|
The Wells Fargo Prime Rate Visa was last reviewed on 10th September 2006
Summary - The Wells Fargo Prime Rate Visa credit card has the lowest apr in the credit card market. The apr is simply the prime rate. To make up for the fact that Wells Fargo gives such a good rate, they charge an annual fee of $19.00. Find out more about this card.
Fees and Rates - The Wells Fargo Prime Rate Visa has an annual fee of $19.00. The apr is simply the prime rate. The average daily balance method (including new purchase) is used to compute your monthly balance. The grace period is 20 to 25 days.
Optional Reward Program - For an additional $19.00 in annual fee, you can opt-in and enroll in the Wells Fargo reward program. The reward program has both travel and shopping rewards.
Verdict - While I like the fact that you get an
excellent rate on the card, you do have to pay a $19.00
annual fee. If you want to enroll in the reward program, you
need to cough out an additional $19.00. There is also no 0%
introductory apr deals at the moment. But for those who have
excellent credit and want a low interest rate credit card,
then the Wells Fargo Prime Rate Visa should be a card to
consider.
As an alternative, we suggest that you consider the Bank of America Visa Signature® with WorldPoints™ instead. This card has no annual fee, has a reward program (WorldPoints), a 0% apr deal for 12 billing statements and most important of all, an even lower apr at 7.90% (versus 8.25% at present for the Wells Fargo Prime Rate Visa).
Positives
Very low apr
Negatives
Annual feeEnrollment in reward program also requires another $19.00 annual fee
| Wells Fargo Prime Rate Visa |
| Benefits |
Free online account management
Overdraft protection
Automatic payment |
| Cost/Fees/Interest rates |
| Introductory Rate |
No introductory apr |
| Annual Fees |
$19.00 |
| Purchase APR |
Prime Rate |
| Balance Transfer APR |
Prime Rate |
| Cash Advance APR |
Prime Rate plus 15.24%, min 19.99% |
| Penalty/Default Rate APR |
Prime Rate plus 23.9% |
| Min Finance Charge |
$1.00 |
| Grace Period |
20 to 25 days
no grace period for balance transfers |
| Balance Calculation Method |
Average Daily Balance (including new purchases) |
| Balance Transfer Fee |
3%, min $5.00, max $50.00, $0 for first 30 days |
| Convenience checks fee |
4%, min $5.00 |
| ATM Cash Advance fee |
4% min $5.00 |
| Other Cash Advance fee |
4%, min $10.00 for ATM withdrawals from other financial institutions
4%, min $20.00 from other sources |
| Foreign Currency Conversion fee |
3% |
| Over-the-credit-limit fee |
$35.00 |
| Late Payment fee |
$20.00 - up to $100
$29 - $100 up to $1000
$35.00 - $1000 and greater |
The Bank of America Visa Signature® with WorldPoints™ is an even better card. Get this one instead if you have excellent credit.
|
