Friday, August 30, 2013

Wells Fargo Credit Card - 5% cashback for 6 months at Drug Stores, Gas and Groceries

Wells Fargo Cash Back Credit Card

Wells Fargo is now offering a credit card that is almost too good to be true.  The credit card is called The Wells Fargo Cash Back Card.  Very clever name.

For 6 months, you get 5% cashback on any purchases at Drug Stores, Gas Stations and Groceries.  There is no annual fee to boot!  The 5% cashback can be used as a statement credit to pay your credit card bill.

I don't have this card yet and I won't be getting one until I'm ready for my next App-O-Rama, but I am super excited for the possibilities.

Why You Should Care

CVS is obviously considered a drug store and if your local CVS store is carrying plentiful Vanilla Reload cards, this is a great card for you.

In addition, some grocery stores carry $500 Visa Gift Cards, which will allow you to either get 4% cashback everywhere (1% fees associated with gift cards) or it can be put on Bluebird in order to rinse and repeat.

The Catch

  1. 5% is only for 6 months, but who cares.  By that point, there will be 6 other ways to generate easy money that will have come and go.  This probably will not last very long itself because of people who will abuse it.
  2. You need to be a Wells Fargo customer, unlike myself, to apply online.  Otherwise, you have to go into a physical branch to apply.

Are there limits?

In the first six months, theoretically, there are no limits to how much money you can get 5% cashback on. That being said, "Don't be an idiot."  This is the most important statement I ever make and I make it often.

If you spend $20,000 every month at CVS, which would net you about $800 on Bluebird (if you are able to liquidate that much), you will get shut down.  Their terms and conditions allow them to modify the offer at any point and confiscate any points for "abuse of program privileges".  They can only confiscate unused rewards so make sure to redeem every month.

How much is safe?  Anybody's guess.  I tend to stick to about $1,000-$2,000 a month on any one card for manufactured spend. There are lots of cards out there that can make you some extra money on the side so don't get too caught up on any one card.