How Do You Make the Most of Wells Fargo Card Balance Transfer?

Consolidating credit card debt can be a big money saver for you, and if you want to pick the right one, the Wells Fargo balance transfer is what you are looking for. Wells Fargo may not be the largest credit card issuer, but it stands out in the area of balance transfer offers. It is because many of the top Wells Fargo cards give 0% introductory APR, which is a valuable opportunity to tackle credit card debts without racking additional interest charges. Keep up with how Wells Fargo balance transfer can help you save money by paying your debts faster.

Key Highlights

• Balance transfer can be a strategic approach to repay your debt by minimising the overall interest.

• Wells Fargo provides various appealing balance transfer cards with low introductory APR.

• Applying for a Wells Fargo balance transfer card is a straightforward process, and you can transfer your balance through the Wells Fargo online account, over the phone or with the balance transfer check.

How Do You Do a Wells Fargo Balance Transfer Online?

While applying for a new Wells Fargo balance transfer card, ensure you secure approval before initiating the balance transfer process. Once you get the approval, you can complete the balance transfer in three easy ways: online through your Wells Fargo account, over your phone or by using a balance transfer check. In each of these cases, you must share the credit card number from which you are transferring the balance and the total balance you want to move to your new Wells Fargo card.

1. If you want to transfer your balance online, log in to your Wells Fargo account. Select "Account management" and " Request balance transfer. "

2. If you choose to transfer over the phone, contact the number on the back of your credit card.

3. Also, you can visit a Wells Fargo banking location to explore your balance transfer options more.

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Things to Know Before You Balance Transfer with Wells Fargo

Before you make a balance transfer with Wells Fargo, make sure you're aware of these key points to make the process smoother.

1- One Time Offer

Getting approval for a Wells Fargo credit card with a balance transfer and 0 introductory offer depends on your creditworthiness. You must have a good to excellent credit score and a debt-to-income ratio of less than 36%. 

It is also important to note that if you have already taken advantage of a Wells Fargo welcome offer, like a sign-up bonus or an introductory APR in the last 15 years, you may not be eligible for another introductory APR offer on a new Wells Fargo credit card.

2- Transfer Balance Within 120 Days

If you want to take advantage of the introductory APR rates on your Wells Fargo balance transfer card, initiate the transfer within the first 120 days of opening your account. This will also help you minimise the balance transfer fees.

3- Pay-Off Transferred Balance

After completing a balance transfer to tackle your credit card, another important step is to pay off the entire transferred balance before your introductory APR period ends. You must first determine the required monthly payment before paying off your balance to ensure you clear the whole balance before interest starts. Make a budget to prioritise your balance pay-off without neglecting your other financial responsibilities.

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What Is the Average Balance Transfer Fee Charged by Wells Fargo?

Yes, some cards may impose an introductory balance transfer fee. Typically, it is set at $5 or 3% of the transferred amount, whichever is higher. This initial fee is applicable to balances transferred within the first 120 days.

For some cards or cards without introductory fees, the balance transfer amount becomes $5 or 5% of the transferred amount, whichever is higher. Therefore, reviewing your card's rate and fees is essential to determine the specific balance transfer fee structures.

How Long Does a Wells Fargo Balance Transfer Take?

It will take 14 days for a balance transfer with Wells Fargo for the process to complete.

Is There a Limit to Transferring a Balance with Wells Fargo?

Yes, there is a limit to transferring a balance with Wells Fargo. For example, if you have a $10,000 credit limit and the whole amount is available for use, you can transfer up to $ 9,700 within the first 120 days. The remaining $ 300 covers the 3% fee.

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Things to Know After Completing Wells Fargo Balance Transfer

1- Track Payments

You must monitor the process once you get approval for the balance transfer. The balance transfer may take up to 14 days to reflect on your new or existing credit card. During this period, continue making payments that are due on your old account until the balance transfer is complete. This will avoid incurring fees for late or missed payments. You may also check your Wells Fargo credit card balance by logging in to your bank account or dialling 1-800-956-4442.

After completing the balance transfer, you must ensure timely monthly payment or at least cover the minimum amount due. If you fail to do so, you may lose eligibility for the promotional period, leading to interest on your balance.

2- Know How to Dodge Interest Charges

If you want to take full advantage of the balance transfer offer, you must know how to dodge interest charges. This helps you skip interest for a year or more on your credit card debt. However, it is also essential to understand the flip side to avoid being hit with unexpected interest charges.

Simply relying on the monthly payment due each month won't help you clear your balance within the introductory APR period. The interest will start piling up if you still have a balance during the introductory APR period. Rather than sticking to minimum payments, divide the total balance by the number of months available in the promotional period. Doing so lets you determine how much to pay each month to prevent any remaining balance before the promotion expires. This must also include the total balance and account balance transfer fee. This strategy will prevent you from incurring any interest charges further.

3- Avoid Adding New Expenses

You must be clear about how to use your Wells Fargo card for new purchases whenever possible. Making new purchases with the card can lead to a rise in your credit card debt. You must understand that your primary goal for obtaining the balance transfer is to reduce the balance you have transferred and make the most of the benefits you have received. Making any new purchase can undermine the primary goal of opting for a balance transfer.

Final Words

Wells Fargo offers a straightforward process to complete your balance transfer. It also offers the convenience of online, phone or balance transfer check options to transfer the balance. Most Wells Fargo balance transfer cards come with an introductory APR, which provides ample time to pay off your transferred balance. However, before you go for a Wells Fargo transfer, it is essential to make a strategy for paying off your transferred balance and any new purchase you made on the card before the introductory APR period ends.

FAQs

• Can you transfer a balance from one Wells Fargo card to another?

No, you cannot transfer a balance from one Wells Fargo credit card to another Wells Fargo card. However, you can transfer from one credit card issue to another credit card issue. For example, you can transfer a balance from a Chase credit card to a Wells Fargo credit card, but you cannot transfer the available balance between two Chase cards or two Wells Fargo cards.

• What type of debt can you transfer using a Wells Fargo balance transfer card?

You can transfer credit card debts and personal, auto, student, and home equity loans to a Wells Fargo balance transfer card.

1. What credit score is good to get a Wells Fargo balance transfer card?

You must have excellent to good credit to get approval for the Wells Fargo balance transfer card. It implies that your credit score must be from 670 to 739 to be good, 740 to 799 to be very good, and 800 to 852 to be excellent.

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