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.
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