Grace period on Wells Fargo credit cards?

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Adamator
 
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Grace period on Wells Fargo credit cards?

Postby Adamator » Tue Apr 03, 2012 6:23 pm

Hey all,

I've been searching the internet researching some stuff. I'm in the process of rebuilding my credit, it's been 2 years since a Bankruptcy and I recently got a Wells Fargo Cash Back Credit card with no annual fee.

Since I am a Wells Fargo bank customer as well, the card appears on my Bill Pay drop down list. However there are a few things I am not clear about. When I select the card as a payment option, new terms appear that I have to accept. Within these terms is the following:
There is no grace period for these transactions. Interest will begin to accrue on the date your Bill Payment is sent, at the periodic rate for purchases stated in your Customer Agreement and Disclosure Statement. Wells Fargo Rewards® program points will not be earned for Bill Payments.
I plan to be very careful with this new card. It will be used and paid in full every single month. With that in mind, does the fact that bill pay payments start accruing interest right away without a grace period affect me? Or would paying the full balance negate that?

My card is CASH BACK card, not a Rewards card, so I am not sure if bill pay payments not being eligible for rewards also applies to the cash back rewards.

The long and short is, I want to use this new card as much as possible for as many of my bills as I can, pay it to zero, rinse and repeat.

Thanks for any input.


Celestine
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Postby Celestine » Wed Apr 04, 2012 7:57 pm

You've only posted part of it. What is it referring to on "these transactions"?
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

DavidNY
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Postby DavidNY » Wed Apr 04, 2012 10:46 pm

https://www.wellsfargo.com/help/faqs/billpay_faqs
Credit Card Customers: Even if you do not pay a Bill Pay monthly fee, if you choose to use your Wells Fargo Credit Card to fund one or more Bill Payments, interest and fees will apply to each of the transactions.1

1 There is no grace period for these transactions. Periodic interest will begin to accrue on the date your Bill Payment is sent, at the periodic rate for purchases stated in your Customer Agreement and Disclosure Statement. Wells Fargo Rewards® program points will not be earned for Bill Payments.

mario1232000
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Postby mario1232000 » Tue Jul 17, 2012 5:37 pm

Hi, I used to work for Wells Fargo and can answer that.

What that message means is if you pay other bills using bill pay from the credit card, it will be treated as a cash advance and not have a grace period and there will also be an advance fee. The card has a 20 or 25 day grace period for purchases.



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