A balance transfer allows cardholders to transfer an existing balance from one credit card account to another—typically one offering a low or 0% introductory APR. Note that balance transfers typically must be done between cards from different issuers, so if you want to transfer debt to a Wells Fargo credit card, the existing balance must be on a non-Wells Fargo card.
Typically, you’ll be charged a percentage of the transfer amount as a balance transfer fee. The balance transfer fee, as well as the length of the intro APR period, are two crucial factors to consider when shopping around for balance transfer offers.
Know that while balance transfers can be a powerful tool for getting out of debt, there are risks. Making new purchases on a balance transfer card can make it hard to pay off your balance within the promotional period, and if you miss a payment, you can lose the intro APR entirely.
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How To Do a Balance Transfer With Wells Fargo
A balance transfer with Wells Fargo is fairly straightforward. If you already have a credit card account with the bank, log into the Credit Card Service Center using your account information, then select Request Balance Transfer under Account Management. Cardholders can also initiate a transfer by calling 1-800-642-4720.
If you’re applying for a new Wells Fargo credit card, request a balance transfer while filling out your application. You may need to specify the amount you’d like to transfer and from which bank or issuer.
Best Wells Fargo Balance Transfer Offers
Wells Fargo may offer fewer balance transfer deals than other big banks like Chase or Citi, but is still well worth considering for your balance transfer needs. The Wells Fargo Reflect® Card is one of the best cards around for people who need a long intro APR, and the Wells Fargo Active Cash provides ongoing value in the form of flat-rate rewards once you’ve paid off your transfer.
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. A 18.24%, 24.74%, or 29.99% variable APR applies thereafter. Balance transfers made within 120 days qualify for the intro APR and a balance transfer fee of 5%, min $5 applies.
Other card details:
- No annual fee
- Up to $600 of cell phone protection if the card is used 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, then a 20.24%, 25.24%, or 29.99% variable APR applies. Balance transfers made within 120 days qualify for the intro rate and fee of 3% then a fee of up to 5%, with a minimum of $5 applies. The Active Cash card also offers enticing cash rewards, making it worth keeping in your wallet after you’ve paid off your transferred debt.
Other card details:
- No annual fee
- Cardholders can earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- For ongoing rewards, earn 2% cash rewards on purchases
- Up to $600 of cellphone protection if the card is used to pay your monthly phone bill (subject to a $25 deductible)
- 24/7 access to the Visa Signature Concierge
- Benefits when staying at a property in the Visa Signature Luxury Hotel Collection
The best credit card for you will depend on you and your financial situation—what works for one person may not work for you.
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What To Do After Completing a Balance Transfer With Wells Fargo
Track the Transfer
Once approved for a balance transfer, the next step is to keep track of the process. Balance transfers can take up to 14 days to post on your new or current credit card. Make any payments due on your old account until the balance transfer has been completed, so that you don’t get dinged for a late or missed payment. You can check the balance of your Wells Fargo credit card by signing into your online account or calling 1-800-956-4442.
Once the balance transfer has been posted, you are responsible for making on-time monthly payments (at least the minimum payment amount). If you don’t pay on time every month, you may lose eligibility for the promotional period, and interest will be applied to the balance.
Know How To Avoid Interest Charges
With the right offer, a balance transfer can be a smart way to pay no interest for a year or more on your credit card debt. But there are some pitfalls to avoid, otherwise you could find yourself facing unexpected interest charges.
For instance, the minimum payment due each month likely won’t be enough to zero out your balance within the intro APR period. And if you still have a balance by the time the intro period ends, you’ll start incurring interest on that balance. Instead of only making the minimum payment, divide the total balance by the number of months available in the promotional period. The result is what you should pay each month to avoid a remaining balance before the promotion ends. Make sure you’re doing the calculation with your total balance, including the amount tacked on by the balance transfer fee.
Avoid Making New Purchases
We advise avoiding use of your Wells Fargo card to make new purchases if possible. Putting new spending on the card risks increasing your credit card debt, which defeats the purpose of doing a balance transfer in the first place. Focus on paying down your transferred balance instead.
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Bottom Line
Wells Fargo has two excellent credit cards for people shopping around for balance transfer offers. One is best-in-class as far as a long period of 0% intro APR, and the other offers a reasonable 0% intro APR period and ongoing value in the form of cash rewards. As long as you are disciplined about paying enough each month to pay off the balance before the promotional period ends, either card can help you save money.
It’s also smart to do the math on how much you’ll save by avoiding interest charges vs. how much you’ll pay for the balance transfer fee. Typically, you can expect to still save money even after paying a balance transfer fee, but it’s still wise to run the numbers.
Just know that balance transfer cards typically require good to excellent credit, so check your credit score before applying for a new card.
And of course, always pay on time every month. If you don’t, you risk losing your intro APR and damaging your credit score to boot.
Frequently Asked Questions (FAQs)
How long does a balance transfer take to post to my account?
It may take up to 14 days for a balance transfer initiated with Wells Fargo to complete.
Is there a limit to how much you can transfer to a Wells Fargo credit card?
Yes, there may be a limit to a balance transfer. The amount approved will be up to the available credit limit on the account (but note the amount of the balance transfer fee counts toward that limit).
Who can do a balance transfer with Wells Fargo?
Beware if you’ve opened a Wells Fargo credit card in the past six months, you may not qualify for another one. This won’t matter if you’re just checking an existing account for new balance transfer offers, but could be a barrier if you want to apply for a new balance transfer card.
Will a Wells Fargo balance transfer earn rewards?
No, balance transfers are not eligible to earn rewards, and will not count toward any sign-up bonuses offered.
Can you transfer a balance from Wells Fargo to another issuer?
Yes, if you currently hold a Wells Fargo credit card, you should be able to transfer an existing balance to a card with a different issuer—assuming that card allows balance transfers.
