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Credit Card Review: Wells Fargo Reflect℠ Card

The most important thing that you can do with your credit cards is to avoid interest charges by paying your balances in full, every month. But for many different reasons, about half of credit card users are unable to do that, and end up carrying a balance. If you’re one of these credit card users, then your first priority should be paying off your balance, while spending as little as possible on interest.

The new Wells Fargo Reflect℠ Card helps you to do that by offering 18 months of 0% APR on both new purchases and qualifying balance transfers, as well as an extension that can allow this offer to reach 21 months. In comparison, the most competitive promotional financing offers from other card issuers are typically about 15 months, and can sometimes reach as long as 20.

Welcome Bonus: None
Rewards: None
Annual Fee: None
APR: 12.99% to 24.99%, based on your creditworthiness
Promotional Financing Offer: None

How This Card Works

With the Wells Fargo Reflect Card, new applicants receive an interest-free promotional financing offer for 18 months on both new purchases and qualifying balance transfers. To qualify, a balance transfer must be made within 120 days of account opening.

However, if you make your minimum payments on-time during those initial 18 months, then your introductory financing offer can extend to as long as 21 months, so long as you continue to make at least the minimum payment on time. This is currently the only credit card that offers such an extension to its promotional financing offer. And if you receive the full 21 months of 0% financing, it will be the longest promotional financing offer available. The next best offer from a card issued by a major bank is the U.S. Bank Visa® Platinum card, which features 20 months of interest free financing on both new purchases and balance transfers.

Otherwise, this is a very simple card, with no sign-up bonus and no rewards offered. And while it doesn’t include many benefits, you do receive up to $600 of cell phone protection against theft and damage when you pay your monthly bill with your card. There’s no annual fee for this card, but there is a 3% balance transfer fee and a 3% foreign transaction fee.

Advantages

This card offers a class-leading promotional financing offer that allows you to eliminate interest charges on your balance transfers and new purchases. And when you don’t pay interest on your balance, 100% of your payment will go towards paying off your debt, allowing you to become debt-free sooner. And all you have to do is make your payments on time, for at least the minimum amount, and you’ll have your introductory financing offer extended until 21 months.

This card also has no annual fee and comes with a valuable mobile phone protection policy.

Disadvantages

Once you’ve paid off your balance and the promotional rate expires, this is just a very basic card that doesn’t offer any rewards and few benefits. It also has a 3% foreign transaction fee, so you’ll want to leave it at home next time you leave the U.S.

Alternatives

Citi® Diamond Preferred® Credit Card. This card comes with 21 months of 0% APR financing on balance transfers, but just 12 months for new purchases. There’s no annual fee for this card, however it has a high balance transfer fee of 5%

U.S. Bank Visa® Platinum Card. This card of comes with 20 months of 0% APR financing on both new purchases and balance transfers. It comes with a mobile phone protection plan and has no annual fee. But there is a 3% fee for both balance transfers and foreign transactions.

BankAmericard from Bank of America. This card offers 18 months of interest-free financing on both new purchases and balance transfers, with a 3% balance transfer fee. And while this offer is slightly lower than its competitors, it does have a standard interest rate of as low as 12.99% APR for the most qualified applicants. There’s no annual fee for this card.

Bottom Line

When you have credit card debt, you should be looking for the best way to get rid of it, and fast. By offing up to 21 months of interest-free financing, the new Wells Fargo Reflect card can be a great way to avoid interest charges while you pay off your balances.

More from Money:

The Best Credit Cards

Best Balance Transfer Credit Cards

How to Build Credit Fast and Earn a Good Credit Score

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