According to reports, Wells Fargo is not letting cardholders make product changes due to COVID-19. Here is what you need to know about the news and what it means for current Wells Fargo credit cardholders.
Wells Fargo Not Allowing Credit Card Changes?
Wells Fargo is, for the time being, not allowing current credit cardholders to change products due to the coronavirus pandemic. According to reports, the bank is repurposing the “switch team” (those responsible for product changes) to better handle customer calls increases due to the COVID-19 outbreak.
While there is no date for the switch team to return to their product change duties, some cardholders report the hold on product changes has been in effect since at least July of this year.
Changing Cards with Wells Fargo
The hold in product changes due to COVID-19 isn’t a significant change to Wells Fargo’s typical procedures. The issuer is known to be resistant when it comes to product changes.
Many Wells Fargo credit cardholders report the bank closing accounts and opening new accounts for the product consumers wish to change to. This process is not considered a change, but rather the opening of a new credit account. This process also bypasses hard inquiries since the Wells Fargo product switch team will adjust internally – avoiding a hard credit check. It will also lower the cardholder’s average age of credit, too, however.
Most other card issuers provide a more straightforward way of switching from one card to another. Typically, changing one credit card into another product involves little more than a phone call with customer service representatives, and that’s it. The most common reason for a product change is to switch from a card with an annual fee to another option with either a lower fee, or no annual fee at all. However, it’s also common for consumers to request a product change when they wish to move up to a card with more perks or versatility.
Of course, not all Wells Fargo customers have had the same experience when changing products. Many cite a simple process and no headaches, meaning the key can boil down to simply getting a sympathetic team member.
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