Wells Fargo Reflect: Up to a 21-Month 0% Intro APR, Handy for the Holidays

by Ann deBruyn

Wells Fargo has introduced a credit card that offers new cardholders a truly impressive interest-free period: potentially nearly two years. The card is a possible financing tool for holiday shoppers whose spending may outstrip their ability to pay right away.

The Wells Fargo Reflect℠ Card , which began taking applications Oct. 1, 2021, has an annual fee of $0  and offers 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers, and then an ongoing APR of 12.99% - 24.99% Variable APR. Intro APR extension of up to 3 months with on-time minimum payments during the intro and extension periods.

That’s a potential 21 months of 0% interest — among the longest you’ll find on the market — so long as you make your payments on time.

Notably, that promotional offer applies to both new purchases and balances you transfer to it  within the first 120 days, from non-Wells Fargo credit cards. However, it charges a balance transfer fee during that introductory period of $5 or 3% of the amount of each balance transfer, whichever is greater. After that, the balance transfer fee is 5% of the amount transferred, with a minimum fee of $5.

Nerdy tip: NerdWallet recommends that consumers, if possible, pay off their balances every month and not become reliant on 0% APR intro offers. While they can provide breathing room when you can’t pay, they aren’t a permanent solution to credit card debt.

The card also offers cell phone protection when customers pay their monthly cell phone bill with their Wells Fargo Reflect℠ Card .

The card earns no rewards for spending. But like other eligible Wells Fargo credit and debit cards, it gives cardholders access to My Wells Fargo Deals, where they can earn cash back in the form of a statement credit on eligible shopping, dining or experiences. Cardmembers just need to activate a given deal online and use their Wells Fargo Reflect℠ Card to make the purchase.

Quick take: Wells Fargo Reflect℠ Card vs. competitors

The Wells Fargo Reflect℠ Card immediately becomes a top contender in the market for lengthy 0% intro APR periods . Its potential for a 21-month introductory interest-free term is difficult to find, making the new card a compelling choice in a competitive sector of the credit card market.

"These continue to be uncertain times for consumers, so we want to provide simple, reliable tools to help them take control of their finances,” said Krista Phillips, head of branded cards and marketing for Wells Fargo Credit Cards, in a news release. “Our customers know what works and what doesn’t work for them, and we’re pleased to offer a way to get a break from interest so they can plan for the future or pay off past expenses with a low, everyday APR, even after the introductory period ends.”

A potential knock on the card is that it carries a foreign transaction fee of 3% of the purchase price. That makes it a poor choice for making purchases abroad. However, several of its direct competitors also charge a foreign transaction fee.

Wells Fargo's new emphasis: Credit cards

The Wells Fargo Reflect℠ Card is the second in a new lineup of Visa cards the bank will be offering as it makes a new push into the credit cards business.

In June, Wells Fargo announced one of the most compelling flat-rate credit cards on the market: The  Wells Fargo Active Cash℠ Card . Cardmembers get 2% cash back on all purchases, a nice sign-up bonus and  0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 14.99% - 24.99% Variable APR . The annual fee is $0 .

The bank said previously that a new rewards card line will come in 2022. It will also make a push into co-branded credit cards, similar to the 2020 release of its  Hotels.com credit card , a bank official has said.