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finder.com’s rating: 4.5 / 5
★★★★★
$0
Annual fee
0%
Intro purchase APR
for the first 18 months (then 15.49% to 24.99% variable)
0%
Intro balance transfer
for the first 18 months (then 15.49% to 24.99% variable)
15.49% to 24.99%
Balance transfer APR (variable)
Review by
Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.
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 over 18 months.
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.
Adrian Tomkins
Senior Product Manager
While I utilized the card early on, as soon as my credit score improved, I moved to the Delta SkyMiles® Gold American Express Card — it better suited my desire to build up international travel miles and achieve status with an airline.
Overall, the Wells Fargo Platinum Card was great for my balance transfer needs and helping me build my credit. However, it’s probably not the best choice for people looking to optimize travel points.
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 5% 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.
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:
At this point, you can add an authorized user or request a balance transfer.
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.
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.
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.
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We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.