topic Re: WF question in Credit Cards

WF question

Anonymous — Fri, 17 Jun 2016 00:50:57 GMT

so i've read that wells fargo like relationship before i can get any card. what if i opened a checking or savings, got the card i wanted (maybe the cash wise one) and then closed my checking/savings. the reason for closing either the checking or savings is because I dont have enough money at the moment to waive those monthly fees Would that be considered a severed relationship since i read that Wells fargo likes banking relationship. will doing this hurt my future chances for one of their more premium cards?

Re: WF question

RonM21 — Fri, 17 Jun 2016 00:56:49 GMT

Would you be doing all of this with a purpose of just trying to get in with them?

Re: WF question

UncleB — Fri, 17 Jun 2016 01:00:20 GMT

@Anonymous wrote:
so i've read that wells fargo like relationship before i can get any card. what if i opened a checking or savings, got the card i wanted (maybe the cash wise one) and then closed my checking/savings. the reason for closing either the checking or savings is because I dont have enough money at the moment to waive those monthly fees Would that be considered a severed relationship since i read that Wells fargo likes banking relationship. will doing this hurt my future chances for one of their more premium cards?

I doubt it would make a difference... the main 'perk' of having a relationship with them (IMHO) is that you can apply for cards online; without an online account login you either have to visit a branch or app over the phone (I think they take apps over the phone?).

If it helps any, I have an old WF checking account that I use for the occasional cash deposit, and the way I get the fee waived is by sending myself $500 from my primary checking account over at USAA (WF "sees" the transfer as a direct deposit). I then simply transfer the money back, or I use WF's bill pay to knock out a couple of smaller bills. It's an extra step each month, but it allows me to hang on to an old deposit account without paying any fees.

Re: WF question

Anonymous — Fri, 17 Jun 2016 01:13:39 GMT

@RM21 wrote:
Would you be doing all of this with a purpose of just trying to get in with them?

yes. every relative i know has it and WF provides good service to them, so I'm gonna try to develop a business relationship with them as well

Re: WF question

Anonymous — Fri, 17 Jun 2016 01:15:30 GMT

@UncleB wrote:
@Anonymous wrote:
so i've read that wells fargo like relationship before i can get any card. what if i opened a checking or savings, got the card i wanted (maybe the cash wise one) and then closed my checking/savings. the reason for closing either the checking or savings is because I dont have enough money at the moment to waive those monthly fees Would that be considered a severed relationship since i read that Wells fargo likes banking relationship. will doing this hurt my future chances for one of their more premium cards?
I doubt it would make a difference... the main 'perk' of having a relationship with them (IMHO) is that you can apply for cards online; without an online account login you either have to visit a branch or app over the phone (I think they take apps over the phone?).

If it helps any, I have an old WF checking account that I use for the occasional cash deposit, and the way I get the fee waived is by sending myself $500 from my primary checking account over at USAA (WF "sees" the transfer as a direct deposit). I then simply transfer the money back, or I use WF's bill pay to knock out a couple of smaller bills. It's an extra step each month, but it allows me to hang on to an old deposit account without paying any fees.

Ahh. that is very smart. too bad i dont have usaa (

Re: WF question

UncleB — Fri, 17 Jun 2016 01:54:55 GMT

@Anonymous wrote:
@UncleB wrote:
@Anonymous wrote:
so i've read that wells fargo like relationship before i can get any card. what if i opened a checking or savings, got the card i wanted (maybe the cash wise one) and then closed my checking/savings. the reason for closing either the checking or savings is because I dont have enough money at the moment to waive those monthly fees Would that be considered a severed relationship since i read that Wells fargo likes banking relationship. will doing this hurt my future chances for one of their more premium cards?
I doubt it would make a difference... the main 'perk' of having a relationship with them (IMHO) is that you can apply for cards online; without an online account login you either have to visit a branch or app over the phone (I think they take apps over the phone?).

If it helps any, I have an old WF checking account that I use for the occasional cash deposit, and the way I get the fee waived is by sending myself $500 from my primary checking account over at USAA (WF "sees" the transfer as a direct deposit). I then simply transfer the money back, or I use WF's bill pay to knock out a couple of smaller bills. It's an extra step each month, but it allows me to hang on to an old deposit account without paying any fees.
Ahh. that is very smart. too bad i dont have usaa (

If your primary bank has the ability to transfer funds to external accounts it should work the same way.

If you dig around a little there might be other ways of triggering the direct deposit waiver as well... at one time I read of people using PayPal for this, but I'm not sure how it works specifically with WF.

You get two months free with any deposit account with Wel...

Creditfan1234 — Fri, 17 Jun 2016 03:58:42 GMT

You get two months free with any deposit account with Wells Fargo before those fee's kick in. Its best to open the deposit account. Have some money move through it and then apply. Good luck. Many people on these forums don't like Wells Fargo but you said most of your family has WF then might as well jump on board.

Re: You get two months free with any deposit account with Wel...

Anonymous — Fri, 17 Jun 2016 04:59:10 GMT

Thanks a lot for all the responses!!! I will take your advice and will try it soon.

Re: WF question

Anonymous — Fri, 17 Jun 2016 05:13:43 GMT

@Anonymous wrote:
so i've read that wells fargo like relationship before i can get any card. what if i opened a checking or savings, got the card i wanted (maybe the cash wise one) and then closed my checking/savings. the reason for closing either the checking or savings is because I dont have enough money at the moment to waive those monthly fees Would that be considered a severed relationship since i read that Wells fargo likes banking relationship. will doing this hurt my future chances for one of their more premium cards?

If you don't have enough money to keep a minimum balance for a checking or savings account, what are you going to do once the credit card bill is due?

Not trying to be snarky, but it just doesn't sound like you'll benefit from a CC at the moment, especially since WF only allows increments of $25 for rewards to be redeemed (every $2,500 spent with their 1% card).

Wells Fargo opened my first credit card and college checking account for only a $500 minimum balance., but I'm not sure if they have that offer anymore.

I don't even use their card anymore -- just their checking to pay other credit card bills.

Re: WF question

mongstradamus — Fri, 17 Jun 2016 05:22:33 GMT

@Anonymous wrote:
@Anonymous wrote:
so i've read that wells fargo like relationship before i can get any card. what if i opened a checking or savings, got the card i wanted (maybe the cash wise one) and then closed my checking/savings. the reason for closing either the checking or savings is because I dont have enough money at the moment to waive those monthly fees Would that be considered a severed relationship since i read that Wells fargo likes banking relationship. will doing this hurt my future chances for one of their more premium cards?
If you don't have enough money to keep a minimum balance for a checking or savings account, what are you going to do once the credit card bill is due?

Not trying to be snarky, but it just doesn't sound like you'll benefit from a CC at the moment, especially since WF only allows increments of $25 for rewards to be redeemed (every $2,500 spent with their 1% card).

Wells Fargo opened my first credit card and college checking account for only a $500 minimum balance., but I'm not sure if they have that offer anymore.

I don't even use their card anymore -- just their checking to pay other credit card bills.

I am not an big fan of brick and mortar banks because the hoops you may have to jump thru to get fees waived. I think there are an lot better options out there if you look around. Some of the online bank like ally, cap one, or CU provide you much better value.

Also why would you want an WF credit card its probably the worst option out of any of the bank cc out there.

Re: WF question

UncleB — Fri, 17 Jun 2016 05:30:03 GMT

@Anonymous wrote:
@Anonymous wrote:
so i've read that wells fargo like relationship before i can get any card. what if i opened a checking or savings, got the card i wanted (maybe the cash wise one) and then closed my checking/savings. the reason for closing either the checking or savings is because I dont have enough money at the moment to waive those monthly fees Would that be considered a severed relationship since i read that Wells fargo likes banking relationship. will doing this hurt my future chances for one of their more premium cards?
If you don't have enough money to keep a minimum balance for a checking or savings account, what are you going to do once the credit card bill is due?

Not trying to be snarky, but it just doesn't sound like you'll benefit from a CC at the moment, especially since WF only allows increments of $25 for rewards to be redeemed (every $2,500 spent with their 1% card).

Wells Fargo opened my first credit card and college checking account for only a $500 minimum balance., but I'm not sure if they have that offer anymore.

I don't even use their card anymore -- just their checking to pay other credit card bills.

Needs can vary greatly from person to person... I personally never keep much in my checking account, certainly not the $1500 required by WF to avoid their monthly fee, thus the reason I 'get around' it via the direct deposit method.

For the right person, WF cards can be a good fit. I admit that I'm not one of those people, however I also admit we all have different wants/needs.

Re: WF question

B335is — Fri, 17 Jun 2016 06:56:10 GMT

I ft one of the Propel cards a few years ago without any sort of prior relationship. But I think as a general rule of thumb WF favors people that they're somewhat established with already.

As a side note, I had to jump through hoops to get a PC to a non-AF card with them and they absolutely refuse to give me a SP CLI.

Re: WF question

Anonymous — Sat, 18 Jun 2016 13:03:46 GMT

OP, a few years ago, during a moment of weakness which may have been due to level of intoxication, WF offer of cell phone insurance looked too good to pass. I had no relationship with the bank at that time. Applied online and application went to pending. Called and was told that it is declined due to no prior relationship. Next day, went to a local branch, opened a savings account, called them on the phone to reconsider and was approved with SL of 5K. 6-7 months after that, closed the savings account, which had minimum required to keep it open; I think $300. That was 3 or so years ago. I still have the card, which has grown on SP CLIs every 6 months or so, without having any other existing banking relationship. Actually, as you said, I have a severed relationship without any ill effects.