Wells Fargo is launching a new cash back credit card this July. The new Wells Fargo Active Cash Card will earn 2% back on all purchases and appears to replace the recently discontinued Wells Fargo Propel American Express Card. Here are all the details of the new Active Cash Card – including when it goes live.
New Active Cash Card from Wells Fargo
Product refreshes are all the rage these days, with more banks seeking to provide customers with everyday rewards versus travel perks. For instance, TD Bank recently unveiled its new TD Double Up Card and made changes to its flagship TD Business Solutions Card. Wells Fargo is now jumping on the bandwagon with a new 2% back card – the Wells Fargo Active Cash Card.
The new Active Cash Card, a Visa Signature product, will debut on July 1, 2021, and looks set to replace the Propel Amex Card – the bank’s ever-popular travel rewards card. Instead of travel rewards, however, cardholders will enjoy unlimited cash back, a valuable sign-up bonus, and a lengthy 0% intro APR period – all for no annual fee.
Wells Fargo Active Cash Card: At a Glance
Here is what we know about the new Active Cash Card so far:
- Cardholders earn an unlimited 2% cash rewards on every purchase, with no category limitations or quarterly activations.
- New accounts earn $200 back after making $1,000 in purchases in the first three months. This sum equates to an impressive 20% bonus cash back for meeting very modest spending requirements.
- New accounts also enjoy 0% intro APR for 15 months on both purchases and balance transfers.
- No annual fee
- The new card is expected to go live to new applicants on July 1, 2021.
There are a few additional notes to keep in mind if you consider applying for the Wells Fargo Active Cash Card this July. For starters, the $200 sign-up bonus may not apply to those who have opened a Wells Fargo credit card account within the last 15 months. This wrinkle applies to anyone that either received a bonus rewards offer or an introductory APR offer – even if the account is currently closed.
Second, some applicants may not qualify for the new Active Cash Card if they have opened another Wells Fargo credit card account within the last six months. Before applying, make sure to check your credit report to ensure your hard inquiries count is in good shape. Otherwise, you might face rejection when applying.
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