How to transfer a balance to a Wells Fargo credit card

It’s easy for credit card debt to pile up. Those high interest rates can cause your debt to grow each month, making paying it down even more of a challenge. That’s where a balance transfer credit card might help.

If you’re considering a Wells Fargo balance transfer, here’s everything you need to know, including interest rates, fees and introductory offers, plus tips to improve your chances of approval.

Wells Fargo balance transfer options

Wells Fargo offers a variety of credit cards that come with introductory 0% balance transfer offers.

Wells Fargo Reflect℠ Card

• Balance transfer fee: 3% balancer transfer fee for the first 120 days from account opening, then up to 5% or $5, whichever is greater
• 0% promotional period: 0% intro APR for 18 months from account opening on qualifying balance transfers
• Regular APR: Variable 14.49% to 26.49% based on credit
• Worth noting: The intro APR period on this card can extend three months when you make on-time minimum payments during the intro and extension period. All in all, you can have up to 21 months of 0% introductory APR from account opening on the Wells Fargo Reflect balance transfer card.

Wells Fargo Platinum card* (No longer available)

• Balance transfer fee: Either $5 or 3% of the amount you transfer, whichever figure is greater, for the first 120 days from account opening; up to 5% thereafter, with a minimum of $5.
• 0% promotional period: 18 months on qualifying balance transfers.
• Regular APR: Variable 16.49% to 24.49% based on your credit.
• Worth noting: The card doesn’t offer a rewards program or many additional features, though cardholders may find the cellphone insurance valuable.

Wells Fargo Active Cash® Card

• Balance transfer fee: Either $5 or 3% of the amount you transfer, whichever figure is greater, for the first 120 days from account opening; up to 5% thereafter, with a minimum of $5.
• 0% promotional period: 15 months from account opening on qualifying balance transfers made within the first 120 days.
• Regular APR: Variable 16.49%, 21.49% or 26.49% based on credit.
• Worth noting: Earn 2% cash rewards on eligible purchases. You can also earn $200 cash rewards bonus points when you spend $1,000 on purchases during the first three months from account opening.

Wells Fargo Visa Signature card* (No longer available)

• Balance transfer fee: Either $5 or 3% of your transfer amount, whichever figure is greater, for the first 120 days; 5% thereafter, $5 minimum.
• 0% promotional period: 15 months on qualifying balance transfers.
• Regular APR: Variable 12.49% to 25.49%, based on your credit.
• Worth noting: Earn five times the rewards points for up to $12,500 that you charge on gas, grocery and drugstore purchases for the first six months after opening your account. Earn one point for all other purchases. Your points will be worth 50% more when they are redeemed for airfare.

What to know about Wells Fargo balance transfers before applying

• Don’t wait too long: If you want to transfer a balance, request one within 120 days of opening your Wells Fargo credit card account. During this period, the balance transfer fee will be 3% of your balance transfer amount, or $5, whichever is greater. If you wait until after 120 days, your balance transfer fee will rise up to 5% of your transfer amount ($5 minimum).
• The 0% offer isn’t indefinite: If you want to take advantage of a 0% balance transfer offer, you’ll again have to request your balance transfer within 120 days of opening your account.
• No transferring between Wells Fargo cards: You can’t transfer a balance from one Wells Fargo card to another.
• No rewards: The balance you transfer to a Wells Fargo card will not earn cash rewards or rewards points.

How to improve your chances of approval for a Wells Fargo balance transfer

Wells Fargo will look at your credit score and credit reports when analyzing your balance transfer request.

“It’s not easy to get approved for a zero-interest credit card,” said Omar Chouche, chief executive officer and certified debt specialist with Liberty Debt Relief. “You typically must have a higher credit score and rather low debt-to-income ratio, which is not something many of us have.”

Debt-to-income ratio measures how much of your gross monthly income your monthly debts eat up. Ideally, your monthly debts will equal no more than 36% of your gross monthly income.

How to initiate a balance transfer on a Wells Fargo credit card

If you already have a Wells Fargo credit card:

• Log into your Wells Fargo account and click on the “Accounts” tab at the top of the screen.
• Click “Request Balance Transfer” in the “Manage Cards” drop-down menu.
• Provide information about the credit card from which you are transferring a balance. This will include the name of the card issuer, your account number with the card and the amount you want to transfer.
• Click “submit” to initiate the balance transfer.

If you are applying for a new Wells Fargo card:

• Pick the Wells Fargo balance transfer credit card that is right for you. You might prefer a basic balance transfer credit card or one that offers rewards.
• Start an online credit card application for the Wells Fargo card of your choice. During this process, you will be asked if you’d like to transfer a balance from one of your other credit cards. Select this option.
• Provide the account number and issuer of your existing card. Then list how much you’d like to transfer to your new Wells Fargo card.

How to make a Wells Fargo balance transfer work

Christine Luken, a Cincinnati-based certified financial coach and author of Money is Emotional: Prevent Your Heart from Hijacking Your Wallet, said that people tend to make two mistakes after completing a balance transfer.

• Some don’t pay off their debt before the 0% offer expires, meaning that the leftover amount they owe is now attached to a high interest rate.
• Others do pay off the debt but then run up more credit card debt to replace it.

As Luken says, to pay off your debt, you need a plan for after you complete your balance transfer to Wells Fargo’s card.

This means creating a budget and determining how much money you can afford to commit to paying off your debt each month.

“I’m not opposed to balance transfers. They can be a tool to accelerate your debt payoff because of the lower interest rate,” Luken said. “But there is a difference between transferring balances and eliminating debt.”

Alexis Busetti, owner and financial coach at Houston-based Cistern & Grove, said that a 0% transfer won’t solve any of your long-term spending habits.

Busetti says the key to solving financial problems is to build your savings. That way, you’ll always have money available to cover unexpected expenses, and you won’t have to resort to using your credit card to pay for them.

“They are looking to debt instead of savings to solve their debt problems,” Busetti said. “Money saved, not just cash flow, is the solution for debt problems.”

*All information about the Wells Fargo Visa Signature card and Wells Fargo Platinum has been collected independently by CreditCards.com. The issuer did not provide the content, nor is it responsible for its accuracy. The Wells Fargo Platinum card is no longer available.