How to Close A Wells Fargo Account | Bankrate

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Wells Fargo is a major player in consumer banking with a range of credit card options, but that doesn’t mean keeping a Wells Fargo credit card account open is right for everyone. Whether you’re looking for a rewards credit card with better perks and benefits or switching issuers, here’s what you need to know about how to close a credit card account with Wells Fargo.

How to close a Wells Fargo credit card account

If you plan to close a credit card account with Wells Fargo, you can do so by speaking to a representative over the phone. Before you close your account, there are a few steps you’ll need to take in order to ensure that the process goes smoothly.

• 1. Decide on a new credit card account
  

  If you plan on continuing to make purchases using a credit card, you should look for a new card before closing your account. In most cases, you should look for a card that has few fees, lucrative rewards like points, miles or cash back and services that meet your needs.

• 2. Prepare your account for closure
  

  Before closing your Wells Fargo account, ensure the account has a zero balance by paying it off. You can get your account balance to zero by transferring money from a bank account in order to pay off your balance.

  Also wait for any pending transactions or deposits to clear. To avoid delays, stop using the card a few weeks in advance and update any recurring payments to another card.

• 3. Contact Wells Fargo
  

  Once your balance is paid and all transactions have posted, you’ll need to call Wells Fargo at 800-642-4720 to close your account. A representative will guide you through the process, though they may try to convince you to keep the account open. If you’ve made a firm decision, be prepared to stick with it.

Can you cancel a Wells Fargo credit card online?

Unfortunately, Wells Fargo does not allow account closures online, including for both deposit and credit card accounts. To cancel, you’ll have to call 800-642-4720 and be ready to provide your account number and billing address to a representative.

What to do after closing your Wells Fargo credit card account

After closing your Wells Fargo credit card, expect written confirmation within one to two weeks. Be sure to check your credit score to see how the closure affected it. If you still have Wells Fargo deposit accounts but plan to switch banks, now is a good time, as the process is similar. For help, you can visit a local Wells Fargo branch.

Alternatives to closing a Wells Fargo credit card account

Closing a Wells Fargo credit card can make sense in some cases, but keeping it open — even if unused — may benefit your credit score.

Keep your card, even if you decide to stop using it

If your Wells Fargo card has no annual fee, you don’t need to cancel it just because you’ve stopped using it. Keeping it open can help your credit by improving your utilization ratio and account age. Just store it safely and set up alerts to monitor for any suspicious activity.

Request a product switch

If you’re no longer happy with your current Wells Fargo card but want to stay with the issuer, you may be eligible for a product switch — also known as an upgrade or downgrade.

Wells Fargo offers several credit cards with various perks, and you can contact customer service to request a switch. However, approvals aren’t guaranteed, as Wells Fargo is known for a conservative approach to product changes.

The bottom line

Canceling your Wells Fargo credit card might make sense if you no longer use it or are unhappy with the issuer. To close it, you can make a call to Wells Fargo customer service.

However, think carefully before doing so — keeping older cards open can help your credit score by maintaining account age and lowering your credit utilization.

Frequently asked questions about closing a Wells Fargo account

• Does closing a Wells Fargo credit card affect your credit score?
  

  It depends. In many cases, closing a credit card can have a slight negative impact on your credit score. This is because closing a credit card can increase your credit utilization ratio by reducing your overall credit limit. Closing a card can also negatively impact the age and mix of your accounts.

• Can Wells Fargo reopen a closed credit card?
  

  In most cases, it’s not possible to reopen a closed credit card account. That said, you can always complete a new application for a credit card through Wells Fargo. If you believe your credit card was closed in error, you should get in touch with a Wells Fargo representative to see what your options are.

• What happens to your rewards when you close a Wells Fargo credit card?
  

  When you close a Wells Fargo credit card, you lose access to your Wells Fargo rewards. If you have rewards saved up in the form of points or cash back, you should be sure to redeem them before closing your account.