Balance Transfers With Wells Fargo Simplified
A Wells Fargo balance transfer offer may lead to notable savings despite the balance transfer fee, provided you pay off the balance in a timely manner. However, Wells Fargo needs to approve your balance transfer request first.
If you get a Wells Fargo credit card with a 0% APR balance transfer offer, you will not pay interest on any transferred balances for a specified time. This may lead to considerable savings if you plan to transfer high-interest debt, such as balances from other credit cards. In some instances, Wells Fargo sends balance transfer SUPERCHECKS with its new cards. If you receive these checks as part of your balance transfer offer, you may also use these to transfer balances from different types of debt.
Wells Fargo lets you submit your balance transfer request online or over the phone. Your creditworthiness plays a role in whether or not it approves your request, as do a few other factors. If it denies your request, you have other options, such as personal loans and debt management plans.
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Wells Fargo accepts balance transfer requests online and over the phone.
Wells Fargo sends balance transfer SUPERCHECKS to some new cardholders.
Transfer balances within 120 days of opening the account to use your card's BT offer.
How Does a Wells Fargo Balance Transfer Work?
Start by looking for a 0% interest balance transfer card from Wells Fargo after accounting for your specific requirements. For instance, could you also benefit from a 0% APR offer on purchases? No matter which card you select, the maximum you may transfer (plus the balance transfer fees) must be lower than your card's available credit limit. When you submit your balance transfer request, you’ll need to provide the account number you wish to transfer a balance from, the name of the creditor and the amount you wish to transfer.
Taking advantage of a Wells Fargo balance transfer offer requires that you carry out your balance transfers within 120 days from account opening. The bank states that balance transfers may take up to 14 days to post on your account.
Know How Much You Owe
Take a close look at all your existing unsecured debt. Identify debts that come with the highest interest rates and determine if you might be able to transfer their balances to your Wells Fargo BT credit card. Bear in mind that the maximum amount you may transfer cannot exceed your card's available credit limit, and you need to factor in the balance transfer fees as well.
Choose a Balance Transfer Credit Card
Not all 0% balance transfer cards from Wells Fargo are the same. For instance, the duration of the 0% APR offer may vary based on the card you select.
0% introductory APR
Wells Fargo balance transfer cards come with 0% APR offers. This means you don't have to pay any interest charges for a preset duration. If you pay off the entire balance or a significant portion of it before the promo period ends, you may save a tidy sum. But any amount outstanding after the promo period ends starts accruing interest charges at the standard balance transfer rate.
Long introductory APR
The duration of the intro 0% APR offer has a bearing on how long you have to pay off the entire balance without worrying about interest charges. Depending on the Wells Fargo BT card you get, this may vary from 15 to up to 21 months.
Low ongoing APR
People who plan to repay their debt over a longer duration may benefit by getting a Wells Fargo card with a low ongoing APR. By doing this, they benefit through a low APR for as long as they take to repay their debt. Bear in mind that the APR assigned to your card largely depends on your creditworthiness. The Wells Fargo Reflect Card comes with the lowest possible ongoing APR the bank has to offer. It also comes with an intro 0% APR offer on balance transfers.
Low or no balance transfer fees
If you're looking for a balance transfer card with no fees, you need to check what other issuers have to offer. The Wells Fargo transfer fee for balance transfers varies from 3% to 5%, with a minimum of $5.
Request Balance Transfer
You may request a balance transfer after you receive your Wells Fargo card. One way to submit your request is online, and the other is by calling the Wells Fargo credit card customer service number: 1-800-642-4720. It may take up to 14 days for Wells Fargo to process your application. The odds of your request's approval increase if you have excellent credit.
Another way to transfer balances to your Wells Fargo card is by using the SUPERCHECKS you may have received with your new card. While you may use a SUPERCHECK to access funds from your credit card account for different purposes, it will be considered a cash advance if it's not used as part of a balance transfer offer. Bear in mind that the cash advance rate on your card can be noticeably higher than the card's regular APR on purchases and balance transfers.
Prepare a Payment Schedule
Even the best balance transfer credit cards don't guarantee savings. To make the most of your Wells Fargo card's 0% APR offer, it's important that you pay off the entire amount you transfer before the end of the promo period. This requires that you formulate a payment schedule in advance. Remember that the longer the promo period, the more time you get to repay your debt without incurring interest charges. You can also make smaller monthly payments. With Wells Fargo, you can choose between cards with 0% APR offers on balance transfers from 15 months to up to 21 months.
If you can’t pay off the entire transferred balance before the end of the promo period, you should work on a plan that allows you to pay off the maximum amount possible. This is because any outstanding amount after the promo period ends starts accruing interest charges.
Preparing a payment schedule requires paying attention to the balance transfer fee because it adds to the total amount. For example, if you transfer $14,000 and pay a 3% balance transfer fee, your initial outstanding balance would be $14,420.
Wells Fargo’s Best Balance Transfer Credit Cards
Given Wells Fargo's fairly limited offering of credit cards, there are just two cards that offer balance transfer promotions. Both come with different 0% APR offer durations, and one of them lets you earn cash back.
- Wells Fargo Active Cash Card
A great no annual fee cash back card with a 0% APR offer
- Good-ExcellentCredit Needed
- $0Annual Fee
- 2% Cash BackRewards Rate
- 2xRewards Rate on Gas
- 2xRewards Rate on Groceries
- Wells Fargo Reflect Card
A good no annual fee card with a lengthy 0% APR offer
- Good-ExcellentCredit Needed
- $0Annual Fee
- 18 monthsBalance Transfer Duration
- 18 monthsAPR Offer Duration
Wells Fargo Active Cash Card
The Wells Fargo Active Cash Card comes with an intro 0% APR offer on purchases and balance transfers for the first 15 months. You earn a $200 cash rewards bonus if you spend $1,000 on purchases within the first three months. You get 2% cash back on all purchases. This no-annual-fee card comes with cell phone protection and zero liability protection.
Wells Fargo Reflect Card
The Wells Fargo Reflect Card's 0% APR offer applies to purchases and balance transfers for the first 18 months. If you make at least your minimum monthly payments on time during this period, the offer extends by three more months, for a total of 21 months. This card comes with cell phone protection, zero liability protection and roadside dispatch. It charges no annual fee.
How Much You Can Save With a Balance Transfer
How much money you may save through a balance transfer depends on multiple variables. These include the amount you transfer, your existing debt's APR, the duration of the new card's 0% APR offer, the new card's regular APR and how long you take to repay the debt.
- How Much You Will Pay With Your Current Credit CardHow Much You Will Pay When You Transfer Your Balance
Current outstanding balance: $14,000
Regular APR: 22.99%
Monthly payment: $650
Time required to pay off the balance: 29 months
Total amount to pay: $18,226.02
Balance transfer amount: $14,000
Balance transfer fee: 3%
Intro APR: 0% for 15 months
Regular APR: 16.49%
Monthly payment: $650
Time required to pay off the balance: 22 months
Total amount to pay: $14,700.63
Total savings: $3,525.39
Although your minimum monthly payment may be lower, the best strategy is to pay as much as you can each month to eliminate your balance before the 0% APR rate expires. Some customers divide their total balance by the number of months in the 0% APR offer and pay that amount each month to achieve a zero balance. — Lee Huffman, credit card expert at BaldThoughts.com
What to Know Before Requesting a Balance Transfer With Wells Fargo
Most credit card balance transfer offers work in the same basic manner. However, there are differences too. As a result, it's best to know what you may expect from a Wells Fargo balance transfer even before you get the ball rolling.
- You may transfer balances from different forms of unsecured debt issued by other creditors.
- Carrying out a balance transfer between two Wells Fargo credit cards is not possible.
- You need to request a balance transfer within 120 days from account opening to take advantage of your card's 0% APR offer and the lower (3%) balance transfer fee.
- The card's regular APR applies on transfers requested after the initial 120-day period, and you’ll need to pay a 5% balance transfer fee.
- Wells Fargo may take up to 14 days to process your balance transfer request.
- You need to ensure that the balance transfer is complete and that there is no outstanding balance before you stop making payments toward your old account.
- Once the promo period ends, you’ll need to start paying interest charges on any outstanding balance.
- Balance transfers do not earn rewards or cash back.
Adhering to some basic credit card best practices will help you repay your existing debt. If you add a balance transfer card to the mix, you may get to save on interest charges and pay off what you owe sooner.
- Look at what different Wells Fargo balance transfer cards have to offer across parameters such as rewards, features and added perks.
- Try to pay off the entire amount you transfer before the end of the promo period.
- Steer clear of late fees by making your payments well before their due dates.
- Reduce your overall debt and improve your credit score.
Pros and Cons of Doing a Balance Transfer
No matter which Wells Fargo balance transfer card you decide to get, you need to be aware of the advantages and possible disadvantages of carrying out a balance transfer.
- Pay no or lower interest charges.
- Pay off your debt more quickly.
- Transfer balances from different types of debt.
- Get better perks with your new card.
- See an improvement in your credit score.
- No guarantee that Wells Fargo will approve your request.
- Making a late payment may lead to the termination of the 0% APR offer.
- You will need to pay balance transfer fees.
- Not all Wells Fargo balance transfer cards offer cash back/rewards.
- Indiscriminate spending or making late payments might cause your credit score to drop.
What if My Balance Transfer Request Is Denied?
If you find that Wells Fargo has denied your balance transfer request, you may explore other alternatives. For instance, a personal loan might work well if you wish to consolidate all your debt under a single umbrella.
- Personal loan. Compared to credit cards, personal loans typically come with lower interest rates. In addition, it's also common for personal loans to offer higher credit limits. For these reasons, many people turn to personal loans to consolidate their debt.
- Debt management plan. You may think about getting on a debt management plan if you're going through financial hardship. To get started, contact a nonprofit credit counseling agency. Look for one that's accredited by the National Foundation for Credit Counseling. The agency negotiates with your creditors on your behalf and aims to get your interest rates lowered. It may also be possible to get your late fees waived.
- Cash advance. More often than not, using a cash advance to make a payment toward another card is a bad idea. Cash advances start accruing typically high interest charges from the day of the transaction, and you’ll also need to pay cash advance fees. Consider taking this path only if you're certain you'll pay off the entire cash advance amount in a few days.
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Other Questions You May Have About Balance Transfers With Wells Fargo
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