Yes, the Wells Fargo Reflect Card has an introductory purchase APR of 0% for up to 21 months from account opening. Once this intro period expires, any remaining balance on the Wells Fargo Reflect Card will be subject to the regular APR of 12.99% - 24.99% Variable.
Since the average 0% intro APR for new purchases lasts 11 months, the Wells Fargo Reflect Card offer is above average. The Wells Fargo Reflect Card also has a 0% intro APR for balance transfers, lasting up to 21 months from account opening on qualifying balance transfers. It is accompanied by a balance transfer fee of 3% intro for 120 days, then up to 5% (min $5).
It’s important to remember that even though you don’t pay interest during 0% APR periods, you still must make timely minimum payments each month. You should also consider paying more than the minimum, since you’ll want to pay off the credit card balance before the regular APR kicks in. For help planning your payments, try out WalletHub’s Credit Card Calculator.
It’s important to remember that these are the lowest credit limits you’ll start out with if you’re approved for an account. You could receive a higher limit. And the actual limit you’ll receive is based on your credit history, income, employment status, level of debt and more. Unfortunately, you won’t know how much your credit limit will be until you’re approved. Wells Fargo does not publicly disclose its maximum credit limits.
If you accept the initial Wells Fargo credit limit offer, you can request an increase in your credit limit after at least six months of timely payments. Also, after six months, Wells Fargo may review your account for an automatic increase. Eligibility is based on things such as payment history and your total amount of debt. But there’s no guarantee when, or if, an automatic increase will occur. An automatic increase uses a soft inquiry, which means your credit score is not affected.
Keep in mind that the higher an applicant’s credit score, the higher their approval odds are likely to be. But approval depends on many other factors as well. For example, applicants will need to have enough income to make payments on the card, and higher income generally leads to better approval chances. Other factors that will play a role in approval include existing debts, monthly housing payments and more.
Unlike many other major credit card issuers, you unfortunately can’t check your Wells Fargo credit card approval odds before you apply since the bank doesn’t have an online pre-approval tool. However, Wells Fargo does send out pre-approved offers by mail. If you receive one, it means that your approval odds for that particular card are high, though approval is still not guaranteed.
The best credit card with a $20,000 limit is the Chase Sapphire Reserve®, which has a $10,000 minimum credit limit. If Chase thinks you can handle twice that much spending power, you could be approved for $20k. There are several other good candidates, too.
You could get approved for a credit card with a $20,000 limit if you have excellent credit, a lot of income, and very little debt. But there are no credit cards with $20,000 limits guaranteed as a minimum.… read full answer
Chase Sapphire Reserve®: $10,000 minimum limit. 50,000 points bonus when you spend $4,000 in the first 3 months. Earn 1 - 10 points per $1 on purchases. Points worth 50% more when redeemed for travel through Chase Ultimate Rewards. $300 annual travel credit. $550 annual fee. Requires excellent credit.
Chase Sapphire Preferred® Card: $5,000 minimum limit. 60,000 points bonus when you spend $4,000 in the first 3 months. 1 - 5 points per $1 on purchases. Points worth 25% more when redeemed for travel through Chase Ultimate Rewards. $95 annual fee. Requires good credit.
Ink Business Preferred® Credit Card: $5,000 minimum limit. 100,000 points bonus when you spend $15,000 in the first 3 months. 3 points per $1 on the first $150,000 spent annually on travel and select business categories. 1 per $1 on all other purchases. $95 annual fee. Requires good credit.
If you’re not able to get a credit card with a $20,000 limit right away, you can always call your issuer to request a credit limit increase after 6 months. And you can always get more total credit by applying for another credit card, though you should probably wait a year in between.
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