Cash advances are a kind of short-term loan the users can get in case of emergency. Users can withdraw the cash advance from the credit card or line of credit provided by their bank, lending companies or other financial solution providers.
It’s a general practice that the cost of cash advances is high, so people often consider this solution as a last resort.
When a user gets a cash advance, he agrees to repay the amount with the addition of interest rate and cash advance fees.
You can use the cash upfront and return the money to the lender. Several companies have provided this lending solution to their credit card holders and account holders.
Wells Fargo is also a financial company that offers banking and financial services to consumers in the United States.
- Cash advances are a costly option: Cash advances from Wells Fargo, like most other financial institutions, come with high costs. The interest rate on cash advances is generally higher than that on regular purchases, and there are additional fees associated with getting cash upfront. As a result, cash advances should be considered a last resort due to their expense.
- Eligibility requirements: To apply for a Wells Fargo cash advance, you need to be a credit cardholder with Wells Fargo. This means meeting the eligibility criteria for a Wells Fargo credit card, which typically include being a U.S. citizen or permanent resident, being at least 18 years old, having a good credit score, and having a source of income to repay the credit card bills.
- Application process: There are two methods to obtain a cash advance from Wells Fargo. The first is through an ATM using your Wells Fargo credit card, where you insert the card, enter your PIN, select the cash advance option, and choose the desired amount within your credit limit. The second method is by visiting a Wells Fargo branch and requesting a cash advance from a bank representative, who will assist you based on your credit limit.
In today’s article, we will talk about Wells Fargo cash advances and everything you need to know about the credit services provided by the company.
We will also talk about getting the application process of the cash advance, requirements, and cost of Wells Fargo cash advances.
So let’s get into it.
What Is Wells Fargo?
Wells Fargo is a US-based multinational company in financial services and online banking. Wells Fargo & Company Wells Fargo Bank, N.A., was founded in 1924 and will complete 100 years of operations on January 24, 2024.
Currently, the operations of the company are extended to 35 countries with a customer base of over 70 million people.
The main subsidiary of Wells Fargo & Company is Wells Fargo Bank, N.A., headquartered in Sioux Falls, South Dakota.
Wells Fargo is one of the Big Four Banks in the United States, along with Bank of America, JP Morgan, and Citigroup. It is also at number 41 among the Fortune 500 list of largest companies in the U.S.
The origins of Wells Fargo and the company are even old and date back to the 1850s. As of now, the bank has over 13000 ATMs and 7000 branches across the U.S.
The company’s credit card solutions, business and personal loans, and investment products are also popular, along with banking for consumers and businesses.
Wells Fargo Cash Advance
Let’s talk about the subject of the blog: Wells Fargo Cash Advance.
Wells Fargo Active Cash credit card is a card which you can use to get cash advances from Wells Fargo. It’s a small personal loan kind of service for the credit card holders of Wells Fargo.
There are several credit solutions of the company for consumers out there, and credit cards are just one of them.
The cash advance every cardholder can apply for or get depends on their credit limit. The company has put in place a very simple method to apply and get a Wells Fargo cash advance, but it has to be within the credit limit.
The cash advances are generally granted for a higher interest rate and an additional fee of getting cash upfront.
Who Can Apply For Wells Fargo Cash Advance?
It’s an important question about who can apply for the Wells Fargo cash advance. The minimum eligibility criteria for applying for the cash advance is a credit cardholder of Wells Fargo.
And it goes all the way back to the eligibility criteria of the Wells Fargo Active Cash credit card. Anyone who meets the eligibility criteria to get a credit card from Wells Fargo can get the cash advance.
The eligibility criteria for a Wells Fargo credit card are as follows:
- You must be a citizen or permanent resident of the United States
- The applicant must be above 18 to apply for a Wells Fargo credit card.
- You must have a good credit score and no bank defaults in the past to be a better fit for a Wells Fargo credit card.
- You need to have a source of income to pay your credit card bills.
Other specific requirements can exist depending on the individuals applying for the Wells Fargo credit card. You must check with Wells Fargo’s relevant department before applying for a credit card.
What Is Wells Fargo Credit Card?
Now we have been talking about the credit card as a mandatory requirement to be eligible for a cash advance of Wells Fargo; let’s talk a bit about the credit card and its features.
Wells Fargo Active Cash credit card is a Visa card with 0% APR for the first 15 months after the account opening. The credit card can be used all over the world at the places where Visa cards are accepted.
There is no annual fee for the credit card, and you can save yourself from paying any interest rate on purchases if the bills are cleared within 25 days after the billing period. You can avail of cash advance and overdraft benefits on your Wells Fargo credit card.
Features Of Wells Fargo Card
The main features of the Wells Fargo Active Cash credit card are as follows:
- Shop anywhere in the world with the Visa credit card
- You have an opportunity to win $200 in cash reward bonuses on spending $500 for purchases in the first three months of card issuance.
- There is no annual APR for the first 15 months of the card issuance.
- The APR for cash advances and overdrafts is 29.99%
- There are no annual fees, but 3% to 5% is charged on balance transfers, and a $40 late payment fee is also charged in case of non-payment.
What Are Requirements To Apply For Wells Fargo Cash Advance?
How Does Cash Advance Work?
Before applying for a Wells Fargo cash advance, you must know how cash advances work and if it’s the right option.
As mentioned earlier, a cash advance is a short-term loan which you must pay back with an additional interest rate and cash advance fee to the lender. Apparently, it’s a lucrative choice to get immediate access to cash when you need it.
However, there is a cost you will have to pay for every dollar taken as a cash advance. Credit card holders can get cash advances through ATMs or by visiting the bank branch personally.
Once you get approved for a cash advance, and you get it, you will repay it within the prescribed period. In general, an additional cash advance fee is charged at 3% to 5% of the cash advance amount.
We have already explained that the amount of cash advance each cardholder can get depends on the credit limit of his account or credit card. The ATM withdrawal fees might also apply when you use the ATM to withdraw the cash advance.
What Is the Cost Of Wells Fargo Cash Advance?
Before we finally talk about the application process for the Wells Fargo cash advance, let’s have a look at the cash advance cost charged by Wells Fargo.
The cost of any financial solution or instrument includes the fees, interest rate, and other amounts charged.
If we talk about the general cost of cash advances issued by Wells Fargo, you should expect 5% to 10% of the amount withdrawn to be paid as the cost of the solution.
Therefore, cash advances are generally not highly recommended to take credit, especially when you’ve access to other credit alternatives. It’s often recommended as the last resort in case of extreme emergency.
How To Apply For Wells Fargo Cash Advance?
Now let’s talk about the application process for Wells Fargo Cash Advance. There are two methods you can get cash advance on your Wells Fargo credit card:
The most common way to get cash advances is to visit the ATM with your credit card. Follow these simple steps to get a cash advance with your Wells Fargo credit card:
- Insert the Wells Fargo credit card at the ATM and enter the PIN upon request. If you have not received the PIN, you can request it by calling the customer care number of Wells Fargo at 1-800-642-4720
- Select the cash advance option from the ATM screen on the next step and choose the amount you want as a cash advance. Make sure that you enter an amount which is within your credit limit.
- Withdraw the cash and remove the card from the ATM machine.
You can also visit any branch of Wells Fargo and request the cash advance on your credit card issued from the bank. The relevant personnel will facilitate you to get the amount of cash advance you need depending on your credit limit.
In conclusion, Wells Fargo offers cash advances as a short-term loan option for their credit card holders.
However, cash advances come with high costs, making them an expensive choice. It is advisable to consider cash advances as a last resort due to their expense.
To be eligible for a Wells Fargo cash advance, individuals must meet the eligibility criteria for a Wells Fargo credit card.
This typically includes being a U.S. citizen or permanent resident, at least 18 years old, having a good credit score, and having a source of income to repay the credit card bills.
There are two methods to obtain a cash advance from Wells Fargo. The first is through an ATM using the Wells Fargo credit card, where the cardholder inserts the card, enters their PIN, selects the cash advance option, and chooses the desired amount within their credit limit.
The second method is by visiting a Wells Fargo branch and requesting a cash advance from a bank representative who will assist based on the credit limit.
Wells Fargo Active Cash credit card is the specific credit card that allows cardholders to access cash advances. The credit card offers features such as no annual fee, 0% APR for the first 15 months, and cash reward bonuses on qualifying purchases.
Before applying for a Wells Fargo cash advance, it is important to understand how cash advances work and the associated costs.
Cash advances are short-term loans that need to be repaid within a specific period, usually with an additional cash advance fee. The amount of cash advance available depends on the credit limit, and ATM withdrawal fees may also apply.
The cost of Wells Fargo cash advances typically ranges from 5% to 10% of the amount withdrawn, making them an expensive option. Cash advances should be used sparingly and considered a last resort in emergencies.