To do a Wells Fargo cash advance, you will need to request a PIN from customer service and be comfortable paying pricey finance charges. The standard Wells Fargo cash advance fee is $10 or 5% of the cash-advance amount, whichever is greater. And Wells Fargo’s cash advance APR is currently between 24.99% and 26.99%. The exact rate depends on your overall creditworthiness at the time you’re approved for an account. But those terms are the same for all Wells Fargo credit cards.
Given the high costs, cash advances should be avoided whenever possible. But it’s still worth knowing how to perform such a transaction and how much it will cost should you need to do one in an emergency.
Here’s what you need to know about Wells Fargo cash advances:
Limit & Requirements: To get a Wells Fargo cash advance, you’ll need to call customer service at 1-800-642-4720 and ask them to give you a PIN. After that, you’ll be able to take out up to $500 in cash per day from your line of credit, up todepending on your available credit limit.
Wells Fargo Cash Advance Fee: $10 or 5% of the total amount, whichever is higher. So if you take out $250, for example, your fee will be $12.50. But if you withdraw less than $200, you’ll pay $10.
Wells Fargo Cash Advance Rate: 24.99% to 26.99%. Where you fall in that spectrum will depend on your credit standing. And it’s important to remember that unlike purchases, cash advances do not come with any grace period. Interest starts accruing as soon as you make a withdrawal, so repaying your advance as soon as possible will save you money.
Overdraft Protection: If you have a Wells Fargo checking account, you can link it to your credit card as overdraft protection. If your bank account dips below zero, you’ll get a cash advance from your credit card to cover transactions. However, this isn’t a great option. For one thing, you’ll pay a $12.50 fee for advances under $50, and $20 for anything above. Plus, the same high cash advance APR applies right away.
At the end of the day, a Wells Fargo cash advance costs too much in fees and interest to be a good option for convenient cash. But if you do one, make sure to repay your balance as soon as possible.