How to do a balance transfer with Wells Fargo

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Cardholders use balance transfers to consolidate and reduce interest on their credit card debt. Many credit cards offer introductory interest rates of 0% for up to 21 months, giving borrowers a reasonable amount of time to pay off debt without interest charges. Wells Fargo offers several options to help cardholders effectively manage their credit.

Wells Fargo offers three credit cards with 0% balance transfer promotions, offering interest-free periods of 12 to 18 months. However, cardholders who haven’t done a balance transfer in the past might need a few tips to streamline the process. Here’s everything you need to know about transferring balances to Wells Fargo credit cards.

What is a Wells Fargo balance transfer?

A Wells Fargo balance transfer is a transfer of the balance from an external credit card to a Wells Fargo credit card account. Wells Fargo credit cards with balance transfer promotions include:

  1. . The Wells Fargo Active Cash Credit Card offers 0% introductory interest on balance transfers for 15 months, followed by a .
  2. . The Wells Fargo Autograph Credit Card offers 0% interest on balance transfers for the first 12 months, followed by a .
  3. . The Wells Fargo Reflect credit card offers the lender’s most extensive 0% balance transfer promotion at 18 months, followed by a APR.

How to Make a Wells Fargo Balance Transfer

As with most balance transfer credit cards, borrowers have two options when transferring balances to Wells Fargo. They can either transfer balances to a new credit card using the card app or transfer balances to their existing Wells Fargo credit card. Wells Fargo’s user-friendly online banking makes it easy to manage all your money in one place.

How to make a balance transfer to a new Wells Fargo card

Borrowers who are not already Wells Fargo credit card members can transfer a balance to Wells Fargo using the lender’s app. Here’s how it works:

  1. Choose the best credit card offer. Wells Fargo’s three credit cards with balance transfer features have different promotional periods, features, and terms. Applicants should compare all offers to decide which is the best fit.
  2. Start the app. Next, cardholders must begin the credit card application. Fill in all fields as accurately as possible. If you need help, check out the online FAQ section or make an appointment with a banker.
  3. Add balance transfer details. At some point during the request, Wells Fargo will ask for details of the balances the requester wishes to transfer. Applicants must complete all fields for each balance they wish to transfer to their new credit card.
  4. Wait for the transfer. When Wells Fargo approves the credit card application, the bank processes the balance transfer, which takes two weeks at most.

How to Make a Balance Transfer to an Existing Wells Fargo Credit Card

Cardholders with an existing Wells Fargo credit card can transfer balances directly to this account. Here’s how:

  • Log in to Wells Fargo Online. Cardholders must start by logging into their online account management platform.
  • Request a transfer. Click on the option to request a balance transfer and fill in all the required information.
  • Approval. Wells Fargo will approve the balance transfer request instantly or send it for review, and it may take a few days to complete the review.
  • Wait for the transfer. It takes a maximum of two weeks for the transfer of the balance. Cardholders should continue to make payments on their current credit cards until the process is complete.

Those who would like live assistance with processing their balance transfers can call +1 (800) 642-4720.

What happens after a cardholder requests a balance transfer?

Once Wells Fargo approves a balance transfer, cardholders can access funds from their line of credit to pay off other credit card accounts. The process will be completed in a few days or two weeks.

Current members should note that Wells Fargo has no control over accounts with other institutions. If cardholders wish to close their other credit cards after the balance transfer is complete, they are responsible for making resolutions.

What to know before transferring balances

The following includes a few things prospective and current Wells Fargo cardholders should consider before transferring balances to Wells Fargo.

  • Promotional interest rates only last for a fixed period. For Wells Fargo credit cards, this ranges from 12 to 18 months. Wells Fargo will charge cardholders higher interest rates on outstanding Balance Transfer balances after the promotional period expires.
  • Wells Fargo charges a transfer fee of $5 or 3%, whichever is greater, of the transfer amount.
  • Each Wells Fargo offer for balance transfer has unique benefits, rewards, and terms, so applicants should carefully compare their options.

Are balance transfers hurting your credit?

Balance transfers do not directly affect a person’s credit score, so the answer to this question depends on the borrower. Balance transfers could improve or harm credit scores depending on their place in the borrower’s overall credit profile.

Applying for a new credit card usually results in a thorough investigation, which can hurt a credit score by a few points. New cards also reduce the average age of accounts, which can also affect credit scores.

On the other hand, a new credit line increases the total purchasing power of a user. If someone opens a new card but simply transfers an existing balance to that card rather than adding new debt, that borrower is now using less of their credit. A lower credit utilization rate can have positive effects on credit. A balance transfer can be a strategic step in an overall debt reduction plan, as long as the borrower takes steps to pay off the balance on the new card.

How long does it take Wells Fargo to process a balance transfer?

Wells Fargo can take up to two weeks to process a balance transfer. Borrowers should expect to wait this amount of time before the balance transfer is reflected in their accounts.

Does Wells Fargo charge for balance transfers?

Wells Fargo charges a balance transfer fee. This fee is usually 3% of the total transfer amount or $5, whichever is greater.

Final take

Almost all major lenders offer balance transfer credit cards, each with their own benefits, promotions and payment terms, and Wells Fargo is no exception. Whether borrowers are looking to transfer balances between existing Wells Fargo cards or apply for a new card, they should compare credit card options to ensure they choose the one that’s right for them.

Rates are subject to change; unless otherwise specified, prices are updated periodically. All other account information is accurate as of October 5, 2022.

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