Wells Fargo Prepaid Visa cards can be purchased with a credit card, and while Citibank has been reported to post these transactions as cash advances Chase currently posts them as purchases.
That means they can be used to meet minimum spend requirements on Chase-issued credit cards, and the purchases earn miles, too.
They do not take American Express.
You can load up to $2500 per day via credit card, at $5 per load. The most a card can hold is $5000 at a time.
They charge $3 per month for the card.
The key benefit here is that you can take the cash off the card at an ATM. The first two withdrawals are free at a Wells Fargo ATM. Starting with the third withdrawal, each costs $1. (Non-Wells Fargo ATMs cost $2.50 per withdrawal.) There’s a $1500 maximum withdrawal in any given 7 day period and $5000 maximum every 30 days.
Online purchases made with the card are capped at $600 per transaction.
Meeting a $10,000 minimum spend requirement with this technique will cost:
- $20 in fees to load the cash ($2500 x 4 @ $5 each)
- $6 in monthly fees (Minimum – since you can’t pull more than $5000 off a card per month you must keep the card open at least 2 months)
- $18 for 20 ATM withdrawals of $500 each from Wells Fargo machines (The first 2 are free then $1 thereafter). If you don’t have access to a Wells Fargo ATM then it will likely cost you $5 per withdrawal since you pay fees on both sides.
I haven’t done this myself but I’ve only heard successful reports. As far as I am aware, this was first publicly discussed in the comments at MileValue. Do this enough and you may wind up having to take calls from the Wells Fargo fraud prevention department, that’s not a problem just a hassle. And Chase presumably won’t like it, serial heavy users of this technique could attract their ire.