Jan 6, 2016, 8:17 pm
Last edit by: RedSun
This is the thread for 2016. The previous megathread is here.
The current WF cards that earn 5x Go Far Rewards points (WF points) are WF Visa Signature card and WF Rewards card. The 5x introductory period is 6 months, then they earn just 1x WF points. Each card is now capped the 5x at $12,500. (Updated Mar-2019)
Wells Fargo Visa Signature card:
https://www.wellsfargo.com/credit-cards/visa-signature/
Wells Fargo Visa Rewards Card:
https://www.wellsfargo.com/credit-cards/rewards/
Churnable to get repeated 5x rewards?
Not possible
http://www.flyertalk.com/forum/22871522-post710.html
How to pay down CL quickly?
Use WF account to pay
Likely to get shut down if...?
- Cycling several times through your CL
- Cause a negative balance
- Have a really high balance
- Calling in and getting caught by human eyes on MS activities.
To check what your 5X/5% window is:
In your account summary page on WF website, go into the CC, and click "show my rewards" on the left side, then click "Visit Wells Fargo Rewards"
From there go to "Earn Rewards" on the top and click "My Offers" and go into the "Promotional Offers-Usage" tab.
To check which transactions get 5X/5% before your statement posts
To check if new transactions are eligible, go to "My Rewards" on the top, click "Activity", and set the start/end dates. You should see a "bonus earning" 4% for anything that's eligible.
What to do when transaction not going through due to FA?
Human @ fraud prevention line is 877-575-0462 (to verify charges if locked out) (Update 3-3-15 - Phone number no longer in service per this post)
Automated response number: 800-446-0664
The current WF cards that earn 5x Go Far Rewards points (WF points) are WF Visa Signature card and WF Rewards card. The 5x introductory period is 6 months, then they earn just 1x WF points. Each card is now capped the 5x at $12,500. (Updated Mar-2019)
Wells Fargo Visa Signature card:
https://www.wellsfargo.com/credit-cards/visa-signature/
Wells Fargo Visa Rewards Card:
https://www.wellsfargo.com/credit-cards/rewards/
Churnable to get repeated 5x rewards?
Not possible
http://www.flyertalk.com/forum/22871522-post710.html
How to pay down CL quickly?
Use WF account to pay
Likely to get shut down if...?
- Cycling several times through your CL
- Cause a negative balance
- Have a really high balance
- Calling in and getting caught by human eyes on MS activities.
To check what your 5X/5% window is:
In your account summary page on WF website, go into the CC, and click "show my rewards" on the left side, then click "Visit Wells Fargo Rewards"
From there go to "Earn Rewards" on the top and click "My Offers" and go into the "Promotional Offers-Usage" tab.
To check which transactions get 5X/5% before your statement posts
To check if new transactions are eligible, go to "My Rewards" on the top, click "Activity", and set the start/end dates. You should see a "bonus earning" 4% for anything that's eligible.
What to do when transaction not going through due to FA?
Human @ fraud prevention line is 877-575-0462 (to verify charges if locked out) (Update 3-3-15 - Phone number no longer in service per this post)
Automated response number: 800-446-0664
Wells Fargo Platinum 5x at Grocery-Gas-Drugstores(2016 onwards)
Jun 10, 2017, 9:03 am
#886
Join Date: May 2015
Posts: 1,066
I'll take my chances. I don't think that 90% utilization on one account and a temporary credit score decrease is going to lead to any shutdowns. Will report back if I'm wrong!
edit: took a detailed look at my scores. I exaggerated a bit in my last post. Experian has me dropping from 799 to 680, which is the most dramatic drop. Barclays, Amex, Discover have me dropping from 774-795 to ranges of 736-764. So not terrible except for that Experian drop.
edit: took a detailed look at my scores. I exaggerated a bit in my last post. Experian has me dropping from 799 to 680, which is the most dramatic drop. Barclays, Amex, Discover have me dropping from 774-795 to ranges of 736-764. So not terrible except for that Experian drop.
Net: It really does effect your credit score.
Jun 11, 2017, 8:10 pm
#888
Join Date: May 2016
Programs: Various
Posts: 35
Jun 12, 2017, 7:16 am
#889
Join Date: Aug 2015
Posts: 135
Mine dropped about 150 for both TU and EQ when running a 20K balance. Did a simulation and it increased 150 when dropping the balance to 0. Then when I actually did drop the balance to 0 it did increase my credit score 150. There was one month where I had a couple of 2x cards with high balances and my score was in the high 500s. Now I'm sitting just under 800. Just think about it, if a "normal" person all of a sudden has that much of an increase in used credit lenders are going to view that person as much riskier.
Net: It really does effect your credit score.
Net: It really does effect your credit score.
Jun 12, 2017, 9:15 am
#890
Join Date: Feb 2016
Posts: 826
Let's get back to the basic of why one would get shut down
1. High CL utilization 2. Frequent Payments 3. Negative balances 4. Cycling Multiple times the CL 5. High daily purchases
Not sure if they trigger a flag if you are making repetitive purchases over certain dollar amount at places like WM etc.
Jun 12, 2017, 10:29 am
#891
Join Date: Jun 2016
Posts: 2,257
Do you post one payment a month? on due date?? You are using over 95% of your CL and you think that 5% makes that big of a difference?
Let's get back to the basic of why one would get shut down
1. High CL utilization 2. Frequent Payments 3. Negative balances 4. Cycling Multiple times the CL 5. High daily purchases
Not sure if they trigger a flag if you are making repetitive purchases over certain dollar amount at places like WM etc.
Let's get back to the basic of why one would get shut down
1. High CL utilization 2. Frequent Payments 3. Negative balances 4. Cycling Multiple times the CL 5. High daily purchases
Not sure if they trigger a flag if you are making repetitive purchases over certain dollar amount at places like WM etc.
I think what he meant is he did make a payment before the statement close. It may not necessarily imply "2. frequent payments". it could be a one-lump sum payment before statement close, such that statement only close with a $1200 balance.
Jun 12, 2017, 1:32 pm
#892
Join Date: Aug 2015
Posts: 135
That's correct. I run up to about the credit limit, and make one payment on about the payment due, bringing the balance down to about $1200. So I do carry a balance, just a small one. I do it because of the reasons above - I understand that FICO penalizes you badly for reporting a large % of your credit limit on a single card, in this case my utilization is well under 10%. There's no drop in my FICOs as reported by Discover and Amex. It does make a huge difference to your FICO scores if you report 95% on a single card, no matter what your total limits are, vs reporting no balances or a tiny balance on 1 card.
Jun 12, 2017, 2:46 pm
#893
Join Date: Feb 2016
Posts: 826
That's correct. I run up to about the credit limit, and make one payment on about the payment due, bringing the balance down to about $1200. So I do carry a balance, just a small one. I do it because of the reasons above - I understand that FICO penalizes you badly for reporting a large % of your credit limit on a single card, in this case my utilization is well under 10%. There's no drop in my FICOs as reported by Discover and Amex. It does make a huge difference to your FICO scores if you report 95% on a single card, no matter what your total limits are, vs reporting no balances or a tiny balance on 1 card.
Jun 13, 2017, 12:15 am
#894
Join Date: Jun 2014
Posts: 163
I'm not getting the purpose of this. If you make one payment of balance due on balance due date, the WF shouldn't have any problem with this. correct? Why not pay the entire amount on due date instead of carrying a small balance of $1200. You probably have a good reason, I just don't understand
"Carrying a balance" should really just mean not paying the balance in full, but Gitangali is probably paying the balance in full before the due date. The only sensible reason not to would be if you have a 0.00% promo APR.
Of course, one big reason to not pay all charges before the statement cuts is that it won't build the payment history portion of your credit reports if you have a $0.00 or negative statement balance. Another is that it may look unusual to your credit card issuer.
Jun 13, 2017, 7:08 am
#895
Join Date: Aug 2015
Posts: 135
I'm not getting the purpose of this. If you make one payment of balance due on balance due date, the WF shouldn't have any problem with this. correct? Why not pay the entire amount on due date instead of carrying a small balance of $1200. You probably have a good reason, I just don't understand
Jun 13, 2017, 8:00 am
#896
Join Date: Jun 2014
Posts: 163
2 reasons - I leave enough so I can apply the cashback to a current balance vs new purchases, and in the back of my mind I'm aware of the shutdowns reported in this thread. I know banks like customers that carry balances, so in my mind maybe my account passes some trigger by carrying a balance (even though it is at 0% right now and I pay no interest.) It's irrational and superstitious when it comes down to it, but I've made several $k in the last few months and it looks like I'll make it through the whole 6 month window, so I'm definitely avoiding some of the algorithms that have bit a few people.
Last edited by dealhunter32; Jun 15, 2017 at 4:15 pm
Jun 13, 2017, 9:00 am
#897
Join Date: Aug 2011
Posts: 404
visa signature (travel rewards) card or the Rewards card?
Jun 15, 2017, 4:00 pm
#899
Join Date: Jul 2015
Programs: SW,SPG,Hyatt
Posts: 87
What's the best way to get money into your WF checking other than ACH? I have a credit union that allows me to deposit 100k per month in money orders but their website doesn't allow for ACH to other banks. I hope to get about a 30k credit limit when I get the WF card and hope to max it out each month. Think it would raise flags if I made a monthly 30k deposit with a personal check? I doubt depositing MOs into my WF checking would be a good idea. Any advice would be appreciated.
Jun 15, 2017, 7:24 pm
#900
Join Date: Aug 2011
Posts: 404
What's the best way to get money into your WF checking other than ACH? I have a credit union that allows me to deposit 100k per month in money orders but their website doesn't allow for ACH to other banks. I hope to get about a 30k credit limit when I get the WF card and hope to max it out each month. Think it would raise flags if I made a monthly 30k deposit with a personal check? I doubt depositing MOs into my WF checking would be a good idea. Any advice would be appreciated.
wells will let you ach in 25k per month if your account is a few months old.....that should be a good start. They also can take MO deposits.....your 30k should be a no brainer.