What a balance transfer actually does
A balance transfer moves debt from one credit card to another — usually from a card with a higher interest rate to a Wells Fargo card with a lower one. Wells Fargo pays off your old balance on your behalf, and you then owe that amount to Wells Fargo instead. The point is to reduce the interest you pay while you work down the debt.
The process takes about 5 to 7 business days from the time Wells Fargo approves your request. During that time, you still owe the original card issuer, so keep making payments on the old card until the transfer clears. Once it lands in your Wells Fargo account, the old card balance drops to zero.
Wells Fargo charges a balance transfer fee — typically 3% of the amount you move, with a minimum of $5. This fee is added to your new Wells Fargo balance, so it increases what you owe. Some Wells Fargo cards waive the fee for transfers completed within the first 60 or 120 days of opening the account, so check your card's terms before you start.
Key Takeaways
- Wells Fargo initiates the transfer directly to your old card issuer, so you do not contact them — you only work with Wells Fargo.
- The transfer takes 5 to 7 business days, and you must keep paying the old card until the balance reaches zero.
- A balance transfer fee of 3% is added to your Wells Fargo balance unless your card waives it during an introductory period.
- The benefit only works if your Wells Fargo card's interest rate is lower than your old card's rate, or if you have a 0% promotional period.
How to request a balance transfer through Wells Fargo online
Log into your Wells Fargo account at wellsfargo.com and navigate to your credit card. Look for a "Transfers" or "Balance Transfer" option in the main menu — the exact wording varies by card type. Click it and select "Transfer a balance from another card."
Wells Fargo will ask you for the card you want to transfer from: the card number, the issuer's name, and the balance amount you want to move. You can transfer less than the full balance if you want to keep some debt on the old card. Enter the amount and confirm. Wells Fargo will show you the fee amount before you submit, so you can see the total you will owe.
Once you submit, Wells Fargo processes the request when ready and sends it to your old card issuer. You will receive a confirmation number and an estimated completion date. Save this confirmation — you may need it if questions arise during the transfer.
Requesting a balance transfer by phone
Call the number on the back of your Wells Fargo credit card and tell the representative you want to do a balance transfer. Have your old card number and the balance amount ready. The representative will verify your identity, confirm the fee, and submit the request on the spot.
Phone transfers sometimes process slightly faster than online ones, though both typically take 5 to 7 business days. The representative will give you a confirmation number and a target completion date. Ask them to note in your account that you have a transfer pending, so if you call back with questions, the next representative will see it.
What happens during the transfer window
Once Wells Fargo sends the transfer request to your old card issuer, the clock starts. Your old card issuer receives the payment from Wells Fargo and credits it to your account. This usually happens within 5 to 7 business days, though some issuers take up to 10 days.
During this window, continue paying your old card as normal. If you miss a payment or pay late, it can damage your credit score and may cause the old issuer to reject the transfer. Once the transfer completes and your old card balance hits zero, you can stop paying it — but keep the account open. Closing it when ready after a transfer can hurt your credit score.
If the transfer does not appear after 10 business days, contact Wells Fargo with your confirmation number. Delays usually happen when the old issuer's system is slow or when there is a mismatch in account information. Wells Fargo can contact the old issuer on your behalf to track it down.
Understanding the interest rate and promotional period
The benefit of a balance transfer depends on your Wells Fargo card's interest terms. Many Wells Fargo cards offer a 0% promotional APR on balance transfers for a set period — commonly 6, 12, or 18 months, depending on the card. During that period, you pay no interest on the transferred balance, only the 3% transfer fee.
After the promotional period ends, the regular APR kicks in. If you still have a balance at that point, you will start paying interest at the card's standard rate. This is why balance transfers work best when you have a plan to pay down the debt during the interest-free window.
If your Wells Fargo card does not have a promotional rate, the transfer still makes sense only if the card's regular APR is lower than your old card's rate. Compare the two rates before you start — the savings need to outweigh the 3% fee.
Credit score impact and timing
A balance transfer affects your credit in two ways. First, Wells Fargo performs a hard inquiry when you explore for the card or request the transfer, which can lower your score by a few points. Second, the transfer itself changes your credit utilization — the percentage of available credit you are using.
If you transfer a large balance, your utilization on the new Wells Fargo card goes up, which can temporarily lower your score. However, your utilization on the old card drops to zero, which helps your score. The net effect is usually small and temporary, especially if you have other cards with low balances.
The best time to do a balance transfer is when you have time to pay down the balance before the promotional period ends. If you are planning to explore for a mortgage or car loan soon, wait until after the transfer clears and your score stabilizes — usually 30 to 60 days.
When a balance transfer does not work
A balance transfer only saves money if you actually pay down the balance during the promotional period. If you transfer $5,000 at 0% for 12 months but only pay $1,000, you will owe $4,000 at the regular APR when the period ends. The interest you pay on that remaining balance can exceed the 3% fee you paid upfront.
Balance transfers also do not work if you keep using the old card or the new one. New purchases on the Wells Fargo card usually carry the regular APR when ready — they do not get the promotional rate. If you keep charging while you are paying down the transfer, you end up with more debt, not less.
Some card issuers reject transfers from certain other issuers, or they reject transfers that are too large. If Wells Fargo's request is denied, the old issuer will tell you why. Common reasons are that the account is too new, the balance is too high, or the account is in dispute. You can reapply after 30 days or try a smaller amount.
Frequently Asked Questions
Can I transfer a balance from another Wells Fargo card?
No. Wells Fargo does not allow transfers between its own cards. If you have two Wells Fargo credit cards, you cannot move a balance from one to the other. You can only transfer from cards issued by other banks.
What if my old card issuer rejects the transfer?
Rejections are rare but happen. Common reasons are a closed account, a frozen account, or a balance that is too large. Contact your old card issuer to find out why, then call Wells Fargo to resubmit with corrected information or a smaller amount.
Do I have to pay the balance transfer fee upfront?
No. The fee is added to your Wells Fargo balance and you pay it over time along with the transferred amount. If you pay off the balance during the promotional period, you still owe the fee.
What happens if I do not pay off the balance before the promotional period ends?
The regular APR applies to any remaining balance. Interest accrues daily at that rate until you pay it off. This is why it matters to have a payoff plan before you transfer — the promotional period is your window to pay interest-free.
Can I do multiple balance transfers to the same Wells Fargo card?
Yes, you can do more than one transfer to the same card, and each one gets the promotional rate if the card still has an active promotional period. However, each transfer incurs its own 3% fee, so the total fees add up quickly.