Credit Cards

Wells Fargo Rewards Program: Do the Points Add Up?

s-WELLS-FARGO-REWARDS-largeMany credit cards offer cash back rewards, and the Wells Fargo Rewards Points program is available to consumers with qualifying Wells Fargo credit accounts. The program lets card holders earn rewards on most purchases in the form of points that can be redeemed for cash, merchandise, gift cards, or charitable donations. People often wonder whether the points add up over time or if they expire at the end of each month or year. Here’s the lowdown on the company’s rewards program and how the points add up.

The Wells Fargo Reward Points Program
Wells Fargo reward points are earned by making purchases on a rewards credit card that allows for participation in the program. There are three different types of programs that let card holders earn points: Well Fargo Rewards, Wells Fargo Business Card Rewards, and Wells Fargo BusinessLine Rewards. The first type is for personal accounts, and the other two are for business accounts.

How to earn points
Everyday purchases earn limited points, and purchases made through the Wells Fargo Earn More Mall can earn more. The company advertises a point increase of up to 16 times more than normal when purchasing from merchants through that program. Points can also be earned through gift card purchases. While advertising makes it look a little different, cardholders can expect to earn an average of 1% cashback on most purchases. For people who finance a lot of purchases during a year, that can add up over time.

Do the points add up?
Wells Fargo Reward Points do add up each month. However, points only last for five years. After that five year period, points begin to expire. This means that after five years, month by month, points will begin disappearing from the account. The entire account balance will not go back to zero, just those that have been sitting in the account for the entire five year period. Some accounts may include different terms, depending on the cardholder agreement. Points from different Wells Fargo accounts can be combined if the accounts list the same account holder, so being strategic about how to divide them up can lead to taking the most advantage of the points system.

What can points be used for?
Wells Fargo offers over a thousand different ways to use the points earned. They can be redeemed for cash, gift cards, and merchandise. They can also be used toward hotels, car rentals, cruises, and airline tickets. The fine print explains that there will be a $24 processing fee attached to most airline purchases, so expect to pay that much to redeem points for that type of purchase. Points can also be used to purchase digital downloads from some electronic storefronts and to make donations to certain charities.

How long before they expire?
Points appear on an account by the end of the month during which a purchase was made. They remain included in the points balance for up to five years. After that time, they begin to expire. Redeeming points before their expiration date means getting the rewards that were earned. Waiting too long means watching them disappear from the points balance. Points can be gifted to other people who have rewards point accounts with Wells Fargo. This can be a useful way to use them without letting them go to waste.

The Wells Fargo rewards points program allows people to earn a least a little of their money back by charging purchases on a credit card. Because the monthly accrual of points lets them add up for up to five years, some shoppers will have a huge account balance by the time the points are set to expire. Making sure that they get spent or gifted before they vanish can mean those savings aren’t forfeited. People whose accounts are nearing or past the five year mark should closely watch those expiration dates.

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