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Over the weekend, Wells Fargo updated the application pages for two popular cards to reflect a new cap on purchases that earn a special bonus during the first six months. The Wells Fargo Visa Signature now offers 5X on up to $12,500 in gas, grocery, and drugstore purchases in the first 6 months and the Wells Fargo Rewards Card now offers the same 5X on up to $12,500 in gas, grocery, and drugstore purchases in the first 6 months.
Bottom line
While this new cap likely only officially applies to new accounts, there have been many reports of shutdowns with these cards over the past year when people have over-used the 5X bonus categories. I wouldn’t be surprised if the new definition of over-use closely parallels anything more than $12.5K in the first 6 months — even for existing users. That said, YMMV and surely some are already beyond that threshold. On the one hand, it’s a bummer to see the rewards capped for those who were able to spend above and beyond that amount, but on the other hand it may be better to have a long-term cap rather than an unknown limit and arbitrary shutdowns. In the meantime, we have updated our Best Offers page to reflect the new cap.
H/T: Reddit via Doctor of Credit
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