No, you cannot transfer Wells Fargo credit card debt to another Wells Fargo credit card. In fact, no credit card company allows this. It just wouldn’t make sense from the card issuer’s perspective. Such a practice would simply amount to a free interest-rate reduction for an indebted customer. It would be a money-losing proposition from the start, without the benefit of acquiring a new customer.
With that being said, Wells Fargo balance transfer policies are pretty generous. Some credit card companies only allow you to transfer credit card debt from other issuers. Wells Fargo goes beyond that and lets you transfer other types of consumer debt.
Wells Fargo credit card fees include the standard array of basic charges and usage costs. Most Wells Fargo credit cards will spare you the annual fee, but there are fees of $5 or 3% for balance transfers; cash advance fees of $10 or 5% for cash advances, and a 3% foreign transaction fee.… read full answer
Wells Fargo also charges a fee of $12.50 or $20 for overdraft protection advance and late and returned payment fees of up to $37. Wells Fargo does not charge application or processing fees, over limit, or monthly “maintenance” fees. You can Wells Fargo’s list of credit card fees on your statement and in the card’s Terms and Conditions.
Here are the Wells Fargo credit card fees:
Annual fee: Wells Fargo Secured, $25. Charged on every 12 months on your card anniversary date.
Balance Transfer: Introductory 3% of the amount transferred, or $5, whichever is greater, for 12 months on transfers within the first 120 days. Applies to the Propel, Signature Visa, Rewards, and Platinum cards. 5% and $5 after, and for all other Wells Fargo cards.
Cash Advance: 5% of the amount of each advance, or $10, whichever is greater. Applies to all Wells Fargo cards
Overdraft Protection Advances: $12.50 for total of $50 or less on the day of the advances; $20 for total advances more than $50. Applies to all Wells Fargo cards
Foreign Transaction Fee: 3% of all transactions outside of the U.S. or through an internationally-based merchant. Applies to the Signature Visa, Cash Wise, Rewards, Platinum, and Cash Back College Visa.
Fees are the cost of doing business when you have a Wells Fargo credit card. How much they’ll affect you depends on how you use the card. You can avoid balance transfer and cash advance fees simply by not making those transactions. You can always choose a Wells Fargo card that does not charge a foreign transaction fee. Use your Wells Fargo card responsibly, and you’ll not get hit with late payment or returned check fees.
Balance transfer cards can help qualified borrowers reduce the cost of existing debt and pay off what they owe faster than they would otherwise. Here’s how it works: A borrower uses a balance transfer credit card to pay off some or all of a credit card or loan balance owed to another bank or credit union. This effectively transfers the borrower’s payment obligation, meaning he or she now owes the balance to the issuer of the balance transfer credit card, which may offer lower finance charges.… read full answer
For a balance transfer card to work to perfection, it must offer low enough rates and fees for long enough that the borrower can repay the transferred balance before a high regular APR takes effect. Most credit cards allow balance transfers. But certain offers are classified as “balance transfer credit cards” because they have relatively low APRs and fees on transfers.
In most cases, you will have the option of requesting a balance transfer when you apply for a new credit card. You should be able to submit a request with an existing account, too, as long as you aren’t already carrying a big balance from month to month. But certain account terms, like 0% intro APRs and $0 transfer fees, may only be available for a limited time after account opening. And some credit cards don’t allow balance transfers at all. You can learn more about how the process works below.
Here’s how balance transfer cards work:
You request to move a balance to a new credit card.
The issuer considers your request and approves it if they think you are creditworthy.
The new issuer pays the original lender for the approved transfer amount.
Your balance moves to the new card, and any applicable balance transfer fee is added to the principal of the balance you’re transferring.
You must pay at least the minimum amount required by the due date for each billing period to keep your account in good standing. Interest may apply immediately, unless the card has a 0% introductory APR, in which case the regular APR will kick in after it expires.
When you’re comparing balance transfer offers, it’s worth calling your current credit card’s issuer to see what it can offer. Say that you plan on doing a balance transfer unless you get a lower interest rate. Your rate may not be reduced to 0%, but even a slight APR reduction will help you save while your application for a 0% transfer is being processed.
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