Wells Fargo offers a variety of credit cards that let you transfer balances from other types of debt, including personal loans and auto loans.
Balance transfers are an easy way to lower your overall interest costs and consolidate your debts into one monthly payment. However, it’s important to know the rules and fees involved before you begin transferring your balances.
0% intro APR periods
When you have credit card debt that you want to pay off, you can save a lot of money by using a balance transfer. These cards often have 0% intro APR periods that last from 15 to 21 months, giving you time to pay off your debt without interest charges.
The 0% introductory period on a balance transfer credit card usually ends when your card’s regular APR kicks in, so it’s important to use this time wisely. This means paying off the balance before the introductory APR ends and making monthly payments that cover both your old and new credit card bills.
If you have a good credit score and a debt-to-income ratio of less than 36%, then you should be able to qualify for a balance transfer with Wells Fargo. During the application process, you’ll be required to submit information about your credit score and credit report. You should also be prepared to answer a series of questions about your financial situation.
You can start a balance transfer on your Wells Fargo account online, by calling in or by using a balance transfer check that you may receive when you apply for the card. There’s no obvious advantage to starting a balance transfer by one method over the other, but it’s a good idea to initiate the process early.
While a 0% intro APR period can save you a significant amount of money, it’s important to remember that the introductory APR only applies to new purchases. Make sure you’re not making any unplanned charges during the introductory APR period to avoid going into further debt.
No annual fee
Wells Fargo offers a variety of credit cards, including some that are designed to help cardholders pay off their debts. These cards often include 0% intro APR periods on purchases and balance transfers for a limited time, and some offer ongoing value in the form of cash-back rewards or other benefits once you have paid off your transferred balance.
However, it’s important to realize that a credit card balance transfer does have its risks. Many people who move their balances to a 0% card don’t pay off the entire amount before the intro period ends, and end up with more debt than they started with.
Others also don’t follow up with a budget or financial plan to pay off their debts. These can result in a negative impact on their credit scores, as well as increase interest charges.
While most balance transfer cards come with a low introductory APR, they also have an annual fee. These fees can be significant and can offset the savings you get from the introductory APR.
Also read: What is a Negative Balance on a Credit Card
Thankfully, there are two cards that are specifically designed to help you save on interest charges. One is a top-rated balance transfer credit card that comes with an extended intro APR, and the other has a 0% introductory APR and ongoing value in the form of cash-back bonuses.
No cash advance fee
A balance transfer credit card can be a great way to pay off high-interest debt. However, you should be careful about how you manage your new card and pay off your transferred balance.
The first thing you should do is take a look at your existing credit cards and identify which ones are carrying the highest interest rates. You can then take advantage of a balance transfer offer to transfer these debts to a new Wells Fargo credit card with a lower interest rate.
For instance, the Wells Fargo Reflect card offers a 0% intro APR for 18 months on purchases and balance transfers, and it comes with no annual fee. The card also features a sign-up bonus of 2% cash back on purchases and a discount shopping portal that links you to large retailers with discounts.
When you apply for the Wells Fargo Reflect card, you’ll need to fill out an application online or over the phone. The bank will evaluate your application based on a variety of factors, including your credit score and credit reports.
After the application is processed, you’ll receive a welcome letter in the mail. It will include your account number, the introductory APR and other details. The card can be used for all kinds of purchases, including groceries and entertainment.
It’s important to read all the fine print before applying for a Wells Fargo credit card, so you know what to expect and how much you will be paying in fees. In addition to the card’s regular fees, you’ll need to pay a cash advance fee if you use your card for a cash advance.
No balance transfer fee
A balance transfer is the process of transferring your existing credit card debt to a new credit card with a lower interest rate. It’s a great way to save money on your interest payments and increase your credit score. However, you should be careful to choose the right balance transfer card.
Ideally, you should make sure that you find a card with a 0% APR intro period before you complete the balance transfer. This will help you avoid incurring additional interest and a fee when the promotional period ends, making it easier for you to save money.
Wells Fargo offers a few balance transfer cards with 0% APR periods that can help you get out of debt without paying any fees or interest. In addition, some of its cards offer ongoing cash-back rewards, which can be a nice perk in the long run.
To complete a balance transfer, you will need to provide information about the balance you want to move from your current card and the new card you’re applying for. You can do this online or over the phone with a Wells Fargo representative.
While most credit card issuers charge a balance transfer fee, Wells Fargo charges only 3% of the amount you transfer (minimum $5). This is one of the lowest balance transfer fees in the industry and can make it less expensive to transfer your debt to a new credit card.