Wells Fargo has removed the minimum cashout amount, previously you had to redeem in increments of $25.
You may also like
U.S. Bank Leverage Business Card $750 Signup Bonus With $7,500 Spend
Chase Changing All United Credits To Travel Bank
Capital One Will Acquire Discover Financial [Approved By Delaware State Bank Commissioner]
Chase Ultimate Rewards 10% Gift Card Redemption Discount (Home Depot, Google, eBay, Instacart & More)
Best Buy Credit Card Signup Bonus: 20% Rewards On First Day
My WF Active Cash Visa still states ‘$25. increments’…
What?! They finally removed it?!
Just for statement credit not cash. Pass on this joke bank. I seriously hate the constraints these banks have.
the worst bank and the worst rewards redemption until now. They are only good for a bonus when you get a new acct. And the 500.00 minimum to avoid checking fees is out of touch.
It’s a $500 electronic deposit. Easy enough to ACH in $500 a month and then do whatever you want with it, same as Chase.
I would like to file a CFPB complaint for the 83.4¢ in lost interest my $16.68 would have gained. Time to make a run on WF with my bank roll.
It’s about time. I had to use the Swagbucks $2/200 points purchases to get rid of $12 I had on WF last month.
Now if US Bank and Fidelity would lose their minimum, that’d be great.
Even worse, at least with US Bank Cash+, it used to not have a minimum. But then with the industry moving toward lower or no minimums, they added the $25 minimum like a year or so ago.
Even more nonsensical is their Altitude Connect card, which is only $25 increments (can only do $25, 50, etc.). They’re not even consistent across their own products.
As soon as I get my next 25 I’m cancelling that baby
I can tolerate the Cash+ $25 threshold since it takes 2-3 months to get the $25 since I use it for utilties and cable + internet.
But the Altitude Go is sitting unused due to $25 increments requirement.
Yes, got the email yesterday. Now only Citi left with that stupid $50 limit.
US Bank still has that stupid $25 limit. 🙁
Andy
You can redeem an amount below $25 via Amazon.
What Citi card? Custom Cash, Double Cash, etc all moved to TY system which has no minimum.
@Otto For those of us who still have it, Citi Dividend is $50 minimum.
I think Andy is referring to the Citi Dividend card. Citi hasn’t offered that card to new applicants in years and is trying to get Dividend holders to convert their card, so I wouldn’t expect Citi to relax the minimum redemption threshold–they want people to ditch this card.
Citi dividend has the $50 minimum. Thankfully they have 5% on groceries so I’ll be able to get it. Have been stuck with $21 rewards available. Will keep track of my grocery spending so I end up with a multiple of $50
You’re right Avi. I just meant I don’t want to end up with something like $54 or or$78 available and have a hanging $4 or $28 that I can’t get out till I get to the next 50. But thank you.
You can take $54 or $78, and leave 0 hanging. What you cannot do is take $50 and then $4, or $50 and then $28. Do all your spending and then claim 100% of your awards in one payment.
The NFCU Amex rewards CC was exactly $50.00 increments the last I checked. It you had $50.01 in rewards you would need to earn another $49.99 to redeem that last penny.
Nice that they are WF is reducing amount of BS in banking with such changes.
The worst bank with BS fees and inconveniences is BoFA –
– They still charge $2 for ACH transfers
– There is no real convenient ‘Auto Pay’ for their credit card – You have to use the weird bill pay system with too many extra steps and glitches
– Their ATM pin cannot be reset online
– This $25 minimum BS for cashback redemption
– Their App cannot be used for ACH transfers or to add/ verify external accounts!
– There are just too many more ( along with standard DD or min $1.5k balance to avoid fees + overdraft fees)
Also
1. BoA has an annoying “Mark as Paid” feature. It’s like a business decision from 1998 and they’ve never considered redundancy is a vice.
2. BoA doesn’t pick up the phone.
I had the no annual fee blue-colored travel rewards credit card with them and I closed it simply because their customer service was so bad that it wasn’t worth the hassle of dealing with fraud from a credit card if it were potentially compromised.
I just cashed out 11.57 on my CCR, but agreed on the ACH and bill pay thing. No fees when you’re PR, and if you’re not, why are you using BofA at all?
I thought BoA charged a $3 ACH-out fee.
I have BoA Customized Cash Rewards Visa card and can redeem points in any amount. There is no $25 minimum.
I think Fifth Third Bank also charges a $3 ACH-out fee.
VP
Some other banks charge ACH fees, but BoA is the only one in the top tier (largest US institutions) to do so. It is the second largest bank in the US, but their policies don’t align with the other largest banks: Chase, Citi, WF.
The Customized Cash Rewards does not have a minimum redemption amount. The Premium Rewards card, on the other hand, has a $25 minimum. I’m not sure about their other cards.
I think Fifth Third is free now. I ran a bonus a couple months ago and I randomly asked them in secure message if there were ACH Fees in or out and they said there were not any.
Inbound ACH is always free at BoA.
Outbound ACH costs anywhere from $1 to $10 depending on account type and speed:
https://www.bankofamerica.com/online-banking/service-agreement.go#cat6
My BoA credit card has been running on auto-pay for over a decade. Maybe you’re doing it wrong.
Early pay day, Removal of $25 increments. 0 ACH transfer fees.
Probably not a popular opinion but WF is the best bank in America even better than Chase.
WF is far from the best bank in America…
Probably meant to phrase it as “best mega-bank in America”. Either way each one of the mega banks lacks in some ways.
Their $2500 bonus is the best I’ve seen.
You’re joking right?
It’s still April, so it must be an April Fool’s joke..