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0% intro APR until 2023 is 100% insane

Move over 0% intro interest cards, there’s a new sheriff in town.

Just released on October 1st, the Wells Fargo Reflect℠ Card now sports the longest 0% intro APR period on both purchases and balance transfers that we’ve seen — period.

Our expert’s summary:

  • 0% intro APR on purchases & balance transfers for up to 21 months. This means you’ll pay no interest well into 2023! An 18 month 0% intro APR period is automatic, then you can easily extend it another 3 months simply by making on-time minimum payments during the intro and extension periods.
  • Cell phone protection (a very underrated perk)
  • $0 annual fee

Simply put, if you’re looking to avoid credit card interest for the longest time possible (and who isn’t?), it’s hard to beat this card.

Just launched!

This elite card packs in the longest 0% intro APR offer we’ve come across.

Regular APR

12.99% – 24.99% Variable APR

    • 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension of up to 3 months with on-time minimum payments during the intro and extension periods. 12.99% to 24.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5
    • $0 Annual Fee
    • Get up to $600 of cell phone protection when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
    • Through My Wells Fargo Deals, you can earn cash back in the form of a statement credit while you shop, dine, or enjoy an experience simply by using your eligible Wells Fargo Credit Card
    • Select “Apply Now” to learn more about the product features, terms and conditions

What I like about Wells Fargo Reflect℠ Card

0% intro APR for up to 21 months (on both purchases and balance transfers) — This is where The Wells Fargo Reflect℠ Card simply can’t be beat. The card starts with a 0% intro APR on purchases and qualifying balance transfers for 18 months. To make it even better, you can get an intro APR extension of up to three months, for a total of 21 months. All you need to do is make on-time minimum payments during the intro and extension periods.

It’s worth noting that the intro APR applies to balance transfers made within the first 120 days of opening the account. There is also a balance transfer fee of 3% ($5 minimum) on transfers made within the first 120 days and 5% ($5 minimum) on transfers made after that. Those fee amounts are standard among balance transfer credit cards.

No annual fee — The Wells Fargo Reflect℠ Card is designed to help you save money both on credit card interest and other fees. Since it’s a no annual fee card, you don’t need to pay an annual fee to have it.

Cellphone protection — When you pay your monthly cellphone bill with your eligible Wells Fargo credit card, you get up to $600 of cellphone protection (subject to a $25 deductible). This is one of those underrated credit card perks. You don’t need to pay for cellphone insurance out of pocket, and you can still have the peace of mind that your phone is protected.

Special offers — Through My Wells Fargo Deals, you can earn cash back statement credits on shopping, dining, and experiences that you pay for with your eligible Wells Fargo card.

With the quality benefits the card offers, it’s primarily aimed at consumers who have a credit score of 670 or better. If you have a lower credit score approval could be a roll of the dice, so you may want to consider a card with a shorter 0% intro APR period. For tips on increasing your credit score above 670, click here.

How to erase $2,249 of interest charges

Here’s a hypothetical comparison of how you could save $2,249 of interest charges by putting your finances first and paying off transferred debt or purchase balances during the 0% intro APR period, versus paying off balances at a 19% APR:

Debt Balance Scenario Monthly Payment APR offer Interest Charges Months to Pay Off
$10,000, promo APR $477 0%, 21 months $0 21
$10,000, no promo APR $477 19% on all balances $2,249 26

*Your approved card APR may vary from 19%.

Keep in mind that this card does charge an introductory balance transfer fee of 3% ($5 min.) on transfers in the first 120 days . Which means, in the debt balance scenario above, you would have an extra $300 to pay off on your balance — depending on when you made the transfer. So, while you would save $2,249 in interest charges, your total savings with a balance transfer would be $1,949 depending on the timing of the transfer.

Pro tip

To get the most value out of this card, it is best to make any balance transfers during the intro fee period so that you have a lower balance transfer fee to pay.

If your priority is a long 0% intro APR, the Wells Fargo Reflect℠ Card clearly outshines the competition. The lucrative 21 month 0% intro APR on purchases is a smart move if you have big expenses coming up or you need to spread out the cost of purchases over time, yet still avoid interest on them (but remember to pay it off before you start accumulating interest).

And if you’re looking to transfer a current balance, we haven’t found a card that offers a longer period to pay intro 0% interest on for balance transfers, either. Add it all up and it’s easy to see why our experts rate this card a perfect 5 stars, and a top card in its category.

Increase your credit score in as little as one month?

Paying down credit balances is the fastest way to improve your FICO® Score. That’s because 30% of your credit score is based on how much of your available credit you’re using. Your credit utilization is reported monthly, which means paying off debt could improve your credit score in one month!

About the Author

Co-founder and personal finance industry analyst for The Ascent by The Motley Fool, a new online publisher of the year award recipient in 2017. Prior to that, he was a Director for The Motley Fool. He has 15 years of finance experience under his belt and has published over 800 educational and research articles that have appeared on websites such as MSN, AOL, and Yahoo Finance. He holds an MBA in Finance from George Washington University.

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