The consolidation of your debt and the payment of any outstanding credit card balances may be accomplished efficiently and effectively using a balance transfer credit card. The best credit cards for debt transfers include extensive introductory periods of introductory APRs that are 0%, allowing you to pay off your transferred amounts without worrying about collecting interest charges.
This tutorial will transfer your balance to Wells Fargo from another bank. This section will also discuss the most advantageous Wells Fargo credit cards for transferring balances and what steps you need to take once your balance transfer has been finalized.
Instructions for transferring your balance with Wells Fargo
Before you may move a balance to a new card, if you are applying for a current Wells Fargo card that allows you to transfer a balance, you must first be accepted. After that, there are three different options for you to finish your balance transfer:
- Through the online account, you have with Wells Fargo.
- By use of the telephone
- By using checks for balance transfers
You will be required to supply the number of the credit card with the balance that you would want to transfer to a Wells Fargo card, as well as the amount of money that you would like to share from the balance on your current card to the balance on your Wells Fargo card in each scenario.
Log in to your Wells Fargo account, go to “Account Management,” and pick “Request Balance Transfer” from the drop-down menu. This will allow you to complete the balance transfer online. Dial 1-800-642-4720 if you would instead complete the transaction over the phone. You may also discover more about your available alternatives for transferring your balance by going to a Wells Fargo banking facility.
The following are some extra hints and suggestions that will be of use to you along the process:
Chances of being approved for a debt transfer credit card and the introductory 0% APR offer
There are some requirements applicants must meet to qualify for a Wells Fargo credit card or carry out a balance transfer. Both of these requirements will be determined by your creditworthiness; nevertheless, in most circumstances. You will need to have a credit score that is good to exceptional and a debt-to-income ratio that is lower than 36%.
It is also important to note, that if you have already taken advantage of a welcome offer from Wells Fargo within the previous 15 months. Whether it was a sign-up bonus or an introductory APR of 0%, you may not be eligible for an introductory APR offer on a new Wells Fargo card. This is something that you should keep in mind.
Your balance transfer must be completed within the first 120 days.
Suppose you want to take advantage of the promotional APR rate of 0% on your Wells Fargo balance transfer card. In that case, you’ll need to make your balance transfer within the first 120 days of establishing your account. After that, you won’t be eligible for the introductory rate.
Make your balance transfer earlier rather than later. You might save money on the costs associated with completing the transfer. Suppose you conduct a balance transfer during the first 120 days of having the card. In that case, you will be charged a fee equal to 3% of the transferred amount. With a minimum charge of five dollars. After the first 120 days, you will be subject to a balance transfer fee of up to 5%, with a minimum charge of $5.
Make a game plan to pay off the debt you’ve transferred.
When paying off old credit card debt, completing a balance transfer is only the first step. Additionally, you must pay off the whole amount of the balance you transferred. Preferably before the promotional APR period of 0% ends. Keeping this in mind, you will want to formulate a strategy.
To clear your debt and keep your low introductory APR until the end of the promotional period. You must calculate how much money you will need to pay off each month. You’ll be able to better handle your finances, plan ahead, and make more informed decisions on how much money you should put toward your debt each month with a balance transfer calculator.
You should also consider whether or not you can afford to invest that much money toward the discharge of your debt each month. And whether or not you will need to cut down on other sorts of expenditure to afford the payments. It is possible that making a budget that enables you to prioritize the payback of your debt without falling behind on any of your other financial commitments would be of assistance to you.
What you should be aware of after the successful completion of a balance transfer with Wells Fargo
There are specific additional details regarding a debt transfer that you need to be aware of. When it comes to your Wells Fargo credit card, such as the following:
- The procedure of initiating a balance transfer is often relatively straightforward. A few guidelines need to be taken to request a balance transfer with Wells Fargo.
- Keep in mind that balance transfers need some waiting time. When you transfer money via Wells Fargo, the process might take up to two weeks to finish.
- When you are waiting for the completion of your balance transfer, you are required to keep making payments on your previous credit cards. If you miss payments on your credit card while you are transferring your debt, it might harm your credit score.
- Even after your balance transfer has been finalized, you may continue to owe money on your previous credit cards. This might happen if the transfer request for just a portion of your amount was granted. Carefully go through the statements for your credit cards. Make sure that any outstanding amounts or interest charges are paid in full.
- Find out the current status of your Wells Fargo balance transfer by following these steps.
- Log in to your Wells Fargo account and inspect your current balance to determine whether or not the money you moved from another credit card is shown there. This will allow you to verify the progress of your Wells Fargo balance transfer. If it does, then the process of transferring your balance is finished.
- You may get further information regarding the progress of the balance transfer by contacting the credit card issuer. If your Wells Fargo account has not yet been updated to reflect the transferred amount. However, before obtaining an update on the progress of your request. You should hold off for at least a week and a half.
Credit cards from Wells Fargo are the best for transferring balances in 2022
Credit Card from Wells Fargo Reflect
an introductory annual percentage rate (APR) of 0% for the first 18 months on purchases and eligible balance transfers made within the first 120 days of account activation (followed by 13.24 per cent to 25.24 per cent variable APR)
Extending the initial APR term by three months, for up to 21 months, provided the required minimum payments are made on time during the introductory period.
There is not an annual charge.
You will have at least 18 months to pay off transferred amounts without being subjected to interest charges if you hold the Wells Fargo ReflectSM Card. This card provides the most extended introductory APR term of all Wells Fargo cards (0 per cent for the first year). And if you make your minimum payments on time, you’ll be rewarded with a three-month extension after the first 18-month contract has run its course.
The Wells Fargo Reflect Card does not come with any cashback benefits. Still, it provides one of the most competitive introductory periods of 0% interest APR available on the market. Keep in mind that the Wells Fargo Reflect Card is an option to consider if you are interested in a debt transfer credit card that provides you with a generous grace period during which you may pay off transferred amounts.
Activated Cash Card from Wells Fargo
introductory annual percentage rate (APR) of 0% for the first 15 months from the day the account is opened on purchases and balance transfers that meet specific criteria (15.24 per cent to 25.24 per cent variable APR after that)
A cash incentive of $200 is awarded when the customer has spent $1,000 on purchases during the first three months.
2% of your total purchases will be refunded.
There is not an annual charge.
Consider the Wells Fargo Active Cash®, Card if you are interested in credit cards that provide cash rewards at a flat rate. The introductory APR term for the Wells Fargo Active Cash card is a few months shorter than the initial APR period for the Wells Fargo Reflect card; however, this card provides limitless 2% cash rewards on purchases plus a welcome bonus. The Wells Fargo Active Cash credit card is one option worth considering. If you’re looking for a card useful to you long after the debt you transferred is paid off.
After the introductory APR, the period has ended for this card. The variable APR ranges from 15.24 % to 25.24%, so you should be sure to pay off your amount before the new rate kicks in.
Credit Card with Platinum Status from Wells Fargo for Businesses
introductory annual percentage rate (APR) of 0% for the first nine months. Applicable to purchases and eligible debt transfers (variable APR of 11.49 per cent to 21.49 percent after that)
When you choose a business card rewards program and spend $3,000 within the first three months following account setup. You are eligible to get either $300 cashback or 30,000 bonus points.
1.5 percentage points cash back on items that qualify
There is not an annual charge.
When it comes to transferring a balance. The Wells Fargo Company Platinum Credit Card is an excellent choice for business owners that require an alternative. In addition, there is no annual fee associated with this card. For the first nine months, the yearly promotional rate (APR) will be 0% for qualified purchases and balance transfers (the intro offer expires June 30, 2022). Keep in mind that the price for transferring your balance will be 4 %, with a minimum charge of $10.
Because this card works best for companies with annual sales of $2 million or more. It will not be a good match for companies with less revenue. On the other hand, you may receive up to 99 employee cards without paying any additional money.
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