In a Nutshell
There are two Wells Fargo balance transfer cards. Deciding which might work for you could depend on whether you’re looking to pay off an existing credit card balance or planning for a big purchase.Compare Wells Fargo balance transfer cards
| Wells Fargo Reflect® Card | Wells Fargo Active Cash® Card | |
|---|---|---|
| Intro APR | 0% APR on qualifying balance transfers and purchases | 0% APR on qualifying balance transfers and purchases |
| Intro APR time period | 21 months for balance transfers and purchases | 12 months for balance transfers and purchases |
| Regular variable APR for purchases and balance transfers | 17.49%, 23.99%, 29.24% | 19.49%, 24.49%, 29.49% |
| Balance transfer fee | 5% (minimum $5) | Fee of 3% for 120 days from account opening, then up to 5% (minimum $5) |
| Rewards | No | Yes |
| Annual fee | $0 | $0 |
Wells Fargo offers two credit cards with introductory balance transfer offers. But be careful which one you choose. One is aimed at helping you get out of debt — the other offers rewards that give you ongoing value once you’re done paying off your debt.
- Wells Fargo Reflect® Card
- Wells Fargo Active Cash® Card
What you need to know about each Wells Fargo balance transfer card
Wells Fargo Reflect® Card
The Wells Fargo Reflect® Card gives you more time to pay off your balance transfer along with any new purchases you make.
Here’s how it works.
- Intro APR — You’ll receive an APR of 0% for 21 months from account opening on qualifying balance transfers that are completed during the first 120 days, in addition to any new purchases you make. But if you’re late with a payment, your introductory APR may no longer be valid.
- Regular APR — After the intro period, the variable APR for both purchases and balance transfers climbs to 17.49%, 23.99%, 29.24%.
- Balance transfer fee — Keep in mind that even if you pay it off in time, balance transfers aren’t entirely free. On each balance transfer you’ll pay a fee of 5% (minimum $5).
What sets the Wells Fargo Reflect® Card apart from the Wells Fargo Active Cash® Card is the fact that it’s all about the low intro APR — while you won’t earn any cash rewards, you’ll have a nice, long 0% intro period to pay off your debt.
Wells Fargo Active Cash® Card
The Wells Fargo Active Cash® Card combines a low intro APR with cash rewards.
Here’s how it works.
- Intro APR — You’ll receive an APR of 0% for 12 months from account opening on qualifying balance transfers that are completed during the first 120 days, along with any new purchases you make.
- Regular APR — After that, the variable APR for both climbs to 19.49%, 24.49%, 29.49%.
- Balance transfer fee — You’ll pay a 3% balance transfer fee (minimum $5) during the first 120 days you have the card. After that, the fee goes 3% for 120 days from account opening, then up to 5% (minimum $5).
What sets the Wells Fargo Active Cash® Card apart from the Wells Fargo Reflect® Card is the fact that it’s not just a balance transfer card — it also offers cash rewards. You’ll earn a $200 cash rewards bonus after spending $500 on purchases during the first 3 months after account opening. Plus, you’ll get 2% cash back on every purchase.
But the trade-off for earning rewards is that you’ll have a shorter intro APR period, which gives you less time to pay back your balance transfer and any new purchases you make before the interest charges kick in.
How to pick the right Wells Fargo balance transfer card for you
There’s a big distinction between Wells Fargo’s two balance transfer credit cards.
If you’re paying off a substantial amount of credit card debt, the Wells Fargo Reflect® Card gives you more time to do so before interest charges kick in. And because you won’t earn rewards, it can help you focus on getting out of debt instead of making new purchases.
But the Wells Fargo Active Cash® Card might be a better choice for someone who is planning to make a big purchase and wants to earn rewards while paying it off. If you can pay off the new purchase within 12 months, and if you don’t have an existing balance to transfer over from another card, you might as well get a little extra.
Not sure either of these Wells Fargo balance transfer cards are for you? Consider some alternatives.
Each of the following has a low intro APR:
- Chase Slate Edge℠: Good for people who need a lot of time to pay for big purchases.
- Citi Simplicity® Card: Good for people who need a lot of time to pay off their balance transfer.