What a balance transfer is and how Wells Fargo handles it

A balance transfer moves debt from one credit card to another — usually to a card with a lower interest rate. With Wells Fargo, you request the transfer through your account, and Wells Fargo pays off the balance on your old card by sending money directly to that card issuer. You then owe Wells Fargo instead of your original lender.

Wells Fargo offers balance transfer options on several of its credit cards. The process itself takes place in your online account or by phone, and the actual transfer of funds typically completes within 7 to 21 business days. During that time, both cards remain open and active — your old card doesn't close automatically.

The main reason people do balance transfers is to take advantage of a lower interest rate, often a promotional rate that lasts for a set period (commonly 6 to 18 months, depending on the card). This can save you money if you're carrying a balance and paying high interest elsewhere.

Key Takeaways

  • You request a balance transfer through your Wells Fargo credit card account online or by calling the number on the back of your card.
  • Wells Fargo will pay your old card issuer directly, and the transfer typically takes 7 to 21 business days to complete.
  • Most Wells Fargo balance transfer cards charge a one-time fee (usually 3% to 5% of the amount transferred) that gets added to your new balance.
  • The promotional interest rate applies only to the transferred balance, not to new purchases you make after the transfer.
  • You'll need your old card number or account information ready when you start the transfer request.

How to request a balance transfer online

Log into your Wells Fargo credit card account at wellsfargo.com or through the Wells Fargo mobile app. Look for a section labeled "Transfers" or "Balance Transfers" — this is usually found in the main menu or under account services. Click on it to start a new transfer request.

You'll be asked to enter the name of the card issuer you want to transfer from (for example, Chase, Capital One, or American Express), the account number of that card, and the amount you want to transfer. Wells Fargo will show you the transfer fee upfront — this is typically 3% to 5% of the amount you're moving. The fee gets added to your Wells Fargo balance when ready, so if you transfer $5,000 with a 3% fee, you'll owe $5,150.

Review the details carefully before confirming. Once you submit the request, you'll see a confirmation number. Write this down or take a screenshot — you may need it if you want to check on the transfer status later. The funds usually leave your Wells Fargo account within a few business days and reach your old card issuer within 7 to 21 days total.

Requesting a balance transfer by phone

Call the number on the back of your Wells Fargo credit card. A representative will ask you which card you're transferring from, the account number, and how much you want to move. They'll confirm the transfer fee and explain the promotional interest rate period that applies to your card.

The representative will also ask you to verify your identity — typically your Social Security number or other personal information. Once verified, they'll process the request and give you a confirmation number. Ask them to repeat the fee amount and the promotional period so you have it correct.

Phone transfers follow the same timeline as online transfers: 7 to 21 business days for the money to reach your old card issuer. If you prefer to have a record in writing, ask the representative to send you a confirmation email or mail a letter with the transfer details.

Understanding the promotional period and what happens after

Wells Fargo balance transfer cards come with a promotional interest rate period — a set number of months during which you pay 0% interest on the transferred balance. This period varies by card and by offer; some cards offer 0% for 6 months, others for 12 months or longer. Only the amount you transferred gets this rate. Any new purchases you make after the transfer will have a different interest rate (usually the card's standard purchase rate).

When the promotional period ends, the interest rate on your remaining transferred balance jumps to the card's regular APR (annual percentage rate). This is why it's important to know exactly when your promotional period expires — you can find this in your account or on your statement. If you still have a balance when the promotion ends, you'll start paying interest on it at the regular rate.

To avoid paying interest after the promotion ends, try to pay off the transferred balance before the promotional period expires. If you can't pay it all off, you can request another balance transfer to a different card, though you'll pay another transfer fee.

What to do while your transfer is processing

Keep making at least the minimum payment on your old card until the transfer completes. Even though Wells Fargo is paying it off, your old card issuer may not have received the funds yet, and you don't want to miss a payment important date. Once the transfer shows up on your old card's statement as paid in full, you can stop paying that card.

Don't close your old card when ready after the transfer completes. Closing it can hurt your credit score because it reduces your available credit. Instead, leave it open with a zero balance. You can use it occasionally for small purchases and pay it off right away, which helps keep the account active.

Start tracking your Wells Fargo promotional period end date. Mark it on your calendar or set a phone reminder for a month before it expires. This gives you time to make a plan — either pay off the balance or look into another balance transfer option if you need more time.

Fees and costs to watch for

The balance transfer fee is the main cost. Wells Fargo typically charges 3% to 5% of the amount transferred, and this fee is added to your balance right away. So if you transfer $3,000 with a 4% fee, you when ready owe $3,120. There's no way around this fee — it's part of the transfer process.

After the promotional period ends, you'll pay the regular APR on any remaining balance. This rate varies depending on your creditworthiness and the specific card, but it's typically in the range of 15% to 25%. If you have $2,000 left when the promotion ends and the APR is 18%, you'll pay roughly $30 per month in interest alone.

If you miss a payment on your Wells Fargo card, you may face a late fee (usually $25 to $40 for the first late payment) and a penalty APR, which is a higher interest rate applied as punishment. This can explore to both your transferred balance and any new purchases. Staying on top of your payment schedule protects you from these extra costs.

When a balance transfer makes sense and when it doesn't

A balance transfer works best if you're carrying a balance on a high-interest card and you have a realistic plan to pay it off during the promotional period. If you can pay off $5,000 in 12 months and the promotional period is 12 months, the math works: you save the interest you would have paid at your old card's rate, minus the 3% to 5% transfer fee.

A balance transfer doesn't make sense if you're just moving debt around without actually paying it down. If you transfer $5,000 to a 0% card and then run up $5,000 in new charges on your old card, you haven't solved the problem — you've just spread it across two cards. The transfer fee also eats into your savings, so if you only plan to carry the balance for a few months, the fee might cost more than the interest you'd save.

Balance transfers also don't help if you don't have the credit score for approval. Wells Fargo balance transfer cards typically require good to excellent credit (usually a score of 670 or higher). If your credit is lower, you may not be approved, or you may get a higher interest rate that makes the transfer less valuable.

Frequently Asked Questions

How long does a Wells Fargo balance transfer take?

The transfer usually takes 7 to 21 business days from the date you request it. During this time, the money is in transit from Wells Fargo to your old card issuer. You can check the status in your Wells Fargo account or call the number on your card if you want to confirm it's been processed.

Can I transfer a balance from another Wells Fargo card?

Yes, you can transfer a balance from one Wells Fargo card to another Wells Fargo card. The process is the same — you request it online or by phone, and the transfer fee still applies. This can be useful if you're moving to a Wells Fargo card with a better promotional offer.

What happens if I can't pay off the balance before the promotion ends?

You'll start paying the regular APR on whatever balance remains. You can request another balance transfer to a different card at that point, though you'll pay another transfer fee. Alternatively, you can keep paying down the balance at the higher rate, or look into other debt repayment strategies.

Does a balance transfer hurt my credit score?

A balance transfer can temporarily lower your score because it's a hard inquiry and a new account. However, it can also help your score over time by lowering your credit utilization (the amount of credit you're using compared to your total available credit). The long-term impact is usually positive if you pay on time.

Can I transfer a balance from a store card or gas card?

Yes, you can transfer from most credit cards, including store cards and gas cards. You'll need the account number and the card issuer's name. Some very small or regional card issuers may not be in Wells Fargo's system, so call ahead if you're unsure.