Refinance debt and even get cell phone protection: Wells Fargo Reflect card review

Oct 7, 2021

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Wells Fargo Reflect℠ Card overview

The Wells Fargo Reflect℠ Card (rates & fees) is perfect for those looking to refinance their debt with a solid introductory balance transfer opportunity. While light on overall benefits, the card brings you back to the basics and even comes with complimentary cell phone protection when you pay your monthly bill with this card. Card rating*: ⭐⭐⭐

*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

If reducing your debt is one of your top priorities, a credit card like the Wells Fargo Reflect℠ Card can help you avoid paying interest on balances you carry in the interim. For no annual fee, you can transfer your balances from your other credit cards to the Wells Fargo Reflect and take advantage of its 0% introductory APR for 18 months from account opening on purchases and qualifying balance transfers (then a variable APR of 13.74% – 25.74% applies)  — with the potential to extend this period (up to three months) by making on-time minimum payments during the intro and extension periods.

Let’s take a look at all the details and see if this is the card for you.

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In This Post

Who is this card for?

Before anyone starts to accrue points and miles, it’s essential to ensure that you don’t collect credit card debt that will negate the value of any benefits from the card. And of course, carrying a balance month to month will subject you to high interest rates and hurt your credit score.

While it seems counterintuitive to open another credit card, the Wells Fargo Reflect comes with a lengthy introductory APR offer of 18 months from account opening that will help you not incur those pesky interest fees.

Sign-up bonus

Unfortunately, the Wells Fargo Reflect does not currently offer a sign-up bonus when you apply for the card.

Main perks and benefits

As mentioned above, the main draw of opening this card is for the introductory APR opportunity. If you anticipate a large purchase that you want to finance over 18 months, you’ll be saved by the introductory interest fees for this period. What’s unique about this card is that there’s an opportunity to extend this intro APR period for up to three months, so long as you pay on-time minimum payments during the introductory and extension periods. This gives you a total grace period of up to 21 months — the longest we’ve seen among most credit cards.

You can also enjoy 0% intro APR on qualifying balance transfers made within the first 120 days for those with existing debt (then a variable APR of 13.74% – 25.74% applies). Just note that there’s a balance transfer of 3% during this introductory period, then a fee of up to 5% (with a minimum of $5) thereafter.

While there’s no way to accrue points, miles or even cash rewards with this card, you can receive up to $600 of cell phone protection when you pay your monthly cell phone bill with your card (subject to a $25 deductible). Monthly cell phone insurance can be pricey, so this excellent protection automatically comes with a card with no annual fee.

Which cards compete with the Wells Fargo Reflect?

Many issuers have come out with their own debt refinancing credit cards, so there’s no shortage of options compared to the Wells Fargo Reflect.

First up, we have the BankAmericard® credit card by Bank of America. Also, with no annual fee, a 0% introductory APR applies to the first 18 billing cycles for purchases, and balance transfers made in the first 60 days. After the intro APR offer ends, a 13.24% to 23.24% variable APR will apply. A 3% fee (minimum of $10) applies to all balance transfers.

(Photo by John Gribben for The Points Guy)

While still a great offer worth considering, the introductory APR period is shorter for balance transfers — and the minimum fee of $10 is higher. Plus, there’s no opportunity for extension, unlike with the Wells Fargo Reflect.

The BankAmericard also doesn’t earn rewards, but new applicants can earn a $100 statement credit online bonus after making $1,000 in purchases within the first 90 days of account opening. This sign-up bonus is a nice offering, but make sure that the introductory APR terms fit your financial goals and needs.

Another comparable option is the Citi® Diamond Preferred® Card. Cardholders will enjoy a 0% introductory APR for new purchases for the first 12 months of account opening, and 0% introductory APR for 21 months from the date of first transfer for balance transfers completed within the first four months of account opening. Note that there’s a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater. After the intro period, there’s a 14.49% to 24.49% variable APR based on your creditworthiness.

(Photo by John Gribben for The Points Guy)

There’s also no annual fee, though your ongoing interest rate may be slightly higher than of the Wells Fargo Reflect. And, there’s no cell phone protection — or any competing benefit, for that matter.

Bottom line

The Wells Fargo Reflect isn’t competing on the same level as top cards such as The Platinum Card® from American Express or the Chase Sapphire Reserve. Instead, it’s for users who need a financing (or refinancing) offer before accruing credit card points and miles. With diligent, on-time payments, you’ll see your credit score rise, qualifying you for these top credit cards down the road.

Official application link: Wells Fargo Reflect.

Featured photo by John Gribben for The Points Guy.

The Bank of America content was last updated 04/01/2022.

Chase Sapphire Preferred® Card

WELCOME OFFER: 80,000 Points


CARD HIGHLIGHTS: 3X points on dining and 2x points on travel, points transferrable to over a dozen travel partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

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More Things to Know
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  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
Regular APR
16.24% - 23.24% Variable
Annual Fee
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.