I've been searching the internet researching some stuff. I'm in the process of rebuilding my credit, it's been 2 years since a Bankruptcy and I recently got a Wells Fargo Cash Back Credit card with no annual fee.
Since I am a Wells Fargo bank customer as well, the card appears on my Bill Pay drop down list. However there are a few things I am not clear about. When I select the card as a payment option, new terms appear that I have to accept. Within these terms is the following:
I plan to be very careful with this new card. It will be used and paid in full every single month. With that in mind, does the fact that bill pay payments start accruing interest right away without a grace period affect me? Or would paying the full balance negate that?There is no grace period for these transactions. Interest will begin to accrue on the date your Bill Payment is sent, at the periodic rate for purchases stated in your Customer Agreement and Disclosure Statement. Wells Fargo RewardsÂ® program points will not be earned for Bill Payments.
My card is CASH BACK card, not a Rewards card, so I am not sure if bill pay payments not being eligible for rewards also applies to the cash back rewards.
The long and short is, I want to use this new card as much as possible for as many of my bills as I can, pay it to zero, rinse and repeat.
Thanks for any input.