How To Do A Balance Transfer With Wells Fargo
Key takeaways:
- Wells Fargo currently offers one of the longest interest-free periods for balance transfer cards (up to 21 months).
- Wells Fargo balance transfer credit cards may be subject to balance transfer fees of up to 5%, with a minimum of $5.
- You must complete your balance transfer within the first 120 days of opening your account to take advantage of a Wells Fargo card’s intro APR period.
- You can’t transfer a balance from one Wells Fargo credit card to another Wells Fargo card.
If you have a hefty amount of high-interest credit card debt, a card that offers a long 0% intro APR on balance transfers can potentially save you thousands of dollars on interest charges while helping you pay down your debt faster.
Wells Fargo currently offers a balance transfer card with one of the lengthiest interest-free periods available — close to two years. Here’s what you need to know about how to transfer your existing debt to a Wells Fargo card.
What you need to know before getting started
We recommend creating a plan to pay off your transferred balance within the promotional period before initiating the balance transfer. This means calculating the amount you’ll need to pay each month in order to pay the balance in full before the interest-free period ends. To get this amount, divide the total amount you owe (including the balance transfer fee) by the length of the interest-free period.
For example, if you’re approved to transfer $10,000 to a card with a 21-month introductory interest-free period, you’ll need to pay around $476 each month.
$10,000 / 21 months = $476.19
Tip
How to do a balance transfer with Wells Fargo
To begin a balance transfer with Wells Fargo, you’ll need the following:
- Your eligible Wells Fargo credit card
- The account numbers of the card(s) you want to transfer
- The amounts you want to transfer
Here are the steps needed to complete a Wells Fargo balance transfer – whether you’re applying for a new balance transfer offer or using an existing card.
How to do a Wells Fargo balance transfer for new applicants
After researching the balance transfer offers available from Wells Fargo, you can apply for the balance transfer card that best suits your needs.
- When applying online, you’ll be asked to enter information about yourself, including your name, Social Security number, date of birth, address, housing status, employment status and total annual income.
- Next, you’ll need to check a box stating that you’ve read and agree to the terms and conditions, including the esign consent terms and consent to obtain mobile information terms.
- Hit submit.
- Once you’re approved for the card, you can request a transfer 10 days after your account is open.
How to do a Wells Fargo balance transfer for existing cardholders
To transfer a balance to an existing Wells Fargo card, follow these steps:
- Log in to the Wells Fargo credit card service center.
- Select “Request Balance Transfer” under “Account Management.”
- You can also request a balance transfer by calling 800-642-4720.
How long does a balance transfer take with Wells Fargo?
After being approved for a balance transfer, it may take up to 14 days for your balance transfer request to be posted to your account.
It’s important to continue making monthly payments to your existing creditors until you obtain confirmation that the transfer has been received. This will help prevent you from incurring late charges or delinquencies on those accounts.
What types of debt can you transfer?
Balance transfer cards typically allow you to transfer the following types of debt:
- Credit cards
- Personal loans
- Auto loans
- Student loans
- Home equity loans
Just know, you can’t transfer debt from one Wells Fargo credit card to another Wells Fargo card.
Wells Fargo balance transfer cards
Wells Fargo currently offers two credit cards with 0% intro APR offers on balance transfers.
Is a Wells Fargo balance transfer a good idea?
A Wells Fargo balance transfer can be a good idea if you have a large amount of high-interest credit card debt. Since Wells Fargo balance transfer cards offer interest-free periods for more than a year, they allow 100% of your monthly payments to go toward the principal — which can help you save in the long run.