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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 12:37 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 12:51 pm

penfed
 
How has PenFed been devalued?

LoveMountains Aug 19, 13 1:17 pm


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

Look up on FatWallet finance thread....

linglingfool Aug 19, 13 1:20 pm


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

Penfed devalues points rewards

drdrew450 Aug 19, 13 1:36 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 3:39 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 3:51 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 7:10 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 7:23 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 3:34 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 4:29 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 6:15 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 2:56 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 3:26 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 5:38 am

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

gloreglabert Aug 21, 13 5:29 pm


Originally Posted by newbynewbynew (Post 21309536)
If you don't have a Wells account, you have to apply in person. Oh fun.

Can you open a checking account online?

silver6054 Aug 21, 13 10:11 pm

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?

Silverthunder Aug 22, 13 11:54 pm


Originally Posted by silver6054 (Post 21314749)
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.

CrediPig Sep 25, 13 1:54 pm

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/

raccah Sep 25, 13 5:56 pm

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.

newbynewbynew Sep 26, 13 9:53 am

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.

fetchercity Oct 9, 13 12:34 pm

Is cashback unlimited on the 3% college card?

lovenola Oct 10, 13 10:37 am

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?

TheDapperDon Oct 10, 13 10:39 am


Originally Posted by lovenola (Post 21586230)
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.

cashback Oct 10, 13 10:42 am


Originally Posted by lovenola (Post 21586230)
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?

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.

cardinalkid1891 Oct 10, 13 10:46 am


Originally Posted by cashback (Post 21586272)
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

RFDMinnesota Oct 10, 13 10:48 am

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

cashback Oct 10, 13 10:50 am


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

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).

mfFrom35K Oct 10, 13 10:54 am

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.

LoveMountains Oct 10, 13 11:02 am


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

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.

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.


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