Credit Tips: Wells Fargo Credit Card Review

Posted On: May 1, 2006

Author: eyeglow
Posted: Sat Feb 11, 2006 12:21 am
Post subject: Wells Fargo CC

I have a Wells Fargo credit card with a limit of $7800, owe $2800. Four months ago I noticed that my card went from 16%, to 19%, 22% and now it’s at 23.89% …. Also, I took advantage of the low interest checks they sent me back in Oct. I called them to find out what percentage rate they would go to after the first of the year. I was told that it would stay the same rate… 2.99%… Now it also went up to 22%. I called them and they said that it’s a variable rate card and that’s the going APR rate. I also have a Capital One card, 16% and it’s never changed.

I have pretty good credit. I do have two things in my credit file, one will drop off in 4 months the other will remain for a couple more years. My payments have always been on time for the last 8 yrs. I always apply more then the min amount for payment.

What can I do… 24% is horrible.
Thanks.

Author: rapjunkie
Posted: Sat Feb 11, 2006 12:39 am
Post subject: Wells Fargo Credit Card Review

I recommend you apply for a new card that offers 0% APR on balance trasfers for 12 months. Citibank, Chase, Discover, and AMEX Blue all offer it. I’d probably suggest avoiding Chase though, because they seem to offer lower initial credit lines than others. Citibank is pretty good. AMEX Blue is probably a little tougher to qualify for, and sometimes offers the 0% for a shorter time period, but it’s a good card. I’m not very familiar with Discover’s tendencies.

Once you transfer the balances from those other cards onto the 0% card, they’ll have more incentive to reduce your rate in order to encourage you to use the card. If you call them a couple months after emptying the card, they’ll probably be willing to offer a lower rate. If not, you can wait a while, or just use the card occasionally and pay it off in full each month.

Just remember to never close your old accounts - they’re important for maintaining the overall age of your credit history.