It sounds like you're looking to take control of your credit card debt, and using a balance transfer to a card like the Wells Fargo Reflect® Card can be a smart move! This card is particularly attractive due to its long 0% intro APR period on qualifying balance transfers, which can give you significant breathing room to pay down your debt without accruing more interest.
But how exactly do you do it? Don't worry, we'll walk through it step-by-step.
Why Consider a Balance Transfer to the Wells Fargo Reflect® Card?
Before we dive into the "how-to," let's quickly touch on the "why." The Wells Fargo Reflect® Card stands out with its 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. This means for nearly two years, every dollar you pay towards your transferred balance goes directly to the principal, rather than being eaten up by interest. This can lead to substantial savings and a faster path to becoming debt-free.
However, there's a balance transfer fee, typically 5% of the transferred amount ($5 minimum). You need to factor this into your calculations to ensure the savings from the 0% APR outweigh this fee.
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| How To Transfer Balance To Wells Fargo Reflect Card |
Your Step-by-Step Guide to Transferring a Balance to Your Wells Fargo Reflect® Card
Let's get you set up for success!
Tip: Revisit this page tomorrow to reinforce memory.
Step 1: Are You Ready for a Balance Transfer? (Engage!)
Before you even think about hitting "apply" or calling Wells Fargo, let's ask ourselves a few crucial questions:
- Do you have a plan to pay off the transferred balance within the introductory APR period? This is critical. If you don't, you'll be stuck paying interest on the remaining balance at the regular APR after the promotional period ends.
- Is your credit score in good shape? Balance transfer offers with long 0% intro APR periods are generally reserved for those with good to excellent credit (typically a FICO score of 690 or higher).
- Are you disciplined enough to avoid racking up new debt on the old card? The goal is to eliminate debt, not just move it around!
- Do you have all the necessary information for your existing credit cards? You'll need account numbers and the exact amounts you wish to transfer.
If you answered "yes" to these, you're on the right track! Let's proceed.
Step 2: Applying for the Wells Fargo Reflect® Card (If You Don't Already Have It)
If you're an existing Wells Fargo Reflect® Card holder, you can skip to Step 3. Otherwise, this is where you start.
Sub-heading: Online Application Process
- Visit the Official Wells Fargo Website: Go to the Wells Fargo credit cards section and find the Wells Fargo Reflect® Card.
- Review the Terms and Conditions: Thoroughly read the "Important Credit Terms" and "Consumer Credit Card Customer Agreement and Disclosure Statement." Pay close attention to:
- The introductory APR period for balance transfers (21 months from account opening).
- The balance transfer fee (typically 5% with a $5 minimum).
- The regular APR that applies after the intro period.
- Any other fees or important clauses.
- Start the Application: Click "Apply Now" or a similar button.
- Provide Your Information: You'll be asked for personal details such as your name, Social Security Number, date of birth, address, housing status, employment status, and total annual income. Accuracy is key here.
- Initiate the Balance Transfer During Application (Optional but Recommended): Some Wells Fargo applications will give you the option to initiate a balance transfer right within the application itself. If this option is presented, it's often the most straightforward way to do it. You'll need to provide:
- The name of the creditor (e.g., "Chase," "Bank of America").
- The account number of the credit card you want to transfer from.
- The amount you wish to transfer.
- Important Note: You cannot transfer a balance from one Wells Fargo credit card to another Wells Fargo credit card. Balance transfers are generally for moving debt from other card issuers.
- Submit Your Application: After carefully reviewing all the information, submit your application.
Sub-heading: What Happens Next?
- Approval: If approved, you'll receive confirmation. Your new card will typically arrive in the mail within 7-10 business days.
- Waiting Period: While you might have initiated the transfer during the application, the actual transfer cannot be completed until your account is open and confirmed. It can take up to 14 days for the balance transfer request to be processed and posted to your account after approval and card confirmation.
- Confirmation: Make sure to confirm your card once you receive it. This is often a necessary step before certain services, including balance transfers, can be fully enabled.
Step 3: Initiating the Balance Transfer (If Not Done During Application)
If you didn't initiate the balance transfer during your application, or if you are an existing Wells Fargo Reflect® Card holder, you have a few ways to do it.
QuickTip: Stop and think when you learn something new.
Option A: Online Through Wells Fargo Online® (Most Common)
- Sign On to Wells Fargo Online®: Go to wellsfargo.com and log in to your account.
- Navigate to "Account Management": Look for a section related to your credit card account or "Account Management."
- Select "Request Balance Transfer": Within "Account Management," you should find an option to "Request Balance Transfer" or something similar.
- Enter Transfer Details: You'll be prompted to provide the following information for each balance you want to transfer:
- Creditor Name (e.g., "Discover," "Capital One").
- Creditor Account Number.
- The exact amount you wish to transfer.
- Remember the 120-Day Rule: To qualify for the 0% intro APR, your balance transfer requests must be made within 120 days of your account opening. After this period, the balance transfer fee might increase, and the introductory APR offer may no longer apply.
- Review and Confirm: Carefully review all the details of your transfer requests, including the total amount and the associated fees. Confirm the transfer.
Option B: Over the Phone
- Call Wells Fargo Customer Service: You can call the number on the back of your Wells Fargo Reflect® Card or the general credit card service center at 1-800-642-4720.
- State Your Intent: Inform the representative that you wish to initiate a balance transfer.
- Provide Information: They will guide you through the process and ask for the same information as the online method (creditor name, account number, transfer amount).
- Confirm Details: Listen carefully as the representative confirms the details of your transfer.
Option C: In Person at a Wells Fargo Branch
- Visit a Wells Fargo Branch: If you prefer in-person assistance, you can visit any Wells Fargo branch.
- Speak with a Representative: A banker can help you fill out the necessary forms and initiate the balance transfer. Bring your existing credit card information with you.
Option D: Using Balance Transfer SUPERCHECKS™ (If Applicable)
- Check for SUPERCHECKS™: Some Wells Fargo credit cards (though less common with the Reflect® Card) might occasionally include balance transfer "SUPERCHECKS™" with your card or in promotional mailings. These are checks you can write to your other creditors to facilitate a balance transfer.
- Read the Terms Carefully: Always verify that using a SUPERCHECK™ qualifies for the 0% intro APR and note any associated fees.
- Important: If your card is lost or stolen, destroy any unused SUPERCHECKS™ as they will become invalid. You also generally cannot order new SUPERCHECKS™.
Step 4: Waiting for the Transfer to Complete & Continued Payments
This is where patience and vigilance are key!
- Processing Time: A Wells Fargo balance transfer can take up to 14 days to complete.
- Continue Making Payments!: This is extremely important. Do NOT stop making payments on your old credit card accounts until you have received confirmation from both Wells Fargo and the old creditor that the balance transfer has been successfully processed and posted. Missing payments on your old cards during this period can lead to late fees and negatively impact your credit score.
- Monitor Your Accounts:
- Wells Fargo Reflect® Card: Keep an eye on your Wells Fargo online account to see when the transferred balance appears.
- Old Credit Cards: Check your old credit card accounts to confirm that the payment from Wells Fargo has been posted and your balance has decreased accordingly. You may still owe a small amount on the old card if the transfer didn't cover the full balance or if interest accrued before the transfer completed.
Step 5: Developing Your Repayment Strategy
Once the balance transfer is complete, your real work begins!
Sub-heading: Calculate Your Monthly Payment
- Total Transferred Amount (including fee): Add the balance transfer fee to the amount you transferred.
- Divide by Intro Period: Divide this total by the number of months in your 0% intro APR period (e.g., 21 months).
- Example: If you transferred $5,000 and had a $250 balance transfer fee (5%), your total is $5,250. Divided by 21 months, you'd need to pay approximately $250 per month ($5,250 / 21 = $250).
- Aim to Pay More Than the Minimum: While the minimum payment might be lower, your goal should be to pay off the entire transferred balance before the 0% intro APR period expires. Paying only the minimum could leave you with a balance accruing interest at the regular APR.
Sub-heading: Automate Your Payments
- Set Up Autopay: This is a highly recommended step. Set up automatic payments on your Wells Fargo Reflect® Card for the calculated monthly amount you need to pay to clear the debt by the end of the promotional period. This ensures you never miss a payment and potentially lose your introductory rate.
- Avoid New Purchases (If Possible): While the Reflect® Card also has a 0% intro APR on purchases for the same period, it's generally best practice to avoid making new purchases on a balance transfer card. Payments are typically applied to the balance with the lowest APR first. This means your payments would go towards the 0% APR balance transfer, and new purchases could start accruing interest sooner if you don't pay off your entire outstanding balance each month.
10 Related FAQ Questions (How to...) with Quick Answers
Here are some common questions you might have about balance transfers and your Wells Fargo Reflect® Card:
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How to check if I'm eligible for a balance transfer offer on my Wells Fargo Reflect® Card?
You can sign on to Wells Fargo Online®, go to "Account Management," and select "Request Balance Transfer" to see available offers. You can also call 1-800-642-4720.
Tip: Train your eye to catch repeated ideas.
How to calculate the balance transfer fee for the Wells Fargo Reflect® Card?
The balance transfer fee is typically 5% of each balance transfer amount, with a minimum of $5.
How to find out my Wells Fargo Reflect® Card's introductory APR period for balance transfers?
The Wells Fargo Reflect® Card offers a 0% intro APR for 21 months from account opening on qualifying balance transfers. This applies to transfers made within 120 days of account opening.
How to ensure my balance transfer gets the 0% intro APR?
You must request the balance transfer within 120 days of opening your Wells Fargo Reflect® Card account.
How to know if my balance transfer has been completed?
Monitor your Wells Fargo online account for the transferred balance to appear, and check your old credit card account(s) to see the balance decrease or become zero.
Tip: Break it down — section by section.
How to pay off my balance transfer effectively within the introductory period?
Divide the total transferred amount (including the fee) by the number of months in your 0% intro APR period to determine your required monthly payment, and then set up automatic payments for that amount.
How to avoid losing my 0% intro APR on my Wells Fargo Reflect® Card?
Make sure to make all your payments on time. Missing a payment can cause you to lose your introductory rate and trigger a higher penalty APR.
How to transfer a balance from one Wells Fargo card to another Wells Fargo card?
You generally cannot transfer a balance between two credit cards issued by Wells Fargo or its affiliates. Balance transfers are typically for moving debt from other credit card issuers.
How to know my available credit limit for a balance transfer on the Wells Fargo Reflect® Card?
Your balance transfer amount, including fees, cannot exceed your available credit limit. Wells Fargo may approve a smaller amount than requested if it exceeds your limit.
How to get help if my balance transfer isn't going through or has an issue?
Contact Wells Fargo customer service immediately by calling the number on the back of your card or 1-800-642-4720.
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