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

kcblakely Aug 19, 13 1:37 pm

Wells Fargo 5X rewards cap
 
If you are churning the 5x Wells Fargo card, be aware there's a 120K (calendar) yearly cap on rewards.

Don't be like me and discover you've just wasted $25K of churn. :mad:

That said - this is a good churning card that hasn't been fully devalued like the PenFed card. Yet.

SoCalStew Aug 19, 13 1:51 pm

penfed
 
How has PenFed been devalued?

LoveMountains Aug 19, 13 2:17 pm


Originally Posted by SoCalStew (Post 21299387)
How has PenFed been devalued?

Look up on FatWallet finance thread....

linglingfool Aug 19, 13 2:20 pm


Originally Posted by SoCalStew (Post 21299387)
How has PenFed been devalued?

Penfed devalues points rewards

drdrew450 Aug 19, 13 2:36 pm


Originally Posted by kcblakely (Post 21299307)
If you are churning the 5x Wells Fargo card, be aware there's a 120K (calendar) yearly cap on rewards.

Don't be like me and discover you've just wasted $25K of churn. :mad:

That said - this is a good churning card that hasn't been fully devalued like the PenFed card. Yet.

I found this out about 10 days ago when my statement hit and I wasted about 7K in spend which is $55.3, I was pissed then I realized wells had already given me $1200 so I got over it.

ibleed0range Aug 19, 13 4:39 pm

When did this 5x go public? The site says 3% until you click more details then it says 5x. Does anyone know which credit agency they pull from?

mia Aug 19, 13 4:51 pm

Moderator action
 
Thread transferred to Credit Card Programs because topic is of broader interest, and not specific to manufacturing spend.

FlyingBoat Aug 20, 13 8:10 am

When you say good for churning, do you mean this is an easy card to cancel and get a new one with 5x, etc? Or are you simply saying churn with other cards.

The 120K limit would only use up about half of one month of my family BB cards so that would run out real quick. If it were churnable, then it may make sense to get a few of these for family members, rinse and repeat.

Just did an AOR for 4 of us however, with 6 to 8 cards each, so will probably need to wait 5 months and see if it is still available. In the mean time 5x Carlson, 6x Hilton, and 4x Flexperks are pretty decent for grocery MS. 5x cash would be much better. We have a huge relationship with WF.

digital330 Aug 20, 13 8:23 am

I am waiting to apply in September for this 5x card due to this limit.

Hopefully I can get 120K points in 2013 and then 120K in 2014 :)

kcblakely Aug 20, 13 4:34 pm


Originally Posted by FlyingBoat (Post 21303682)
...The 120K limit would only use up about half of one month of my family BB cards so that would run out real quick....

* 120K points at the 3% rate = $40K of spend
* Monthly limit = (2 * $40K) = $80K
* .... which is 16 BB accounts.

Pix or it didn't happen.

LoveMountains Aug 20, 13 5:29 pm


Originally Posted by kcblakely (Post 21306723)
* 120K points at the 3% rate = $40K of spend

Why 3% if it is a 5x card?

silver6054 Aug 20, 13 7:15 pm


Originally Posted by kcblakely (Post 21299307)
If you are churning the 5x Wells Fargo card, be aware there's a 120K (calendar) yearly cap on rewards.

Don't be like me and discover you've just wasted $25K of churn. :mad:

That said - this is a good churning card that hasn't been fully devalued like the PenFed card. Yet.

Is this for the Rewards version only? The Home Rebate says "No limit to rebates" and the Cash one says, in the banner, unlimited cash rewards....

stealph Aug 21, 13 3:56 am


Originally Posted by silver6054 (Post 21307481)
Is this for the Rewards version only? The Home Rebate says "No limit to rebates" and the Cash one says, in the banner, unlimited cash rewards....

Correct, CB is unlimited. Had card for awhile...

stealph Aug 21, 13 4:26 am


Originally Posted by stealph (Post 21309146)
Correct, CB is unlimited. Had card for awhile...

Btw, anyone had any experience churning these cards or holding multiple WF cards at the same time?

newbynewbynew Aug 21, 13 6:38 am

If you don't have a Wells account, you have to apply in person. Oh fun.


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