Editor's Note: This article has been updated on 6/13/17 to reflect the latest interest rate information.
Both customers and non-customers can qualify for consolidation, but if you’re an existing Wells Fargo customer, you’ll get some extra perks from the program.If you’re interested in consolidating your private loans, take a look at our .Wells Fargo does not allow you to consolidate federal student loans – only private student loans are eligible.The bank offers both fixed and variable interest rates: You’ll pay no origination or application fees.With Wells Fargo you get a company that has been around for a very long time, and offers financials services in line with traditional market standards.
Wells Fargo also offers extra benefits to its current customers.
It's not just balances from other credit cards that can be transferred. It isn't quite as simple as making a swap from a high interest rate to a low interest rate anymore.
You may be able to move loans for cars, appliances, furniture and other monthly installment payments to a no-interest balance transfer credit card, using checks from the bank that issues the credit card. You will almost always be charged a balance transfer fee, which is determined as a percentage of the total amount you're transferring. Today, on most balance transfer cards, there is no cap, so the more you transfer, the bigger the fee.
A typical fee in 2017 is 3 percent, so if you transfer a ,000 debt from another card, you'll pay a 0 fee right away.
Even if you have the cash to do so, it might or might not be worth it, depending on how much money you'll save on interest over the life of your debt. A balance transfer card woos you with an extra-low annual percentage rate (APR) between 0 percent and 5 percent. After a set period -- often a six months to a year, occasionally more, the interest rate will increase, probably to somewhere in the range of 12 percent to 18 percent -- perhaps even worse than the interest rate you were trying to get away from. Just because the balance you transferred to the new card gets a free pass with perhaps a 0 percent interest rate right now doesn't mean new purchases on the card will be interest-free too.
Wells Fargo Student Loan Consolidation Highlights magazine, and they have over 8,700 locations.