Wells Fargo Cash Back College card is a good choice if you search for a student credit card that does not charge an annual fee; at least for the first six months, you will have the card. During that period, you will receive 3% cash back on certain purchases, up to a maximum of $2,500 in total cash back earnings.
In addition, the card protects mobile phones and provides supplementary coverage for rental cars, two perks that are not often included with a student credit card that does not charge an annual fee. Students need to be aware that younger renters of cars often face higher rates, and some automobile rental firms may not even rent to them.
Pros
With the Wells Fargo Cash Back College card, you will get a 0% introductory APR on purchases and balance transfers for the first six months. This benefit is available for both new purchases and existing balances. Although an interest-free term of six months may not seem like a long time for a normal credit card, it's important to note that not all student credit cards provide a 0% APR rate.
If you have this, you won't have to worry about paying interest on large purchases or paying off high-interest credit card debt for six months. You may do either of those things with the money. Transfers of existing balances have to be completed within the first four months after starting the account. During that period, you will also be required to pay the standard balance transfer charge greater than 3% or $5. The standard cost for balance transfers is either 5% or $5, whichever is greater.
Cons
For the first six months after opening an account with this card, you will get 3% cash back on up to $2,500 on purchases made at petrol stations, grocery stores, and pharmacies. However, after the six-month introductory period, you will only get 1% cash back on all of your transactions. This is a low reward rate, particularly for a student credit card. Other student credit cards provide rewards rates that are greater and have no time limits attached to them. For instance, with the Discover it Student Cash Back card, you may earn up to 5% cash back on various categories each quarter, subject to a spending cap that varies from quarter to quarter.
Best For
Students looking for a straightforward rewards card that does not charge an annual fee may find the Wells Fargo Cash Back College card the most suitable option. After the first six months, you won't have to worry about keeping track of bonus categories or activating incentives since you'll start earning an unlimited 1% cash back on every purchase you make. College students with many responsibilities benefit greatly from the card's straightforward design.
This is another option worth considering if you need to finance a significant purchase. You won't have to worry about paying interest on purchases like a new laptop or textbooks if you take advantage of an introductory APR deal that gives you 0% financing for the first six months. The safety that the card provides for mobile phones is a significant perk if, like most college students, you spend a lot of time talking on the phone. This card offers you insurance against loss or damage to your phone up to the value of $600, with a deductible of just $25. Your phone represents a considerable financial commitment.
Bonus
During the first six months that you are a card member, you will be eligible to receive 3% cash back on up to $2,500 in purchases made at petrol stations, grocery stores, and pharmacies if you have the Wells Fargo Cash Back College card. Even though this is distinct from the incentive offers provided by many cards, it still has the potential to result in some welcome additional cash-back earnings over the first six months of card membership.
Because this card assesses a cost for any transaction made outside of the United States, it is recommended that you use an alternative card if you want to go outside of the country.
Security Features
The Wells Fargo Cash Back College card provides protections similar to those provided by most other credit cards. Because this card gives protection against liability in the form of zero dollars, you will never be accountable for any unlawful charges made using it. You also can sign up to get notifications on suspicious behavior and the dates on which payments are due.
