Wells Fargo Platinum Card review | finder.com

Wells Fargo Platinum Card review – December 2018

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Wells Fargo Platinum Card

A simple, no-annual-fee credit card with a long intro APR period on balance 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.
  • Apply with good to excellent credit score of 670 or higher.
Product NameWells Fargo Platinum Card
Card TypeVisa
Annual Fee$0
APR (Annual Percentage Rate) for Purchases13.49% to 26.99% variable
Introductory Purchase APR0% for the first 18 months (then 13.49% to 26.99% variable)
Introductory Balance Transfer APR 0% for the first 18 months (then 13.49% 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
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. But once the intro period is up, the card reverts to a higher-than-average APR.

This card could be help you save money with a balance transfer during the intro period. 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 to pay off over18 months.

Another intro APR card: Blue Cash Everyday® Card from American Express

  • $150 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
  • 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%).
  • 2% cash back at U.S. gas stations and at select U.S. department stores, 1% back on other purchases.
  • Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 14.99% to 25.99%.
  • Over 1.5 million more places in the U.S. started accepting American Express® Cards in 2017.
  • Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
  • No annual fee.
  • Terms Apply.
  • See Rates & Fees
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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 13.49% 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. Maximum claims 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 the 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.

  • 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 13.49% 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 18 months intro period following your account opening, each transfer comes with a fee of $5 or 3%, whichever is greater. Any transfers you make after the intro period will have a fee of $5 minimum or up to 3%. To qualify for the intro APR, you’ll need to request your transfers within the first 120 days.

  • Credit limit.

    If you don’t have strong credit, you could get stuck with a low limit of $1,000. With other similar cards you could get as high as $5,000.

Compare 0% intro APR credit cards

Name Product Introductory Purchase APR Intro APR for Balance Transfer APR (Annual Percentage Rate) for Purchases
0% for the first 15 months (then 16.99% to 25.74% variable)
0% for the first 15 months (then 16.99% to 25.74% variable)
16.99% to 25.74% variable
0% intro APR for 15 months from account opening on purchases and balance transfers.
0% for the first 15 months (then 16.99% to 25.74% variable)
0% for the first 15 months (then 16.99% to 25.74% variable)
16.99% to 25.74% variable
0% intro APR for 15 months from account opening on purchases and balance transfers.
0% for the first 15 months (then 14.99% to 25.99% variable)
0% for the first 15 months (then 14.99% to 25.99% variable)
14.99% to 25.99% variable
Earn a $150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & Fees
0% for the first 15 months (then 14.99% to 25.99% variable)
0% for the first 15 months (then 14.99% to 25.99% variable)
14.99% to 25.99% variable
Earn up to $250 back. Earn $150 back after you spend $1,000 or more in purchases with your new card within the first 3 months of card membership. Plus, earn an additional $100 back after you spend an additional $6,500 in purchases within your first 12 months. Rates & Fees
0% for the first 12 months (then 14.99% to 25.99% variable)
0% for the first 12 months (then 14.99% to 25.99% variable)
14.99% to 25.99% variable
Earn $200 bonus cash back after you spend $1,000 on purchases in the first 3 months. Rates & Fees

Compare up to 4 providers

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. Tell Wells Fargo the amount you’d like to transfer. Simply stating you want to transfer the full amount of a credit card balance isn’t enough — you need a specific dollar amount.

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. That means a balance transfer of $3,000 would cost $90 in fees during the intro period and $150 after.

You can’t transfer more than your credit limit and Wells Fargo won’t accept balance transfers from other Wells Fargo accounts. Call Wells Fargo at 800-642-4720 about any questions about transfers.

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 might 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 opened another Wells Fargo credit card in the last six months, you may not qualify for another Wells Fargo card.

What credit score do I need?

You have a better chance of application approval with a credit score of 670 or higher. The better your credit, you’re more likely to get a lower APR and higher credit limit.

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, prefilled 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 minutes. 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 seven 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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