The Wells Fargo cash back College Card is a card that offers different discounts and offers to those who were lucky enough to apply for it. This card is currently not available for application because Wells Fargo has stopped issuing it as of 2021.
This card includes different types of benefits for those who need it, and no excellent credit history is required to apply for it. This card allows you to earn rewards of up to 1% cash back on purchases and is a great option to make a credit life.
What are the benefits of the Wells Fargo cash-back College Card?
This card has multiple benefits that can be taken advantage of by those who have applied for it. Among the main ones to take into account are:
Earn rewards for your daily purchases
In addition to building credit life, with this card, you can earn up to 3% cash back on purchases up to $2,500. These purchases apply to gas stations, grocery stores, and drugstores during the first six months.
In addition, you can earn unlimited rewards of 1% on eligible purchases in the introductory period. After the first six months, you can receive up to 1% cash back on eligible purchases.
No annual commissions and 0% APR
This card has no annual fee, so you won’t have to pay anything if you don’t use the Wells Fargo cash-back College Card. In addition, 0% APR on purchases and balance transfers in the first six months was offered with this card.
This is a benefit not often seen on student credit cards and can be very useful if you need to finance an expensive purchase.
Flexible reward redemption
Card rewards could be redeemed as a direct deposit to a Wells Fargo savings account in amounts of $25. On the other hand, they could also be earned via ATM in amounts of $20 or you could request a check.
They also offered the ability to redeem cash back as gift cards, travel rewards, and store merchandise.
Free access to FICO Score
For those who had the Wells Fargo cash-back College Card, they had access to the FICO Score once a month. This is the most popular credit scoring model in use today, and it lets you know if your credit score is good or bad. This way, you will be able to know if you will be able to apply for another new credit card or not.
Travel and telephone protection
This student card offered benefits that are rare in this type of card, such as the following:
- Cell phone protection: this protection covered damage or theft, and would pay you up to $600 to repair or replace your cell phone. However, for this to apply, you had to sign up for automatic payments and pay your cell phone bill with your Wells Fargo Cash Back College Card. In addition, a $25 deductible was applied and the maximum annual amount to qualify for this benefit was $1,200.
- Roadside assistance: in case your vehicle breaks down, help will be sent to you.
- Travel and emergency assistance: for travel, it offered different assistance such as medical, legal, and other types of emergency services while traveling.
- Auto rental collision damage waiver: it was a protection for most of the rented cars for 15 days in the United States or 31 days outside. It functioned as a second insurance, which worked in addition to the insurance you had to purchase. It could help cover the deductible or any damage not covered by the rental car insurance.
What is the Wells Fargo Cash Back College Card limit?
This is a card that had different limits depending on the applicant’s credit history. Its limits are usually between $500 and $2000, although sometimes the amount is higher.
The better your financial health, the higher the card’s benefits and limit. However, since it is a student credit card, the limits tend to be lower as in the case of other cards of the same type. Therefore, you would not have the same limits as traditional credit cards issued by banks.
Can the level of the card be improved?
It may be possible to upgrade the card to another Wells Fargo-issued credit card. To change your card, simply call the number on the back of the card. This way, you can exchange it for another card that can offer you different benefits.
This card used to be available only to students who wanted to apply for it. However, it is not currently possible to obtain such a card, so you will have to consider other options.
To apply for the card online, you had to be a Wells Fargo customer beforehand. Otherwise, you had to go to any Wells Fargo store to apply in person.
Can this card be used for credit life?
Even though it is a student credit card, all payments made will be reported to all three credit bureaus. This means that, if you make your payments on time each month, you will be able to maintain a good credit score.
Thanks to this, the card allows you to improve your credit score, allowing you to qualify for other cards that require good to excellent credit.
Is it possible to increase the credit limit over time?
Although the Wells Fargo Cash Back Credit Card is no longer available for application, this was a frequently asked question from cardholders. The truth is that Wells Fargo did not have any information in its documentation about the card’s quota increases.
However, the card-issuing bank has a program to increase card limits. This means that, depending on different factors such as your income or how well you manage the card, it could cause the credit limit of the card to be increased. However, at present, if you still have this card, the only thing you will be able to do is opt for another type of Wells Fargo card.