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A balance transfer credit card is an excellent way to consolidate your debt and pay off outstanding credit card balances. The best balance transfer credit cards offer lengthy 0 percent introductory APR periods that can help you pay off your transferred balances without accruing interest charges.
In this guide, we’ll show you how to do a balance transfer with Wells Fargo. We’ll also take a look at the best Wells Fargo credit cards for balance transfers and explain what you should do after your balance transfer has been completed.
How to do a balance transfer with Wells Fargo
If you are applying for a new Wells Fargo balance transfer card, you must first be approved before you can transfer a balance. Then you can complete your balance transfer in one of three ways:
- Through your Wells Fargo online account
- Over the phone
- By using balance transfer checks
In each case, you’ll need to provide the number of the credit card with the balance you’d like to transfer to Wells Fargo, as well as the amount of money you’d like to transfer from your existing card balance to your Wells Fargo card.
If you want to do the balance transfer online, log in to your Wells Fargo account and select “Account Management” followed by “Request Balance Transfer.” If you want to do it over the phone, call 1-800-642-4720. You can also visit a Wells Fargo banking location to learn more about your balance transfer options.
Here are some additional tips and tricks to help you through the process:
Approval odds for a balance transfer card and 0% intro offer
There are some restrictions on who can get a Wells Fargo credit card or complete a balance transfer. Both will depend on your creditworthiness, but in most cases, you’ll need to have a good to excellent credit score and a debt-to-income ratio of less than 36 percent.
It’s also important to note that if you already took advantage of a Wells Fargo welcome offer in the past 15 months—either a sign-up bonus or an introductory 0 percent APR—you might not be eligible for an introductory APR offer on a new Wells Fargo card.
Make your balance transfer within 120 days
If you want to take advantage of your Wells Fargo balance transfer card’s 0 percent introductory APR rate, you’ll need to make your balance transfer within the first 120 days of opening your account.
You can also save money on balance transfer fees by making your balance transfer early. When you complete a balance transfer within the first 120 days, you’ll pay a 3 percent fee ($5 minimum) on qualifying balances you transfer. After 120 days, you’ll pay an up to 5 percent balance transfer fee ($5 minimum).
Have a plan to pay off your transferred balance
Completing a balance transfer is only the first step in getting rid of old credit card debt. You also need to pay off your entire transferred balance—ideally, before your 0 percent introductory APR period expires. With that in mind, you’ll want to make a plan.
If you want to pay off your balance before the low intro APR period expires, you’ll need to determine how much your monthly payment needs to be. A balance transfer calculator can help you to plan ahead and make smart monthly payments that allow you to pay off your balance before it starts accruing interest.
You should also think about whether or not you can afford to put that much money toward your debt payoff every month, or if you’ll need to cut back on other types of spending to make the payments. It might be helpful to create a budget that allows you to prioritize your balance payoff without falling behind on any of your other financial obligations.
What to know after completing a balance transfer with Wells Fargo
There are a few other things you should know about a Wells Fargo credit card balance transfer, such as:
- The balance transfer process is usually easy to initiate. It only takes a few steps to request a balance transfer with Wells Fargo.
- Remember: Balance transfers take time. A Wells Fargo transfer may take up to 14 days to be completed.
- While you are waiting for your balance transfer to complete, you need to continue making payments on your old credit cards. Missing credit card payments during the balance transfer process could hurt your credit score.
- You may still owe money on your old credit cards even after your balance transfer has been completed. This may happen if only part of your balance was approved for transfer. Read your credit card statements carefully, and make sure you pay off any balances or final interest charges.
How to check the status of your Wells Fargo balance transfer
To check your Wells Fargo balance transfer status, log in to your Wells Fargo account and view your current balance to see if it includes the money you transferred from another credit card. If it does, then your balance transfer is complete.
If your Wells Fargo account does not yet reflect your transferred balance, you could contact your credit card issuer to learn more about the status. However, it’s a good idea to wait at least 14 days before requesting a status update.
Best Wells Fargo balance transfer credit cards for 2022
Wells Fargo Reflect® Card
- 0 percent introductory APR for 18 months on purchases and qualifying balance transfers made in the first 120 days of account opening (followed by 17.24 percent to 29.24 percent variable APR)
- Three-month intro APR extension, for a total of up to 21 months, with on-time minimum payments during the intro period
- No annual fee
The Wells Fargo Reflect® Card offers the longest 0 percent intro APR period of all Wells Fargo cards—you’ll have at least 18 months to pay down transferred balances without accruing interest charges. And as a reward for on-time minimum payments, you’ll receive a three-month extension when that 18-month period ends (followed by 17.24 percent to 29.24 percent variable APR).
You won’t earn any cash rewards with the Wells Fargo Reflect® Card, but you will get one of the best zero-interest intro APR periods currently on the market. So if you’re looking for a balance transfer credit card that gives you plenty of time to pay off your transferred balances, keep the Wells Fargo Reflect® Card in mind.
Wells Fargo Active Cash Card
- 0 percent introductory APR for 15 months from account opening on purchases and qualifying balance transfers (19.24 percent, 24.24 percent, or 29.24 percent variable APR thereafter)
- $200 cash bonus after spending $1,000 on purchases in the first three months
- 2 percent cash rewards on purchases
- No annual fee
If you like flat-rate cash rewards credit cards, consider the Wells Fargo Active Cash® Card. The Wells Fargo Active Cash’s intro APR period is a few months shorter than the Wells Fargo Reflect® Card, but it offers unlimited 2 percent cash rewards on purchases and a welcome bonus. If you want a card that’s going to be valuable long after your balance transfer is paid off, the Wells Fargo Active Cash could be a good choice for you.
This card charges a variable APR of 19.24 percent, 24.24 percent, or 29.24 percent when the intro APR period ends, so just be sure to pay off your balance before then.
Wells Fargo Business Platinum Credit Card*
- 0 percent introductory APR for nine months on purchases and qualifying balance transfers (variable APR of 11.49 percent to 21.49 percent thereafter)
- $300 cash back, or 30,000 bonus points, when you select a business card rewards program and spend $3,000 in the first three months after account opening
- 1.5 percent cash back on qualifying purchases
- No annual fee
The Wells Fargo Business Platinum Credit Card is a good option for business owners who need to transfer a balance. This card also comes with no annual fee and a 0 percent introductory APR for the first nine months for purchases and qualifying balance transfers (intro offer expires June 30, 2022). Keep in mind you’ll have to pay a 4 percent ($10 minimum) balance transfer fee.
This card is best for businesses with $2 million in annual sales, so it won’t be the right fit for smaller businesses. However, you can get up to 99 employee cards for no additional fee.
FAQs for Wells Fargo balance transfers
Yes, you can complete a Wells Fargo balance transfer online. Start by logging in to your Wells Fargo account. Then, select “Account Management,” followed by “Request Balance Transfer,” to begin the process of transferring a balance to your Wells Fargo credit card.
If you are transferring a balance to a Wells Fargo credit card, the balance cannot be greater than the total available credit you are approved for. If you try to transfer a balance that’s greater than your available credit limit on your Wells Fargo card, Wells Fargo will either approve a smaller amount than requested or deny the transfer. Knowing your balance transfer credit limit will help you to make smart choices about which balances to transfer onto your card. For example, if you can only transfer some of your outstanding credit card debt onto your Wells Fargo balance transfer card, you might want to transfer the card debt with the highest interest rate.
No, you cannot transfer a balance from one Wells Fargo credit card to another Wells Fargo card. As a general rule, you can only transfer a balance from one credit card issuer to another credit card issuer. For example, you could transfer a Chase or Citi credit card balance to a Wells Fargo credit card, or a Wells Fargo credit card balance to a Chase or Citi card.
If you want to transfer money from a Wells Fargo credit card to a credit card from another issuer with a 0 percent intro APR offer, simply choose a top balance transfer credit card from a different issuer. Then, apply for that card and follow that issuer’s steps to transfer your Wells Fargo credit card balance to your new card.
The bottom line
Completing a balance transfer with Wells Fargo is relatively easy and can be completed online, over the phone or via balance transfer checks. The best Wells Fargo balance transfer cards offer a 0 percent intro APR between 15 and 18 months (with the potential for up to 21 months) on purchases and balance transfers, giving you well over a year to pay off your transferred balances without accruing interest.
Before you request a Wells Fargo transfer, establish a plan to pay off your transferred balances and any additional purchases you make on the card before the intro APR period is up. Otherwise, you could end up with new credit card debt.
*The information about Wells Fargo Business Platinum Credit Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.