Student credit cards offer many advantages for college students. Spending freedom rewards to help save money on everyday purchases, and the chance to build credit are a few great reasons to apply for a credit card when you head off to college.
If you’re looking for a student credit card with no annual fee, the Wells Fargo student credit card is a nice option,
The Wells Fargo student credit card stands out from the growing sea of student credit cards not so much for its rewards as for its other perks. you may receive 1% cash back on all purchases and 3% cash back on select purchases during your first six months as a cardholder, up to $2,500 in total spending.
Along with a cell phone protection benefit, there is a promotional period of six months with a 0% APR for balance transfers and new purchases. Plus, you’re building a credit history that can pave the way to better reward credit cards later.
Benefits of student credit cards
There are many pros and cons to credit cards in general, but having a credit card as a college student offers many advantages. These include:
Safety — Credit cards are safer than debit cards and cash because they provide a buffer between merchants and your money. If someone hacks your account or gets ahold of your card, you won’t be responsible to pay for purchases they make.
Spending flexibility — Credit cards let you spend your money anywhere you go including online and overseas. They’re accepted almost everywhere and easy to keep track of. Many can even be used digitally and stored on your mobile device.
Savings — Rewards, cash-back bonuses, and complimentary benefits can help you cut costs in just about every area of your life. And what college student doesn’t want to save money?
Build credit — Using a credit card is one of the easiest ways to steadily build credit. Almost all credit cards report your payment activity to the three major credit bureaus: Equifax, TransUnion, and Experian. This means that your credit card payment history will show up on your credit report and work in your favor if it shows on-time payments, showing that you’re a responsible borrower and making you more likely to be approved for credit in the future.
Pros | Wells Fargo Student Credit Card
- Offer of triple rewards offer for new cardmembers
- Helps students build credit with responsible use
- Introductory APR of 0% on balance transfers and purchases for a period of six months
- Many advantages for a student card including cellphone insurance
Cons | Wells Fargo Student Credit Card
- Low return on investment for continued rewards
- interest rates go up after six months
- To redeem, you must have at least $20 in rewards.
- Customer satisfaction with Wells Fargo is subpar.
Five things to know about Wells Fargo Student Credit Card
The Wells Fargo student credit card has no annual fee, and here are five things you should know about it:
1. It generates Wells Fargo Rewards that can be exchanged for money.
The following benefits are earned by using the Wells Fargo Student credit card:
- For the first six months, you can receive 3% cash back on up to $2,500 in gas, supermarket, and pharmacy purchases.
- All other purchases will earn 1% back.
These benefits are given in the form of Wells Fargo Rewards points. They are worth one penny each and can be redeemed for cash back among other things.
2. It’s easier to apply if you already have a Wells Fargo relationship
If you are an existing Wells Fargo customer, you can apply for the card online. If not, you will need to submit a paper application in person at a Wells Fargo branch.
3. You might later be able to switch to another Wells Fargo card.
While it’s not always possible, some cardholders who graduate may be able to switch from one Wells Fargo program to another (one that offers better benefits).
The Wells Fargo student credit card doesn’t have any stated credit score restrictions, but the bank claims it is intended for college students and those who are developing credit. It informs the three credit bureaus of payment information. That means that if you pay your bills on time each month and keep your balances within a reasonable range of your credit limit, you can gradually raise your credit scores and increase your chances of being approved for other cards that have acceptable to exceptional credit requirements.
4. You can increase your credit limit over time
Wells Fargo also doesn’t disclose the specifics of its underwriting requirements for credit limit increases, but the bank does say that it has a credit limit increase program for the card. This means that you stand a strong possibility of having your credit limit increased if certain conditions are met, such as your income, going up and your account being in good standing.
5. The card offers an intro APR period
The Wells Fargo student credit card offers a 0% introductory annual percentage rate for the first six months, which is unique for credit cards in this category (a variable APR applies after that). That might be useful for college students who have a lot of upfront costs.
After that deal expires, the card’s recurring APR, which is based on creditworthiness, takes effect.
It’s also important to note that the card, like other Wells Fargo cards, includes cell phone protection, which is useful and not very common.
Outstanding Benefits of Wells Fargo Student Credit Card
The Wells Fargo Cash Back College card offers one significant benefit that can be helpful to college students, which is cell phone insurance.
You will receive coverage of up to $600 when you use your card to pay for your monthly cell phone bill, subject to a $25 deductible. This is a fantastic benefit for a student credit card and distinguishes the Wells Fargo Cash Back College card from other products.
There are some caveats to the coverage. While theft is covered, a simple loss of the phone is not. And any eligible damage must affect the phone’s functionality, which precludes repairs for cosmetic reasons alone, or due to electronic or software failures that didn’t arise from physical damage. Finally, this is secondary coverage that kicks in after you’ve received the benefits from any other insurance coverage, including that from home or auto insurance.
Standard Benefits of Wells Fargo Student Credit Card
This Wells Fargo student credit card offers extensive benefits typical of regular credit cards but is unusual for a student card. Perks include: Benefits include:
- Emergency replacement of the card: To get a new card delivered to you and to access emergency cash, dial 1-800-847-2911.
- Roadside dispatch: You can dial 1-800-847-2869 for roadside assistance if you get a flat tire or run out of gas. You’ll have to pay a separate fee for any services provided.
- Travel and emergency assistance services: Call 1-800-992-6029 to get travel and emergency assistance when you pay your complete fare with your card on a common carrier. Travel and emergency assistance can connect you with medical, legal, and other emergency services in your area when you are traveling..
- Secondary collision damage waiver for auto rentals: To receive free additional rental car insurance, decline the company’s insurance and pay with your card instead.
Security Features of Wells Fargo Student Credit Card
The Wells Fargo Cash Back College card offers security features that are standard for most credit cards. The card offers zero liability protection, so you’re never responsible for unauthorized charges. Additionally, you can register to get notifications regarding payment due dates and questionable behavior.
Cardholder Experience
As a college student, you may likely not have much exposure as regards using credit cards and you might also have some reservations. If that’s the case, you should be aware that Wells Fargo’s customer service isn’t particularly renowned.
Out of 11 major national card issuers, the J.D. Power 2020 U.S. Credit Card Satisfaction Study ranked Wells Fargo eighth. In the research, Wells Fargo scored a below-average rating.
Customer care for Wells Fargo is accessible twenty-four hours a day, seven days a week, by secure email or at 800-642-4720.
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Who this card is good for
The Wells Fargo Cash Back College Card is a good option for students who are looking to build credit without the hassle of an annual fee.
You’ll also appreciate the complimentary cellphone insurance. If you drop your phone, you won’t have to carry on with a broken screen. This provides peace of mind for college students who can’t afford a new phone if it’s stolen or damaged.
Frequently Asked Questions
Do students receive credit cards from Wells Fargo?
College students with little credit history may be given credit cards, some of which have introductory interest rates or reward programs.
How does the Wells Fargo Active Cash Card work?
The Wells Fargo Active Cash earns 2% cash rewards on purchases with no cap on the rewards a cardholder can earn. The card offers a few extra benefits but does include cell phone protection insurance.
Can a student without a job receive a credit card?
Students can cite additional sources of income, such as family bank deposits or unclaimed financial aid, in their credit card applications even if they don’t have a job that pays a salary. In order to be eligible for a credit card, students must be at least 18 years old.
What is the credit card limit for students?
What is the credit card limit for students? A student credit card often has a lower credit limit than a standard credit card. The credit limit could be as low as $100 or $200 depending on the card you acquire, your salary, and your creditworthiness.
How can Wells Fargo give me $200?
You must be approved for the Wells Fargo Active Cash® Card and spend $1,000 within the first three months of account opening to qualify for the Wells Fargo $200 Cash Rewards incentive.
Conclusion
If you need a student card that does not require an annual fee, The Wells Fargo student credit card is a good option, at least for the first six months, you will not have to pay any monthly charges to retain the card. During that time, you’ll receive 3% cash back on selected purchases up to $2,500 in total.
Additionally, The card also offers several useful features that are uncommon for a student credit card with no annual charge, such as supplementary rental-car coverage and cell phone protection. Younger renters of cars are frequently charged extra, and some businesses may even exclude them, so students should be aware of this.
But besides those perks and its introductory offers, the Wells Fargo Cash Back card doesn’t provide anything particularly noteworthy. You will continuously receive 1% cash back, which is a respectable reward rate for a student card but not particularly noteworthy. Additionally, the card does have foreign transaction fees, so if you want to go outside of the US, you would be better off using a different card.
