How To Do a Balance Transfer With Wells Fargo: 6 Steps

A balance transfer can help you pay down high-interest credit card debt. Some Wells Fargo cards offer a lower introductory annual percentage rate (APR) for a set period, giving you time to pay down a transferred balance.

To do a balance transfer with Wells Fargo, you need approval on a Wells Fargo card first. Then you can request the transfer online, by phone or with a Supercheck, and the debt has to move from a card at a different bank. 

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Here are the six steps, plus how long a transfer can take and what to do after it posts.

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Step 1: Check Your Credit

First, check your credit report and score. Balance transfer credit cards generally go to people with good-to-excellent credit, but approval isn't guaranteed. Work to improve your credit before applying if you come up short. 

Who Can Qualify for a Wells Fargo Balance Transfer?

A balance transfer must come from a card at a different bank, so you can't move debt from one Wells Fargo card to another. 

Opening a Wells Fargo card recently can affect whether you qualify for a new introductory offer, and the waiting period can vary by offer. Read the terms for the card you want before you apply. Check your credit first to decide whether to apply now or work on your score.

Step 2: Choose the Right Card

Determine what you need in a card and consider the typical tradeoff. Longer introductory periods usually offer fewer rewards, while shorter intro APR periods leave you with a more valuable card when the initial period ends. 

Step 3: Get Preapproved

Use the Wells Fargo Card Offers tool to see which cards you’re preapproved for in its lineup. It requires only a soft credit check so it won’t affect your credit score, but keep in mind that pre-approval doesn't reveal your likely credit limit. 

Step 4: Submit Your Application

A formal application requires a hard inquiry, which probably will ding your credit, but only modestly and temporarily. Make sure to read the terms and conditions and understand the fees before you apply. 

Step 5: Budget and Plan Your Transfer

Upon approval, you’ll see your credit limit and the amount you’re allowed to transfer. Factor in the balance transfer fee, which is a percentage of the balance with a small-dollar minimum. The percentage can be lower during an introductory window and higher after it, so check the fee on your offer.

Step 6: Initiate the Transfer

How To Request a Wells Fargo Balance Transfer Online or by Phone

After you're approved, you can ask Wells Fargo to move the balance for you. If you already have a Wells Fargo card, sign on to the credit card service center through your Wells Fargo online account and choose “Request Balance Transfer” under “Account Management.” 

You can also call Wells Fargo to start the balance transfer by phone. Either way, have the account number of the card you're moving the debt from and the amount you want to transfer. If you're applying for a new card, check whether you can ask for a transfer on the application. Keep paying your old card until the transfer posts.

Wells Fargo also issues Superchecks, which are paper balance transfer checks tied to your card. You can write one to a creditor to pay off a balance, up to your credit limit minus the transfer fee. You can also write one to yourself and deposit it, but read your card terms first. Depositing a check as cash may cost more than a standard balance transfer.

After You Complete the Balance Transfer

With the balance transfer in the books and your debts consolidated and sheltered from interest, take these steps to get the most out of the strategy and your new card. 

• Pay at least the minimum due each month: If you miss a payment or break the card terms, the bank may end your introductory rate and apply the standard APR to your balance.

• Set up monthly automatic payments for the minimum due: Then contribute more manually when you can, or divide your balance by the number of interest-free months and set up autopay to withdraw that amount. 

• Make sure you pay off the entire transferred amount: Plan for when the introductory period ends, at which point any remaining balance defaults to the standard APR. 

• Track the remaining months: That way, the end of the introductory period doesn’t sneak up on you. 

• When your balance reaches zero, add a small recurring charge: Set an automated payment in full each month to keep the account active and the line of credit available.  

Read more about the pros and cons of balance transfers to help decide if a balance transfer is right for you.

Key Terms

• Balance transfer: Moving an existing balance from one credit card to another, usually to take advantage of a lower or 0% introductory APR. Most issuers require the transfer to be between cards from different banks.

• Introductory (promotional) APR: A temporary, reduced rate — often 0% — that applies to a transferred balance for a set window

• Balance transfer fee: A charge for moving debt to a card, generally 3% to 5% of the amount transferred with a small minimum.

• Standard (revert) APR: The regular variable interest rate that applies to any balance remaining after the promotional period ends.

• Soft inquiry (soft pull): A credit check, such as a preapproval check, that doesn't affect your credit score.

• Hard inquiry (hard pull): A credit check triggered by a formal application that may slightly and temporarily lower your score.

• Cash advance: Borrowing cash against your card's credit line. Cash advances typically carry a higher APR, an upfront fee and no grace period, so interest starts accruing immediately — which is why a balance transfer check deposited as cash can be costly.

• Credit utilization: The share of your available credit you're using. Transferring a balance to a new card can lower utilization, which may help your score over time.

Sources

• FDIC: Credit Card Checks and Cash Advances

• Consumer Financial Protection Bureau: Ask CFPB: Credit Cards

Parts of this article were created with AI assistance. MoneyLion editors reviewed, fact-checked and edited the final version and are responsible for its accuracy.

Emily Gadd, CCC™, contributed to editing this article.

Photo credit: Ridofranz / Getty Images / iStockphoto