One of the main reasons to get a Wells Fargo credit card is because it provides you with the security that you need when making purchases. This is because they offer one of the most competitive rates available on the credit card market today. Many consumers feel that credit cards without an annual fee are not worth their while. However, this is simply not true. Here are four reasons to secure your credit with a Wells Fargo credit card.
Credit Card Purchase APR If you are able to pay off your balance before the grace period runs out, you will save the most money. Most credit card companies charge a one time late fee on balances that are overdue. This can often translate into an annual fee as well. By paying your bill in full before the grace period runs out, you are ensuring that you will be able to maintain your good standing with the company.
The Grace Period One of the reasons to use a credit card is so that you can build a good credit history. The longer you have a revolving line of credit, the more opportunities that you have to build your credit score. Most credit card companies only let you keep your balance for a certain period of time, after which you will need to start charging on your account again. If you can pay off your balance before the grace period runs out, you will ensure that you will not need to pay any additional charges on your account.
Late Fee and Overdue Fees These two fees are related to how long it takes for your account to become delinquent. If you have multiple items in collections, you will incur both a late fee and an overdue fee when you are not current with your bill. Most reputable credit card companies will either have these fees waived altogether or charge only a small percentage of what you owe. To make sure that you are getting a good deal, it is important to compare the different credit cards available to find one with the lowest late fee and lowest overdue fee.
Excess Balance Transfer Fee When you transfer an existing balance to this account, you will be charged an excess balance fee. This fee may be waived if you have a low credit score, so it is worth inquiring. You may also be able to waive the interest rate entirely, but this is not recommended. Most credit companies will still charge a rate of anywhere from fifteen to twenty percent above the interest rate on the original bill.
Annual Percentage Rate (APR) The APR is the interest rate you will be charged, whether or not you have chosen to pay interest on your credit cards. It is important to compare a few cards before choosing a new interest rate. Although the APR may be higher on a new card, you will save money in the long run as the lower interest rate will help you reduce your monthly payments. If you have been a loyal customer to Wells Fargo, you may qualify for a no annual fee introductory offer.
Expiration Date If you sign up for a credit card, it will have an expiration date. This date is typically three to four months after the date you signed on for a new account. Once, the expiry date rolls around, if you haven't paid off all of your balances, you will then receive a notice of default and will be charged an extra late fee.
Additional fees can apply if you are late paying the bill. A late fee will be added. If you do not pay the bill in full by its due date, additional fees will apply. Exercising a grace period after the due date will stop these fees from being applied.
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