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Is Wells Fargo Platinum Credit Card Good

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Wells Fargo Platinum Card Review

The Wells Fargo Card No One Talks About

2021.10 Update: This card is discontinued. The new 0 APR card from Wells Fargo is Wells Fargo Reflect.


  • 0% introductory APR for 18 months on purchases and balance transfers.
  • No annual fee.
  • No rewards.
  • It has foreign transaction fee, so it’s not a good choice outside the US.
  • Balance transfer fee still exists: Introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 18 months. After that, up to 5% for each balance transfer, with a minimum of $5.
  • Wells Fargo Platinum Visa Credit Card Review : Great Card For Debt Reduction

    Last updated Dec. 17, 2021| By Brett Holzhauer

    FinanceBuzz is reader-supported. We may receive compensation from the products and services mentioned in this story, but the opinions are the author’s own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

    Note: The Wells Fargo Platinum Visa Credit Card is not currently available from the issuer. If you are interested in a Wells Fargo card, then check out the Wells Fargo Active Cash Card. Or for the full list of the best cards available, check out our picks for the best balance transfer cards.

    Outside of earning travel rewards and cash back, a great feature of is the ability to handle balance transfers. So, what are balance transfers?

    A balance transfer is simply the reallocation of debt from one credit card to another, typically with the intention of lowering your interest rate. This is an excellent strategy to help reduce your interest payments and fast-track your way to paying off debt. This is something I can personally attest to when money was tight and I fell into credit card debt after college, using a balance transfer saved me hundreds in potential interest.

    The Wells Fargo Platinum Visa Credit Card is a great card for balance transfers and consolidating credit card debt. In this review, well highlight the cards key points so you can decide if its the right one for you.

    Fast-track Your Way Out of Debt

    Who Is The Wells Fargo Reflect Card Best For

    The Wells Fargo Reflect Card is best for consumers who need to consolidate their debt onto a single credit card, or those looking to make a major purchase. This card is intended to help cardholders pay off their purchases in their own time, without penalty.

    This card will not be the optimal choice for consumers who want to earn rewards on their spending. For rewards paired with a long intro APR offer, consider other balance transfer credit cards, like the Wells Fargo Active Cash Card or Citi® Double Cash Card 18 month BT offer.

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    Pay 0% Interest On Purchases And Balance Transfers

    The Wells Fargo Platinum Card isn’t a rewards card. So that means you won’t earn points, miles or cash back on purchases.

    But if you want to save money on interest, it can definitely help with that.

    This card features a lengthy introductory APR period for both purchases and balance transfers. You can pay 0% interest for purchases and balance transfers for the first 18 months after account opening.

    To qualify for the introductory APR on balance transfers, balance transfer requests must be made within 120 days of opening your account. There’s also a balance transfer fee of $5 or 3% of the amount being transferred, whichever is greater.

    Having a year and a half to pay off purchases or balance transfers with zero interest is a good thing if you don’t always pay your credit card in full each month.

    Ask The Experts: Wells Fargo Platinum

    Wells Fargo Platinum Credit Card Review

    To learn more about the Wells Fargo Platinum card, we asked a panel of experts to share their thoughts on some of the cards key features as well as its place in the market and how that might change moving forward. See who they are and what they had to say below.

    • Do you think any credit cards will be offering 0% introductory APRs for over a year in 18 months from now?
    • How should credit card shoppers value secondary benefits such as up to $600 in cell phone protection for cardholders who pay their monthly cell phone bill with their card?
    • Should people worry about rewards when shopping for a 0% APR credit card?

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    Bottom Line: Wells Fargo Platinum Card Review

    The Wells Fargo Platinum card is great for those looking to pay off high-interest debt and want a simple balance transfer.

    The card offers a 0% intro APR for the first 18 months and no annual fees. However, it doesnt have a notable rewards program, so if you are looking to earn perks for day-to-day purchases, then this card may not be the best for you.

    Overall, the card is a great option for paying off debt while also not worrying about excessive fees, so you should definitely consider applying for it if that applies to you.

    Justin Estes is a Senior Personal Finance Writer who is a recognized small business accountant, consultant, and credit card expert. His background in accounting and finance led to a passion for helping people make the most of their money and matching them with financial products that enhance their lifestyle. Justin attended Charleston Southern University where he double-majored in Finance and Accounting. Justins areas of expertise are credit cards, small business finance, accounting, and taxes.

    Wells Fargo Reflect Card Vs Citi Diamond Preferred Card

    Verdict: Similar benefits, but its other perks don’t quite stack up

    The Citi® Diamond Preferred® Card comes with an intro APR 0% for 21 months on Balance Transfers and 0% for 12 months on Purchases. After that the variable APR will be 13.74% – 23.74% . There’s a $0 annual fee, and youll get free access to your FICO Score, as well as Citi Entertainment® benefits.

    For the most part, this offer is quite comparable to the Wells Fargo Reflect Card. If anything, though, the Wells Fargo Reflect Card is a better option since it comes with some travel benefits and cellphone protection.

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    Chase Sapphire Reserve Vs Wells Fargo Platinum Card

    The Chase Sapphire Reserve offers a different set of features to the Wells Fargo Platinum card. For instance, the card provides a rewards program with a large bonus and high rewards rate.

    You also wont be charged for any foreign purchases, which is excellent for many who travel. Unlike the Wells Fargo Platinum, however, this card isnt for those paying off debt.

    The card requires an excellent credit score while also charging a $550 annual fee. The high cost may not be worth it for some people, but if you frequently travel, then utilizing this cards many perks may be a great option.

    This is another example of how different credit cards are designed for different consumers. There are plenty of features and perks associated with the Chase Sapphire Reserve®, but they come at a hefty fee.

    The Wells Fargo Platinum Card is easy to use and does not charge an annual fee on the other side of the


    Who Is The Wells Fargo Platinum Card Good For

    Wells Fargo Rewards Credit Card Review (Best Starter Credit Card??)

    The Wells Fargo Platinum card is a good option for those who want to transfer a balance. People who are a good fit for this card will need to be able to transfer balances within 120 days of the account opening and be able to pay the introductory balance transfer fee on their first statement.

    If that sounds like you, you should also have a plan to pay off the balance in full by the end of the intro period and a backup option for what youll do if you cant pay it off in time.

    Remember, if youve recently opened another Wells Fargo credit card with introductory offers, you may not qualify for this offer. Additionally, those who want to transfer balances from Wells Fargo or its affiliates arent likely a good fit either.

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    What Is The Meaning Of Platinum Credit Card

    In the credit card world, platinum usually refers to credit cards that offer more rewards, additional benefits, and higher credit limits. What that looks like, however, depends on the credit card company.

    Typically, the platinum credit card option is reserved for applicants with excellent credit, and that sentiment remains true when it comes to the Wells Fargo Business Platinum credit card.

    Keep in mind, however, that in some cases, platinum cards dont represent the top of the hierarchy. Some companies offer cards that are considered to have more benefits or are more exclusive than their platinum products. This is the case for the Wells Fargo Business Elite Credit Card, which carries additional benefits and is designed specifically for business owners who have an annual revenue of $1 million or more.

    What Security Measures Does The Business Platinum Card Have

    Wells Fargo provides several security features. Mastercard Identity Check may require you to enter a texted one-time passcode for select purchases. You can set up alerts based on a number of transactions and/or amounts.

    For employees who will be traveling internationally, Wells Fargo suggests they call 1-800-642-4720 in advance to set a travel alert to prevent Wells Fargo from freezing purchases made overseas.

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    Wells Fargo Reflect Card Vs Citi Double Cash Card 18 Month Bt Offer

    Pros and Cons of the Wells Fargo Platinum Visa Credit Card ...

    Verdict: Top-notch rewards, but no intro APR for purchases

    The Citi® Double Cash Card offers a long intro APR 0% for 18 months on Balance Transfers after that, the variable APR will be 13.99% 23.99% . Cardholders get excellent rewards on all spending: Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.

    However, you should note that the introductory rate only applies to balance transfers and not to purchases. That makes this card an inferior option if you’re hoping to get a 0% APR on items you buy for a limited period of time.

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    Wells Fargo Platinum Card Review: More Details

    If you are looking for a way to pay down some debt without racking up interest, the Wells Fargo Platinum offers one of the longest introductory APRs available 0% for the first 18 months from account opening on purchases and qualifying balance transfers made in the first 120 days . Plus, youll have access to a suite of tools designed to help you take back control of your finances.

    On the downside, youll have to sacrifice any sort or rewards program, and the balance transfer fee can cut into your interest savings.

    Citi Double Cash Card

    Along with offering a generous introductory offer on balance transfers, the Citi Double Cash Card is one of the best flat-rate cash back cards on the market. Youll earn up to 2% cash back on everything you buy . You can also redeem your rewards as ThankYou points in the Citi ThankYou Travel Center for airfare.

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    Active Cash Vs Chase Freedom Unlimited

    The no-annual-fee Chase Freedom Unlimited earns 5% cash back on travel purchased through Chase Ultimate Rewards, 3% cash back at restaurants, food delivery, and drugstores, and 1.5% cash back on all other purchases.

    The Chase Freedom Unlimited also provides nice benefits such as 120-day purchase protection, extended warranty, trip cancellation insurance, and secondary rental car insurance.

    One of the potential superpowers of the Chase Freedom Unlimited is the ability to boost the value of your rewards.

    If you hold the Chase Sapphire Preferred or Chase Sapphire Reserve, you can convert cash back to points that you can transfer to Chases airline and hotel partners, including Hyatt, Southwest Airlines, and United Airlines. You could also redeem points towards travel at 1.25 cents per point with the Chase Sapphire Preferred or 1.5 cents per point with the Chase Sapphire Reserve.

    This also allows you to earn at least 1.5 points per dollar on all of your spending, plus 3 points per dollar on dining, food delivery, and at drugstores.

    Billing Statements And Payments

    (REVIEW) Wells Fargo Platinum card

    Billing Statements. If you have a balance on your account you will receive a billing statement. Your billing statement will show your Minimum Payment due and the Payment Due Date.

  • Payments. You may pay all or part of your Account balance at any time, but you must pay the Minimum Payment, disclosed on your billing statement, by the Payment Due Date.

    Minimum Payment. Your Minimum Payment Due includes any amount past due plus the greater of:

  • The sum of late, returned check, returned payment, rush plastic, and annual fees and interest billed during the Billing Cycle for which the Minimum Payment is calculated plus 1% of the New Balance shown on the billing statement or

  • $25.00 .
  • We require you to pay any amount over the limit of your credit card account. However, that amount is not included in your Minimum Payment Due.

    The Minimum Payment is rounded-up to the next highest whole dollar amount. Credits will not be used to meet the Minimum Payment.

    Payment Instructions. Follow these instructions when making a payment:

  • You must pay in U.S. dollars.
  • Payment must be made with a personal check, money order or cashier’s check and must be issued by a bank in the United States.
  • Electronic payments are accepted.
  • Do not mail cash.
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    Why You Might Get The Wells Fargo Platinum Card

    As far as balance transfer cards go, the Wells Fargo Platinum card offers a few benefits that might appeal to people looking to pay down debt:

    • Lengthy 0% intro APR period and no annual fee. The card offers 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 16.49% – 24.49% Variable APR. If youre motivated, that kind of window can give you enough time to significantly decrease your balances or get rid of them completely. The annual fee is $0.

    • Cell phone insurance. When you pay your monthly cell phone bill with your Wells Fargo Platinum card, you can get up to $600 of protection on your cell phone against covered damage or theft. The coverage is subject to a $25 deductible.

    • Simpler banking. It can be helpful to keep your banking and credit accounts under the same roof, as payment transfers tend to be quicker and customer service representatives have a better view of your finances. That might make this card more tempting for Wells Fargo customers.

    » MORE:What to expect from Wells Fargo’s cell phone insurance

    Downsides Of The Wells Fargo Platinum Credit Card

    The most obvious downside of the Wells Fargo Credit Card is that there are no rewards or welcome bonus. Depending on how much you spend on your credit card, you could be missing out on considerable annual perks and rewards. Another downside is that while the card has a 0% intro rate to encourage you to transfer your high-interest balances onto the card, you will have to pay a balance transfer fee. While this is common among balance transfer cards, there are a few that allow you to temporarily transfer balances with no fee at all, such as the Chase Slate card.

    If you transfer your balance in the first four months, youll pay an introductory balance transfer fee of 3%. Balances transferred after four months will be subject to a fee of 5% of the amount transferred.

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    How Does The Wells Fargo Platinum Card Compare To Other Cards

    Though the Wells Fargo Platinum card has one of the longer balance transfer introductory APR offers, its lack of a rewards program and balance transfer fee mean it might not be the best choice for every cardholder. Here are a few popular alternatives:

    • 1% cash back on general purchases
    • 1% additional cash back as you pay for those purchases
    Rewards rate


    Other things to know

    • $0 balance transfer fee for first 60 days of account opening, then $5 or 5%
    • Purchase protection and extended warranty
    Other things to know

    • Redeem rewards for gift cards, donations, credit to your account, direct deposit and more
    Other things to know

    • $5 or 3% balance transfer fee
    • No late payment fees

    Is The Wells Fargo Cash Wise Visa Card Worth It

    Wells Fargo Business Platinum Credit Card

    Wells Fargo Cash Wise Visa® card is a good, solid cash back credit card, especially for cardholders seeking simplicity and good value above all else. The welcome bonus is attractive and easy to earn, and the card has decent benefits.

    The card may not be for you if you’re a frequent international traveler or you enjoy juggling different credit cards to squeeze maximum value from your rewards. If this describes you, you may want to consider getting a travel credit card instead. Travel cards typically don’t charge foreign transaction fees and offer the best shot at maximizing the value of your credit card rewards.

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