Wells Fargo is one of the biggest names in consumer banking and offers a variety of credit card options to choose from, but that doesn’t mean keeping a Wells Fargo credit card account open is right for everyone.
Whether you plan on closing a credit card account due to Wells Fargo’s history of misconduct, are looking for a rewards credit card with better perks and benefits or just want to switch to a different issuer, here’s everything you need to know about how to close a credit card account with Wells Fargo.
How to close a Wells Fargo credit card account
If you plan to close a credit card account with Wells Fargo, you can do so by speaking to a representative over the phone. Before you close your account, there are a few steps you’ll need to take in order to ensure that the process goes smoothly.
Decide on a new credit card account
If you plan on continuing to make purchases using a credit card, you should look for a new card before closing your account. In most cases, you should look for a card that has few fees, lucrative rewards like points, miles or cash back and services that meet your needs.
Prepare your account for closure
After you decide to part ways with Wells Fargo, you need to prepare your account for closure. In order to close your credit card account, your account must have a zero balance. You can get your account balance to zero by transferring money from a bank account in order to pay off your balance.
You’ll also have to wait until any deposits, outstanding and pending items are posted. With this in mind, it’s a good idea to stop using your Wells Fargo card several weeks before you plan to close the account. This will give you plenty of time to make sure that all of your pending transactions have gone through and to switch the payment method for any monthly or recurring payments.
Contact Wells Fargo
Once your account balance is zeroed out and all of your transactions have been posted, the next step is to contact Wells Fargo over the phone at 1-800-642-4720. A Wells Fargo representative will then walk you through the procedure to close your account.
When speaking with a Wells Fargo representative on the phone, they may try to convince you to not close your account. While there are a few good reasons for keeping your account open, but be sure to stand firm with the representative if you’ve already made an informed decision to part ways.
Can you cancel a Wells Fargo credit card online?
Unfortunately, Wells Fargo doesn’t allow customers to cancel accounts online. This is true for both deposit accounts and credit cards. In order to cancel a credit card from Wells Fargo, you should call 1-800-642-4720 to speak to a representative about closing your account. You’ll need to provide some information about the card, including your account number and billing address.
It’s important to note that closing a credit card may impact your credit score by increasing your credit utilization and decreasing the age and mix of your accounts. With this in mind, you should carefully consider your options before closing an account.
What to do after closing your Wells Fargo credit card account
After you close your Wells Fargo credit card account, you should look out for written confirmation of the account closure sent to you within a week or two. You should also take a look at your credit score to see how closing the account has impacted your credit.
If you still have deposit accounts, like checking or savings accounts, with Wells Fargo but are interested in switching to a different bank, now is a great time to do so. The process for closing a Wells Fargo deposit account is very similar to closing a credit card account. If you need additional assistance, you can visit a Wells Fargo Bank branch.
Alternatives to closing a Wells Fargo credit card account
While closing a Wells Fargo credit card makes sense in some instances, it may not always be the best option for your financial health. Even if you no longer plan on using the card, keeping the card open may help your credit score.
Keep your card but stop using it
Just because you plan to stop using your Wells Fargo card doesn’t mean that you necessarily need to cancel your account. If your card doesn’t come with an annual fee, there’s no harm in keeping the card open without using it. In fact, keeping old credit cards open can actually help your credit by improving your credit utilization ratio and increasing the age and mix of your accounts. You should store the card in a safe place and set up alerts to stay on top of your account in case of any fraudulent purchases or other unusual activity.
Request a product switch
Wells Fargo currently offers seven different types of credit cards, many of which come with rewards and other benefits. Customers interested in a different Wells Fargo card can get in touch with a customer service representative in order to request a product switch. Wells Fargo has a reputation for taking a conservative approach to product switches, so not all requests will necessarily be approved.
Closing a Wells Fargo credit card: FAQ
Still have questions about closing a Wells Fargo credit card? Here are some frequently asked questions (and answers) concerning closing an account.
Does closing a Wells Fargo credit card affect your credit score?
It depends. In many cases, closing a credit card can have a slight negative impact on your credit score. This is because closing a credit card can increase your credit utilization ratio by reducing your overall credit limit. Closing a card can also negatively impact the age and mix of your accounts.
Can Wells Fargo reopen a closed credit card?
In most cases, it’s not possible to reopen a closed credit card account. That said, you can always complete a new application for a credit card through Wells Fargo. If you believe your credit card was closed in error, you should get in touch with a Wells Fargo representative to see what your options are.
What happens to your rewards when you close a Wells Fargo credit card?
When you close a Wells Fargo credit card, you lose access to your Wells Fargo rewards. If you have rewards saved up in the form of points or cash back, you should be sure to redeem them before closing your account.
The bottom line
Canceling your Wells Fargo credit card can make sense for several reasons, whether you no longer use the card or are unhappy with your experience with Wells Fargo. To do so, you can contact a Wells Fargo representative over the phone.
While canceling your card is always an option, it may not make sense for your situation. In many cases, keeping old credit cards open—even if you no longer use them—can help to give your credit score a boost. With this in mind, you should think carefully before closing your card.