When it comes to managing credit card debt, a balance transfer card can be a powerful tool. The Wells Fargo Reflect® Card is often highlighted as one of the best options for those looking to consolidate and pay off debt efficiently. But is it truly the best balance transfer credit card available? Let’s dive into its features, benefits, and how it compares to other top contenders.
Key Features of the Wells Fargo Reflect® Card
The Wells Fargo Reflect® Card is designed to help cardholders save on interest with an extended 0% APR period. Here are its standout features:
- 0% Intro APR: Enjoy a 0% introductory APR for up to 21 months (including an extension period) on purchases and qualifying balance transfers.
- Balance Transfer Fee: 3% of the amount transferred within the first 120 days, then 5% (minimum $5).
- No Annual Fee: This card does not charge an annual fee, making it a cost-effective option.
- Cell Phone Protection: Pay your phone bill with the card and receive up to $600 in protection against damage or theft.
- Access to My Wells Fargo Deals: Earn cash back on eligible purchases through the bank’s rewards program.
Why the Wells Fargo Reflect® Card Stands Out for Balance Transfers
The primary reason this card is a top choice for balance transfers is its exceptionally long 0% APR period. Most balance transfer cards offer 12 to 18 months of interest-free financing, but the Wells Fargo Reflect® Card extends this to up to 21 months, giving cardholders nearly two years to pay off their transferred balance without accruing interest.
Additionally, the 3% balance transfer fee (if completed within the first 120 days) is competitive compared to other cards that charge 5% from the start. This can result in significant savings, especially for those transferring large balances.
How Does It Compare to Other Balance Transfer Cards?
While the Wells Fargo Reflect® Card is a strong contender, it’s important to compare it with other leading balance transfer credit cards:
Citi® Diamond Preferred® Card
- 0% Intro APR: 21 months on balance transfers and 12 months on purchases.
- Balance Transfer Fee: 5% (minimum $5).
- No Annual Fee: Like the Wells Fargo Reflect® Card, this card has no annual fee.
- Best For: Those who need a long balance transfer period but don’t mind a higher transfer fee.
BankAmericard® Credit Card
- 0% Intro APR: 18 billing cycles on purchases and balance transfers.
- Balance Transfer Fee: 3% of the amount transferred.
- No Annual Fee: A cost-effective option for balance transfers.
- Best For: Those who want a straightforward balance transfer card with a low transfer fee.
Discover it® Balance Transfer
- 0% Intro APR: 18 months on balance transfers and 6 months on purchases.
- Balance Transfer Fee: 3% for transfers made within the first 60 days, then 5%.
- Cash Back Rewards: Unlike most balance transfer cards, this one offers cash back on purchases.
- Best For: Those who want a balance transfer card with rewards.
Who Should Consider the Wells Fargo Reflect® Card?
The Wells Fargo Reflect® Card is ideal for individuals who:
- Have existing credit card debt and need a long period to pay it off interest-free.
- Can pay off their balance within the 21-month promotional period.
- Want to avoid an annual fee while benefiting from additional perks like cell phone protection.
However, if you prefer a balance transfer card with rewards or a lower ongoing APR after the intro period, other options may be more suitable.
Potential Drawbacks to Consider
While the Wells Fargo Reflect® Card is a great choice for balance transfers, there are a few downsides:
- No Rewards Program: Unlike some competitors, this card does not offer ongoing rewards.
- Higher Balance Transfer Fee After 120 Days: If you transfer a balance after the initial 120-day period, the fee increases to 5%.
- Limited Additional Benefits: While it offers cell phone protection, it lacks travel perks or purchase protections found on some other cards.
Final Verdict: Is It the Best Balance Transfer Card?
The Wells Fargo Reflect® Card is undoubtedly one of the best balance transfer credit cards available, thanks to its exceptionally long 0% APR period and low initial balance transfer fee. If your primary goal is to pay off existing debt without interest, this card is a top-tier choice.
However, if you’re looking for a balance transfer card that also offers rewards or additional perks, you may want to explore alternatives like the Discover it® Balance Transfer or Citi® Diamond Preferred® Card.
Ultimately, the best balance transfer card depends on your financial goals and repayment strategy. If you can pay off your balance within the promotional period, the Wells Fargo Reflect® Card can help
