Are you looking to transfer your credit card balance to a Wells Fargo account? A balance transfer can help you save money by taking advantage of low or 0% introductory APR offers. In this article, we’ll guide you through the process of doing a balance transfer with Wells Fargo and highlight some of the best offers available.
The Benefits of a Balance Transfer
A balance transfer allows you to move your existing credit card balance from one account to another. By transferring your balance to a card with a lower interest rate or an introductory 0% APR, you can save money on interest charges and pay off your debt faster.
However, it’s important to consider the potential risks as well. Making new purchases on a balance transfer card can make it harder to pay off your balance within the promotional period. Additionally, missing a payment can result in losing the introductory APR offer altogether.
How to Do a Balance Transfer with Wells Fargo
Transferring your balance with Wells Fargo is a straightforward process. If you already have a Wells Fargo credit card, simply log into the Credit Card Service Center using your account information. From there, you can select “Request Balance Transfer” under Account Management. You can also initiate a transfer by calling 1-800-642-4720.
For those applying for a new Wells Fargo credit card, you can request a balance transfer while filling out your application. During the application process, you will need to specify the amount you’d like to transfer and provide information about the bank or issuer from which the balance is coming.
Best Wells Fargo Balance Transfer Offers
While Wells Fargo may not offer as many balance transfer deals as some other banks, it still has some excellent options to consider. Let’s take a look at two standout cards:
Wells Fargo Reflect® Card
The Wells Fargo Reflect® Card offers a 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. After the intro period ends, a variable APR of 18.24%, 24.74%, or 29.99% applies. Balance transfers made within 120 days qualify for the intro APR, and a balance transfer fee of 5% (minimum $5) applies.
Additional card details include:
- No annual fee
- Up to $600 of cell phone protection when you use the card to pay your monthly phone bill (subject to a $25 deductible)
- 24/7 roadside dispatch (terms apply)
Wells Fargo Active Cash® Card
The Wells Fargo Active Cash® Card offers a 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. After the intro period ends, a variable APR of 20.24%, 25.24%, or 29.99% applies. Balance transfers made within 120 days qualify for the intro rate and a fee of 3%, then a fee of up to 5% (minimum $5) applies. This card also offers enticing cash-back rewards even after you’ve paid off your transferred debt.
Additional card details include:
- No annual fee
- $200 cash rewards bonus after spending $500 on purchases within the first 3 months
- Earn 2% cash rewards on purchases
- Up to $600 of cell phone protection when you use the card to pay your monthly phone bill (subject to a $25 deductible)
- 24/7 access to the Visa Signature Concierge
Remember, the best credit card for you will depend on your individual financial situation. Consider your needs and goals before making a decision.
What to Do After Completing a Balance Transfer with Wells Fargo
Once you’ve completed a balance transfer with Wells Fargo, there are a few important steps to take:
Track the Transfer
It can take up to 14 days for a balance transfer to post on your new or current credit card. During this time, continue making any payments due on your old account to avoid late or missed payment penalties. You can check your Wells Fargo credit card balance by signing into your online account or calling 1-800-956-4442.
Know How to Avoid Interest Charges
To make the most of your balance transfer, it’s crucial to avoid unexpected interest charges. While the minimum payment due each month may not be enough to pay off your balance within the introductory APR period, dividing the total balance by the number of months available in the promotional period can help. Make sure to include the balance transfer fee in your calculation. By paying this calculated amount each month, you can avoid carrying a balance beyond the promotional period.
Avoid Making New Purchases
To stay on track with paying off your transferred balance, it’s best to avoid making new purchases with your Wells Fargo card if possible. Adding new charges to your card can increase your overall credit card debt and hinder your progress toward debt repayment.
Bottom Line
Wells Fargo offers two excellent credit cards for individuals in search of balance transfer options. One card stands out with its long 0% introductory APR period, while the other provides ongoing value through cash-back rewards. However, it’s essential to be disciplined and make monthly payments on time to pay off your balance within the promotional period.
Remember to consider the potential savings from avoiding interest charges compared to the balance transfer fee. Although you will likely still save money even after paying the fee, it’s always good to run the numbers for your specific situation.
Finally, keep in mind that balance transfer cards typically require good to excellent credit. Before applying for a new card, check your credit score to assess your eligibility.
For more information on balance transfers and other financial topics, visit ATICE.INFO.