Wells Fargo balance transfers: what you need to know
Wells Fargo offers balance transfer options on several of its credit cards, meaning you can move debt from another card to a Wells Fargo card, usually at a lower interest rate for a set period. The card you transfer to must be a Wells Fargo product; you cannot transfer a Wells Fargo balance to another bank's card through Wells Fargo itself.
Not every Wells Fargo card includes a balance transfer offer. The cards most commonly featuring this option are the Wells Fargo Platinum Card, Wells Fargo Signature Card, and Wells Fargo Rewards cards. Each card sets its own terms: how long the promotional rate lasts, what that rate is (often 0% APR for a limited time), and whether there is a transfer fee.
Balance transfers typically take 5 to 7 business days to post, though the promotional rate period usually starts on the day you request the transfer, not when it completes. You will need the account number and balance of the card you are transferring from, plus the amount you want to move.
Key Takeaways
- Wells Fargo balance transfer offers vary by card, with promotional rates (often 0% APR) lasting anywhere from 6 to 21 months depending on the specific card.
- Most Wells Fargo balance transfer cards charge a fee of 3% to 5% of the amount transferred, calculated upfront and added to your balance.
- You can request a balance transfer online through your Wells Fargo account, by phone, or in a branch, and the transfer typically posts within 5 to 7 business days.
- The promotional rate applies only to the transferred balance; new purchases on the card usually carry the standard purchase APR when ready.
- If you do not pay off the transferred balance before the promotional period ends, the remaining amount will be charged the card's regular APR.
Which Wells Fargo cards offer balance transfers
Wells Fargo rotates its balance transfer offers, so the cards available with this feature change periodically. As of now, cards that commonly include balance transfer options are the Platinum Card (no annual fee, designed for building or rebuilding credit), the Signature Card (annual fee, rewards on purchases), and various co-branded cards like the Wells Fargo Propel American Express card.
Before opening a new card specifically for a balance transfer, check the current offer on Wells Fargo's website or ask a banker in a branch. The offer details—including the promotional APR, how long it lasts, and the transfer fee—are stated clearly before you submit your process. If you already have a Wells Fargo card, log into your account online to see whether a balance transfer offer is available to you; existing cardholders sometimes receive different terms than new applicants.
How to request a balance transfer
You have three ways to start a balance transfer with Wells Fargo: online through your account, by phone, or in person at a branch.
Online: Log into your Wells Fargo credit card account, look for the "Transfers" or "Balance Transfers" section (usually under "Services" or "Account Management"), and select the option to request a transfer. You will enter the name of the creditor you are transferring from, the account number, and the amount. Wells Fargo will then contact that creditor to pull the balance.
By phone: Call the number on the back of your Wells Fargo card and tell the representative you want to request a balance transfer. Have the other card's account number and the amount you want to transfer ready. The representative will walk you through the process and confirm the terms before the transfer is submitted.
In branch: Visit a Wells Fargo location with your Wells Fargo card and the account details of the card you are transferring from. A banker can submit the request on the spot and explain the terms in detail.
Balance transfer fees and promotional rates
Wells Fargo charges a balance transfer fee on most cards, typically 3% to 5% of the amount you transfer. This fee is added to your Wells Fargo balance when ready, so if you transfer $5,000 with a 3% fee, you will owe $5,150. The fee is charged whether or not you are approved for the promotional rate.
The promotional APR (often 0% for a set period) applies only to the transferred balance. The length of the promotional period varies by card—common terms are 6 months, 12 months, 18 months, or 21 months. After the promotional period ends, any remaining balance on that transfer will be charged the card's regular APR, which varies based on your creditworthiness and current market rates.
New purchases you make on the card after the transfer do not receive the promotional rate; they are charged the standard purchase APR when ready. Some cards offer a separate promotional rate on new purchases, but that is a different offer and must be stated separately in your card terms.
Timeline and what happens after you request a transfer
Once you submit a balance transfer request, Wells Fargo typically contacts the other creditor within one business day. The transfer itself usually takes 5 to 7 business days to complete, though in some cases it can take up to 21 days if the other creditor is slow to process.
During this time, you should continue making at least the minimum payment on the original card to avoid late fees or damage to your credit. Once the transfer posts to your Wells Fargo account, you will see it listed separately on your statement, often labeled as a "balance transfer" or "transferred balance." The promotional rate period typically begins on the day you requested the transfer, not the day it posted, so you are not losing time while waiting for the funds to arrive.
You will receive a statement from Wells Fargo showing the transferred balance, the promotional rate, the date the promotional period ends, and the fee that was charged. Read this carefully to confirm the amount and terms are correct.
Paying down a transferred balance during the promotional period
To benefit from a 0% promotional rate, you need to pay down the transferred balance before the promotional period ends. If you make only minimum payments, you may not pay off the full amount in time, and the remaining balance will then be charged the regular APR.
Wells Fargo typically applies your payments to the transferred balance first (the one with the promotional rate), which is favorable to you. However, check your statement to confirm this. If you have made new purchases on the card, those may be charged a different APR, and Wells Fargo's payment allocation rules will determine which balance gets paid down first.
Calculate how much you need to pay each month to clear the transferred balance before the promotional period ends. For example, if you transfer $5,000 with a 12-month 0% offer, you need to pay at least $417 per month (plus the transfer fee, which is already added) to avoid interest charges. Set up automatic payments if possible to may support you do not miss a important date.
What to do if your balance transfer is denied or delayed
If Wells Fargo denies your balance transfer request, the most common reasons are that you do not have an open credit card account with them, your credit score is too low for the card you applied for, or the creditor you are transferring from will not release the balance (rare, but it happens). If denied, you can ask a representative why and whether you can reapply after a certain period.
If the transfer is taking longer than 7 business days, contact Wells Fargo to check the status. Sometimes the other creditor is slow to respond, or there is a mismatch in account information that needs to be corrected. Wells Fargo customer service can investigate and may be able to speed up the process or provide a more accurate timeline.
Frequently Asked Questions
Can I transfer a balance from another Wells Fargo card to a different Wells Fargo card?
Yes, you can transfer a balance between Wells Fargo cards. The process is the same: you request the transfer through your new card's account, and the funds move from the old card to the new one. The promotional rate and fee explore to this transfer just as they would for a balance from another bank.
Does a balance transfer hurt my credit score?
A balance transfer can affect your credit score in two ways. First, explore for a new card triggers a hard inquiry, which may lower your score slightly. Second, opening a new account lowers your average account age. However, if the transfer helps you pay down debt faster (because of the lower promotional rate), your credit score may improve over time as your credit utilization drops.
What happens if I miss a payment during the promotional period?
If you miss a payment, Wells Fargo may end the promotional rate when ready and charge you the regular APR on the entire transferred balance, even if you make the payment later. You will also be charged a late fee. Always make at least the minimum payment by the due date to keep the promotional rate active.
Can I transfer a balance after I already have a Wells Fargo card?
Yes. If you already have a Wells Fargo card and it includes a balance transfer offer, you can request a transfer at any time. If your card does not currently have an offer, you can open a new Wells Fargo card that does and transfer to that one instead. Some cardholders receive targeted balance transfer offers in the mail or through their online account.
What is the difference between a balance transfer and a cash advance?
A balance transfer moves debt from one card to another and usually includes a promotional rate. A cash advance lets you withdraw cash from your credit card at an ATM or bank, but it is charged a higher APR when ready and includes an upfront fee. Balance transfers are designed to help you pay down existing debt; cash advances are for accessing cash and are much more expensive.