be available (but not direct deposit)

*Advantage - unknown, but probably Chase

 

OTHER KEY PERKS OF CARD (by itself, not in combination with other cards)

*CFU - no rewards expiration

*WF Active Cash - probably no rewards expiration, cell phone coverage

*Advantage - WF Active Cash (the cell phone protection is a major perk on a card that offers a flat 2% cash back; most no annual fee cards that offer cell phone protection do not have cell phone payments as a bonus category, meaning cell phone payments earn 1% rewards)

 

If you ask me, the Wells Fargo Active Cash probably noses out the Chase Freedom Unlimited as a general purchase, no annual fee card.  And one can easily argue the Chase Freedom Unlimited is the best general purchase, no strings attached, no annual fee card available on the market right now.

Playing the credit card rewards game since early May 2020.

Current credit cards:
*Discover Cash It, 10/5/94, $10,000 CL
*American Express Hilton Honors, 9/23/96, $16,500 CL
*Kohl's store card, 7/31/00, $2500 CL
*Chase Amazon Rewards Visa, 10/29/06, $7000 CL
*Citi Sears/Thank You Rewards Mastercard, 9/19/09, $2001 CL (LOL)
*Citi My Best Buy Visa, 12/29/11, $4600 CL
*Bank of America Amtrak Guest Rewards Platinum Mastercard, 10/17/15, $15,000 CL
*Bank of America AAA Member Rewards Visa, 3/9/17, $15,000 CL
*Chase Freedom Unlimited Visa, 6/29/20, $11,000 CL
*Chase Freedom Flex Mastercard, 11/9/20, $9900 CL
*Capital One SavorOne Mastercard, 3/30/21, $10,000 CL
*Wells Fargo Propel American Express, 4/11/21, $10,000 CL

Next target credit cards:
*US Bank Cash+ Visa
*Wells Fargo Active Cash Visa, PSECU Founder's Card Visa, or Chase Sapphire Preferred Visa
*Citi Custom Cash Mastercard
*Elan Financial Services Max Cash Preferred (S&T Bank Visa version)
Message 29 of 56
Beast26
Frequent Contributor

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

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).





Revolving history: 1 year 7 months across the board
AAoA:
TU: 5yrs 10months
EX: 2yrs 2 months
EQ: ~5yrs 6 months
Inquiries: Ex: 1/12. EQ: 1/12 Tu: 1/12
As of 10-5-2020

Fingerhut $500
Quicksilver $600
Discover It Miles $9,500
Chase Freedom Flex $3,200
Amazon Prime Store Card $6000
Walmart MC $2,000

Message 30 of 56
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