In the past, Wells Fargo had sent out a their fair share of warnings to those that abuse the Wells Fargo VISA Signature’s 5x points category, but I assume that measure will now have to be taken as Wells Fargo confirms a cap to the once unlimited cash-back, of $12,500 in purchases within the first 6 months. Specifically, the 5x points are earned through gas, grocery and drugstore net purchases for 6 months and 1x on all other net purchases. Considering that this was once a Manufactured Spending militia, a $12,500 spending limit isn’t all that bad.
Alternative Credit Card Bonuses:
Wells Fargo Caps 5X Credit Card Summary:
- NEW: Online Only Promotion
- 20,000 Bonus Points if you spend $1,000 (net purchases) in the first 3 months of account opening.
- The Wells Fargo Visa Signature earns 5X on gas, grocery, and drugstore purchases in the first 6 months up to $12,500 spent.
Wells Fargo Visa Signature Card Features:
- No annual fee
- 5X on gas, grocery, and drugstore purchases in the first 6 months up to $12,500 spent, and 1x on all other net purchases
- Rewards redemption options such as travel, gift cards, cash redemption options, merchandise and more
- Cash redemption options- apply points as a credit to your qualifying Wells Fargo credit product or as a deposit to your Wells Fargo Checking or Savings Account, or even request a paper check
- Receive 50% more value when you redeem for airfare through mywellsfargorewards.com. For example, 30,000 points is currently a $450 value toward airfare redemption or a $300 value toward cash redemption options
- Enjoy dozens of privileges reserved for Visa Signature cardholders, including luxury hotel benefits, complimentary concierge service, travel offers and protections and more
- Travel benefits such as concierge service, travel accident insurance, lost luggage reimbursement
- Purchase protections such as purchase security, price protection, and chip technology
Conclusion:
In a string of events leading to Wells Fargo’s new 5x Bonus category cap, we can for now, assume that the new cap only applies to new accounts. However, there’s been an increasing amount of shutdowns with this card over the past years for those that have “abused” the 5x bonus category. This would cause Wells Fargo to lose significant profit and deem you unprofitable.
Moreover, I’m assuming that current cardholders who spend more than $12,500 in the 6 month’s duration would get their cards shut-down. Quite a toll on the once prevalent manufactured spending haven, however, it’s a lot better to have a standard cap than to have your account unknowingly shutdown. Now, if you’re currently looking for other bonuses, be sure to scroll through out complete list of Credit Card Promotions for all your credit card necessities!
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