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. However, some cards will charge balance transfer fees of 3% intro for 120 days, then up to 5% (min $5); cash advance fees of 5% (min $10), and 3% foreign transaction fees.
Wells Fargo also charges late payment and returned payment/check fees of up to $40. Wells Fargo does not charge application/processing fees, over limit, or monthly fees. You can check 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: Most Wells Fargo credit cards benefit from $0 annual fees.
Balance Transfer: Either 3% intro for 120 days, then up to 5% (min $5) or up to 5% (min $5), depending on the card. The only exceptions are the Wells Fargo Business cards, which have a 4% (min $10) balance transfer fee.
Cash Advance: 5% (min $10). Applies to most Wells Fargo cards. The Wells Fargo Business card, on the other hand, charges a 4% (min $10) cash advance fee.
Foreign Transaction Fee: Either 3% or $0 of all transactions outside of the U.S. or through an internationally based merchant, depending on the card.
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.
Use your Wells Fargo card responsibly, and you’ll not get hit with late payment or returned check fees. Also, make sure you take a look at the best Wells Fargo credit cards and pick one whose rewards suit your spending habits.
Credit card transaction fees are charges that merchants must pay to process customer payments made with a credit card. These merchant charges are commonly referred to as credit card processing fees, but this usually refers to a combination of different fees, including interchange fees, processing fees, and assessment fees – all of which are separate fees involved in processing a credit card transaction. They’re also informally referred to as swipe fees or merchant fees.… read full answer
More info about credit card transaction fee amounts:
Typical credit card transaction fees average 1.5% to 3.5% per transaction, but they can go higher than that. The price merchants pay depends on the card issuer, the card network, the payment processor, the payment method (swipe, dip, etc.), and the merchant category. The interchange fee alone is a percentage of the transaction amount, plus a flat fee – 1.5%, plus $0.15 per transaction, for example.
Credit card processing fees are baked into the prices everyone pays for things, so the consumer rarely sees evidence of these charges. But perhaps you’ve seen a sign at a store noting a $5 or $10 minimum for credit card purchases. That’s because each credit card transaction costs the merchant, and transactions under a certain amount may not be worth it to the business owner. One reason why some merchants do not accept American Express credit cards is because they charge the highest transaction fees of the four major credit card networks.
Here’s an example of credit card transaction fees from the four major card networks:
Example Interchange Fee
1.89% + 10 cents
1.65% + 10 cents
2.3% + 10 cents
1.9% + 10 cents
Here's when consumers have to pay processing fees:
There are some rare occasions when a credit card surcharge – or a “checkout fee” – will apply to a purchase on the consumer end, including small-dollar purchases and when a merchant doesn’t usually accept credit. The minimum spending requirement to avoid credit card surcharges can be up to $10, legally. Debit cards are exempt from this rule. But merchants aren’t always good at telling credit cards and debit cards apart.
By law, merchants aren’t allowed to charge the customer more than the actual cost of processing the transaction or 4% of the purchase amount —whichever is lower. Some states have even outlawed credit card surcharges altogether, including California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, Oklahoma, Texas, and Utah.
Wells Fargo credit card requirements include having a credit score of 700+ (for most cards) and providing standard personal information such as your name, address, and date of birth. A Social Security Number (SSN) or an Individual Tax Identification Number (ITIN) is also required, and all applicants must be 18+ years old.… read full answer
Wells Fargo Credit Card Requirements
A credit score of 700+ (good credit) for most cards
Physical U.S. address (no P.O. boxes)
18+ years old
Social Security Number (SSN) or an Individual Tax Identification Number (ITIN)
Other factors such as your income, debts, housing payments, and your general ability to afford credit card payments will also be taken into consideration when evaluating an application.
Wells Fargo also issues a number of retail store cards that generally have more lenient approval requirements. So, applicants with fair credit or better (a score of 640) can get approved.
If you want the best Wells Fargo credit card approval odds, make sure to pay your bills on time and try to keep your credit utilization around 30%. And keep in mind that an application will trigger a hard inquiry which may temporarily cause a dip in your credit score. So, make sure you know where you stand before applying. You can check your credit score for free, right here on WalletHub.
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