Wells Fargo Credit Card Balance Transfer [Updated] In 2024

Do you want to know about Wells Fargo Credit Card Balance Transfer? Your search ends here.

The transfer of credit card balances can be a valuable strategy for managing your debt and reducing interest charges. Taking advantage of a lower-interest card can provide a faster and more affordable way of paying off credit card debt. Wells Fargo is a well-known and reputable financial institution where you can transfer your credit card balance.

The purpose of this article is to give you a step-by-step guide on Wells Fargo Credit Card Balance Transfer to Wells Fargo. A balance transfer can also provide you with benefits; however, it is important to consider a few factors and alternative options before transferring.

What is Wells Fargo?

It is an American multinational financial services company serving more than 70 million customers globally through its 35 locations. Among the “Big Four Banks” in the United States, along with JPMorgan Chase and Bank of America, it is regarded as a systemically important financial institution by the Financial Stability Board.

What is Credit Card Balance Transfer?

The process of transferring credit card debt involves transferring debt from one credit card to another. You may need to do this to take advantage of a lower interest rate or promotional offer that will enable you to pay off your debt faster and save money.

Your existing credit card company pays off your existing balance when you transfer a balance, and you begin making payments to your new credit card issuer. Interest rates, promotional periods, and balance transfers usually have fees.

Best Wells Fargo Credit Card Balance Transfer

To facilitate the transfer, the new credit card company charges balance transfer fees. They usually add a percentage to your new balance and are based on the amount being transferred. The cost savings of a balance transfer can be greatly impacted by these fees.

Wells Fargo Reflect Card

You have more time to pay off your balance transfer along with any new purchases with the Wells Fargo Reflect® Card.

The process is as follows.

• You’ll receive a 0% APR for 21 months from account opening if you make a qualifying balance transfer or make a new purchase within the first 120 days. You may lose your introductory APR if you’re late with a payment.
• After the intro period, the variable APR rises to 18.24% – 29.99%* Variable.
• It’s important to remember that balance transfers aren’t entirely free, even if you pay them off on time. A 5% fee (minimum $5) will be charged on each balance transfer.
• While you won’t earn any cash rewards with the Wells Fargo Reflect® Card, you’ll benefit from a nice, long 0% intro APR period during which you can pay off your debt.

Pros	Cons
Long intro APR on purchases	No rewards program
Long intro APR on balance transfers	No sign-up bonus
$0 annual fee	Balance transfer fee

Wells Fargo Active Cash® Card

Cash rewards and a low APR characterize the Wells Fargo Active Cash® Card.

The process is as follows.

• You will receive a 0% intro APR on purchases during the first 120 days.
• The regular APR for both then climbs to 20.24%, 25.24%, and 29.99%.
• The first 120 days you have the card, you’ll be charged a 3% balance transfer fee (minimum $5). From the date of account opening, the fee will be 3% for 120 days, and then it will increase to 5% (minimum $5).
• Unlike the Wells Fargo Reflect® Card, the Wells Fargo Active Cash® Card offers cash rewards in addition to balance transfers. Spend $500 on purchases within 3 months of opening your account, and you’ll receive a $200 cash rewards bonus. 2% of your purchases will earn you cash back..

Pros	Cons
Solid cash back rate on every purchase	Balance transfer fee
$0 annual fee	Foreign transaction fee
Long intro APR on purchases and balance transfers
Valuable sign-up bonus

Although you may earn rewards, you’ll have a shorter introductory APR period. This gives you less time to settle your balance transfer and any new purchases you’ve made before interest is applied.

How To Do Wells Fargo Credit Card Balance Transfer?

You can do a Wells Fargo Credit Card Balance Transfer online if you have a Wells Fargo credit card and you’re transferring credit card balances. The steps are as follows:

• Visit the Wells Fargo website and log in.

• You can request a balance transfer by placing your cursor over “Accounts” and clicking “Request Balance Transfer.”.
• Please complete the balance transfer form with the name, account number, and amount of each creditor you wish to transfer.
• You can submit the transfer once you have entered all the required information.

If you are wondering what to put for any of these, here are the answers:

Creditor name	Name of the card issuer, such as American Express or Chase.
Account number	credit card number of the card with the balance.
Amount –	amount to transfer over, which must be at least $100.

Regulations for Wells Fargo Credit Card Balance Transfer

The rules and fees associated with Wells Fargo Credit Card Balance Transfer should be understood before transferring a balance to the card.

• Balance transfers made within 120 days will qualify for Wells Fargo’s intro APR on balance transfers.
• Wells Fargo cards offer 0% intro APR offers only if you haven’t received any welcome offer from another Wells Fargo card within the past 15 months. You may also be eligible for a sign-up bonus and a low or 0% APR for the first few months of your account.
• To qualify for the best balance transfer cards, you should have a credit score of 670 or higher.

Things To Consider Before Applying For Wells Fargo Credit Card Balance Transfer

Wait No Longer

 Your Wells Fargo credit card account must be opened within 120 days of you wanting to transfer a balance. If your balance transfer amount is greater than $5, the fee will be 3% of it. The balance transfer fee may increase to 5% after 120 days ($5 minimum).

An offer of 0% is not Indefinite

 Once you have opened your account, you will have 120 days to request a balance transfer if you want to benefit from a 0% balance transfer offer.

Balance transfers between Wells Fargo cards are not possible.

No Rewards

 No rewards points or cash rewards will be earned on the balance you transfer to a Wells Fargo card.

What To Do After Completing Wells Fargo Credit Card Balance Transfer?

Transfer Tracking

It is important to stay on top of the Wells Fargo Credit Card Balance Transfer process once it has been approved. The posting of a balance transfer on your new or current credit card can take up to 14 days. To avoid being penalized for a late or missed payment on your old account, make any payments due on it before the balance transfer is completed. Log into your Wells Fargo account online or call 1-800-956-4442 to check the balance of your Wells Fargo credit card.

You will be responsible for making on-time monthly payments (at least the minimum payment amount) once the balance transfer has been posted. Payments not made on time may result in your losing eligibility for the promotional period, as well as interest charges.

Avoiding Interest Charges

Your credit card debt can be paid off in full for at least a year with a balance transfer. The only thing to avoid is some pitfalls; otherwise, you may have to pay unexpected interest.

You won’t be able to eliminate your balance within the intro APR period if you only pay the minimum payment every month. As soon as the intro period ends, you’ll begin incurring interest on any balance you still have. Make a monthly payment divided by the number of months in the promotional period instead of making the minimum payment. Using this calculation, you can calculate how much you should pay each month to avoid a balance remaining at the end of the promotion. You should calculate the balance with your total balance, including the balance transfer fee.

Make fewer Purchases

Make new purchases with another credit card instead of your Wells Fargo card if possible. A balance transfer defeats its purpose if you increase your credit card debt by placing new purchases on the card. Pay down your transferred debt; you can also Negotiate Credit Card Debt for financial stability.

Check Status of Wells Fargo Credit Card Balance Transfer

To check the status of your Wells Fargo Credit Card Balance Transfer, login to your Wells Fargo account. It is possible to find out if your current balance includes the money transferred from another credit card by viewing your current balance. In this case, your balance transfer is complete.

You can check your Wells Fargo account to see if your transferred balance has been reflected. A status update should be requested after at least 14 days.

Alternative Options For Wells Fargo Credit Card Balance Transfer

Even though Wells Fargo offers a convenient option for Wells Fargo Credit Card Balance Transfer, you should evaluate alternative options to ensure you make a decision. Here are some alternatives to consider:

Financial Institutions and Other Banks

 Various other financial institutions and banks also offer balance transfer services. Compare bank terms and conditions to find the best fit for your needs. The interest rate should be low or 0% during the introductory period, the balance transfer fee should be minimal, and the terms of repayment should be favorable.

Transfers to Credit Unions

A credit union is a financial institution that provides competitive balance transfer rates and terms. Get to know the credit unions in your area and learn if you qualify for membership. To maximize your savings, choose credit unions with low fees and promotional interest rates.

Online Balance Transfer

 Transferring balances online is made possible by online platforms. The platforms let you compare credit card offers from different issuers and pick the one that suits your needs. Multiple options can be explored conveniently in one place, and the process is simplified.

Contact Current Credit Card

It is a good idea to contact your current credit card issuer before looking for alternatives outside the company. You may be offered better terms to retain their business in certain cases. A promotional balance transfer offer or a lower interest rate may be offered to suit your needs.

Getting a Personal Loan

A personal loan may be an alternative to transferring your credit card balance. You can often save on interest charges with personal loans compared to credit cards because personal loans typically have lower interest rates. Comparing personal loans’ terms and fees is vital before committing.

Although balance transfer cards are beneficial for consolidating debt and eliminating it, they aren’t for everyone. 

Pros and Cons of Wells Fargo Credit Card Balance Transfer

The Pros

•  There is a set number of months when you won’t be charged interest if you qualify for a 0% balance transfer.
• Your monthly payments by consolidating multiple credit cards into one balance transfer credit card.
•  Credit card debt can be completely eliminated with no interest.
•  Your current credit card may not offer the best cash-back rewards and perks.

The Cons

• Balance transfers typically cost 3% to 5%.
• Unpaid balances will be subject to the new card’s regular purchase APR following the 0% intro period.
•  The benefits of other rewards credit cards for responsible spending usually outweigh the debt solution offered by these cards.
•  Good and excellent credit borrowers are often the only ones eligible for 0% balance transfer cards.

Is A Balance Transfer Credit Card the Best Card For Me?

Consider your current credit card debt and your current APR when deciding whether to apply for a Wells Fargo Credit Card Balance Transfer. Next, take a look at your credit score. It’s possible to qualify for balance transfer credit cards with generous introductory periods and other rewards with decent, if not excellent, credit.

You should also evaluate the other features of the cards you are considering. An annual fee, a balance transfer fee, a regular purchase APR, late fees, and any rewards or perks associated with the card are all factors to consider.

FAQ

Conclusion

Saving money using a Wells Fargo Credit Card Balance transfer is one way to tackle large debts-as long as you’re smart about it. Keeping your original cards will save you interest charges, but you should make sure to make your payments on your new cards on time. If you get either of these cards, you will benefit from a 0% introductory interest rate period, but only the Active Cash card offers rewards after that period expires.