If you have a hefty amount of high-interest credit card debt, a credit card offering a long 0% intro APR on balance transfers should be on your radar. Once you transfer your debt to a balance transfer card, you can potentially save hundreds of dollars on interest charges, helping you to pay down that debt faster.
Wells Fargo currently offers a balance transfer card with one of the lengthiest interest-free periods available — close to two years.
We’ll walk you through how to transfer your existing debt to a Wells Fargo credit card, including what you need to get started, the necessary steps to take and which Wells Fargo cards provide balance transfer offers.
To begin a balance transfer with Wells Fargo, you’ll need the following:
In order to qualify for the introductory APR offer, you must make your balance transfer request within 120 days of opening your account.
In addition, we recommend creating a plan to pay off your transferred balance within the promotional period before initiating the balance transfer. This means calculating the amount you’ll need to pay each month in order to pay the balance in full before the interest-free period ends.
For example, if you are transferring $5,000 to a card offering a 20-month introductory interest-free period with a 3% balance transfer fee, you’ll need to pay around $258 a month ($5,000 x 3% = $5,150/20 = $257.50) to be debt-free. If you don’t pay the entire balance off by the time the intro period ends, any balance remaining will be subject to the card’s ongoing APR.
After researching the balance transfer offers available from Wells Fargo, apply for the balance transfer card that best suits your needs.
When applying online, you’ll be asked to to enter information about yourself, including your name, Social Security number, country of citizenship, home address, housing status, monthly mortgage or rent payment and more. Towards the bottom of the page, under “Card options (optional),” you will see an option to check a box if the following applies to you:
“Yes, I would like to transfer balances to my new credit card.”
After checking the box, you’ll be prompted to enter the account number and transfer amount for the balance you want to transfer. Note that you can enter a maximum of three balances, and each transfer amount must be at least $100.
Click “Find my creditor,” and confirm the name of the creditor that matches your account number.
Once approved for the card, you can also request a transfer 10 days after your account is opened.
To transfer a balance to an existing Wells Fargo card, log into Wells Fargo, go to your card account and click into the Credit Card Service Center. Then select “Request Balance Transfer” under “Account Management.”
You can also initiate a balance transfer by calling 800-642-4720.
After being approved for a balance transfer, it’ll take at least 10 business days for the creditor to receive payment from Wells Fargo.
We should also note — it’s important to continue making monthly payments to your existing creditors until you obtain confirmation that the transfer has been received. This will help prevent you from incurring late charges or delinquencies on those accounts.
You can use a Wells Fargo balance transfer card to transfer the following types of debt:
Wells Fargo currently offers two credit cards with 0% intro APR offers on balance transfers. These cards do charge balance transfer fees — though that is typical for a card from a major issuer with an intro APR of more than a year.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro Balance Transfer APR: 0% intro APR for 21 months from account opening on qualifying balance transfers
Followed by ongoing 17.74%, 24.24%, or 29.49% Variable APR for balance transfers.
The Wells Fargo Reflect® Card, for example, offers a 0% intro APR for 21 months from account opening on qualifying balance transfers; after that, a 17.74%, 24.24%, or 29.49% Variable APR applies. This is one of the longest interest-free periods available for a balance transfer card.
There is a balance transfer fee of 5%, min: $5.
The Wells Fargo Reflect® Card also comes with a 0% intro APR for 21 months from account opening on purchases, then a 17.74%, 24.24%, or 29.49% Variable APR applies.
Who’s this card best for?
The Wells Fargo Reflect® Card is a good option for cardholders who need a long period of time to pay off their transferred balance — the card offers an intro APR on balance transfers for a year and a half. In addition, cardholders can receive an intro APR extension of up to three months with on-time minimum payments during the introductory and extension periods.
The Wells Fargo Reflect® Card comes with a $0 annual fee, but doesn’t offer a rewards program. However, when transferring a card balance, it’s best to focus on paying off your debt within the promotional period, rather than racking up rewards.
| Credit card | Balance transfer offer | Rewards rate |
|---|---|---|
| Wells Fargo Reflect® Card | 0% intro APR for 21 months from account opening on qualifying balance transfers, then 17.74%, 24.24%, or 29.49% Variable APR | None |
| Wells Fargo Active Cash® Card | 0% intro APR for 12 months from account opening on qualifying balance transfers, then 19.74%, 24.74%, or 29.74% Variable APR | Earn unlimited 2% cash rewards on purchases |
No, Wells Fargo does not allow cardholders to transfer balances from one Wells Fargo card to another card issued by Wells Fargo or any of its affiliates (including any Wachovia account).
For example, you wouldn’t be able to transfer a balance from the Wells Fargo Active Cash® Card to the Wells Fargo Reflect® Card.
A Wells Fargo balance transfer can be a good idea if you have a large amount of high-interest credit card debt. Since Wells Fargo balance transfer cards offer interest-free periods for more than a year, they allow 100% of your monthly payments to go toward the principal instead of interest charges plus the principal — which can help you save in the long run.
Yes. Wells Fargo allows you to transfer up to the amount of your available credit line (minus any balance transfer fees).
To be approved for the Wells Fargo Active Cash® Card or Wells Fargo Reflect® Card, you must have good / excellent credit.
FICO considers a credit score ranging from 670 to 739 to be good, 740 to 799 to be very good and 800 to 850 to be excellent.
Keep in mind that other factors, such as income, may also play a role in your approval.
The information related to the Wells Fargo Reflect® Card and Wells Fargo Active Cash® Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
