Unlocking Financial Opportunities: A Guide to Wells Fargo Student Credit Card Benefits
For students navigating the world of finance, understanding credit cards and their benefits is crucial. Wells Fargo offers a range of credit card options, and while the Wells Fargo Cash Back College Card is no longer available for new applicants as of fall 2021, examining its features and the broader offerings from Wells Fargo can provide valuable insights. This article explores the benefits and features associated with Wells Fargo student credit cards, and other options available.
Understanding Credit and Its Importance
Your credit history can affect aspects of your life beyond borrowing. Employers, insurance companies, landlords, and even cell phone providers may review your credit history to make informed decisions about you. If you’re like the 83% of Americans who wish to learn new ways of thinking about and dealing with money, understanding how to establish and build credit is a good place to start. Building and maintaining your credit is an ongoing process, and it helps to understand a few important basics. Before opening your first credit account, take a moment to ensure you’re prepared to manage credit responsibly. For example, when it comes to loans, this may mean being sure you have enough income to pay off your debt each month. Similarly, with credit cards, you’ll want to try and charge what you can afford and pay your bill on time each month. Paying your credit card bill off in full (or significantly down) each month can help you avoid paying high interest fees. Either way, paying on time means you’ll start building a better credit history.
It can help to regularly look at your credit report-which is a record of your past and ongoing credit activity, including how you’ve managed your accounts over time. Your credit score is a single number that represents the contents of your credit report. Get to know which activities have an impact on your credit report and credit score. For example, paying your bills on time and making sure you don’t max out your accounts oftentimes have a positive impact. The length of your credit history, your mix of credit, and whether you’re actively seeking new credit may also have an impact.
Evaluating Credit Card Options
When choosing a credit card, especially as a student, several factors come into play. Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research.
No Annual Fee
It’s important for students to get a card with no annual fee because low-cost credit improvement should be their top priority.
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Rewards Programs
Some Wells Fargo cards offer rewards programs. Wells Fargo offers two no-annual-fee cards with different earning structures for cash rewards: Wells Fargo Active Cash® Card, Wells Fargo Attune℠ Card. The Active Cash consistently ranks as one of our best flat-rate cash rewards cards, offering unlimited 2 percent cash rewards on all purchases. If you’re interested in bonus cash rewards, the Attune offers a whopping unlimited 4 percent cash rewards in a variety of niche categories like self-care, impactful purchases and select sports, recreation and entertainment purchases. You’ll only earn 1 percent for all other purchases. If you can take advantage of the Attune’s bonus categories, you might want to consider pairing the cards together to boost your cash rewards on any purchases that the Attune doesn’t cover. If you prefer to earn travel rewards, you can choose from two cards that earn points in the Wells Fargo Rewards program: Wells Fargo Autograph® Card, Wells Fargo Autograph Journey℠ Card. The Autograph card doesn't charge an annual fee, but has bonus categories tailored towards everyday spending and offers a smaller welcome bonus with a reasonable spending requirement. The Autograph Journey has more travel-centric bonus categories along with a $95 annual fee. However, you can offset some of that cost with a $50 annual statement credit towards a $50 minimum airline purchase. You’ll also have the chance to earn a much higher welcome bonus to boost your balance. Both cards come with solid travel protection and no foreign transaction fees.
Introductory APR Periods
Several Wells Fargo cards come with 0 percent intro APR offers for purchases or qualifying balance transfers. If you’re interested in one of these offers, you’ll need to decide if you prefer to forego earning rewards for the significantly longer term and lower rates of the Reflect card.
Building Credit
Consider applying for a credit card, specifically one with no annual fee that you can keep for the foreseeable future. Many lenders offer credit cards specifically designed for those with no credit history, which can have easier qualification standards and help you build credit when you’re starting out. Applying for a loan with a cosigner or co-applicant may help you qualify for better credit terms. Secured credit cards or loans require collateral, such as a cash deposit, which acts as security for the lender. As a result, qualifying for these may be easier. While Wells Fargo currently does not offer these products, there are other valuable options worth exploring.
Wells Fargo's Credit Card Lineup: A Closer Look
Although Wells Fargo's credit card portfolio isn’t as comprehensive as other issuers, it offers cards to suitably meet a variety of needs.
Wells Fargo Active Cash Card
This card consistently ranks as one of our best flat-rate cash rewards cards, offering unlimited 2 percent cash rewards on all purchases.
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Wells Fargo Attune Card
If you’re interested in bonus cash rewards, the Attune offers a whopping unlimited 4 percent cash rewards in a variety of niche categories like self-care, impactful purchases and select sports, recreation and entertainment purchases. You’ll only earn 1 percent for all other purchases.
Wells Fargo Autograph Card
The Autograph card doesn't charge an annual fee, but has bonus categories tailored towards everyday spending and offers a smaller welcome bonus with a reasonable spending requirement.
Wells Fargo Autograph Journey Card
The Autograph Journey has more travel-centric bonus categories along with a $95 annual fee. However, you can offset some of that cost with a $50 annual statement credit towards a $50 minimum airline purchase. You’ll also have the chance to earn a much higher welcome bonus to boost your balance. Both cards come with solid travel protection and no foreign transaction fees.
Alternatives to the Wells Fargo Cash Back College Card
As of fall 2021, the Wells Fargo Cash Back College Card was not accepting new applications.
Student Credit Cards from Other Issuers
If you're hoping to get a student card, check out WalletHub's editors' picks for the best student credit cards from other issuers. Student credit cards usually offer…
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Responsible Credit Card Use
Before opening your first credit account, take a moment to ensure you’re prepared to manage credit responsibly. For example, when it comes to loans, this may mean being sure you have enough income to pay off your debt each month. Similarly, with credit cards, you’ll want to try and charge what you can afford and pay your bill on time each month. Paying your credit card bill off in full (or significantly down) each month can help you avoid paying high interest fees. Either way, paying on time means you’ll start building a better credit history.
Monitoring Your Credit
It can help to regularly look at your credit report-which is a record of your past and ongoing credit activity, including how you’ve managed your accounts over time. Your credit score is a single number that represents the contents of your credit report.
Impact of Credit Activities
Get to know which activities have an impact on your credit report and credit score. For example, paying your bills on time and making sure you don’t max out your accounts oftentimes have a positive impact. The length of your credit history, your mix of credit, and whether you’re actively seeking new credit may also have an impact.
Opening a Checking Account as a Student
In addition to credit cards, Wells Fargo offers checking accounts suitable for students.
Teen Checking Accounts
A teen checking account, also called a student checking account, is a bank account designed with minors and high school students and college students in mind. Our teen checking account, Clear Access Banking, can be opened as an individual account for older teens (17 years old and up) or as a joint account with a parent or guardian for teens ages 13-16.
FDIC Insurance
All checking accounts, including those for teens and students, are FDIC-insured up to the maximum applicable limit.
Next Steps on Your Credit Journey
Now that you have a roadmap for building credit, it’s time to take action. Start by choosing one or two of the outlined strategies that would work with your current situation. Remember, building credit is a gradual process, and consistency is key. Monitor your spending regularly to track your progress and adjust as needed. Explore Wells Fargo’s resources and tools along the way to help you better navigate credit successfully.
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