Why and How: Transferring Wells Fargo Rewards Between Accounts

Point transferability between accounts varies wildly across banks. Wells Fargo is one of the most favorable banks in this regard, allowing point transfers:

• To and from personal and business accounts
• To someone else’s account, even if they’re not related to you in any way

Why

It can be useful to combine points earned between personal and business accounts for a single redemption.

It can be advantageous to transfer points to a rewards account with a more favorable redemption scheme. For example, if you have a Propel World card rewards are worth 1 cent each. However, if someone you trust has a Wells Fargo Visa Signature they can redeem points for between 1.5-1.75 cents a piece towards airfare.

The ability to earn rewards in one scheme then redeem in a better scheme increases the overall value of the program.

How

Transfers can be initiated online or over the phone and vary depending on the type of transfer you want to perform.

I’ll cover each of the online transfer methods below because each transfer scenario is distinct and there are some potentially painful mistakes you’ll want to avoid.

From a Personal Account to Someone Else’s Personal Account

This is the most common scenario. To perform this transfer the “from” account needs to know the “to” account’s 16-digit card number.

1. Log into the “from” account
2. Click on the GoFar Rewards account associated with the credit card you want to send points from
3. Click on Share -> Gift Rewards to Others
4. Click on Gift to Others
5. Important! Do not choose Gift to friends and family. Doing so will result in a irreversible cash transfer rather than a point transfer which is not what you want because it nullifies redemption upside.
6. Enter the “to” account’s name, 16-digit card number, and # of points you want to transfer then Continue
7. Once the account number is confirmed complete the transfer – it should occur instantly

From your Personal Account to your Business Account

This can be useful if you have Propel World card and want to redeem for airfare with the more favorable rewards scheme the Business Platinum card offers, if you’ve opted for the Business Platinum Rewards scheme as opposed to the cashback scheme.

1.  Log into the Business account, ironically, by clicking Personal Accounts -> <Business Name> Accounts
2. Click Business Card
3. Click Wells Fargo Rewards at the bottom of the page where it says “To redeem your rewards and shop at our Earn More Mall® site, visit Wells Fargo Rewards.”
4. Click Business Rewards Accounts
5. Click Consumer Points Transfer
6. Enter your Personal Credit Card Number
7. Once the credit card is confirmed complete the instant point transfer

From your Business Account to your Personal Account

This can be useful if you have a Wells Fargo Business Rewards account and you want to transfer points to a Visa Signature for 1.5-1.75x uplift towards air travel.

If you have a Business Rewards card and want to transfer to a friend’s Visa Signature [I think] you’ll need a personal card of your own and will need to complete two transfers: One from your Business Rewards to your Personal GoFar Rewards. Then a second from your Personal GoFar Rewards to your friend’s Visa Signature.

1. Click on GoFar Rewards associated with the Personal account you want to transfer to
2. Click My Rewards -> Transfer
3. Enter the Business Credit Card Number you’d like to transfer from then Get Balance
4. Enter the number of points to complete the instant transfer

Caveats

• Be sure to avoid the Gift to Family & Friends option (mentioned above but stating again here for emphasis). It’s a trap and once transferred this way points become cash and redemption upside is lost.
• Avoid performing a lot of point transfers in a single day. When I say “a lot” I mean like 40 transfers. They’ll lock your account and could require you to go in branch for ID verification. This can be particularly painful if you live in a state with no Wells Fargo branches.
• It’s still not clear whether the Business Platinum Rewards $500 signup bonus is reliably converted into a 50,000 bonus for those who weren’t targeted and who opt for the rewards scheme on that card.
• It’s still not clear [to me] whether signing up for a Wells Fargo Business card resets the 15 month clock for Wells Fargo Personal cards. This is relevant for someone going for the Propel Word 40,000 signup bonus a few months after getting a Business card.

Bottom Line

Favorable point transferabilty is a key characteristic of valuable rewards programs, and Wells Fargo’s policies on this are about as good as it gets.

Take advantage of this to maximize the value of Wells Fargo rewards cards. Beacuse there’s no such thing as great credit cards, just great credit card programs.

Datapoints welcomed. Let us know in the comments or on Twitter @milenomics