At a Glance

Wells Fargo is one of the leading financial institutions in the U.S., offering its customers a range of banking products and services. One of the popular features it provides is the option for balance transfers. A Wells Fargo balance transfer could be beneficial, if you want to consolidate your credit card debt or take advantage of a lower interest rate.

Let’s explore the essentials of Wells Fargo balance transfers, including the process, the best credit cards for balance transfers, important considerations, and frequently asked questions.

In this article, you’ll learn:

 

61%

The proportion of people that do a balance transfer and pay off the balance in full by the end of the promotion period.

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FinFact
Protip Expert tip from Thomas
The best Wells Fargo credit cards for balance transfers include the Reflect® and Active Cash® cards. Neither card charges an annual fee, but both cards charge an introductory balance transfer fee of either $5 or 3% of balances transferred, whichever is greater. 120 after account opening, the balance transfer fee increases to either $5 or 5% of balances transferred.

Best Well Fargo balance transfer credit cards

Wells Fargo Reflect Card

The Wells Fargo Reflect Card offers 0% intro APR for 21 months on purchases and qualifying balance transfers, then a variable APR of 18.24%, 24.74%, or 29.99% thereafter. Balance transfers made within 120 days of account opening qualify for the introductory rate and fee (3%). Then, the standard balance transfer fee is 5%. This card has no annual fee and while it doesn’t earn rewards, it does provide benefits such as cell phone protection, roadside dispatch, credit monitoring, and access to Wells Fargo Deals.

Protip Expert tip from Thomas
The Reflect® offers a best-in-class 21 months of 0% interest on qualifying balance transfers, but it does not offer any welcome bonuses or cash rewards.

Wells Fargo Active Cash Card

The Wells Fargo Active Cash Card has a 0% intro APR for 15 months on purchases and qualifying balance transfers. After that, your variable APR will be 20.24%, 25.24%, or 29.99%. With this card you can earn unlimited 2% cash back on purchases and currently a $200 cash bonus when you spend $500 in purchases in the first three months. There is no annual fee, and enjoy other benefits like cell phone protection and Visa Signature privileges.

Protip Expert tip from Thomas
The Active Cash® offers a shorter, 15-month interest-free window on qualifying balance transfers. However, it provides an unlimited 2% cash-back on purchases and currently offers a $200 cash bonus when you spend $500 on purchases in the first three months as a cardholder.

How does a Wells Fargo balance transfer card work?

A Wells Fargo balance transfer card works by allowing you to transfer the outstanding balance from one or more existing credit cards to your Wells Fargo credit card. This can be advantageous if the Wells Fargo card offers a lower interest rate or better terms than your current cards.

Start by applying for a Wells Fargo credit card that specifically offers balance transfer options. You’ll need to meet the eligibility criteria and go through the application process. If approved, Wells Fargo will assign you a credit limit based on your creditworthiness. This limit will determine how much you can transfer from your existing credit cards. Once you have the card, you can initiate balance transfers. This usually involves providing the details of the cards you want to transfer balances from and specifying the amounts.

Many balance transfer cards offer an introductory period with a low or 0% APR (Annual Percentage Rate) on the transferred balance for a specified period. This can help you save on interest payments during that time. After the introductory period, any remaining balance on the Wells Fargo card will be subject to the regular APR. Make sure to understand what this rate is and how it compares to your previous cards.

Then, you’ll need to make at least the minimum monthly payments on your Wells Fargo card.

More: How Does Credit Card Balance Transfer Work

Eligibility for a balance transfer with Wells Fargo

To be eligible for a Wells Fargo balance transfer, you must be a U.S. citizen or lawful resident with a valid Social Security Number or Individual Taxpayer Identification Number. You also must be at least 18 years old, and you must meet this additional criteria:

  • Credit score: You’ll need a good credit score (at least 670+) for the best chances of approval. Wells Fargo will also take into consideration other factors in your credit history such as your payment history and credit utilization ratio.
  • Current debts: You’re likely doing a balance transfer to help pay down some debts, but know that your other existing debts matter when it comes to eligibility. If you have too much outstanding debt, you may be considered a higher risk and your request may be denied.
  • Income: You’ll be asked for your income or employment information if you’re applying for a new card, and Wells Fargo will also take into consideration your income and ability to make payments. Be sure your debt-to-income ratio is as low as possible.

How to do a Wells Fargo balance transfer?

Wells Fargo Balance Transfer

You can complete a balance transfer with Wells Fargo through various methods:

  • Wells Fargo online account: Log in to your Wells Fargo online banking account, navigate to the section for your credit card account, look for the option to initiate a balance transfer, and follow the provided instructions.
  • Over the phone: Contact Wells Fargo customer service by phone to speak with a representative and inform them that you want to initiate a balance transfer. Provide the necessary information, including details of the cards and amounts you wish to transfer.
  • Balance transfer check: Some Wells Fargo credit cards may provide balance transfer checks. If you have received such checks, you can write a check to yourself or to the credit card company from which you want to transfer the balance. Deposit or cash the check as appropriate. The transferred amount will be applied to your Wells Fargo credit card balance.

To initiate a balance transfer with Wells Fargo online, you typically need to follow these general steps. However, keep in mind that specific details may vary, so it’s always a good idea to check with Wells Fargo directly or visit their website for the most accurate and up-to-date information:

  • Check your eligibility: Make sure you are eligible for a balance transfer. This may depend on your creditworthiness and other factors.
  • Review terms and conditions: Understand the terms and conditions associated with the balance transfer, including any fees, introductory interest rates, and the duration of any promotional periods.
  • Gather information: Collect information about the credit card accounts from which you want to transfer balances, including the account numbers and the amount you want to transfer.
  • Log in to your Wells Fargo account: Access your Wells Fargo online banking account. If you don’t have an online account, you may need to create one.
  • Navigate to the balance transfer section: Once logged in, look for the option related to balance transfers. This is often found in the credit card or account management section.
  • Provide details: Enter the details of the credit card accounts from which you want to transfer balances. This may include the account numbers, the amount you want to transfer, and any other required information.
  • Agree to terms: Read and agree to the terms and conditions of the balance transfer, including any associated fees. Be aware of any promotional interest rates and the duration of such offers.
  • Submit the request: Complete the necessary steps to submit your balance transfer request. This may involve reviewing your request before finalizing it.

Keep an eye on your accounts to ensure that the balance transfer is processed correctly. It may take some time for the transfer to be completed. If there’s a promotional period with a lower interest rate, be sure to make payments on time and pay off the transferred balance within the specified period to maximize the benefits.

If you have any specific questions or concerns about the balance transfer process with Wells Fargo, it’s recommended to contact their customer service directly for assistance.

How to do a Wells Fargo balance transfer for new applicants?

Doing a Wells Fargo balance transfer as a new applicant is a straightforward process. First, determine the amount you want to transfer and identify the credit card account from which you wish to transfer. Visit the Wells Fargo website or speak with a representative to explore its range of credit cards. Look for cards with favorable balance transfer terms, including low or zero introductory APR and low balance transfer fees.

Once you’ve selected a suitable credit card, complete the application process. Ensure you provide accurate and up-to-date information.

After your credit card application is approved, you can initiate the balance transfer. You may be required to provide the account details of the credit card you wish to transfer the balance. Review your Wells Fargo credit card statement to confirm the successful transfer once the balance transfer is processed.

Things to know during a Wells Fargo balance transfer

While completing a Wells Fargo balance transfer, there are a few important things to keep in mind:

  • Balance transfer fees: Wells Fargo may charge a fee for each balance transfer. Be aware of the fee associated with your chosen credit card and consider whether the potential savings outweigh the cost.
  • Introductory APR: Many Wells Fargo credit cards offer an introductory APR on balance transfers. However, it’s crucial to understand the duration of the promotional period and the interest rate that will apply afterward.
  • Credit limit: Ensure that the credit limit on your new Wells Fargo credit card is sufficient to accommodate the balance transfer amount.

What are the potential benefits and drawbacks of balance transfers?

Pros Cons
Lower interest rates Balance transfer fees
Consolidate debt to simplify debt management and lower monthly payments Introductory period limitations
Can pay off debt faster Short-term negative impact on credit score
Save money on interest New credit card can be tempting to spend money
Can improve credit score Not available with all credit cards

Pros of balance transfers:

  • Lower interest rates: One of the primary benefits is the potential for lower interest rates, especially during introductory periods. Balance transfer cards often offer a promotional 0% or low APR, allowing you to save money on interest.
  • Consolidation of debt: If you have balances on multiple high-interest credit cards, a balance transfer allows you to consolidate them onto a single card. This simplifies your debt management and may result in lower overall monthly payments.
  • Interest savings: During the introductory period, you can focus on paying down the principal amount without accumulating additional interest, potentially helping you pay off the debt faster.
  • Improved credit score: If the balance transfer helps you manage and pay off debt more efficiently, it can have a positive impact on your credit score over time.

Cons of balance transfers:

  • Balance transfer fees: Many credit cards charge a fee for balance transfers, typically a percentage of the transferred amount. This fee can offset the potential savings on interest.
  • Introductory period limitations: The low or 0% APR is often introductory and temporary. Once this period ends, the card’s regular APR applies, which might be higher than your previous cards.
  • Credit score impact: Opening a new credit card and transferring balances can have a short-term impact on your credit score. It may result in a temporary decrease, but responsible management can mitigate this effect over time.
  • Minimum payments and debt trap: It’s essential to make at least the minimum payments on the new card. Failing to do so can lead to penalty fees and the loss of promotional rates. Additionally, if the debt isn’t addressed during the introductory period, you may find yourself with a high APR and growing balance.
  • New credit card temptations: Having an additional credit card may be tempting for new spending, which could contribute to further debt if not managed responsibly.
  • Limited availability: Not all credit cards offer balance transfer options, and eligibility is based on your creditworthiness. If you don’t qualify for a suitable card, this option may not be available to you.

How long does a balance transfer take with Wells Fargo?

The time it takes for a balance transfer to complete with Wells Fargo can vary. Generally, it may take 5 to 10 business days for the transfer to be processed and reflected in your Wells Fargo credit card account. However, factors such as the completeness of the information provided and the efficiency of the credit card issuer can impact the processing time.

How to check the status of your Wells Fargo balance transfer?

To check the status of your Wells Fargo balance transfer, you can take the following actions:

  1. Log in to your Wells Fargo online banking account.
  2. Navigate to the credit card section and select the appropriate credit card account.
  3. Look for the balance transfer status or transaction history. Here, you can track the progress of your balance transfer request.

What to know after completing a balance transfer with Wells Fargo

After completing a balance transfer with Wells Fargo, there are several important things to know and consider:

  1. Introductory APR period: Be aware of the duration of the introductory APR period. During this time, your transferred balance may have a lower or 0% interest rate. Make sure to take advantage of this period to pay down the principal amount.
  2. Regular APR: Understand the regular APR that will apply once the introductory period ends. This rate will be applied to any remaining balance on your Wells Fargo card, so it’s essential to know the ongoing cost of carrying a balance.
  3. Balance transfer fees: If you incurred any balance transfer fees, take note of the amount. This fee is typically a percentage of the transferred balance.
  4. Minimum payments: Ensure that you make at least the minimum monthly payments on your Wells Fargo card. Failing to do so may result in penalty fees, and it could lead to the loss of any promotional rates.
  5. Avoid new debt: Resist the temptation to accumulate new debt on the Wells Fargo card. Focus on paying down the transferred balance rather than increasing your overall credit card debt.
  6. Credit score monitoring: Keep an eye on your credit score. While a balance transfer can have a temporary impact, responsible management and timely payments can contribute to long-term credit score improvement.
  7. Account management: Regularly review your Wells Fargo credit card statements and account activity. This helps you stay informed about your balance, payments, and any additional charges.
  8. Financial planning: Develop a plan to pay off the transferred balance before the end of the promotional period. Consider creating a budget and allocating funds to ensure you can meet this goal.

If you have questions or concerns, don’t hesitate to contact Wells Fargo customer service. They can provide information about your account and address any issues you may encounter.

Tips for paying off a transferred balance

Paying off a transferred balance efficiently is crucial to maximize the benefits of a balance transfer. Here are some tips to help you manage and pay off the transferred balance effectively:

  1. Understand the terms: Familiarize yourself with the terms and conditions of the balance transfer, including any promotional interest rates, fees, and the duration of any introductory periods. This will help you avoid additional charges.
  2. Create a budget: Develop a budget that allows you to allocate funds toward paying off the transferred balance. Identify areas where you can cut expenses to increase the amount available for debt repayment.
  3. Prioritize the transferred balance: Make paying off the transferred balance a priority. Focus on this debt before considering additional discretionary spending. If you receive unexpected money, such as a tax refund or a bonus, consider using it to make a lump-sum payment on the transferred balance. This can accelerate the debt repayment process.
  4. Set realistic goals: Establish achievable and realistic goals for paying off the balance. Break down the total amount into smaller, manageable monthly payments.
  5. Make timely payments: Always pay at least the minimum amount due on time. Late payments can result in fees and may also impact your credit score.
  6. Avoid new debt: Refrain from accumulating new debt on the credit card with the transferred balance. Additional charges can hinder your progress in paying off the existing debt.
  7. Monitor your progress: Regularly check your account statements and monitor your progress in paying off the transferred balance. Celebrate milestones and stay motivated.
  8. Explore additional income streams: Look for opportunities to increase your income, such as taking on a part-time job or freelancing. The additional income can be directed toward paying off the transferred balance.
  9. Contact the lender if necessary: If you’re facing financial difficulties, don’t hesitate to contact the lender. Some creditors may offer hardship programs or temporary relief options.

Remember that paying off a transferred balance requires discipline and commitment. By staying focused on your goal and implementing these tips, you can work towards reducing your debt and achieving financial stability.

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Balance Transfer Card

Expert Tips From Our Panel

  1. Which Wells Fargo cards are best for balance transfers?
  2. Is a Wells Fargo balance transfer worth it?
  3. How does a balance transfer affect your credit score?

Answer to these questions by our experts

Thomas J. Brock

CFA, CPA, Financial Advisor View all tips

Zina Kumock

Certified Financial Health Counselor, Student Loan Health Counselor View all tips
CFA, CPA, Financial Advisor

Thomas J. Brock answer:

When it comes to balance transfers, the best Wells Fargo credit cards include Wells Fargo Reflect® and Wells Fargo Active Cash®. Wells Fargo Reflect® is superior when you want a relatively long interest-free period and are unconcerned with welcome bonuses and cash rewards on new purchases. Wells Fargo Active Cash® is superior when you value welcome bonuses and cash rewards on new purchases and are willing to accept a relatively short interest-free period.

Certified Financial Health Counselor, Student Loan Health Counselor

Zina Kumock answer:

Wells Fargo offers many credit cards with good balance transfer offers. The Reflect Card offers 0% APR on both balance transfers and purchases. This is one of the best balance transfers you can find, among all credit card issuers. The Active Cash card provides 0% APR on balance transfers for 15 months. While that’s not as long as the Reflect Card, you’ll also qualify for a $200 bonus after spending $500 in the first three months. For both of these cards, you should transfer the balance within 120 days to be eligible for the special interest rate. Also, remember that you’ll have to pay a balance transfer fee every time you move your balance over to your new Wells Fargo card.

CFA, CPA, Financial Advisor

Thomas J. Brock answer:

Determining whether a Wells Fargo balance transfer is worthwhile depends on various factors, including the interest rate differential, the transfer fees levied and the impact the transaction will have your credit score. Generally, transferring a balance from a high-interest card to one with a lower rate, can meaningfully reduce interest expense. The savings can be amplified when a balance is moved to a card with a generous 0% interest promotional period. That said, balance transfer fees, which are usually levied as a percentage of the transferred amount, can limit savings. The attractiveness of a Wells Fargo balance transfer can also be diminished in situations where the transaction results in significant credit score impairment.

Certified Financial Health Counselor, Student Loan Health Counselor

Zina Kumock answer:

A balance transfer onto a Wells Fargo card can be worth it, but only if you’re able to save money on interest. If you’re currently carrying a balance on a card with regular interest and your new Wells Fargo card has a 0% APR offer, you could save a fortune on interest. However, this will only happen if you can pay off some or all of your debt before the 0% APR offer expires. If you don’t make a big dent in your balance, then you may end up spending more in balance transfer fees.

CFA, CPA, Financial Advisor

Thomas J. Brock answer:

A credit card balance transfer can both positively and negatively affect your credit score. On the positive side, transferring a balance from a high-interest card to one with a lower rate will reduce your interest expense and better position you to consistently paydown your debt. A balance transfer could also lower your credit utilization ratio. Both these outcomes will strengthen your credit score. However, when you initiate a balance transfer, the process typically entails a hard credit inquiry, which can adversely impact your credit score. Additionally, opening a new credit card will undoubtedly lower the average age of your credit accounts, which can also hurt your credit score.

Certified Financial Health Counselor, Student Loan Health Counselor

Zina Kumock answer:

A balance transfer can improve your credit score because it can decrease your credit utilization ratio. The credit utilization ratio makes up 30% of your credit score so it’s a huge factor in your credit history. When you have a large balance on one card, you may wind up with a high credit utilization ratio. To have a good credit score, you need to have a credit utilization ratio of 10% or less. So if you have a 50% credit utilization ratio, then your credit score will suffer. If you can split up the balance between another card, you can reduce your credit utilization ratio, which will increase your credit score.

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All Expert Tips from

  1. Which Wells Fargo cards are best for balance transfers?

    2. When it comes to balance transfers, the best Wells Fargo credit cards include Wells Fargo Reflect® and Wells Fargo Active Cash®. Wells Fargo Reflect® is superior when you want a relatively long interest-free period and are unconcerned with welcome bonuses and cash rewards on new purchases. Wells Fargo Active Cash® is superior when you value welcome bonuses and cash rewards on new purchases and are willing to accept a relatively short interest-free period.

    Wells Fargo offers many credit cards with good balance transfer offers. The Reflect Card offers 0% APR on both balance transfers and purchases. This is one of the best balance transfers you can find, among all credit card issuers. The Active Cash card provides 0% APR on balance transfers for 15 months. While that’s not as long as the Reflect Card, you’ll also qualify for a $200 bonus after spending $500 in the first three months. For both of these cards, you should transfer the balance within 120 days to be eligible for the special interest rate. Also, remember that you’ll have to pay a balance transfer fee every time you move your balance over to your new Wells Fargo card.

  2. Is a Wells Fargo balance transfer worth it?

    3. Determining whether a Wells Fargo balance transfer is worthwhile depends on various factors, including the interest rate differential, the transfer fees levied and the impact the transaction will have your credit score. Generally, transferring a balance from a high-interest card to one with a lower rate, can meaningfully reduce interest expense. The savings can be amplified when a balance is moved to a card with a generous 0% interest promotional period. That said, balance transfer fees, which are usually levied as a percentage of the transferred amount, can limit savings. The attractiveness of a Wells Fargo balance transfer can also be diminished in situations where the transaction results in significant credit score impairment.

    A balance transfer onto a Wells Fargo card can be worth it, but only if you’re able to save money on interest. If you’re currently carrying a balance on a card with regular interest and your new Wells Fargo card has a 0% APR offer, you could save a fortune on interest. However, this will only happen if you can pay off some or all of your debt before the 0% APR offer expires. If you don’t make a big dent in your balance, then you may end up spending more in balance transfer fees.

  3. How does a balance transfer affect your credit score?

    4. A credit card balance transfer can both positively and negatively affect your credit score. On the positive side, transferring a balance from a high-interest card to one with a lower rate will reduce your interest expense and better position you to consistently paydown your debt. A balance transfer could also lower your credit utilization ratio. Both these outcomes will strengthen your credit score. However, when you initiate a balance transfer, the process typically entails a hard credit inquiry, which can adversely impact your credit score. Additionally, opening a new credit card will undoubtedly lower the average age of your credit accounts, which can also hurt your credit score.

    A balance transfer can improve your credit score because it can decrease your credit utilization ratio. The credit utilization ratio makes up 30% of your credit score so it’s a huge factor in your credit history. When you have a large balance on one card, you may wind up with a high credit utilization ratio. To have a good credit score, you need to have a credit utilization ratio of 10% or less. So if you have a 50% credit utilization ratio, then your credit score will suffer. If you can split up the balance between another card, you can reduce your credit utilization ratio, which will increase your credit score.

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FAQs

Yes, Wells Fargo provides online services allowing you to initiate a balance transfer conveniently through their website. Log in to your online banking account and navigate to the credit card section to find the balance transfer option.

The minimum credit score requirement to qualify for a Wells Fargo balance transfer varies depending on the specific credit card. Generally, a good credit score (typically 670 or higher) increases your chances of approval and makes you eligible for better balance transfer terms.

If your balance transfer request is denied, contact Wells Fargo customer service for further assistance. They can provide insights into the reason for denial and potentially offer alternative solutions.

Yes, transferring a balance from one Wells Fargo credit card to another is possible. However, specific terms and conditions may apply, and checking with Wells Fargo is recommended to ensure eligibility.

The balance transfer limit with Wells Fargo typically depends on your approved credit limit. It’s important to note that your credit limit may be affected by factors such as your creditworthiness and financial history.

A balance transfer itself does not directly impact your credit score. However, it’s essential to consider how a balance transfer may affect your credit utilization ratio and overall credit management. Closing the old credit card account after the balance transfer may impact your credit history length. Monitoring your credit and maintaining timely payments is advisable to ensure a healthy credit profile.

Whether a balance transfer credit card is the best choice depends on your financial goals and situation. If you’re looking to consolidate high-interest debt and benefit from a temporary 0% or low APR, it can be a smart move. However, consider factors like balance transfer fees, the duration of the promotional rate, and your ability to pay off the balance within that time. Assess your spending habits to ensure you won’t accumulate new debt on the card. If used wisely, a balance transfer card can be a valuable tool, but it’s crucial to weigh the pros and cons based on your individual needs.

No, balance transfers are not eligible to earn rewards. They also will not count toward any welcome bonus offered.

If the credit limit is lower than the amount of money you requested to transfer, the issuer will likely reject the request. You may be able to resubmit the balance transfer request at a lower amount, or ask the card issuer for a higher credit limit. The best option is to choose a balance transfer card that will provide the limit you need.

Some issuers allow you to cancel a balance transfer after you request it but before it’s posted on your account. It’s important to request the cancellation as soon as possible if that’s what you decide to do.

Yes, if you’re approved for a Wells Fargo credit card and are eligible, you may be able to request a balance transfer in your online account, over the phone, or by using the balance transfer SUPERCHECKS if included when you received your card.

Many card issuers allow you to transfer credit card debt and other debt such as personal loans, auto loans, home equity loans, and student loan debt.