The Wells Fargo Reflect Card is a no-annual-fee credit
card that offers a long 0% intro APR on both purchases and balance transfers,
making it a great option for paying down debt.
After the intro period, the variable APR is 18.24% -
29.99%, depending on your creditworthiness.
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Table of Contents |
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1 |
Main Functions of the Wells Fargo Reflect Card |
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2 |
Is the Wells Fargo Reflect Card a good credit card? |
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3 |
What's the credit limit on Wells Fargo Reflect Card? |
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4 |
What credit score is needed for a Wells Fargo Reflect Card? |
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5 |
Improving your chances of being approved for the Wells Fargo Reflect Card |
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6 |
Is it hard to get Wells Fargo reflect? |
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7 |
Breakdown of the factors that influence your approval odds |
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Tips for Getting Approved |
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Frequently Asked Questions |
Main Functions of the Wells Fargo Reflect Card:
0% Intro APR on purchases and balance transfers for 21
months: This is one of the longest intro APRs on the market, giving you plenty
of time to pay off your debt without accruing interest.
However, there is a 5% balance transfer fee (minimum $5)
for balances transferred to Wells Fargo in the first 120 days.
No annual fee:
this card has a annual fee, so you can save money on your credit card expenses.
Cellphone protection: This card offers up to $600 in
cellphone protection against theft, damage, and loss.
Visa travel
benefits: This card comes with a number of Visa travel benefits, such as
auto rental collision damage waiver and travel accident insurance.
Is the Wells Fargo Reflect Card a good credit card?
Wells Fargo Reflect Card is a good credit card for you
depends on your individual needs and circumstances. Here's a breakdown of its
pros and cons to help you decide:
Pros:
Long 0% intro APR on purchases and balance transfers: At
21 months, this is one of the longest intro APRs available on the market,
giving you plenty of time to pay down debt without accruing interest.
This can be particularly helpful if you have a large
balance to pay off, or if you're just starting out with credit cards and want
to build good credit history.
No annual fee:
this card has a annual fee, so you won't have to pay any ongoing charges just
for keeping the card open. This can save you money compared to cards with high
annual fees.
Cellphone protection:
This card offers up to $600 in cellphone protection against theft, damage, and
loss. This can be a valuable perk if you rely on your phone for work or
personal use.
Visa travel
benefits: This card comes with a number of Visa travel benefits, such as auto
rental collision damage waiver and travel accident insurance. These benefits
can provide peace of mind when you're traveling.
Cons:
High variable APR:
After the intro period ends, the variable APR on this card is 18.24% - 29.99%,
depending on your creditworthiness. This is a high APR, so it's important to
pay off your balance before the intro period ends to avoid accruing interest
charges.
No rewards:
This card does not earn any rewards points or cash back on your purchases. This
can be a drawback if you're looking for a card that can help you earn rewards
for your spending.
Balance transfer
fee: There is a 5% balance transfer fee (minimum $5) for balances
transferred to Wells Fargo in the first 120 days. This can eat into your
savings if you're planning to do a large balance transfer.
What's the credit limit on Wells Fargo Reflect Card?
The credit limit for this card is determined on a case-by-case
basis and depends on several factors, including:
Your credit score: Higher credit scores typically qualify for higher credit limits.
Your income: Higher income may lead to a higher credit
limit.
Your existing
credit history: A history of responsible credit use can increase your
chances of getting a higher limit.
Debt-to-income ratio: Lenders prefer applicants with lower debt-to-income ratios to minimize risk.
While the minimum credit limit for the Wells Fargo
Reflect Card is $1,000, some cardholders have reported receiving limits as high
as $14,000.
However, these are not guaranteed amounts and it's more
likely to fall within a range based on your individual circumstances.
What credit score is needed for a Wells Fargo Reflect Card?
While Wells Fargo doesn't officially declare a specific
credit score needed for the Reflect Card, it generally falls within the good to
excellent range, which typically translates to:
FICO Score: 670 or higher
Vantage Score: 661 or higher
However, it's important to remember that your credit
score alone doesn't guarantee approval. Other factors also come into play,
like:
Income: Higher
income may increase your chances of approval.
Debt-to-income
ratio: Lower debt-to-income ratios demonstrate better financial stability.
Employment
history: Stable employment can be a positive factor.
Credit report
details: Delinquencies, missed payments, and too many recent inquiries can
hurt your chances.
While a score of 670 or higher might increase your
approval odds, individual experiences may vary. Some cardholders have reported
approvals with lower scores but strong financial profiles, while others with
higher scores haven't been approved due to other factors.
Improving your chances of being approved for the Wells Fargo Reflect Card:
Check your credit reports and address any errors.
Pay your bills on time and keep your credit utilization low.
Avoid applying for too much credit at once.
Consider requesting a lower credit limit, which may be
easier to get approved for.
Is it hard to get Wells Fargo reflect?
Whether the Wells Fargo Reflect Card is hard to get
depends on your individual creditworthiness and financial situation.
Breakdown of the factors that influence your approval odds:
Credit Score:
Generally, a good to excellent credit score (670+ FICO or
661+ Vantage Score) is recommended.
However, some users have reported getting approved with
lower scores, while others with higher scores have been denied due to other
factors.
Other Factors:
Income: Higher income generally increases your chances of approval.
Debt-to-income
ratio: A lower debt-to-income ratio indicates better financial stability
and makes you a less risky borrower.
Employment history: Stable employment is a positive factor.
Credit report details: Delinquencies, missed payments,
and too many recent credit inquiries can hurt your chances.
Overall Difficulty:
While the Reflect Card isn't known for being
exceptionally difficult to get, it's not the easiest card to qualify for
either.
Compared to other cards with similar benefits, it might
be slightly more selective in terms of credit score and overall financial
health.
Tips for Getting Approved:
Check your credit reports and address any errors.
Pay your bills on time and keep your credit utilization low.
Avoid applying for too much credit at once.
Consider requesting a lower credit limit, which may be
easier to get approved for.
Frequently Asked Questions:
I have a credit score of 640. Can I still get the Wells Fargo Reflect Card?
While having a credit score of 670+ is generally
recommended for the Reflect Card, individual experiences can vary.
Some cardholders have reported approvals with lower
scores due to strong financial profiles. However, your income, debt-to-income
ratio, and credit report details also play a role.
Consider checking your credit reports for errors,
improving your credit utilization, and potentially requesting a lower credit
limit to increase your chances.
How hard is it to get approved for the Wells Fargo Reflect Card compared to other similar cards?
The Reflect Card falls somewhere in the middle when it
comes to difficulty, it’s not the easiest card to get, but it's not the most
challenging either.
Compared to other cards with similar benefits, it might
be slightly more selective in terms of credit score and overall financial
health. Consider checking pre-qualification tools for other cards to compare
approval odds.
I'm worried about the high variable APR after the intro period. Is there anything I can do?
Absolutely! Since the variable APR can be high, managing
your credit is crucial. Here are some tips:
Focus on paying off your balance before the intro period
ends (21 months) to avoid accruing interest.
Make more than the minimum monthly payment whenever
possible.
Track your spending and create a budget to avoid
overspending.
Consider transferring your remaining balance to a card
with a lower ongoing APR after the intro period.