Wells Fargo & Company is an American financial services company headquartered in San Francisco, California, with executive offices throughout the United States. It also has branches internationally. Additionally, the company operates in 35 countries with over 70 million consumers globally. There are various financial transactions you can do with the service provider. You will learn about the Wells Fargo credit card balance transfer shortly.
You might be wondering what a balance transfer is. A balance transfer refers to moving debt from one account to another with a low or 0% interest rate. The principal amount of debt remains the same. Still, you can save money in interest payments, which helps you repay your debt faster as you improve your credit history and financial situation. If your loan charges too much interest, you can transfer your balance to ease the rates.
Wells Fargo is among the various financial companies that allow you to transfer your balance to enjoy peace of mind when paying your debt. Credit cards are forms of debt payable by interest. You could pay less interest by moving balances from other higher interest-rate credit cards to a Wells Fargo Credit Card. Lower your monthly payments and turn multiple bills into one collective payment. You should also note that balance transfer fees may apply.
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Wells Fargo Credit Card Balance Transfer
Carrying out a Wells Fargo credit card balance transfer is easy. You only need to follow the correct procedure, and you are good to go. You can follow the step below.
1. Determine if a balance transfer is correct for you.
Before transferring your balance to a Wells Fargo card, you must ask yourself if you need the transfer. Your current credit card issuer might offer better rates than Wells Fargo and thus might not need the transfer. Remember that the principal amount does not change.
You should review your credit card balances plus the interest rates. The rates are usually expressed as an annual percentage rate or APR. This information lets you pick the best card for a balance transfer. Therefore, you should find a balance transfer card that accepts the amount you want to move and has a lower interest rate than you already pay on your current card.
2. Assess current credit card debt.
You must also access the current credit card debt and see if transferring the balance to Wells Fargo makes sense. Some amounts might be low; thus, you do not need to transfer the amount to another card. However, if the amounts are significantly large, you have every reason to transfer your credit card debt to another card.
3. Understand the terms and conditions of the balance transfer offer.
Another critical step is understanding the terms and conditions of the Wells Fargo credit card. You need to know more about the Introductory APR and how long it will last. You can have a 0% APR for three, six months, or a year. 0% APR allows you to pay off your debt without interest. It is also essential to know the APR rate after the introductory offer since it might be more significant than the current one, which can lead to more disadvantages.
You also need to understand the credit card limits of the new card to know if you will have higher limits. You may get a limit that will assist you in covering the current debt. You need to understand that Wells Fargo does not allow balance transfers between credit card accounts issued by Wells Fargo or its affiliates.
4. Consider fees and interest rates.
There are usually balance transfer fees that financial companies charge when transferring your debt to another company. Before moving your balance to Wells Fargo, check the fees you must pay for the transfer and see if it is realistic to transfer your balance. You should always check the interest rates for Wells Fargo compared to the current card.
5. Apply for a Wells Fargo credit card with a balance transfer offer.
Once you are satisfied that it is worth transferring your balance to Wells Fargo, you can research the available Wells Fargo credit cards with a balance transfer offer and apply for the chosen credit card. It should take a little time to complete the process.
6. Initiate the balance transfer.
Once you have gotten credit from Wells Fargo that suits your needs, the next step is to apply for the balance transfer. Most credit card issuers allow you to apply for the balance transfer online. Once you’ve filled out the relevant information, apply and wait. If you get an approval confirmation for the balance transfer card, you can take the next steps to transfer your balance. Remember that applying for a balance transfer card can lead to a hard inquiry on your credit reports leading to a small and temporary drop in your credit scores.
7. Contact Wells Fargo to request the balance transfer.
Since you already have a card that allows balance transfer, you only need to alert Wells Fargo that you are transferring your balance and are good to go. You can complete the process by contacting Wells Fargo with the balance transfer request. One can complete the process over the phone or online.
8. Provide the necessary information for the balance transfer.
In the process, you should provide your new credit card company with the account number of your old card and indicate the amount of balance you want to move.
9. Wait for the transfer to be completed.
Once you have submitted all the details, sit and relax to wait for the balance transfer completion. The process can take up to 14 days to reflect your account balance and credit limit. You can monitor the balance transfer process to know the progress.
10. Confirm that the transfer has been completed.
After the indicated duration, confirm if your account has the transferred balance. You can contact Wells Fargo if your balance still needs to be reflected after the stipulated time. After a successful transfer, the new account balance should reflect the transfer.
11. Continue to make payments on the new credit card.
After a successful transfer, you can now use the new card to make payments. Credit cards allow you to buy goods and services online or at retail stores.
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Frequently Asked Questions (FAQs)
How long does a credit card balance transfer take?
A balance transfer takes about five to seven days after your request before you'll see it appear in the account you're transferring the balance to. But a word of warning: Some credit card issuers can take 14 or even 21 days to complete a balance transfer.
Can I pay my Wells Fargo credit card with another bank?
In the meantime, you may be able to use your non-Wells Fargo account for payments to your eligible Wells Fargo credit accounts (such as your eligible credit card, mortgage loan, auto loan, personal loan, personal line of credit, and home equity line of credit and loan accounts).
What is the highest credit limit for Wells Fargo Active Cash Card?
What is the credit limit for the Wells Fargo Active Cash® Card? The credit limit for the Wells Fargo Active Cash® Card typically ranges from $1,000 to $20,000 or more, based on user reports we reviewed. Credit limits vary by cardholder and depend on several factors, including annual income and credit history.
How many times can I do a balance transfer on a credit card?
You can do multiple balance transfers to the same card, as long as the amounts transferred and any transfer fees do not exceed the card's credit limit. Remember that a separate transfer fee applies to each balance that you transfer. Some issuers may also have their own restrictions.
Can I still use my credit card after balance transfer?
Credit card balance transfers don't automatically close your old card; what happens to the old card is up to you. Closing or keeping your old card open after a balance transfer can impact your credit score and should be decided based on your financial habits.
What credit score do you need for a Wells Fargo credit card?
Wells Fargo credit card requirements include having a credit score of 700+ (for most cards) and providing standard personal information such as your name, address, and date of birth. A Social Security Number (SSN) is also required, and all applicants must be 18+ years old.
Wells Fargo allows you to transfer credit card balances from other credit cards. The process can take up to 14 days to show in your account. Transferring your credit card balance ensures you avoid paying high-interest rates for your current card. You can enjoy a 0 % Introductory rate for a specific purchase period, thus allowing you to save a lot of money. A balance transfer can make your scores drop due to a hard inquiry.