Wells Fargo Business Platinum Credit Card review | finder.com

Wells Fargo Business Platinum Credit Card review – December 2018

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Wells Fargo Business Platinum Credit Card

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

30-second take

  • 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.
Product NameWells Fargo Business Platinum Credit Card
Card TypeVisa
Annual Fee$0
APR (Annual Percentage Rate) for Purchases13.24% to 23.24% variable
Introductory Purchase APR0% for the first 9 months (then 13.24% to 23.24% variable)
Introductory Balance Transfer APR 0% for the first 9 months (then 13.24% to 23.24% variable)
Balance Transfer Fee$10 or 4% of the transaction, whichever is greater
Cash Advance Rate25.99% variable
Foreign Transaction FeeNone
Interest Free PeriodUp to 21 days
Additional Cardholder Fee$0
Minimum Age18 years of age
Welcome OfferGet a one-time 500 cash back bonus when you enroll in the cash back rewards program and spend $5,000 in the first
3 months.
Reward Value per Dollar1x points

The basics

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.

Ink Business Unlimited℠ Credit Card

  • Earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase made for your business
  • 0% introductory APR for 12 months on purchases and balance transfers
  • Employee cards at no additional cost
  • No annual fee
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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 13.24% and 23.24%.

  • 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 $500 cash back when you spend $5,000 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.

Consider other cards if …

  • You spend a lot on gas, office supplies or dining.
    The Bank of America Business Advantage Cash Rewards Mastercard® credit card offers 3% cash back on office supplies and gas — up to $250,000 annually — and reverts to 1% after that. You’ll also earn 2% back at restaurants. If you’re constantly dining out while on the road or buy lots of Post-its, this might be a better option.
  • You want travel benefits.
    Unlike other travel-focused business cards, you won’t earn additional rewards for airline, hotel or car rental purchases. Instead, consider the Bank of America Business Advantage Travel Rewards World Mastercard® credit card, which earns you 3x points on bookings through Bank of America Travel Center and 1.5x points on all other purchases.
  • You like category-specific rewards
    If you find you spend more in certain categories, find a card that caters to category spending. The SimplyCash® Plus Business Credit Card from American Express rewards wireless services and office supplies from US providers with 5% cash back. Business owners also have the flexibility to choose another category each year that will earn them 3% cash back. The 5% and 3% cashback rates apply to up to $50,000 in combined purchases each year. After that, you’ll continue to earn 1% cash back.

Top 3 business credit cards from Wells Fargo

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Updated December 11th, 2018
Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
17.99% to 22.99% 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®
15.24% to 21.24% variable
0% for the first 12 months (then 15.24% to 21.24% variable)
$0
$500 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening
15.24% to 21.24% variable
0% for the first 12 months (then 15.24% to 21.24% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months
17.74% to 25.74% variable
$0 annual fee for the first year ($99 thereafter)
70,000 AAdvantage® miles after making $4,000 in purchases in first 4 months of account opening
None (Charge Card)
$450
New cardholders can earn 75,000 Membership Rewards® bonus points by spending $10,000 on purchases for the first 50,000 points and then another $10,000 for the next 25,000 points on their new card in the first 3 months.

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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.

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.

Frequently asked questions

Megan Horner

As the assistant publisher of credit cards at finder.com, Megan is passionate about helping you compare and find the best credit cards for your situation, whether that is earning great rewards or improving your credit score. In her previous position, Megan worked as an assigning editor at Credit Karma, where she focused on editing and publishing educational articles on credit cards. Megan started her career as a writer at a comparison website, so she has a longstanding background in surfacing the best deals and helping people make decisions. In her spare time, Megan likes to hike, camp, surf, and read.

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