Wells Fargo Prepaid Cards
Aug 13, 2012, 10:57 am
#1
Original Poster
Join Date: Mar 2011
Posts: 159
Wells Fargo Prepaid Cards
Found this information in the comments section of one of MileValue.com blog and thought I'd share with the FlyerTalk community. Haters are gonna hate.
No personal experience thus far.
https://www.wellsfargo.com/giftcard/...epaid-card/faq
https://www.visaprepaidprocessing.co...docs/terms.htm
Please read the FAQs and T&Cs
-Load $10-$2500 per day via credit or debit card
--quoted from a "dctech" in post #142
The rolling limits are:
$2,500 in 24 hrs
$3,500 in 15 days
$4,500 in 30 days
-$5.00 per load if using a non-Wells Fargo card
-$3.00 monthly maintenance fee
-$2.50 ATM withdrawal fee at non-Wells Fargo ATM. First 2 are free if taken at a Wells Fargo ATM and $1.00 afterwards.
-$500 max ATM withdrawal per day, $1500 max in a rolling 7 day period, $5000 in 30 days.
-$600 max per transaction online ( can't use the card on Amazon to buy a$601 IPAD)
-$5000 max on card at any one time
This is a prepaid debit card You can get cashback at grocery stores or buy money orders at Walmart.
WARNING: based on user feedback, Citibank codes these loads as cash advances while Chase did not. If you are worried, try the minimum load amount of $10 (+$5 fee)?
So, is this bettter then the AMEX prepaid + Vanilla combination?
Assuming your CC bills it as a purchase and not cash advance, let's break down the costs to meet the $10,000 Ink Plus sign-up bonus (this is an extreme example of 100% abuse of the system):
AMEX + Vanilla:
$79.00 for 20 Vanilla reloads ($3.95 ea)
$110.50 for 25 $400 withdrawals (25x$2.50 + 24x$2.00)
$189.50 total cost
Wells Fargo:
$20.00 for 4 CC loads of $2500 ea ($5.00 ea)
$6.00 maintenace fee (need to hold on to the card for two mths)
$100.00 for 20 $500 withdrawals (20x$2.50 + 20x$2.50)
$126.00 total cost
So, which one are you gonna use?
EDIT: based on posts in this thread, below is a summary of how some credit card companies are posting loads to the Wells Fargo prepaid:
Citibank - CASH ADVANCE
BofA - Sale
Chase - Sale
No personal experience thus far.
https://www.wellsfargo.com/giftcard/...epaid-card/faq
https://www.visaprepaidprocessing.co...docs/terms.htm
Please read the FAQs and T&Cs
-Load $10-$2500 per day via credit or debit card
--quoted from a "dctech" in post #142
The rolling limits are:
$2,500 in 24 hrs
$3,500 in 15 days
$4,500 in 30 days
-$5.00 per load if using a non-Wells Fargo card
-$3.00 monthly maintenance fee
-$2.50 ATM withdrawal fee at non-Wells Fargo ATM. First 2 are free if taken at a Wells Fargo ATM and $1.00 afterwards.
-$500 max ATM withdrawal per day, $1500 max in a rolling 7 day period, $5000 in 30 days.
-$600 max per transaction online ( can't use the card on Amazon to buy a$601 IPAD)
-$5000 max on card at any one time
This is a prepaid debit card You can get cashback at grocery stores or buy money orders at Walmart.
WARNING: based on user feedback, Citibank codes these loads as cash advances while Chase did not. If you are worried, try the minimum load amount of $10 (+$5 fee)?
So, is this bettter then the AMEX prepaid + Vanilla combination?
Assuming your CC bills it as a purchase and not cash advance, let's break down the costs to meet the $10,000 Ink Plus sign-up bonus (this is an extreme example of 100% abuse of the system):
AMEX + Vanilla:
$79.00 for 20 Vanilla reloads ($3.95 ea)
$110.50 for 25 $400 withdrawals (25x$2.50 + 24x$2.00)
$189.50 total cost
Wells Fargo:
$20.00 for 4 CC loads of $2500 ea ($5.00 ea)
$6.00 maintenace fee (need to hold on to the card for two mths)
$100.00 for 20 $500 withdrawals (20x$2.50 + 20x$2.50)
$126.00 total cost
So, which one are you gonna use?
EDIT: based on posts in this thread, below is a summary of how some credit card companies are posting loads to the Wells Fargo prepaid:
Citibank - CASH ADVANCE
BofA - Sale
Chase - Sale
Last edited by DrSifu; Sep 4, 2012 at 12:03 pm
Aug 13, 2012, 3:34 pm
#7
Join Date: Aug 2011
Location: ECP
Programs: DL Diamond
Posts: 1,658
The only advantage I see here vs the Ink Bold @ Office Depot is that you can actually withdraw CASH from these. You take a slight devaluation, but if you're looking to hit a bonus spend it's easy and quick.
Since you can only w/d $5k a month, I'm going to assume that as the upper limit of what someone would want to do.
So for one month of service, you PAY:
$10 for 2 loads of $2500
$3 for monthly maintenance (may be able to get this waived if you're a wealth mgmt client at WF?)
$8 for 8 ATM withdrawls at WF ATMS (1st 2 are free) of $500/each
Total is $21 per month and you get to run $5k through your (non Citi) card and get the cash back right away.
5000 UR would be worth $50 even in cash back, but can be worth $60-600 for travel value. $100 is probably a good conservative estimate.
So you do well... not like the mint, I guess, but at $252 per year for 60k points, I'd say it's worth it.
EDIT: if you use your CSP, it'd actually be 64,200 per year after the 7% dividend.
Since you can only w/d $5k a month, I'm going to assume that as the upper limit of what someone would want to do.
So for one month of service, you PAY:
$10 for 2 loads of $2500
$3 for monthly maintenance (may be able to get this waived if you're a wealth mgmt client at WF?)
$8 for 8 ATM withdrawls at WF ATMS (1st 2 are free) of $500/each
Total is $21 per month and you get to run $5k through your (non Citi) card and get the cash back right away.
5000 UR would be worth $50 even in cash back, but can be worth $60-600 for travel value. $100 is probably a good conservative estimate.
So you do well... not like the mint, I guess, but at $252 per year for 60k points, I'd say it's worth it.
EDIT: if you use your CSP, it'd actually be 64,200 per year after the 7% dividend.
Last edited by DC777Fan; Aug 13, 2012 at 3:41 pm
Aug 13, 2012, 4:20 pm
#8
Join Date: Feb 2012
Location: LAX
Programs: AA, TY, UR, UA, US, WN, MR, SPG
Posts: 1,453
This is an extreme newbie question, but I don't have the Ink card (yet). Is the 5pt/$ earned at OD B&M? Or can it be done online through the UR portal?
Aug 13, 2012, 4:22 pm
#9
Join Date: Sep 2007
Programs: AA Plat, HH Diamond, SPG Gold, National EE
Posts: 38
2. Your personal identification number/signature on the Card.
In order to protect the use of your Card, a personal identification number ("PIN") will be required to conduct a transaction with your Card at an ATM or at a POS terminal where PINs are accepted. This PIN will be provided to you by Bank at the time your Card is activated. You should not disclose your PIN to anyone. .......
In order to protect the use of your Card, a personal identification number ("PIN") will be required to conduct a transaction with your Card at an ATM or at a POS terminal where PINs are accepted. This PIN will be provided to you by Bank at the time your Card is activated. You should not disclose your PIN to anyone. .......
Aug 13, 2012, 4:37 pm
#10
Join Date: Jul 2012
Location: Pac NW
Posts: 154
Aug 13, 2012, 5:03 pm
#11
Join Date: Sep 2009
Posts: 1,758
If you are going to post something at least take the time to see if the info is correct. Everyone is just too lazy and wants to be spoon feed. This is also why deals don't last long.
Aug 13, 2012, 5:39 pm
#13
Original Poster
Join Date: Mar 2011
Posts: 159
I agree the Ink cards are more valuable in the long run, but WF is good for those trying to meet minimum spend requirements quickly on other cards or have a hard time finding the Vanilla reloads. I haven't joined in on this endeavor but wanted to provide the information that is readily available on WF website.
Again, make sure you test the waters before your CC company surprises you with cash advance fees.
Aug 13, 2012, 5:42 pm
#14
Original Poster
Join Date: Mar 2011
Posts: 159
5x is at any office supply store. You can get additional pts going through the UR portal, but in this situation, Vanilla reloads cannot be bought online.
Aug 13, 2012, 5:50 pm
#15
Join Date: Sep 2009
Posts: 1,758
I appreciate the mods taking down his original post due to name calling. I think I have a pretty thick skin, but thank you. I must say that I am honored QL_714 took the tIme to post in this thread. Next time you are in SD, I'll buy you your first beer and slice of Pizza Port pizza.
