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Wells Fargo Business Platinum Credit Card review
A straightforward business card that offers a choice of rewards programs and comes with no annual fee.
finder.com’s rating: 4.3 / 5
★★★★★
- 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.
$300
Welcome offer
Up to 1.5x
Points
$0
Annual fee
0%
Intro purchase APR
for the first 9 months (then 11.24% to 21.24% variable)
Details
| Annual fee | $0 |
|---|---|
| Welcome Offer | $300 when you enroll in the rewards program and spend $3,000 in the first 3 months |
| Rewards | Choose 1.5% cash back or 1x points on all purchases |
| Purchase APR | 0% intro for the first 9 months (then 11.24% to 21.24% variable) |
| Balance transfer APR | 0% intro for the first 9 months (then 11.24% to 21.24% variable) |
| Recommended minimum credit score | 670 |
| Issuer | Visa |
Review by
Megan Horner
megan.horner@finder.comMegan Horner is the credit cards publisher at Finder. 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. Megan's expertise has been spotlighted on Lifehacker, CreditCards.com, American Banker and featured on news broadcasts across the country.
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.
How to apply for the Wells Fargo Business Platinum Credit Card
- Go to the Wells Fargo site and click Small Business from the top navigation bar.
- Hover over Loans and Credit and click Business Credit Cards.
- Find the Wells Fargo Business Platinum Credit Card and click Apply Now.
- 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.
- 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.
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 11.24% and 21.24%.
- 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 $30,000 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
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.
Wells Fargo Business Platinum Credit Card reviews and complaints
Wells Fargo is not accredited with the Better Business Bureau (BBB), though it did receive an F rating from the agency as of October 2020. 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.
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
Credit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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