Wells Fargo is one of the numerous financial services providers out there that offer credit cards that are intended to be as compatible as possible with the needs of college students. In its case, this product would be the Wells Fargo Cash Back College Card, which possesses a number of characteristics that enable it to stand out when compared with some of its counterparts. As a result, college students who are searching for their credit card should give what Wells Fargo can offer them a serious look.
Here are 10 benefits of the Wells Fargo Cash Back College Card:
1. Available to Students
The credit score is the single most common measurement of a person’s creditworthiness. As a result, someone without a credit score isn’t in much of a better position than someone with a bad credit score because that makes them an unknown to potential creditors. As a result, student credit cards are beneficial for college students because said individuals tend to have poor access to credit compared to older adults.
Credit cards are one of the most convenient forms of payment that can be found out there. This is particularly true when it comes to bigger purchases for which carrying cash is neither a safe nor a practical solution.
Of course, credit cards come with numerous protections to limit the harm should something bad happen. The Wells Fargo Cash Back College Card is no exception to this rule, which should provide some assurance to college students who are concerned that they might be held liable for the balances racked up by malicious individuals who have somehow managed to get a hold of their payment information.
4. Availability of Funds
Speaking of which, credit cards are convenient in a way that most financial products are not because they can provide interested individuals with borrowed funds in an instant. This is because credit cards are revolving credit rather than non-revolving credit, which provide their users with much more control over how they use their credit as well as how it will impact the rest of their finances.
Using credit is the simplest and most straightforward method for building up a credit score. As a result, a college student can do a great deal to improve their credit score for their future benefit by taking out what Wells Fargo is offering them, making use of it, making their payments on time, and keeping their outstanding balances low.
6. Variable Interest Rate
The Wells Fargo Cash Back College Card has a variable interest rate that can range from 12.65 percent to 22.65 percent depending on the consumer’s creditworthiness. There are those who will see this as a potential problem, which is reasonable because this can mean higher interest rates for them. However, interested individuals should also remember that this can mean lower interest rates for them if they are able to build up their credit score over time.
7. Cash Back
Like its name states, the Wells Fargo Cash Back College Card offers cash back. Initially, the user can expect 3 percent cash back on purchases of gas, groceries, and drugstore products for a period of six months. Otherwise, they can expect 1 percent cash back on purchases, which is not bad under the circumstances.
8. No Annual Fee
After all, rewards credit cards tend to come with high annual fees as a way of covering the costs of their rewards. In contrast, the Wells Fargo Cash Back College Card has no annual fee whatsoever, meaning that its users are not forced to make frequent use of it to make the cost worthwhile.
9. Introductory Offers
As mentioned, the increased cash back rate is one of the introductory offers that comes with this particular credit card. However, there are others, as shown by the zero percent interest on both purchases and balance transfers for a period of six months. Suffice to say that these introductory offers can provide a great deal of usefulness to interested individuals provided that they don’t get carried away in the process.
10. Access to Financial Management Resources
Personal financial management is an underappreciated field of study. Fortunately, interested individuals can remedy this lack in their education if they have a need for it, particularly when they have access to the full range of helpful tools and other resources that come with being a Wells Fargo customer.