Important Things To Know About Wells Fargo Credit Cards

Wells Fargo & Company is a nationwide, diversified financial services company. Founded in 1852, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial financial services through its store locations, ATMs, website, and mobile app.

Since we have provided you posts about other major credit card issuers, we though it was necessary to include Wells Fargo too. So, here are some important things to know about Wells Fargo Credit Cards.

Editor’s Note: If you are interested in what more Wells Fargo has to offer, see our compiled list of Wells Fargo Bank Deals or the Best Wells Fargo Credit Card Promotions.

Things to Know

1. It is suggested that you have an existing relationship with Wells Fargo. They want you to have an existing relationship with them before approving you for a credit card. To do so, you should set up a checking account with them first. As an additional perk, you can currently get a $100 bonus for simply setting up a checking account.
2. Wells Fargo won’t normally approve you if you’re not a permanent resident. We don’t know the full reasons behind why this is, but it’s just been common for Wells Fargo to do so.
3. You can churn Wells Fargo cards. They don’t have too many credit cards worth signing up for, so being able to get the bonus more than once can work in your favor.
4. You can have as many credit cards as you want and/or approved for. There is no limit to the amount of  Wells Fargo credit cards you can have.
5. Unfortunately, you can not check for pre-approval or pre-qualified offers online. Unlike other credit card issuers, this is one of the few card issuers that doesn’t allow you to do this.
6. But you can check your application status with Chase online. When signing up for a new card, you will have the option to see your status and know exactly where you stand with the application.
7. If you apply for multiple cards, the hard inquiries will be combined. If you apply for more than one card and your applications are approved on the same day, all of the hard inquiries will be combined. This will then be considered as a single inquiry. It’s usually difficult to get approved for two cards on the same day.
8. For minimum spending requirements, the time you have to reach that requirement is based on card approval and calendar months. Unlike most other credit card issuers who have set 60 or 90 days, Wells Fargo credit cards vary.
9. Wells Fargo allows you to request a credit limit increase. If you request for a credit limit increase over the phone, a hard or soft pull decision may vary.
10. Re-allocating credit limits with Wells Fargo will always be a hard pull. They allow you to re-allocate your credit limits between existing cards, but it will be affect your credit report.
11. They allow you to change your existing card into another Wells Fargo card. It might be worth product changing to one of their cards with no annual fee so you can keep the insurance they offer.
12. Wells Fargo lets you change your statement closing date by calling in. Might be useful with the above information (e.g if your pay falls at a certain time and you want to pay off your card before the statement closes).
13. There is no retention bonus offers for cards with an annual fee.
14. Business credit cards don’t get reported to the personal credit bureaus. This can be useful in keeping your credit report cleaner.
15. They do not offer a referral program. Referral programs seem to be more and more out of favor with credit card issuers, probably due to compliance issues.
16. If you apply for a credit card and you are denied, you can still be re-considered. It’s not the easiest card issuer to turn a denial into an approval, but still worth a try. If you are denied when applying for an Wells Fargo credit card, call their re-consideration line. To call, try the following numbers:
    • 1-866-412-5956, open 9am till 9pm Monday till Friday
    • 1-800-967-9521, open 8am – 7PM on Saturday
    • Or you can also check the status of your application by calling 1-877-514-3717
17. Wells Fargo reports your statement balance as your credit used to the credit reporting agencies. Credit utilization is one of the major scoring factors for the FICO score, so make sure to pay large balances before your statement closes.

Author’s Verdict

Whether you’re on a search for a new credit card or not, learning about different credit cards and what they have to offer, like Wells Fargos for example, will help you differentiate between what you may want and/or need from different credit card issuers. Start your financial journey off on the right foot by learning about key considerations before applying for a credit card. And do so, we hope posts like these have helped you learned a thing or two!

If you are interested in learning more about credit cards or want to find the best credit cards currently being offered, check out our list of the best credit card bonuses.