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.

penfed
 

How has PenFed been devalued?

Look up on FatWallet finance thread....

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.

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?

Moderator action
 

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

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.

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 :)

* 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.

Why 3% if it is a 5x card?

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...

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

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

Can you open a checking account online?

I've been looking around for cards to (mis)use when my 5x TYP expires, and this looks reasonable for 6 months. But..., my mortgage is with WF. Trying to think if that could potentially be a problem if they don't like manufactured spend, and close the credit card. I know they can't change the terms of the mortgage (a 15 year fixed) but are there other dangers?

Can't think up any dangers. YOu should be good.

I've been thinking of getting the Wells Fargo Rewards Card as well. I would like to use it to make MF purchases at drugstores, gas stations, and grocery stores to get the 5% back. Then after 6 months, I could get one for the SO and do the same thing.

Does anyone have experience wih this card? Do they shut people down for MF? What are some reasonable monthly limits? $10K? $20K?

https://www.wellsfargo.com/credit-cards/rewards/

LOL!!! I have been with WF for YEARS! I spend LOTS of money with them and when I got the card I went into my usual MF mode - OOPSS! BAD IDEA!!! :D

They kept frauding me and I kept fuming at them. Finally, I spoke to the correct person and he asked me the magic words - "is this going to be your usual usage pattern"?? In other words, are you actually going to MF on this card? I said yes, and a few days after that, I have been fine.

So, when you get it, call them and tell them or what ever you do, be happy you got the money and move on.

Make sure you have a relationship with them. I went into a branch, got a checking account and was lo and behold pre-approved for this card. only $8K CL and they do NOT like it if you use more than your CL from my experience.

Is cashback unlimited on the 3% college card?

wells fargo 5% cash back cc
 

Just noticed this card when logging in to my checking account this morning. 5% back at grocery store, gas stations, and drugstores for 6 months with no limits. Is anyone else using this card and hitting it hard? Shutdown reports or anti-fraud headaches?

There is a thread in the general CC rewards forum on this card, I think.

From what I have read, they wont allow you to spend over your CL in any given statement period, regardless if you make multiple payments. Also, CL's tend to be on the low side from WF.

One poster on FW reported being able to do go over his CL, so it looks like YMMV

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

There are many checking accounts like this. There are initial load limits and sometimes(not often) they do charge them as a CA. There is an entire thread over on FW dedicated to this(I think).

FYI, there is an extensive post on this on Fat Wallet. I have the card and a decent sized credit line but there are some problems that are articulated on Fat Wallet. It is actually hard to pay Wells Fargo and get the credit line reinstated after maxing out. I am using a verified checking account to pay online via ACH but it is limited to $5k per month and they put a 5 day hold on it. So I had to send in a paper check. I plan on opening a Wells Fargo checking account to eliminate this problem next month as was going to use a credit card to fund it. I think it is likely to post as a purchase with Chase but will take my chances. I am waiting a few days to see if there is a new Wells Fargo checking account promotion this month. Last month there was a $150 bonus.

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.

Nothing to add here.

I opened one online. It was pretty painless.

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

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

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.

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.

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.

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.