The Wells Fargo Mirror℠ Card affords a really lengthy introductory APR, making it an important alternative if you happen to’re seeking to finance a big buy or switch a steadiness from a card with a excessive APR. To be able to take full benefit of this card’s energy, you should make all of your minimal funds on time.
By the promotional supply, you will get 18 months from account opening of 0% introductory APR on each purchases and qualifying steadiness transfers. And if you happen to’re eligible, you’ll be able to stand up to a three-month extension by making on-time minimal funds through the intro and extension intervals — that is a complete of as much as 21 months from account opening of 0% introductory APR (then 14.49% to 26.49% variable APR thereafter). There’s no annual charge with this card, so through the use of it responsibly you’ll be able to proceed to construct your credit score even after the promotional APR interval is over.
The Wells Fargo Mirror Card is sort of specialised: In case you’re searching for money again or journey rewards — or your credit score is not nice — you will should look elsewhere. Learn on to study extra in regards to the particulars surrounding the intro APR and steadiness transfers, in addition to some suggestions for supplementary playing cards and potential substitutes.
On this article
Intro ProvideN/A
APR14.49%-26.49% Variable APR
Intro Buy APR0% intro APR for as much as 21 months from account opening
Beneficial Credit score Wonderful, Good
Reward ChargesN/A
Annual Charge$0
Intro Steadiness Switch APR0% intro APR for as much as 21 months from account opening on qualifying steadiness transfers
Steadiness Switch APR14.49%-26.49% Variable APR
Steadiness Switch Charge as much as 5%; min: $5
International Transaction Charges 3%
Penalty APR None
Introductory APR on purchases
With the bottom 0% introductory APR supply on purchases at 18 months from account opening, this card is likely one of the greatest in the marketplace in that class. Any buy you make within the first 18 months could have no curiosity utilized so long as you pay the minimal month-to-month funds on time. Making the minimal funds every month (through the intro and extension intervals) additionally enables you to qualify for the as much as three-month extension on the introductory APR.
Simply preserve one factor in thoughts. Whether or not you get 18 months or 21 months from account opening of the introductory APR, on the finish of the promotional interval your APR will then hike as much as 14.49% to 26.49% variable. Meaning it is best if you happen to plan to repay your steadiness in full by the top of the promotional APR interval so you do not rack up any curiosity. You are able to do this as a balloon fee on the tail finish of the promotion, as equal month-to-month funds or something in between — so long as you are hitting that month-to-month minimal fee alongside the way in which.
Making a steadiness switch
You additionally get a 0% introductory APR on qualifying steadiness transfers for the primary 18 months from account opening — with the identical alternative for as much as a 3 month extension while you make all of your minimal funds on time through the intro and extension intervals (14.49% to 26.49% variable APR thereafter). Making a steadiness switch onto such a card is an effective way to consolidate your debt and save on curiosity prices.
To qualify for the introductory APR in your qualifying steadiness transfers to the Wells Fargo Mirror Card, you will should request the steadiness switch inside 120 days of account opening.
You are greatest off initiating a steadiness switch request as quickly as you get your card, as a result of the promotional clock begins ticking when your account opens. As an illustration, if you happen to wait three months to provoke your steadiness switch, you will solely get the remaining 15 months of introductory APR (plus the chance for the extension talked about above).
As for the steadiness switch charge, it is fairly commonplace for the trade: introductory 3% on steadiness transfers with a $5 minimal, for any steadiness transfers made inside 120 days of account opening. However after 120 days, that charge shoots as much as 5% ($5 minimal), which is likely one of the highest steadiness switch charges round. The underside line: In case you’re getting this card particularly to make a steadiness switch and briefly escape a better curiosity card, solely apply for it when you’re able to make the switch.
Different perks
There aren’t many different perks with this card — its power is the introductory APR.
There are, nonetheless, a number of small advantages that could be of curiosity to some. You will stand up to $600 in cellular phone safety — that’s, reimbursement within the case of harm or theft to the telephone — if you happen to pay your cellular phone invoice with this card. (There’s a $25 deductible.)
One other perk is the “My Wells Fargo Offers” you’ll be able to go for by way of your account. Choose retailers could supply particular offers for Wells Fargo bank card customers, like cash-back promotions (within the type of a press release credit score). These offers will all be topic to their very own phrases and expiration dates.
Comparable playing cards
Wells Fargo Lively Money® Card
Many bank cards with introductory APRs on purchases additionally can help you earn rewards on these transactions. Whereas the Wells Fargo Lively Money Card has a significantly shorter introductory APR interval, the two% money rewards on purchases is more likely to sway many patrons. The welcome bonus is one other perk — you’ll be able to earn a $200 money rewards bonus while you spend $1,000 in purchases throughout the first three months.
Try our full assessment of the Wells Fargo Lively Money Card for extra particulars.
Citi® Diamond Most well-liked® Card
The Citi Diamond Most well-liked card additionally affords one of many longest introductory APRs — on steadiness transfers, not less than. You get an introductory 0% APR on steadiness transfers for 21 months from the date of first switch, when you get a less-impressive 0% introductory APR on purchases for 12 months from the date of account opening (14.49% to 24.49% variable APR, thereafter). Steadiness transfers should be accomplished inside 4 months of account opening. Nevertheless, you’ll incur a 5% steadiness switch charge with a $5 minimal on all steadiness transfers with this card, no matter while you make the switch.
See extra particulars in our full assessment of the Citi Diamond Most well-liked Card.
FAQs
What’s an introductory APR?
The introductory APR is the annual proportion price utilized towards your steadiness (together with steadiness transfers and purchases usually) for the primary 6 to 21 months of card possession, relying on the cardboard. The usual APR is the annual proportion price utilized towards your steadiness after the introductory interval ends. The penalty APR is utilized towards your steadiness if you happen to miss a couple of fee in six months normally, but it surely will depend on the person card and your card issuer.
How lengthy will it take to finish a steadiness switch?
It might take wherever between 10 days and 6 weeks to finish a steadiness switch, after receiving your new card and cardholder settlement. It is also essential to notice that some card issuers, equivalent to Citi, make steadiness transfers accessible at their discretion, and will due to this fact decline a switch request. And it is best to most likely nonetheless pay the minimal on the previous card’s steadiness till you have confirmed that the switch was accomplished, so you do not run the danger of charges or penalties.
If I nonetheless have a steadiness after the introductory APR interval is over, can I simply preserve transferring my debt to a brand new steadiness switch card?
Technically, sure. In some circumstances, transferring your steadiness two or thrice would possibly even be what’s essential to lastly repay your debt. However until you have got a agency understanding of how you bought into debt within the first place and a plan for getting out of debt, you will not be working towards an answer.
Whereas transferring your remaining debt to a second steadiness switch card could can help you repay your steadiness with out month-to-month curiosity or a charge, it is essential to notice that there are too many variables for a number of steadiness transfers to be a failure-proof debt technique.
For instance, your card utility could possibly be denied, your credit score restrict could possibly be a lot decrease than you anticipated or your switch request could possibly be denied. Bank card affords might additionally change, making it troublesome to plan forward. For that reason I like to recommend deciding on a card that permits you to repay the total steadiness after one cycle if attainable.
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