What a balance transfer is and how Wells Fargo handles it
A balance transfer moves debt from one credit card (or sometimes another type of account) to a different Wells Fargo credit card, usually one with a lower interest rate. Wells Fargo accepts transfers from cards issued by other banks and from other Wells Fargo cards. The bank pays off your old balance and you owe the new card instead.
The transfer itself takes 7 to 21 days, depending on the card you're transferring from. During that time, you still owe the original card—do not stop paying it until the transfer posts. Wells Fargo charges a balance transfer fee, typically 3% to 5% of the amount transferred, added to your new balance on day one. Some Wells Fargo cards waive this fee for transfers completed within the first 60 or 120 days of opening the account.
The real benefit is the introductory APR—a lower or zero interest rate that lasts for a set period, usually 6 to 21 months depending on the card. After that period ends, the regular APR kicks in. If you don't pay off the balance before the intro period ends, interest accrues on whatever remains.
Key Takeaways
- Balance transfers take 7 to 21 days to post, so keep paying your old card until the transfer completes.
- Wells Fargo charges a transfer fee of 3% to 5% of the amount moved, though some cards waive it for transfers in the first 60 to 120 days.
- The benefit is an introductory APR (often 0%) that lasts 6 to 21 months; after that, regular interest rates apply to any remaining balance.
- You initiate a transfer by logging into your Wells Fargo account online, calling the card's customer service number, or visiting a branch with your old card details.
- A balance transfer only makes sense if the intro APR period is long enough for you to pay down the debt before regular rates begin.
How to start a balance transfer with Wells Fargo
Log into your Wells Fargo credit card account online or through the mobile app. Look for a menu option labeled "Transfers" or "Balance Transfers"—the exact wording varies by card type. Select the option to transfer a balance from another card.
Enter the card number you want to transfer from, the amount you wish to move, and confirm the routing details. Wells Fargo will show you the transfer fee and the total amount that will appear on your new card. Review this carefully: the fee is charged immediately and added to your balance.
If you prefer not to use online banking, call the customer service number on the back of your Wells Fargo card. A representative can process the transfer over the phone and answer questions about timing and fees. You can also visit a Wells Fargo branch in person, though branch staff typically handle account questions rather than initiating transfers directly.
What happens after you request the transfer
Once you submit the transfer request, Wells Fargo sends a payment to your old card issuer. This payment is not instant. Most transfers post within 7 to 21 days, though some may take longer if the old card issuer processes payments slowly. During this waiting period, interest continues to accrue on your old card at its regular rate.
Keep making at least the minimum payment on your old card until the transfer completes. If you stop paying and the transfer is delayed, you risk a late payment on your credit report. After the transfer posts, your old card balance should drop to zero (or close to it, depending on new charges). You can then focus on paying down the Wells Fargo card during the introductory APR period.
Check your Wells Fargo statement a few days after the expected posting date to confirm the transfer arrived. If it hasn't posted after 21 days, contact Wells Fargo customer service with the transfer confirmation number from your original request.
Understanding the fee and the introductory rate
The balance transfer fee is a one-time cost charged on the day the transfer posts. A 3% fee on a $5,000 transfer equals $150, added to your new balance immediately. A 5% fee on the same amount is $250. This fee is not waived even if you pay off the balance during the intro period—you pay it regardless.
Some Wells Fargo cards, particularly those marketed to new cardholders, waive the balance transfer fee if you complete the transfer within 60 or 120 days of opening the account. Check your card's terms or call customer service to confirm whether your card qualifies. If it does, moving quickly can save you hundreds of dollars.
The introductory APR is the main reason to do a balance transfer. If your old card charges 18% APR and your new Wells Fargo card offers 0% for 12 months, you save money on interest during those 12 months—but only if you pay down the balance. If you transfer $5,000 and pay nothing for 12 months, you owe $5,000 plus the transfer fee when the intro period ends. Then regular APR applies to the remaining balance.
When a balance transfer makes financial sense
A balance transfer is worth doing if you can pay off most or all of the debt before the introductory APR period ends. If your intro period is 12 months and you owe $3,000, paying $250 per month gets you to zero before interest kicks in. The transfer fee ($90 to $150) is worth it because you avoid 12 months of interest charges.
A balance transfer does not make sense if you cannot pay down the balance in time. If you transfer $5,000 with a 12-month 0% intro period but only pay $200 per month, you'll still owe $2,600 when the intro period ends. At that point, the regular APR (typically 15% to 25%) applies to the remaining $2,600, and you're back where you started—or worse, because you paid a transfer fee on top.
Also consider whether you'll be tempted to run up the old card again after the transfer. If you move a balance and then charge new purchases to the same card, you're adding debt rather than reducing it. Some people find it helpful to close the old card after the transfer posts (though this can affect your credit score), or to lock it away and use it only for emergencies.
How balance transfers affect your credit score
A balance transfer involves a hard inquiry and a new account, both of which can lower your credit score by a few points in the short term. The hard inquiry happens when Wells Fargo checks your credit to approve the transfer. The new account lowers your average account age if you're opening a new card.
However, a balance transfer can improve your credit score over time if it lowers your overall credit utilization. If you owe $8,000 across three cards with a combined $20,000 limit, your utilization is 40%. Moving $5,000 to a new card with a $10,000 limit drops your utilization to 20% across all cards (assuming you don't charge new purchases). Lower utilization is better for your score.
The score impact depends on your individual credit profile. If you have a long credit history and low utilization already, the dip from a new account may be minimal. If you're newer to credit or already carrying high balances, the impact may be more noticeable. The score typically recovers within a few months as you make on-time payments on the new card.
What to do if the transfer doesn't post on time
If your transfer hasn't posted after 21 days, contact Wells Fargo customer service. Have your transfer confirmation number ready. The representative can check the status with the old card issuer and tell you whether the payment is still in transit or if there's a problem.
Common delays include: the old card issuer processing payments slowly, a mismatch between the account number you provided and the account on file, or a hold placed by the old card issuer. Wells Fargo can usually resolve these issues by resubmitting the transfer or providing documentation to the old issuer.
If the transfer fails entirely, Wells Fargo will notify you and the funds will not be transferred. You'll need to decide whether to try again, contact the old card issuer directly to troubleshoot, or pursue a different strategy for paying down the debt.
Frequently Asked Questions
Can I transfer a balance from a Wells Fargo card to another Wells Fargo card?
Yes. You can transfer a balance from one Wells Fargo credit card to another Wells Fargo card, as long as they are different accounts. The process is the same: you initiate the transfer online or by phone, pay the transfer fee, and the balance moves within 7 to 21 days. This is useful if you're opening a new Wells Fargo card with a better introductory rate.
What if I can't pay off the balance before the intro period ends?
The regular APR applies to any remaining balance once the introductory period ends. If you owe $2,000 at 0% for 12 months and then the rate jumps to 18%, you'll start paying interest on that $2,000. You can continue making payments at the higher rate, or you could attempt another balance transfer to a different card—though this requires opening another new account and paying another transfer fee.
Does the balance transfer fee get refunded if I pay off the balance early?
No. The transfer fee is charged when the transfer posts and is not refunded, even if you pay off the entire balance the next day. The fee is a cost of the transfer itself, not a charge that accrues over time. This is why it's important to factor the fee into your decision about whether a balance transfer is worth doing.
Can I transfer a balance from a store card or a loan to Wells Fargo?
Most Wells Fargo balance transfer options accept transfers from other credit cards only. Some cards may accept transfers from other sources, but this is less common. Check your specific card's terms or call customer service to confirm what types of accounts are may be able to access for transfer.
What's the maximum amount I can transfer?
The maximum balance transfer amount depends on your credit limit on the new Wells Fargo card. You cannot transfer more than your available credit. Wells Fargo may also set a limit lower than your full credit line for balance transfers specifically. Check your account details or call customer service to learn your transfer limit.