topic Re: Wells Fargo Financial Cash On Demand Account - Revolving Credit of CFL in Credit Cards

Wells Fargo Financial Cash On Demand Account - Revolving Credit of CFL

Anonymous — Sun, 28 Sep 2008 02:13:07 GMT

Received an offer from Wells Fargo Financial Bank for a Cash On Demand Account. How do you determine if offers received from entities with the word "financial" in the name will report as a CFL or revolving credit? For example, I have a loan with HFC and it shows as revolving which helps my report. Does anyone know how Wells Fargo reports? Has anyone opened a Cash on Demand account with them?

Re: Wells Fargo Financial Cash On Demand Account - Revolving Credit of CFL

BabyBlue — Sun, 28 Sep 2008 02:19:48 GMT

I have not heard of WFF Cash on Demand Account, but we have a WFF/Mattress Card (we bought 3 mattresses during one visit and they gave us 0% APR for 12 months). Our Mattress Card was reported as a revolving account. I am not sure if that will be helpful, though, since it is a totally different type of account.

If you don't get any responses on the forum, I would call their CS and ask. Never hurts.

Re: Wells Fargo Financial Cash On Demand Account - Revolving Credit of CFL

Anonymous — Sun, 28 Sep 2008 02:25:08 GMT

Thanks for your response. They are only only Monday-Friday so I thought I would try here in the meantime.

BabyBlue wrote:
I have not heard of WFF Cash on Demand Account, but we have a WFF/Mattress Card (we bought 3 mattresses during one visit and they gave us 0% APR for 12 months). Our Mattress Card was reported as a revolving account. I am not sure if that will be helpful, though, since it is a totally different type of account.

If you don't get any responses on the forum, I would call their CS and ask. Never hurts.

Re: Wells Fargo Financial Cash On Demand Account - Revolving Credit of CFL

BabyBlue — Sun, 28 Sep 2008 02:28:22 GMT

I hate it when they do not work during the weekends! Happened to me a few times

Maybe someone else will have more input on the account you are looking at.

Re: Wells Fargo Financial Cash On Demand Account - Revolving Credit of CFL

Logical — Sun, 28 Sep 2008 02:45:55 GMT

TC lists it as "credit card." On CS Ex has "credit card" Eq has "revolving or option" TU has "revolving account." Read the fine print. I think getting future withdrawals are rather expensive (although I should dig out the agreement to confirm) I needed the money at the time and it was the best option. I do not plan on tapping it again. If you need the money go for it. If you don't . . . maybe not.

Re: Wells Fargo Financial Cash On Demand Account - Revolving Credit of CFL

Anonymous — Sun, 28 Sep 2008 03:04:24 GMT

The first $1000 is 15.99% (special offer) for 6 months. Any additional withdrawals have the additional fee (which is atrocious) and the higher APR. Thanks for your help with how it appears on CRs.

Logical wrote:
TC lists it as "credit card." On CS Ex has "credit card" Eq has "revolving or option" TU has "revolving account." Read the fine print. I think getting future withdrawals are rather expensive (although I should dig out the agreement to confirm) I needed the money at the time and it was the best option. I do not plan on tapping it again. If you need the money go for it. If you don't . . . maybe not.

Re: Wells Fargo Financial Cash On Demand Account - Revolving Credit of CFL

Logical — Sun, 28 Sep 2008 03:16:05 GMT

I thought there was a healthy (for them) fee involved. I might add, they will favor you with phone calls. Thanks to caller ID I never answer so don't know what they want (I can guess).

Re: Wells Fargo Financial Cash On Demand Account - Revolving Credit of CFL

Anonymous — Mon, 13 Oct 2008 15:31:20 GMT

I have a Wells Fargo Cash On Demand Account ( $7,000 Limit ). Basically, its a personal loan that they issue you via an ATM Card.

However, what I like about it is that they don't give you a check for the amount that you are borrowing which instantly putting you into debt for whatever your credit limit is and then having monthly revolving payments.

Basically, when you want to access cash you just go to any ATM and withdrawl it. Be careful, if you don't use a Wells Fargo ATM you will get charged an ATM fee. Be advised, each time you do withdrawl cash you will be charged 3% of the your withdrawl.

You can also access cash by calling them and asking them to deposit available funds for your credit limit to your checking account. This is for large amounts such as $1,000. You obviously can't withdrawl $1,000 from an ATM. Again, you will be charged 3% but by having them do it it can take a few days.

They also have access checks that you can request and use but again remember the 3% fee.

This card comes with a very high APR ... we are talking probably in the high 20% which is the reason why I don't use it much but I do like knowing that I have $7,000 available to me.

I used it about 2 months ago ( $500 withdrawl ) to help defray the cost of my getting a new garage door ( $890 ) but I had no choice as my old door was practically falling apart and could have damaged my vehicle or killed somebody should it have decided to fall at any time.

Bottomline, this card is worth it, just be careful and don't get too high of a balance because it can take forever paying it off with the high APR.

Re: Wells Fargo Financial Cash On Demand Account - Revolving Credit of CFL

Anonymous — Mon, 13 Oct 2008 19:13:15 GMT

How is this different than a Balance transfer? I could have Citibank put up to $11.3K directly into my bank account and pay either 0% until March 09, or 4.99% until it's paid off (BT fee is 3%, max of $99).

I personally took the $11.5K at 3.99% from Chase (3% BT fee, max of $75) to pay off my 9.24% car loan, but I'm still waiting for the check (since October 1), so its not really "on demand," you need to plan it out.