Wells Fargo, headquartered in San Francisco, California, is an American financial services company. In addition, the company's operational headquarters are located in New York City.
Its management offices can be found all throughout the United States as well as in other nations.
Credit cards are one of the services offered by the organization. As a result, many users want to know how Wells Fargo credit card balance transfer works.
A credit card is a plastic or metal device that lets you to borrow money from the company that issued it. The cards are available from a variety of financial institutions, including banks and credit unions.
Wells Fargo is one of the financial institutions that will give you a credit card if you meet the requirements
Debit cards are typically reserved for adults over the age of 18, who are capable of making informed financial decisions.
Both secured or unsecured credit card are available at Wells Fargo. During the application process for secured cards, customers will be required to make a security deposit.
The deposit serves as a backup if in case you are unable to pay off your debit. Secured credit cards are typically used by those who want to improve their credit scores.
A secured credit card might be particularly handy if you have never borrowed a loan or a line of credit.
In this article, I will show you how does Wells Fargo credit card balance transfer work.
Table of Contents
How to Apply for a Wells Fargo Credit Card?
You can apply for a credit card from Wells Fargo online by going to their credit cards section and selecting the best credit card for you.
For each credit card, there is a "Apply Now" button that you should click in order to proceed. If you already have a Well Fargo account, you can use the pre-filled application to sign up faster.
As a result, you'll begin by determining whether or not you're a Wells Fargo Online® customer.
To apply for the card, you must first log in to your online account with your username and password if you are a Wells Fargo customer.
If you haven't already done so, you'll need to open an account. You must provide the following details.
About You
- First name
- Middle initial (optional)
- Last name
- Date of birth
- Suffix (Optional)
- SSN/ITIN
- Country of citizenship
- Mother's maiden name
Contact Details
- Home/permanent address
- Address line 2 (optional)
- ZIP code
- City
- State
- Email address
- Mobile number
Financial Information
- Housing status
- Monthly mortgage or rent payment
- Employment status
After you've filled out all of the information above, check the boxes that apply to you. After that, simply click the Submit button and wait for a response.
What are the Credit Scores for Wells Fargo Credit Cards?
You'll need a credit score of at least 700 to receive an unsecured credit card from Wells Fargo. The banking organization makes it difficult to obtain the cards because they want to ensure that they are only given to persons who can repay their debts.
However, there are financial institutions that provide guaranteed approval of unsecured credit cards for bad credit so that they can borrow while improving their credit scores. Unfortunately, such financial institutions are hard to come by. The company offers a variety of unsecured credit cards, including the ones listed below.
- Wells Fargo Active Cash Card
- Wells Fargo Reflect Card
- Hotels.com® Rewards Visa® Credit Card
- Bilt World Elite Mastercard®
Does Wells Fargo Issue Secured Credit Cards?
Wells Fargo offers you a secured credit card. Wells Fargo offers two types of secured credit cards, which include the following.
1. Wells Fargo Secured Card
You can deposit a maximum of $10,000 and a minimum of $300 with the Wells Fargo Secured Card. The card is designed to help you build credit. As long as you use the card correctly, you can improve your scores quickly.
Experian, TransUnion, and Equifax are among the major credit bureaus that Wells Fargo reports card activity to.
As a result, you may rest assured that you will be able to apply for an unsecured credit card after some time.
You should be aware that the card comes with a $25 annual fee.
The card has a few drawbacks, one of which is the yearly fee. Annual fees are not charged on the majority of secured credit cards.
Surprisingly, a credit card can be used to get an overdraft. For a $50 or less overdraft, the company imposes a penalty of $12.50.
If your overdraft balance surpasses $50, you may be charged a fee of up to $20.
Another thing to remember about the secured card is that if you pay late, you will be charged a cost of roughly $37.
When you make an international transaction, you will be charged a 3% transaction fee.
2. Wells Fargo Business Secured Credit Card
Wells Fargo Business Secured Credit Card is another secured credit card from Wells Fargo, so the secured cards aren't over yet.
Assume you've recently started a business and have no prior borrowing history.
In that situation, you can get the card and begin accumulating credits.
The card offers 1.5 percent cash back and has no annual rewards fee. If you start from the beginning, it is an ideal alternative to rebuild your scores.
When you spend at least $1,000 on qualifying items in a billing cycle, you can receive one credit for every $1 spent, plus 1,000 additional purchases.
The card provides you with a credit line ranging from $500 to $25,000 to help you operate your business.
You are also protected by the Zero Liability policy. You will not be held accountable for any illegal purchases if your card is lost. There are no annual fees associated with using the card.
Furthermore, there is no international transaction fee on the credit card, and a company can receive up to ten employee cards.
The card's expenditure reports are available online, allowing you to monitor how you've spent your money over time.
In general, the secured card is appropriate for;
- Jump starting your venture
- Establishing/rebuilding your business credit with Wells Fargo
- A venture with little to no credit history
- Ventures with past credit challenges
How Does Wells Fargo Credit Card Balance Transfer Work
There are two balance transfer credit credit cards among the several unsecured credit cards that Wells Fargo offers, which you can use to transfer your balance from one oppressive card to another to settle your debt quickly.
After you've decided on the best card for your transfers, you must notify Wells Fargo that you want to transfer your balance from another card to the one you've chosen.
When transferring your balance, Wells Fargo will need to pay off all of your debts with the other financial company before transferring it to your new card.
Following that, you will repay the obligations without interest for a set length of time.
After the introductory term of 0% APR expires, you will be charged regular interest rates.
As a result, you should make every effort to complete the payback as soon as possible.
Depending on your choices, you can start borrowing with the card or return to the previous card after your loan is paid off.
To make it easier to settle your debt during the repayment period, make sure you don't use either of the cards to borrow money until you've paid off your debts.
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Which Balance Transfer Credit Cards are from Wells Fargo?
There are many Wells Fargo balance transfer credit cards to select from if you need to transfer your balance. The following are some of Wells Fargo's balance transfer cards.
1. Wells Fargo Active Cash Card
When you buy goods and services using the Wells Fargo Active Cash Card, you can get 2% cash back on your purchases.
Surprisingly, the card comes with a welcome offer of $200 in cash rewards if you spend $1,000 in the first three months.
Purchases and qualified balance transfers have a 0% intro APR for 15 months from the time your account is opened.
The card will charge you a variable APR of 15.74 percent, 20.74 percent, or 25.74 percent.
To qualify for the introductory rate and fee, you must transfer your balances within 120 days.
Above all, there are no annual fees with this card.
2. Wells Fargo Reflect Card
The Wells Fargo Reflect Card is another another option for balance transfers. If you use the card for 21 months, you'll get the lowest intro APR.
When you join the card, you will also receive a welcome offer.
When transferring your balance, you will benefit from a 0% intro APR for 18 months from the date of account opening on purchases and qualified balance transfers.
If you make on-time minimum payments during the introductory and extension periods, the introductory APR can be extended up to 3 months.
After that, you'll have to pay a variable APR of 13.74 percent to 25.74 percent.
The promotional rate and charge apply only to balance transfers made within 120 days. There is no annual fee with this card.
Final Thoughts
Wells Fargo, headquartered in San Francisco, California, is an American financial services company.
Its executive offices, on the other hand, are spread across the globe.
The company offers a variety of products, including credit cards.
Both secured and unsecured credit cards are available from the company.
Some of these cards allow you to transfer balances from other credit cards to make payments more convenient.