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Wells Fargo Business Platinum Credit Card review

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A straightforward business card that offers a choice of rewards programs and comes with no annual fee.

  • Get this card if you want to choose between cash back or rewards points.
  • Pick something else if you want premium travel perks, like travel credits and airport lounge access.
  • Apply with a good to excellent credit score of 670 or higher.

$500

Welcome offer

Up to 1.5x

Points

$0

Annual fee

0%

Intro Purchase APR

for the first 9 months (then 12.74% to 22.74% variable)

Details

Product NameWells Fargo Business Platinum Credit Card
Card typeVisa
Annual fee$0
Purchase APR0% intro for the first 9 months (then 12.74% to 22.74% variable)
Balance transfer APR0% intro for the first 9 months (then 13.49% to 23.49% variable)
Balance transfer fee$10 or 4% of the transaction, whichever is greater
Cash advance rate25.49% variable
Foreign transaction feeNone
Interest free periodUp to 21 days
Additional cardholder fee$0

Expert review

Megan Horner

Review by


Megan Horner is the credit cards publisher at finder.com. She's passionate about helping you find the best credit cards to meet your financial needs — whether that's earning great rewards or improving your credit score. Previously, she edited and published educational articles on credit cards as an assigning editor at Credit Karma.

Expert review

The Wells Fargo Business Platinum Credit Card is a straightforward no-annual-fee card that allows business owners to choose their rewards structure. Cardholders can either pick cash back at 1.5% for all purchases or rewards points that earn 1x point for every dollar spent. Both rewards options cover all purchases — no spending categories to keep track of here.

You’ll also enjoy an intro APR for all purchases and balance transfers for the first nine months. This welcome offer can be helpful if you’re looking to make large purchases or if you need to consolidate debts from other cards.

Our pick for business cash back

Ink Business Unlimited℠ Credit Card

  • No annual fee.
  • Signup bonus: $500 cash back after you make $3,000 in purchases within the first 3 months of opening your account.
  • Unlimited 1.5% cash back on all purchases.
  • 0% intro APR on purchases for 12 months from account opening, then 14.74% to 20.74% variable.
  • No extra cost for employee cards.
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See Rates & Fees

The perks

  • 0% intro APR on purchases and balance transfers.
    Take advantage of a 0% intro APR on purchases and balance transfers for the first 9 months after opening your account. After that, your rate reverts to a variable APR between 12.74% and 22.74%.
  • Choice of rewards programs.
    You have the flexibility to earn either 1.5% cash back or 1x points for every dollar spent, with no limits or spending categories.
  • Welcome offer.
    Enjoy $ cash back when you spend $3,000 on purchases in the first 3 months of opening your account.

You’ll also like …

  • No annual fee.
    No annual fee makes this card a solid long-term option.
  • No foreign transaction fees.
    If you travel internationally, the Wells Fargo Business Platinum Credit Card helps you save with no foreign transactions fees.
  • Zero liability protection.
    Business owners can rest easy knowing they’re protected against potential fraud or unauthorized employee spending.

What to watch out for

  • Balance transfer fees.
    While you’ll enjoy an intro APR on balance transfers, you’ll pay a fee of $10 or 4% of each transfer, whichever is greater.
  • No travel benefits.
    If you’re looking for premium travel benefits, explore other options. When you use rewards to book airline tickets, you’ll even get hit with a $24 redemption fee.
  • Time limit on rewards points.
    Rewards points expire after three years, so keep track of when you earn your points so you don’t miss out on redeeming them for gift cards, merchandise, travel bookings or cash back.

Compare business credit cards

Updated February 17th, 2020
Name Product Rewards Purchase APR Annual fee
Ink Business Preferred℠ Credit Card
3x points on the first $150,000 on travel and select business categories annually, then 1x after and on all other purchases
17.49% to 22.49% variable
$95
80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®
American Express® Blue Business Cash Card
2% cash back on all purchases on up to $50,000 per calendar year, then 1%
0% intro for the first 12 months (then 14.74% to 20.74% variable)
$0
Earn 2% cash back on all purchases on up to $50,000 per calendar year, then 1%. Rates & fees
The Business Platinum® Card from American Express
5x points on flights and prepaid hotels through Amex Travel, 1.5x points if you spend $5,000 on a single eligible purchase on up to 1 million additional points per year and 1x points on all other purchases
N/A
$595
Earn 50,000 points after spending $10,000 and an extra 25,000 points after spending an additional $10,000 on purchases in the first 3 months from account opening. Rates & fees
The Blue Business® Plus Credit Card from American Express
2x points on everyday business purchases on up to $50,000 annually, then 1x points
0% intro for the first 12 months (then 14.74% to 20.74% variable)
$0
Earn 2x Membership Rewards® points on everyday business purchases on up to $50,000 with no category restrictions. Rates & fees
American Express® Business Gold Card
4x points on two categories on up to $150,000 combined annually, then 1x points after that and on all other purchases
15.74% to 23.74% variable
$295
Earn 35,000 points after spending $5,000 in the first 3 months from account opening. Rates & fees

Compare up to 4 providers

What size business is the Wells Fargo Business Platinum Credit Card good for?

This card is best suited for small to midsize businesses who purchase in diverse categories and spend $50,000 or less annually. Since there’s no annual fee, it’s especially easy for companies just getting off the ground to keep around long term. And if your business often shops at foreign websites for inventory or supplies, the Wells Fargo Business Platinum Credit Card could save you money with no foreign transaction fees.
Top 3 business credit cards from Wells Fargo

What should I know before I apply?

You must be a US citizen or permanent resident to apply for this card. To start the application process, you’ll need the following information:

  • Your name, address, phone number, Social Security number, date of birth and citizenship.
  • Information for any owner with more than 25% stake in the company, including their percentage of ownership, gross annual income and personal checking and savings account numbers and balances.
  • Your business’s legal name, address and phone number.
  • The date your business was first established.
  • Your tax identification number.
  • Your business’s ownership type and number of owners.
  • The gross annual revenue of your business.

Only customers who have banked with Wells Fargo for at least one year can apply for a business credit card online. New customers must apply at a local branch.

What credit score do I need?

You’ll have a greater chance of approval if you apply with a good to excellent credit score of 670 or higher. Aside from your credit history, Wells Fargo looks at your business’s cash flow and existing credit obligations to determine whether you can handle taking on more debt. It also considers your current relationship with the bank. Long-time customers with a history of positive cash flow and on-time payments may have an easier time getting approved for this card.

What do customers say about the Wells Fargo Business Platinum Credit Card?

Wells Fargo is not accredited or rated with the Better Business Bureau (BBB). Its customer reviews on the website are overwhelmingly negative, with over 3,700 individuals filing a complaint against the bank. It doesn’t fair any better on Trustpilot, earning a dismal score of 2.2 out of 10. Most negative feedback centers around poor customer service and technical glitches with banking customers.

Reviews for this specific business card are generally positive, however, with many customers who enjoy linking their checking account to the card. Still, others complained that their accounts were frozen during periods of travel, so make sure to report any trips to avoid losing access to your card.

How to apply for the Wells Fargo Business Platinum Credit Card

  1. Go to the Wells Fargo site and click Small Business from the top navigation bar.
  2. Hover over Loans and Credit and click Business Credit Cards.
  3. Find the Wells Fargo Business Platinum Credit Card and click Apply Now.
  4. Log in to your Wells Fargo account and complete the application with details about you, your business and any employees you authorize to use the card.
  5. Review and submit your application.

How long will it take to get my Wells Fargo Business Platinum Credit Card?

Once your application is approved and processed, you’ll receive your card within 10 business days.

I got the card. Now what?

  • Manage your spending. Use the Wells Fargo reporting tools to track all spending and monitor employee activity.
  • Make on-time payments. Set up autopay or make payments online or through the Wells Fargo app.
  • Avoid interest on purchases. Avoid interest by paying your balance in full each month. You have a 21-day grace period where you will not accrue interest to pay off any purchases.
  • Get help. If you have questions or issues, contact customer service at 800-416-8658.

Bottom line

If you’re looking for a business card that allows you to earn either cash back or rewards points across all spending categories, the Wells Fargo Business Platinum Credit Card is a solid option. You’ll earn a flat 1.5% cash back or 1x points for all spending, with no earning caps. However, you’ll want to keep track of your rewards, as there’s a three-year expiration date.

With no annual fee and attractive welcome offers, this card can be beneficial for small businesses owners looking to either transfer balances or make large purchases.

As always, compare other business credit cards to find the best one for your company’s spending and needs.

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