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Last updated on June 2nd, 2021
Wells Fargo Cash Back College Card
0% Intro APR + up to 3% Cash Rewards
- Regular Purchase APR 11.15% to 21.15% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 11.15% to 21.15% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 23.99% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Fair , Poor , No Credit Required
- Intro Purchase APR 0% for 6 months from account opening date
- Processing Network Visa
- 0% introductory APR for 6 months on purchases and balance transfers
- 3% cash rewards on gas, grocery, and drugstore purchases for the first 6 months, 1% cash rewards on virtually all other purchases
- Build credit history while you’re in college
- Access your FICO® Credit Score, credit education and tools with Wells Fargo Online®
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 11.15% to 21.15% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% APR for 6 months on transfers made within 120 days from account opening date
- Balance Transfer APR: 11.15% to 21.15% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5
- Cash Advance APR: 23.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each advance, whichever is greater
- Foreign Transaction Fee: 3% of each transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
At a Glance
The Wells Fargo Cash Back College Card is useful for students who want to build their credit, earn cash rewards, and enjoy flexible redemption options for these rewards. The 0% introductory APR for six months allows students to buy what they need for school, and it lets them pay down any existing balances.
Ideal for Those Who:
- Are college students
- Want cash back rewards on all purchases
- Need to pay down a balance
- Want to pay for a large ticket item over time
- Want to protect their cell phone from damage or theft
Wells Fargo Cash Back College Card Review
Paying for college is difficult enough without even beginning to consider everyday purchases. Since money is always at a premium for college students, earning 3% cash rewards on gas, groceries, and drugstore purchases can surely put more money back into the pockets of hungry students everywhere.
While the Wells Fargo Cash Back College Card earns 3% back on select purchases, this is only for the first six months after opening an account. Additionally, should students attempt to max out their rewards within the first six months, Wells Fargo places a cap of $2,500 of cash back. After the six months expire, students will earn 1% back on every purchase.
Cash rewards from Wells Fargo are redeemable in $25 increments, applicable either towards qualifying Wells Fargo credit products, as a paper check, through Wells Fargo ATMs in $20 increments, for travel, gift cards, or more. The option of redeeming cash back through Wells Fargo ATMs is a very nice perk, especially for students, as they can practice their budgeting and use their cash back rewards as a way to treat themselves with a night out to celebrate their fiscal-planning success.
Beyond cash back rewards, a good student credit card is all about building credit, something the Wells Fargo Cash Back College Card does well. The card, with features no annual fee, also comes with a 0% introductory APR for the first six months, followed by a regular APR which is competitive with other similar student cards. Students also have access to Wells Fargo’s Path to Credit educational resources, which help lay the foundations for successful financial behaviors.
An added perk of the Wells Fargo Cash Back College Card is the cell phone protection plan where a device is covered against theft or damage if this card is used to pay the monthly bill. Cardholders are also offered roadside dispatch, travel, and emergency assistance services, and an auto rental collision damage waiver.
Should You Apply for the Wells Fargo Cash Back College Card?
‘The Wells Fargo Cash Back College Card is a solid rewards card for college students that want to earn cash back with every purchase. After the initial promo period, the card earns a flat rate 1% back on all purchases, which puts it in the same league as the Discover It Chrome for Students Card, which also features no annual fee.
Unlike the It Chrome from Discover, however, the Cash Back College Card has a special introductory period that offers college students significant value. For the first six months, students earn 3% cash back on gas, groceries, and drugstore purchases – all categories that provide real value for money. Students also receive 0% intro APR for the first six months, making the card a great option for purchasing textbooks or dorm supplies and then paying down the balance over the semester.
The introductory APR period also helps teach students financial responsibility, something Wells Fargo also offers through it’s dedicated educational portal. By building the foundations of a solid credit score, students can sue the Cash Back College Card as a springboard to even more lucrative rewards cards in the future.