What Credit Score Do You Need To Get The Wells Fargo Reflect?

By
Internationalfinancialnews.com
-
0
53


Wells Fargo Reflect® Card

On Wells Fargo’s secure site

  • Rewards

  • Welcome bonus

  • Annual fee

  • Intro APR

    0% intro APR for 21 months from account opening on purchases and qualifying balance transfers.

  • Regular APR

    18.24%, 24.74%, or 29.99% Variable APR

  • Balance transfer fee

  • Foreign transaction fee

  • Credit needed

Pros

  • No annual fee
  • Long introductory APR period on purchases and qualifying balance transfers
  • Access to Visa Signature® Concierge
  • Get up to $600 cell phone protection (subject to a $25 deductible)
  • Access to My Wells Fargo Deals to earn cash back in the form of an account credit when shopping, dining

Cons

  • No rewards
  • No welcome bonus
  • 3% fee charged on foreign transactions

Wells Fargo Reflect Card details

With a new Wells Fargo Reflect® Card, you’ll receive an amazing 21 months of 0% intro APR from the date the account is opened on purchases and balance transfers. A variable APR of 18.24%, 24.74% or 29.99% will apply once the intro APR ends. For balance transfers, there is a balance transfer fee of 5%, min: $5.

You’ll also have access to other perks, such as roadside dispatch and cell phone protection. The cell phone coverage provides up to $600 per claim against theft or damage ($25 deductible; maximum two claims every 12 months).

While the Reflect Card doesn’t earn rewards, if you have credit card debt or need to finance a big purchase, what you can potentially save on interest can outweigh the lack of rewards.

The average credit card APR is around 23% (for accounts accessed interest). If you have a $10,000 credit card balance you plan on paying over 21 months, this card’s intro APR would save you over $2,200 in interest. Keep in mind, that the balance transfer fee would be $500 and reduce your savings to around $1,700.

Credit score needed for the Wells Fargo Reflect Card

Wells Fargo doesn’t officially publish a credit score requirement for the Reflect Card. However, you’ll usually need at least a good to excellent score to have the best approval odds.

There are a few different credit scoring models, including VantageScore and FICO® Score. Both scores range from 300 to 850 and are based on your credit reports from the three major credit reporting bureaus: Experian, Equifax and TransUnion.

The range for a credit score varies depending on the specific scoring model and it is typically based on the following factors: Payment history, amounts owed, length of credit history, new credit and credit mix.

Credit scores are typically categorized from very poor to excellent. As an example, FICO Scores fall into the following categories:

  • Very poor: 300 to 579
  • Fair: 580 to 669
  • Good: 670 to 739
  • Very good: 740 to 799
  • Excellent: 800 to 850

What to do if you aren’t approved for the Wells Fargo Reflect Card

The Wells Fargo Reflect® Card requires a healthy credit score and unfortunately, most of the best intro-APR cards and balance transfer cards also have higher credit score requirements. If you need to improve your credit, you may want to consider opening a secured credit card. These cards require an upfront deposit but tend to have high approval rates.

Alternative credit card to consider

The Discover it® Secured Credit Card doesn’t have an intro-APR offer, but makes up for it with generous rewards, especially for an easy-to-get secured credit card.

It earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, after that, you’ll earn 1% cash back on those purchases. All other purchases earn 1% cash back.

It also has a potentially valuable welcome offer. Discover will match all the cash back you earn in the first year. So for the first year, you effectively double the cash back you earn.

Discover it® Secured Credit Card

On Discover’s secure site

  • Rewards

    Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.

  • Welcome bonus

    Discover will match all the cash back you’ve earned at the end of your first year

  • Annual fee

  • Intro APR

  • Regular APR

  • Balance transfer fee

    3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*

  • Foreign transaction fee

  • Credit needed

Improve your credit

It’ll take time and consistency to seriously improve your credit. The most important habit to develop is to pay your bills on time and in full. This will improve your payment history and keep the amounts you owe low, which are two key factors in determining your credit score.

If you need a quick bump for your credit score, there are tools that may help. Services such as *Experian Boostâ„¢ and eCredable Lift® allow you to add additional activity to your credit report that normally wouldn’t be included. This information can include utility provider payments and payments to streaming services.

Experian Boostâ„¢

On Experian’s secure site

  • Cost

  • Average credit score increase

    13 points, though results vary

  • Credit report affected

  • Credit scoring model used

Results will vary. See website for details.

There are limitations to these services. Experian Boost only impacts your Experian credit report and eCredable Lift only changes what’s on your TransUnion report. It’s also important to know that eCredable Lift adds positive and negative activity to your credit report. So, adding negative payment information to your account could lower your credit score.

Find the best credit card for you by reviewing offers in our credit card marketplace or get personalized offers via CardMatch™.

Compare savings accounts

Bottom line

The Wells Fargo Reflect® Card stands out for offering a generous intro APR of no interest on purchases and balance transfers for 21 months. However, it normally requires a good to excellent credit score, so it can be more difficult to get. If you’re unable to qualify for this card, consider a credit card for bad credit, which can help you build your credit history or improve your credit score if you pay it on time and in full.

Subscribe to the CNBC Select Newsletter!

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.

Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card story is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.

*Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boostâ„¢. Learn more.

For rates and fees of the Discover it Secured, click here.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.




LEAVE A REPLY

Please enter your comment!
Please enter your name here