How To Do a Balance Transfer With Wells Fargo

Balance transfers are one strategy that can help you pay down credit card debt faster — especially if you move your current credit card total over to a card with a lower APR.

You can do a Wells Fargo balance transfer if you have or plan on applying for one of the following cards: Wells Fargo Active Cash^® Card(Rates and fees) or Wells Fargo Reflect^® Card(Rates and fees). These have 0% intro APR offers that let you avoid paying interest on transferred balances for 12 months from account opening on qualifying balance transfers or 21 months from account opening on qualifying balance transfers, respectively.

It’s not always beneficial to transfer your balance, but read on to find out how it works with Wells Fargo cards and when this process will help your finances.

How to start a balance transfer with Wells Fargo

If you are applying for a new Wells Fargo card, you might be able to initiate a balance transfer request during the credit card application process for an eligible Wells Fargo credit card.

Here are the general steps to start a balance transfer with Wells Fargo:

1. Initiate the balance transfer. If you didn’t initiate your balance transfer when you applied for a card, you can start a Wells Fargo balance transfer through your online account, by calling, by visiting a branch, or with a balance transfer check. You will need to provide the amount you want to transfer, including the creditor's name and account number.
2. Review the terms. Carefully review the terms and conditions, including any fees and the introductory interest rate period. If you realize that this process will cost you too much, you can back out before accepting.
3. Wait for the balance transfer to complete. It can take up to 14 days for a Wells Fargo balance transfer to process. This doesn’t mean it will take the full 14 days, but you should be prepared to wait up to that amount of time. You can check your credit card account for any changes in your balance or credit limit to see if the balance transfer has gone through.

Keep in mind that having a large balance could affect your overall credit utilization and lower your credit score. We always recommend making more than the minimum payments each month, if possible, to help decrease your account balance. Doing so could help reduce your debt quicker and raise your credit score.

Wells Fargo’s balance transfer fees

Wells Fargo balance transfer fees vary by card. Here are the fees associated with each of the Wells Fargo cards with offers:

• Wells Fargo Reflect^® Card: 5%, min: $5
• Wells Fargo Active Cash^® Card: 3% for 120 days from account opening, then up to 5%; min: $5

It’s common for balance transfer fees to be presented as a range. You might have a straight dollar amount or the fee could be a percentage of the total balance transfer amount, and you’ll generally pay whichever costs more. But it’s uncommon for a balance transfer fee to be more than 5%.

However, even a seemingly small balance transfer fee could cost you a lot depending on the balance being transferred. For example, a $10,000 balance transfer with a 5% transfer fee would cost $500.

Note that balance transfer fees are often calculated using the total balance transfer amount. This means a $10,000 balance transfer with a $500 fee would actually be a $10,500 new balance.

This is an important consideration because balance transfers are often tied to the credit limit of the credit card you’re transferring a balance to. The transfer might not complete, or the amount could be lowered if balance transfer fees were to push the total amount over your available credit.

Compare Wells Fargo balance transfer cards

See how the two balance transfer Wells Fargo cards compare to one another, including balance transfer promotional offers and fees.

Keep in mind that even though intro APR credit cards have promotional periods with lower interest rates, you should still make on-time monthly payments to your lender to avoid potential late fees and any impact on your credit score. It's also important to try and take advantage of the promotional APR period before it runs out and the variable APR kicks in.

Wells Fargo Reflect^® Card

• Annual fee: $0 annual fee
• Other benefits: Cell phone protection (subject to $25 deductible)
• Rewards: N/A

The Wells Fargo Reflect has the longest intro APR offer among Wells Fargo credit cards. It is limited on perks, though it does include some purchase protection and access to My Wells Fargo Deals. But if you’re looking for a card that offers a robust cash back or rewards program, this is not it. With no welcome bonus or earning rate, this card mostly shines for its long introductory APR period.

Learn more in our Wells Fargo Reflect Card review.

Wells Fargo Active Cash^® Card

Annual fee: $0 annual fee

Other benefits: Cell phone protection (subject to $25 deductible)

Rewards: Earn unlimited 2% cash rewards on purchases

The Wells Fargo Active Cash offers a shorter introAPR but might be the better option for you due to its lower balance transfer fee and the ability to earn cash back on purchases. Like the Wells Fargo Reflect, it includes cell phone protection and roadside dispatch services. It also offers more travel-related insurance, and its flat-rate rewards structure could make it useful long after any 0% APR intro offer ends.

Find out more in our Wells Fargo Active Cash review.

Risks and considerations of Wells Fargo balance transfers

Even though balance transfers can be ideal for tackling debt, doing this is not without risks. Balance transfers can cause you to go into more debt or hurt your credit score — no matter what credit card you transfer a balance to. Weigh these considerations before initiating a transfer:

• Your old debt won’t disappear immediately: Balance transfers can take up to 14 days, so if your bill with your old creditor is due, keep paying it. This will help you avoid getting a late payment marked against you, which results in fees and sometimes a hit to your credit score.
• 0% intro APR comes with limits: If you are using an older Wells Fargo card to do a balance transfer, you will not qualify for a new 0% intro APR offer. You’ll be charged your regular APR plus a balance transfer fee.
• Late fees still apply: Even if you get a 0% intro APR offer, you’ll still need to make minimum payments each month to avoid late payments.
• Your credit score might go down temporarily: Applying for a new credit card or increasing your credit utilization through a balance transfer can ding your credit score.
• Paying minimum payments will keep you stuck in a debt cycle: If you stick with minimum payments, it is going to be hard to make traction on your debt repayment, even with a 21-month 0% intro APR term.

To best use a 0% intro APR to get ahead on debt, divide your debt by the number of months in the introAPR. For example, if I transferred $10,000 of debt to a new Wells Fargo Reflect card, my new total would be $10,500. The monthly minimum payment required might only be $30 to $50, but if I paid $500 each month, I would pay off the $10,500 within 21 months.

Alternatives to balance transfers

If you weigh the risk and fees and decide a credit card balance transfer is not the best move for you, there are other alternatives to consider. Transferring your debt to a personal loan can come with a lower APR, fewer fees, and longer repayment time frames, but you will have a fixed monthly payment schedule. This could be either a good or bad thing depending on your budget.

Additionally, it might be better to keep your debt where it is at and employ the popular debt snowball or avalanche methods. Either strategy requires you to increase your payments significantly toward one card, while paying the minimum payment on the others, to reduce your debt faster.

FAQs

Bottom line

You can initiate a Wells Fargo balance transfer through your online account, by calling Wells Fargo, or by using a balance transfer check. The process is relatively simple and typically takes up to 14 days for a balance transfer with Wells Fargo to complete.

Keep in mind that a balance transfer could be a valuable tool for avoiding interest while you pay down debt. But many balance transfer credit cards don’t offer loads of additional benefits.

Extra Long Intro APR on Purchases & Qualifying Balance Transfers

Wells Fargo Reflect^® Card

4.9

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Wells Fargo Reflect^® Card

Apply Now

Rates and fees

Current Offer

Benefit from a long introductory APR period on purchases and qualifying balance transfers

Annual Fee

$0

Benefits and Drawbacks

Benefits

• 0% intro APR for 21 months from account opening on qualifying balance transfers, then 17.49%, 23.99%, or 29.24% Variable APR
• Up to $600 Cell phone protection when you pay for the cell phone with your card (subject to a $25 deductible)
• $0 annual fee
• The ongoing APR may still be competitive compared to other cards

Drawbacks

• No rewards for spending
• 3% foreign transaction fee
• 5%, min: $5 balance transfer fee
• Limited list of card perks

Card Details

• Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
• 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.49%, 23.99%, or 29.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
• $0 Annual Fee.
• Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
• Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.