Wells Fargo is one of the biggest names in consumer banking, offering a variety of credit card options to choose from, but that doesn’t mean keeping a Wells Fargo credit card account open is right for everyone.
Whether you’re planning to close a credit card account because of Wells Fargo’s history of misconduct, looking for a rewards credit card with better perks and benefits, or simply want to switch to another issuer, here’s everything you need to know about closing a credit card account at Wells Fargo.
How to close a Wells Fargo credit card account
If you plan to close a credit card account with Wells Fargo, you can do so over the phone with a representative. Before closing your account, there are a few steps you need to take to make sure the process goes smoothly.
Decide on a new credit card account
If you plan to continue making purchases with a credit card, you’ll need to look for a new card before closing your account. In most cases, you should be looking for a card with a low cost, lucrative rewards such as points, miles or cash back, and services that meet your needs.
Prepare your account for closure
Once you decide to separate from Wells Fargo, you need to prepare your account for closure. To close your credit card account, your account must have a balance of zero. You can reduce your account balance by transferring money from a bank account to pay off your balance.
You will also have to wait for the deposits, pending and pending items to be posted. With this in mind, it’s a good idea to stop using your Wells Fargo card several weeks before you plan to close the account. This gives you enough time to make sure all of your open transactions have been completed and to change the payment method for monthly or recurring payments.
Contact Wells Fargo
Once your account balance is zero and all your transactions have been posted, the next step is to contact Wells Fargo by phone at 1-800-642-4720. A Wells Fargo representative will then guide you through the process of closing your account.
When you speak to a Wells Fargo representative over the phone, they may try to convince you not to close your account. While there are some good reasons to keep your account open, if you’ve already made an informed decision to break up, make sure to stick with the rep.
Can you cancel a Wells Fargo credit card online?
Unfortunately, Wells Fargo does not allow customers to cancel accounts online. This applies to both deposits and credit cards. To cancel a Wells Fargo credit card, call 1-800-642-4720 to speak with a representative about closing your account. You must provide certain information about the card, including your account number and billing address.
It is important to note that closing a credit card can affect your credit score by increasing your credit usage and decreasing the age and mix of your accounts. With this in mind, you should carefully consider your options before closing an account.
What to do after closing your Wells Fargo credit card account
After closing your Wells Fargo credit card account, you should request written confirmation of the account closure within a week or two. You should also review your credit score to see how the closure of your account has affected your creditworthiness.
If you still have deposit accounts with Wells Fargo, such as checking or savings accounts, but are interested in switching to another bank, now is a good time to do so. The process for closing a Wells Fargo deposit account is very similar to closing a credit card account. If you need additional assistance, you can visit a Wells Fargo Bank branch.
Alternatives to closing a Wells Fargo credit card account
While closing a Wells Fargo credit card makes sense in some cases, it may not always be the best option for your financial health. Even if you no longer intend to use the card, keeping the card open can help improve your credit.
Keep your card but stop using it
Just because you plan to stop using your Wells Fargo card doesn’t necessarily mean you have to cancel your account. If your card doesn’t have an annual fee, there’s no problem keeping the card open without using it. In fact, keeping old credit cards open can help your credit by improving your credit utilization rate and increasing the age and mix of your accounts. You should keep the card in a safe place and set up alerts to be aware of your account in the event of fraudulent purchases or other unusual activity.
Request a product switch
If you’re no longer happy with your current card but don’t mind staying with Wells Fargo, you may be able to switch credit cards (also known as a product upgrade or downgrade).
Wells Fargo currently offers seven different types of credit cards, many with rewards and other benefits. Customers interested in another Wells Fargo card can contact a customer service representative to request a product exchange. Wells Fargo has a reputation for taking a conservative approach to product changes, so not all requests will necessarily be approved.
Closing a Wells Fargo credit card: FAQ
Do you have any questions about taking out a Wells Fargo credit card? Here are some frequently asked questions (and answers) related to closing an account.
Does closing a Wells Fargo credit card affect your credit score?
It depends. In many cases, closing a credit card can have a slight negative impact on your credit score. This is because closing a credit card can increase your credit utilization rate by lowering your overall credit limit. Closing a card can also negatively impact the age and mix of your accounts.
Can Wells Fargo reopen a closed credit card?
In most cases, it is not possible to reopen a closed credit card account. That said, you can always reapply for a credit card through Wells Fargo. If you believe your credit card has been taken out in error, you should contact a Wells Fargo representative to see what your options are.
What happens to your rewards when you close a Wells Fargo credit card?
When you close a Wells Fargo credit card, you lose access to your Wells Fargo rewards. If you have accumulated rewards in the form of points or cash back, make sure to redeem them before closing your account.
The bottom line
Canceling your Wells Fargo credit card can make sense for a number of reasons, whether you no longer use the card or are unhappy with your Wells Fargo experience. To do this, call a Wells Fargo representative.
While canceling your card is always an option, it may not make sense for your situation. In many cases, keeping old credit cards open, even if you no longer use them, can help improve your credit score. With this in mind, think carefully before closing your card.