How to Do a Balance Transfer With a Wells Fargo Credit Card
For people who are exploring ways to get out of credit card debt, a balance transfer to a card with a lower interest rate can offer one solution. The benefits of choosing to do a balance transfer to a low intro APR credit card like one offered by Wells Fargo, of course, does not come without some cautions.
Wells Fargo credit cards might not offer blockbuster sign-up bonuses like other cards on the market, but they still offer some substantial benefits. Credit card users can receive cash back, travel miles, and a low intro APR.
And if you currently have a high-interest credit card, you could save a lot on interest by transferring the balance to a Wells Fargo card, which offers a 0% introductory APR. Transferring your balance can help you save on your monthly payments or turn multiple credit card bills into one easy payment.
Most Wells Fargo balance transfers offer a 0% APR period and low initial balance transfer fee. For example, the Wells Fargo Platinum Visa Card offers a 0% intro APR on both balance transfers and new purchases for up to 18 months.
If you’ve never done a balance transfer before, it can sound confusing, but the process is actually fairly simple. Here, we explain the exact steps you can take to transfer your balance onto a Wells Fargo card, as well as transfer a balance from a Wells Fargo card onto another card.
How to Transfer a Balance to a Wells Fargo Credit Card
Of course, the first step is finding a credit card that meets your financial needs. There are several options to choose from, but you’ll want a card with a 0% APR and low transfer fee.
You want to make sure you understand the fine print first. Are there any restrictions with the new card? Is the balance transfer financially beneficial after you add in the transfer fee? How long will the 0% APR last before the higher rate kicks in?
Once you are able to answer those questions, here are the three steps you can take to initiate the balance transfer:
Apply for a Wells Fargo Credit Card
If you haven’t already, you’ll need to apply for a Wells Fargo balance transfer card first. You can do this on the Wells Fargo website.
Once you’ve received a confirmation, you can take the next steps to complete the balance transfer.
Gather Your Balance Transfer Information
Before you can do a balance transfer, you’ll need to gather your current credit card account information. Find your current balance, interest rate, and account number.
Contact Wells Fargo to Initiate the Balance Transfer
The easiest way to proceed is by contacting Wells Fargo directly. The transfer process can be done online or over the phone with a Wells Fargo agent and should be a fairly quick process.
Make sure you have all of your account information on hand and let them know how much you want to transfer to the new card.
It can take up to 10 days for the transfer to go through. So, in the meantime, make sure you continue making payments on your old card to avoid late fees.
How to Transfer a Balance From a Wells Fargo Card
If you are a current Wells Fargo cardholder and you are looking to transfer the balance onto another card, here is what that process looks like:
Choose Your New Card
The first step is to choose the best credit card for your financial needs. Spend some time thinking about how much money you are hoping to transfer, what the transfer fee is, and whether the company offers a 0% APR.
Compare Balance Transfer Credit Cards
HSBC Gold Mastercard®
- 0% Intro APR on purchases and balance transfers for the first 18 months from account opening. Then a variable APR of 13.24%, 17.24% or 21.24% will apply
- No Penalty APR
- $0 Annual Fee
Citizens Bank Clear Value® Mastercard®
- 0% Introductory APR on balance transfers for 18 billing cycles
- Up to 21-day grace period on all purchases
- No annual fee
Make Sure You Understand the Terms and Conditions
Before you go through with the balance transfer, make sure you know what you’re signing up for with your new credit card. Each bank has different limitations on their cards and you want to make sure the transfer is financially beneficial.
Contact the Credit Card Company to Complete the Balance Transfer
Once you’ve found your new card, contact the credit card company to complete the balance transfer. This can be done over the phone or online and is usually a simple process.
Make sure you have all the necessary information on hand before you reach out to a customer service agent. Then, you just need to wait for the transfer to go through.
If you were able to transfer the full amount from your Wells Fargo card to the new card, then your Wells Fargo card will be paid off. If you were only able to transfer a partial amount, you’ll have to continue making payments on both cards.
Things to Keep in Mind
Wells Fargo cards have competitive introductory interest rates and they offer a number of balance transfer rewards. Regardless of the card you end up choosing, it’s important to always read the fine print so you know what you’re committing to.
For instance, it’s important to understand that balance transfers are not free. Most banks charge a transfer fee of 3 percent, which means that on a $10,000 balance, you’ll end up paying about $300. So you want to make sure that your balance transfer is financially beneficial before moving forward.
But if you plan to use the new card to cover your purchases, you’ll want to find one with a 0% APR. Be sure to check on the interest rate regularly, because it can change. It’s a good idea to try to have the balance paid off before the 0% promotional period expires.
A balance transfer allows you to take the money you owe on a high-interest credit card and transfer it to a new card with a lower interest rate and save a substantial amount as a result. If you are making payments on multiple cards, you can transfer all of them to one card.
This can help simplify and streamline your monthly payments. That way you can get a fresh start on paying down your credit card debt.
Of course, if you aren’t careful you can find yourself deeper in debt if you spend more with the new card. And making late payments could cause you to miss out on the 0% APR and again face a higher interest rate. Make sure you’re using the balance transfer as an opportunity to pay down your debt, and not just adding on more.
Author: Nate Matherson
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