By : Mr Credit Card

Review of the Wells Fargo Prime Rate Visa

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.

How does this card stack up against other low rate credit cards? Well, in terms of APR, it beats most other credit cards in the market. Afterall, nobody charges the Prime Rate to a credit card customer. There is normally a spread of a couple of percentage points. But there are other area tht this card falls short.

Firstly, most low rate cards do not charge any annual fee while Wells Fargo tags on a $19 fee. Secondly, many cards have much better balance transfer deal than Wells Fargo. It is not uncommon for issuers to offer 0% balance transfer deals for 12, 15, 18 or even 21 months.

Let's look at some examples. The Citi Platinum Select Card for example is consistently offering the best balance transfer deal in the market and has a pretty decent rate too. Chase has a great cash back card called the Chase Freedom that also has a great 0% Intro APR and a decent interest rate too.

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. These factors (I suspect) will deter folks from applying for this card. But if you are a Wells Fargo customer and you are thinking of carrying a balance (which we do not advocate), then perhaps this is a card that you can consider.

Update - Wells Fargo is no longer offering this card. Furthermore, Wells Fargo is no longer accepting online credit card applications unless you have a relationship with the bank! If you are looking for a low interest rate credit card, we suggest that you check out the list of low interest rate credit cards. If you are looking for a card that offers a 0% balance transfer deal, then check out our balance transfer credit card recommendations.