Wells Fargo is one of many financial service providers offering credit cards that are designed to be as compatible as possible with the needs of college students. In your case, this product would be the Wells Fargo Cash Back College Card, which has a series of characteristics that allow it to differentiate itself from some of its counterparts. As a result, college students looking for their credit card should take a serious look at what Wells Fargo has to offer.
Here are 10 benefits of the Wells Fargo Cash Back College Card:
1. Available for students
The credit score is the most common measure of a person’s credit worthiness. As a result, someone without a credit score is not in much better position than someone with a bad credit score because that makes them a stranger to potential creditors. As a result, student credit cards are beneficial to college students because such 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. This is particularly true when it comes to larger purchases for which carrying cash is not a safe or practical solution.
Of course, credit cards come with numerous protections to limit damage should something bad happen. The Wells Fargo Cash Back College Card is no exception to this rule, which should provide some reassurance to college students who are concerned that they may be held liable for accumulated balances by malicious individuals who have somehow managed to stop 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, giving its users much more control over how they use their credit and how it will affect the rest of their finances.
5. Credit creation
Using credit is the simplest and most direct method of building a credit score. As a result, a college student can do a lot to improve their credit score for their future benefit by taking what Wells Fargo offers them, using 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. Some 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 can increase their credit scores over time.
As the name implies, the Wells Fargo Cash Back College Card offers cash back. Initially, the user can expect a 3 percent cash back on purchases of gasoline, groceries, and pharmacy products over a six-month period. Otherwise, they can expect a 1 percent cash back on purchases, which isn’t bad under the circumstances.
8. No annual fee
After all, rewards credit cards tend to have high annual fees as a way to cover the costs of their rewards. In contrast, the Wells Fargo Cash Back College Card has no annual fee, which means that its users are not required to make frequent use of it to make it worth the cost.
9. Introductory offers
As mentioned, the increased cash back rate is one of the introductory offers that comes with this particular credit card. There are others, however, as shown by the zero percent interest on both purchases and balance transfers over a six-month period. Suffice it to say, these introductory offers can be of great use to interested individuals as long as they don’t get carried away with the process.
10. Access to financial management resources
Personal financial management is an underrated field of study. Fortunately, interested individuals can remedy this gap in their education if they need it, particularly when they have access to the full range of helpful tools and other resources that come with being a Wells customer …