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-   -   Wells Fargo Prepaid Cards (https://www.flyertalk.com/forum/manufactured-spending/1376772-wells-fargo-prepaid-cards.html)

DrSifu Aug 13, 12 10:57 am

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

zilberbrand Aug 13, 12 11:19 am

Well the $10k of Ink purchases made at OD will also earn 50,000 additional UR points (or 40,000 more than normal purchases). I think this overwhelms any $ savings.

Point fan Aug 13, 12 11:20 am

Any idea how AMEX codes the loads to the Wells Fargo card (cash advance or purchase)?

TTnC4me Aug 13, 12 11:34 am


Originally Posted by DrSifu (Post 19111763)
So, which one are you gonna use?

Why posed as an either / or question?;)

dctech Aug 13, 12 12:19 pm

Looks like they only accept Visa or MC. No AMEX option.

sk8uno Aug 13, 12 3:26 pm

These are not PIN-based, correct?

DC777Fan Aug 13, 12 3:34 pm

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.

roki Aug 13, 12 4:20 pm


Originally Posted by zilberbrand (Post 19111910)
Well the $10k of Ink purchases made at OD will also earn 50,000 additional UR points (or 40,000 more than normal purchases). I think this overwhelms any $ savings.

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?

dctech Aug 13, 12 4:22 pm


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. .......

T3pleShot Aug 13, 12 4:37 pm


Originally Posted by QL_714 (Post 19113895)
...

Sorry, what's ur point? Are u saying the op is posting wrong info. I appreciate op taking time to provide all the details and let us decide.

QL_714 Aug 13, 12 5:03 pm


Originally Posted by T3pleShot (Post 19113963)
Sorry, what's ur point? Are u saying the op is posting wrong info. I appreciate op taking time to provide all the details and let us decide.

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.

sk8uno Aug 13, 12 5:05 pm

^^^ thanks, dctech!

DrSifu Aug 13, 12 5:39 pm


Originally Posted by QL_714 (Post 19114086)
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.

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.

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.

DrSifu Aug 13, 12 5:42 pm


Originally Posted by roki (Post 19113877)
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?

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.

QL_714 Aug 13, 12 5:50 pm


Originally Posted by DrSifu (Post 19114250)
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.

It was not directed at you anymore than your hater comment was directed at me.


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