Wells Fargo & Company is an American financial services company whose corporate headquarters is in San Francisco, California. Additionally, the company has operational headquarters in Manhattan. Its managerial offices are present throughout the United States and in other countries. Among the products you can get from the company are credit cards. I will discuss the Wells Fargo credit card balance transfer later on.
A credit card is a plastic or metallic object that allows you to borrow finances from your issuer. You can get the cards from various financial companies such as banks and credit unions. Wells Fargo is among the financial companies that issue credit cards as long as you qualify. Usually, debit cards are for people at least 18 years since they can make informed decisions about money usage.
At Wells Fargo, you can get a secured or unsecured credit card. The secured cards require you to bring a security deposit during the application. The deposit acts as security if you are unable to repay your debt. The card issuer takes the deposit to repay your debt. Usually, secured credit cards are for people who want to build credit scores. If you have never borrowed a loan or a line of credit, you can find a secured credit card very useful.
How to apply for a Wells Fargo credit card?
You can apply for a credit card from Wells Fargo online by visiting the credit cards section of Wells Fargo and choosing the most suitable credit card. There is a button labeled “Apply Now” for every credit card, whereby you should click on it to proceed. If you are an existing Well Fargo customer, you can sign up faster using the prefilled application.
You will therefore start by selecting whether you are a Wells Fargo Online® customer or not. If you are a Wells Fargo customer, you will need to log in to your online account with your username and password to apply for the card. If you are not yet a member, you will need to register for an account. You need to provide the following details.
i) About you
- First name
- Middle initial (optional)
- Last name
- Date of birth
- Suffix (Optional)
- Country of citizenship
- Mother’s maiden name
ii) Contact details
- Home/permanent address
- Address line 2 (optional)
- ZIP code
- Email address
- Mobile number
iii) Financial information
- Housing status
- Monthly mortgage or rent payment
- Employment status
After providing all the details above, you can tick the boxes below where applicable. After that, you can hit the Submit button and wait for further communication.
What are the credit scores for Wells Fargo credit cards?
When getting an unsecured credit card from Wells Fargo, you will need credit scores of at least 700. The financial institution is not that easy when it comes to offering the cards as they want to be sure that they only give the cards to people who can repay their debts.
However, we have financial companies that offer a guaranteed approval of unsecured credit cards for bad credit to borrow as you grow your scores. Unfortunately, such financial companies are rare to find. You can get various unsecured credit cards from the company, including the following.
- Wells Fargo Active Cash Card
- Wells Fargo Reflect Card
- Hotels.com® Rewards Visa® Credit Card
- Bilt World Elite Mastercard®
Does Wells Fargo issue secured credit cards?
You can have a secured credit card from Wells Fargo. We have two main secured credit cards you can get from Wells Fargo, which include the following.
a) Wells Fargo Secured Card
The Wells Fargo Secured Card allows you to deposit maximum security of $10,000 and a minimum of $300. The card is specifically for building credit. You can grow your scores within a short period as long as you use the card properly.
Wells Fargo reports the card usage to the major credit bureaus, including Experian, TransUnion, and Equifax. You can, therefore, be sure that after some time, you will be able to qualify for an unsecured credit card. You need to know that the card requires you to pay an annual fee of $25.
One disadvantage of the card is that it charges annual fees. Most secured credit cards do not charge annual fees. Interestingly, you can get an overdraft with a credit card. The company charges a $12.50 penalty for a $50 or less overdraft. The charges can go up to $20 if your overdraft amount exceeds $50. Another thing with the secured card is that you should never pay late, or else you will pay a fee of around $37. You will pay a 3% transaction fee when you make foreign transactions.
b) Wells Fargo Business Secured Credit Card
The secured cards are not over yet since we have the Wells Fargo Business Secured Credit Card is also another secured credit card from Wells Fargo. Suppose you just started operating a business and have no borrowing history. In that case, you can get the card and start building your scores. The card gives you a 1.5% cashback and charges a $0 annual rewards fee. It is an excellent choice to rebuild your scores if you build your scores from the start.
You can earn one point on every $1 spent and get 1,000 bonus points for every billing cycle when you use at least $1,000 on qualifying purchases. The card gives you a $500 to $25,000 credit line to manage your business activities. You also benefit from the Zero Liability protection. Once you lose your card, you will not be liable for illegal transactions. There are no annual charges for using the card whatsoever.
Moreover, the credit card has no foreign transaction fee, and a business can get up to 10 employee cards. The spending reports for the card are available online so that you can see how you have used your card within a given period. Generally, the secured card is good for;
- Jump starting your venture
- Establishing/rebuilding your business credit with Wells Fargo
- A venture with little to no credit history
- Ventures with past credit challenges
How does Wells Fargo credit card balance transfer work?
Among the various unsecured credit cards that Wells Fargo offers, we have two balance transfer credit cards that you can use to transfer your balance from an oppressive card somewhere to repay your debt quickly. Once you choose the best card for your transfers, the next thing is to notify Wells Fargo that you would like to transfer your balance from another card to the card you have selected.
Wells Fargo will need to pay off all your debts with the other financial company when transferring your balance, then transfer it to your new card. After that, you will repay the debts with no interest for a particular period. Once the 0% APR introductory period is over, you will start paying regular interest rates. That means you should strive to finish the repayment as soon as possible.
Once you finish repaying your loan, you can start borrowing with the card or go back to the previous card depending on your preferences. During the repayment period, you should make sure that you do not use either of the cards to borrow money until you clear your debts to have an easy time repaying your debt.
Which balance transfer credit cards are from Wells Fargo?
If you want a balance transfer credit card from Wells Fargo, then there are some cards that you can choose from. The following are some of the balance transfer cards from Wells Fargo.
1) Wells Fargo Active Cash Card
The card allows you to earn 2% cash rewards on purchases when you buy goods and services. Interestingly, the card has a welcome offer to earn a $200 cash rewards bonus when you use $1,000 in purchases within the first three months. You get 0% intro APR for 15 months from your account opening on purchases and qualifying balance transfers. The card will charge you 15.74%, 20.74%, or 25.74% variable APR.
You should make balance transfers within 120 days to qualify for the introductory rate and fee. Above all, the card charges no annual fees whatsoever.
2) Wells Fargo Reflect Card
Another card you can use for your balance transfers is the Wells Fargo Reflect Card. You can enjoy the lowest intro APR by using the card for 21 months. The card also gives you a welcome offer when you join it. You will benefit from the 0% intro APR for 18 months from your account opening on purchases and the qualifying balance transfers when transferring your balance.
Intro APR can extend up to 3 months if you make on-time minimum payments during the introductory and the extension periods. You will part with 13.74% to 25.74% variable APR after that.
Only the balance transfers you make within 120 days qualify for the introductory rate and fee. The card charges a $0 annual fee.
Wells Fargo & Company is an American financial services company whose corporate headquarters is in San Francisco, California. However, its executive offices are in various countries of the world. You can get various products from the company including credit cards.
The company offers both secured and unsecured credit cards. Some of these cards allow you to transfer your balances from other credit cards for easy repayments.