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-   -   Wells Fargo 5X rewards cap (https://www.flyertalk.com/forum/credit-card-programs/1495478-wells-fargo-5x-rewards-cap.html)

wackyiraqi Oct 10, 13 11:11 am

Nothing to add here.

cashback Oct 10, 13 11:32 am


Originally Posted by LoveMountains (Post 21586387)
You can not fund a checking account with a CC if you'd open in a branch.
Don't know about online, but I've heard that it is a huge pain to open a WF account online.

I opened one online. It was pretty painless.

dcpilgrim Oct 10, 13 1:44 pm

Just got it after having to fax in copies of my paychecks. Puny line ($2k), rejected my first purchase at CVS (only one VR), not off to a good start. Most other banks give me 10K plus lines. I only care about the line based on the reports that going over results in shutdown.

pier11 Oct 10, 13 1:47 pm


Originally Posted by dcpilgrim (Post 21587249)
Just got it after having to fax in copies of my paychecks. Puny line ($2k), rejected my first purchase at CVS (only one VR), not off to a good start. Most other banks give me 10K plus lines. I only care about the line based on the reports that going over results in shutdown.

bad start is my TY with $500 CL
having 100 times larger combined other CLs

Nottafatslob Oct 10, 13 6:06 pm

limits very low for many people and if you overpay they shut you down often and even over paying doesn't often post to CL for 15 days. Several of us in a group have all the same issues. 5% card is much better at bank of the intersection and house of pooch

ctbarron Oct 10, 13 7:52 pm


Originally Posted by RFDMinnesota (Post 21586296)
What I'd be more interested in is the funding of a checking account with a CC. When you look online at opening a checking account, there's something along the lines of "We make it easy to fund your account" and specifically lists the option to fund your account with a CC.

Anyone have any experience with this? I wonder how a CC company would treat this transaction

I opened a Wells Fargo savings account online using a CC. There is a $500 limit. The online process is easy, but then they mail you several pieces of paper to sign. Chase did not treat it as a cash advance.

TTT103 Oct 11, 13 5:51 am

It seems that unless you have a relationship with Wells Fargo, credit limits are coming across very low, or applications are getting denied. I have the 5% card and their fraud detection department watches closely when they see repetitive activity. I finally have things resolved with them, but have also been with Wells Fargo for many years, so they have been very cooperative. However, I have a friend who funded a checking account with $10K just for the purpose of obtaining a credit card with them, and about a week after charging about $5K to his new credit card, Wells Fargo shut him down.

In terms of charging over your credit limit, that is a no-no. Even if you have overdraft protection, they will hit you with an over the limit fee.

AnalystGuy Oct 11, 13 6:17 am


Originally Posted by cashback (Post 21586562)
I opened one online. It was pretty painless.

Same for me. No checking account but my mortgage is with them so I got the rebate card. Limit was very low, and they closed the first statement after about a week. Otherwise no issues yet with repeated VR/GC purchases at grocery/drugstores. Should end up net $1k after the six months.

pier11 Oct 11, 13 6:45 am


Originally Posted by TTT103 (Post 21590295)
In terms of charging over your credit limit, that is a no-no. Even if you have overdraft protection, they will hit you with an over the limit fee.

What about charge 100% CL, repay fully. Repeat several times within billing cycle. Would it work?
To somehow overcome lower CL.

vagrants Oct 11, 13 8:28 am


Originally Posted by pier11 (Post 21590434)
What about charge 100% CL, repay fully. Repeat several times within billing cycle. Would it work?
To somehow overcome lower CL.

I say no to that. It's not just WF, but numbers of CCCs...they just don't like it.

Nomoneyinmybank Oct 11, 13 9:28 am

I got the WF Home Rebate Visa which gives you 3% for 12 months, then I found this card and applied for it too. One rule of thumb I do is to not go over the CL and pay the amount. It's fairly low CL but managable. I wouldn't recommend paying off the balance and keep buying to get their attention

TTT103 Oct 11, 13 9:33 am


Originally Posted by pier11 (Post 21590434)
What about charge 100% CL, repay fully. Repeat several times within billing cycle. Would it work?
To somehow overcome lower CL.

Although I usually pay off the account before the statement closes, I've never tried to charge, pay-off, charge, pay-off, etc. during the same billing cycle. I though I read a post somewhere that stated you can't exceed your overall credit limit in a billing cycle even if you pay it off before making additional charges; however, I could be incorrect on that statement. My memory isn't what it used to be. ;)

mikeef Oct 11, 13 12:15 pm

And after VR fees and cashing it all out, the total return is closer to 4%. This card sounds like a royal PITA.

Mike

jewsus Oct 11, 13 12:20 pm


Originally Posted by mikeef (Post 21592089)
And after VR fees and cashing it all out, the total return is closer to 4%. This card sounds like a royal PITA.

Mike

It is. No one should get this card.

raccah Oct 11, 13 12:57 pm

My sincere guess is that you are all joking - or very jaded. This card is essentially giving me 250 dollars for a cost of 40 dollars, with close to ZERO effort. I have done this 4 times, with one more left and then I am maxed out (from what I read - though can find no proof of). Either way. for a cost of 200 dollars I am given 1250 in CASH. What is wrong here? I then use that cash to pay for all my 5x charges on Ink and turn them into miles

What am I missing??


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