How to Get a Wells Fargo Cash Advance?

The Wells Fargo brand name has enormous historical significance and when you own a Wells Fargo credit card you may feel like owning a piece of history yourself. Withdrawing cash or using a credit card may not always be the wise thing to do because it does not come cheap. However, you may face unexpected situations where Wells Fargo credit card cash advance will come in handy.

You will be better served if you know how to go about it and how much you may have to repay the bank when you do avail of a cash advance. Here are some tips we would like to share with you.

How to Get a Wells Fargo Cash Advance?

Availing Cash Advance with Wells Fargo Credit Card

The process to obtain a Wells Fargo credit card cash advance is not a very cumbersome one. You just need to get a PIN from the bank’s customer service. If you want to request your PIN or create a new one, just call the number printed behind the card. 1 (800) 642-4720 is the number you have to dial to get the PIN.

Once you receive a PIN number associated with your Wells Fargo card account, you can withdraw cash from any Wells Fargo ATM. You may also use this card and PIN in any other ATMs worldwide that support Wells Fargo cards for withdrawal.

Is There a Withdrawal Limit?

Yes, there is a daily limit to the amount you can draw as a cash advance and it is $500 per day. These transactions will be added to your credit card account statement. For these transactions, you will be charged a transaction fee as well as the Annual Percentage Rate (APR). You may check your Disclosure Statement as well as the Customer Agreement.

Your credit card is issued with certain limits to the credit you can enjoy as well as a cash limit. If you keep drawing in lots of $500 or less and don’t repay the amounts, then once you reach the limit on your card, you won’t be able to draw any further cash.

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Wells Fargo Credit Card Cash Advance Fee

As mentioned above, Wells Fargo credit card cash advance has costs attached to it and should only be used as a last resort. You are charged for cash withdrawal you make. It is $10 or 5% of the cash withdrawn, whichever is higher.

In simpler terms, if you draw $200 or less, you will pay $10 irrespective of the number of times you draw. If the amount is more than $200, then it will be 5% of that amount. This is a fixed cost. Besides this, there is the APR (Annual Percentage Rate) which you will have to pay the bank. This rate could vary between 26.24% and 28.24%. Kindly check your Customer Agreement and Disclosure Statement.

Wells Fargo reserves the right to change terms, rates (APRs) and fees, at its discretion in accordance with the Consumer Credit Card Customer Agreement and Disclosure Statement (“Agreement”) for your account and applicable law.(1)

Is It a Good Idea to Use Wells Fargo Cash Advance?

The short answer is Yes. But, only if you can repay the money as soon as possible. This will help you save more money in interest. This interest will be computed from the moment you withdraw the cash.

In the regular use of a credit card for purchases, you may be entitled to a certain free period before the interest starts. You don’t get that concession with the cash withdrawals. This is one reason Wells Fargo credit card cash advance must be used very prudently.

So we would advise you to use the Wells Fargo cash advance only during the times of emergency. Even if you do, make sure you repay the money quickly.

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Wise Thoughts

Credit cards are a very useful tool in the hands of the consumers. You would have found this to be true yourself. When you get a great deal on Amazon or any other source and you are short on cash, you can use credit cards on such occasions. However, it’s not a good idea to use credit cards to spend money when you are dining out with friends or watching a movie.

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