Is the Wells Fargo Platinum Card worth it? - October 2018 | finder.com

Wells Fargo Platinum Card review – October 2018

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A simple, no-annual-fee credit card with a long intro APR period on balnce transfers and purchases.

30-second take

  • Get this card if you want an extended intro APR offer and no annual fees.
  • Pick something else if you want cashback rewards.
  • Appply with good to excellent credit score of 680 or higher.
Product NameWells Fargo Platinum Card
Card TypeVisa
Annual Fee$0
APR (Annual Percentage Rate) for Purchases17.49% to 26.99% variable
Introductory Purchase APR0% for the first 18 months (then 17.49% to 26.99% variable)
Introductory Balance Transfer APR 0% for the first 18 months (then 17.49% to 26.99% variable)
Balance Transfer Fee$5 or 3% of the transaction, whichever is greater
Cash Advance Rate25.99% to 27.99% variable
Foreign Transaction Fee3% of the transaction value
Cash Advance Fee$10 or 5% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $37
Returned Payment FeeUp to $37
Additional Cardholder Fee$0
Rates & FeesRates & Fees
Minimum Age18 years of age

The basics

This card offers a longer intro APR period on balance transfers and purchases when compared to most other credit cards. The drawback is that it has a slightly higher APR after the intro period passes.

Additionally, if you pay your cell phone bill with this card, you get a phone protection plan of up to $600 if your cell phone is lost or broken. To top it off, there’s no annual fee, making this card one to consider if you’re looking to make a big purchase and carry the balance or transfer an existing account.

The perks

  • Intro APR period.

    Enjoy a 0% intro APR offer on purchases and balance transfers for 18 months following your account opening. After that, a variable APR of 17.49% to 26.99% will apply. When compared to similar cards, this is one of the longest intro APR periods you can get.

  • No annual fee.

    This card comes with no annual fee.

You’ll also like …

  • No penalty APR.

    If you make late or returned payments, you’ll only pay a fee. Other cards have a penalty APR of up to 30%, which can apply as soon as you make a single late or returned payment, and can last indefinitely.

  • Access to FICO® score.

    You can access your FICO® credit score for free using the Wells Fargo Mobile platform.

  • Safety and security.

    This chip-enabled card offers increased account security against counterfeit fraud. You also get alerts whenever you make a purchase.

  • Cell phone protection.

    When you pay your monthly cell phone bill with your card, you get up to $600 per claim protection against damage or theft. Your maximum claim is up to $1,200 in 12 months.

  • Money management tools.

    My Money Map can help you track your spending and give you a chart to see what you spend most money on. You can also create a savings plan, keep track of your progress and more.

What to watch out for

  • No signup bonus.

    Most cards offer a signup bonus, which you can claim in the first months of card membership once you spend a certain amount. However, similar balance transfer cards — including this one — don’t have any signup bonuses.

  • Foreign transaction fees.

    You’ll pay 3% fee for each transaction you make outside of the US. It may not seem like much, but it can add up if you often travel abroad.

  • Potentially high APR.

    Depending on your creditworthiness, you may get an APR of 17.49% to 26.99% variable after the intro period passes. This is relatively high, considering the average APR is around 16%.

  • Balance transfer fees and limits.

    During the intro period of 18 months following your account opening, each transfer you make will come with a fee of $5 or 3% of the transaction, whichever is greater. After that, the fee increases to $5 or 5% of the transaction, whichever is greater.

  • Credit limit.

    The size of your credit limit depends on multiple factors determined by the bank. But with this card, the minimum credit line you can get is .

Consider other cards if …

  • You want a similar card from another bank.

    The BB&T Bright® Credit Card, the U.S. Bank Visa® Platinum Card and the Citi Simplicity® Card all offer long intro APR periods on balance transfers and purchases.

    You can also check out the PenFed Gold Visa® Card, where aside from an intro APR period on balance transfers you’ll get one of the lowest APRs available following the promo period.

  • You want cash back.

    Consider the PenFed Power Cash Rewards Visa Signature® Card where you get 1.5% back on all purchases, and 2% back if you’re a PenFed Honors Advantage member. The Wells Fargo Cash Wise Visa® Card offers 1.5% cash back on everything you buy.

    If you mostly spend on groceries and gas, the Blue Cash Preferred® Card from American Express could be a better choice. However, if you want higher cash back on dining, travel, online purchases and Uber drives, the Uber Visa Card could be more useful.

How does a balance transfer work with this card?

When you apply for a balance transfer, be sure to have the account number and amount you want transferred. Wells Fargo doesn’t accept “pay in full” instructions, and must have the specific dollar value that you want transferred.

For each transfer you make during the intro period, you’ll pay a fee of $5 or 3% of the transaction, whichever is greater. After that, the fee for each balance transfer will increase to $5 or 5% of the transaction, whichever is greater. In other words, a balance transfer of $3,000 would cost $90 in fees during the intro period and $150 after.

The total amount transferred and the fee for that amount must not exceed your credit limit. Wells Fargo won’t accept balance transfers from other accounts you have with it or its affiliates. If you have questions about the process you can call Wells Fargo at 1-800-642-4720.

What should I know before I apply?

You may apply for the card if you’re at least 18 years old and a resident of the US.

You’ll also need to provide the following information:

  • Your full name and contact information.
  • Your date of birth and Social Security number.
  • Your financial information including your employment and housing status.

At this point, you can add an authorized user or request a balance transfer.

You may not get the intro APR period on balance transfers if you’ve opened a Wells Fargo credit card in the last 15 months and received an intro APR period, intro fee rate or bonus rewards offers, even if you closed your account with a $0 balance.

Also, if you have opened another Wells Fargo credit card in the last six months, you may not qualify for an additional Wells Fargo card.

What credit score do I need?

You have a better chance of application approval with a credit score of 680 or higher. With a higher credit score and low credit utilization, you can get a higher credit line and a low APR after the intro period.

What do customers say about the Wells Fargo Platinum Card?

Most customers complain about the low credit line they received and line-increase denials by Wells Fargo even after years of timely payments. Some customers complained about the bank increasing their APR, despite making payments on time and having a good credit score.

The Better Business Bureau has yet to rate or accredit Wells Fargo.

How to apply for the Wells Fargo Platinum Card?

  1. Go to the Wells Fargo website and find the Platinum Visa® Credit Card in the list of balance transfer cards, then click Apply now.
  2. Existing Wells Fargo customers may sign in for a quicker, pre-filled application. Others need to click Continue.
  3. Fill out the application form with all the required details.
  4. Review and submit your application.

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

Wells Fargo processes its applications online, and you’ll typically get a decision within a minute. If the bank needs additional information, it may take a few business days up to few weeks to receive an answer.

Upon approval, you’ll get your card in the mail within 7 to 10 business days.

I got the card. Now what?

  • Download the Wells Fargo Mobile app. And use it to monitor your account, pay your bills, access your free FICO® score and more.
  • Avoid interest. Once the intro period passes, pay your balance before the grace period of 25 days is up after each billing cycle to avoid paying interest on purchases.
  • Customer service. Call 1-800-869-3557 for customer support. Or you can chat with a customer service representative online on the Wells Fargo website.

Bottom line

If you’re looking for a simple balance transfer card with a year and a half of interest-free period to pay off your balance, then this could be a good card for you.

Otherwise, you can check out other low APR or balance transfer credit cards to find the right one for your needs.

Frequently asked questions

Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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