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August 19, 2018

Wells Fargo Balance Transfer Offers

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Editorial Note: This content is not provided by the card issuer. Opinions expressed here are author's alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer.

Here are the current Wells Fargo balance transfer offers worth considering. Whether you're transferring a balance to or from a Wells Fargo card, know these vital tips.

Deal: Wells Fargo Platinum Card offers 0% intro APR on purchases and balance transfers for 18 months. After that, the interest rate is 16.49% - 24.49% (Variable).

Did you know: There are some credit cards with no balance transfer fees.

Are you looking to transfer your current credit card debt to a new Wells Fargo card? Or maybe you have debt with Wells Fargo and you want to offload it to an entirely new bank?

Here is what you need to know about Wells Fargo balance transfers.

Stick around to the end. You'll find the top Wells Fargo balance transfer promotions.

But watch out. There are a few quirks you need to know if you want to make a successful credit card balance transfer.

Read on before you apply for your next credit card.

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To Wells Fargo

Do You Have an Existing Balance from Another Bank?

If you're weighed down by credit card debt, a balance transfer is a smart way to get a break on interest rates. The trick is to move your debt to a card with a promotional 0% APR for balance transfers. This will give you a period of time to pay off that debt without accumulating more interest.

Related: What is a balance transfer?

Wells Fargo offers several cards with a promotional APR period for balance transfers. If you're considering this, here are a few guidelines to keep in mind.

What kind of credit score do I need for a Wells Fargo balance transfer card? Wells Fargo Platinum generally requires a good credit score. Most cardholders have a credit score of around 700.

  • Only some credit cards offer a promotional rate. Most Wells Fargo cards will let you transfer a balance over, but not all of them have a promotional APR. The whole point of transferring a balance is to score a lower interest rate than whatever you're getting now.

  • You'll pay a fee for the transfer. Most banks charge a fee to move your balance over.

  • You can only transfer a certain amount. Wells Fargo will give you a limit for the amount you can transfer. Your total balance transfers cannot exceed your total credit limit.

Did you already do a balance transfer? To get your Wells Fargo balance transfer status, you can monitor your account online. It generally takes up to 14 days to complete the transfer. Continue to make payments on your other cards until the transfer is complete.

To Another Bank

© Fe Ilya (CC BY-SA 2.0) via Flickr

Do You Have an Existing Balance from Wells Fargo?

There's also a lot to consider if you're transferring a balance from Wells Fargo to another bank. Read the fine print - if you don't pay attention to the details, the smart move you thought you were making can backfire.

  • 0% APR promotions may not always mean free. Most banks charge a balance transfer fee of 3% or 5%. This means for a $5,000 balance, you're looking at a balance transfer fee of $150 or $250. If you've got a lot of debt you want to move around, you need to know what it's going to cost up front.

    We like credit cards that have no balance transfer fees.

  • Review the card's regular interest rate. Ideally, when you're transferring a balance, the goal is to pay it off before the 0% credit card promotional period ends so you're not stuck paying interest. If you're not sure you'll be able to clear the debt by the time your offer expires, find out the rate after the promo period and be realistic about how much it will hurt.

    Tip: See our list of low interest rate cards.

  • Don't bank on earning rewards from a transfer. Rewards cards generally pay out points, miles, or cash back on new purchases only. If you're transferring over several thousand dollars to a new rewards card, you're not likely to earn any rewards for it.

  • Time transfers carefully Schedule the transfer well ahead of the due date on your current card. Check your balance transfer status. Make sure you continue making payments on your old card until you get confirmation that the balance has been completely transferred. If you don't, you could end up with a late fee and the late payment could show up on your credit. Stop making new purchases on the old card once the transfer's been initiated.

  • Check the APR on purchases. If you're planning to use the new card to cover your expenses, look for one that extends the promotional 0% interest rate to purchases as well.

    Note: Sometimes a card only has a promotional APR rate for balance transfers and NOT for new purchases. If this is the case, and you do tend to carry a balance, we advise that you avoid using that credit card for new purchases.

    Typically, you have a grace period on purchases where no interest accrues. But promotional interest rate offers may cause you to lose that grace period if you do not pay the entire statement balance (including the amount subject to the introductory APR) by the payment due date. If you plan to carry a balance, check the credit card issuer's terms to find out about the effects of the promotional APR offers on the grace period for new purchases.

Bottom Line

Wells Fargo offer several cards with good balance transfer promotions. However, you will be charged a balance transfer fee, usually 3% - 5% depending on the card.

No matter which bank and card you go with, be careful. Make sure you carefully read the fine print and are fully aware of any fees. Once you make the transfer, keep up with your payments and aim to pay it off in full before the intro APR period ends.

Terms and limitations apply.

Wells Fargo Balance Transfer Cards

Wells Fargo Offers with No Annual Fees

These Wells Fargo cards offer a promotional 0% APR offer for balance transfers.

  • Wells Fargo Platinum offers 0% intro APR for 18 months on purchases and balance transfers. After that, a 16.49%-24.49% variable APR. Balance transfer fees apply. There is a $0 annual fee.

  • Wells Fargo Cash Wise offers a $150 cash rewards bonus after you spend $500 within the first 3 months. This card earns 1.5% cash rewards on purchases. There is a 0% intro APR for 15 months on purchases and balance transfers. After that, a 14.49% - 24.99% variable APR. Balance transfer fees apply. There is a $0 annual fee.

Balance Transfer

How to Choose a Balance Transfer Credit Card

Here are three factors to keep in mind when choosing the right balance transfer credit card for your wallet ...

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: The information for the Wells Fargo Cash Wise Visa® card and Wells Fargo Platinum Visa card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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