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It's all too easy to get stuck under a pile of debt when your credit card interest rate is through the roof. Thankfully, you can break that cycle with low interest credit cards. If you bank with Wells Fargo, one good option to consider is the Wells Fargo Platinum Visa® Card. With an attractive interest free introductory period, this simple credit card gives cardholders a chance to cut back on debt and finance big expenses.
What We Like
The principle feature of the Wells Fargo Platinum Visa® Card is the introductory APR of 0% for 18 months on both purchases and balance transfers. The period of interest free payments has the potential to save cardholders hundreds of dollars on paying off debt or possibly finance a big purchase.
There’s a balance transfer fee of 3% Intro for 18 months, then 5%, however, the potential savings will outweigh the transaction fee costs. Following the expiration of the introductory APR period, remaining balances will be subject to the standard rate of 16.15%-25.99% (Variable) APR, based on the applicant’s creditworthiness.
This simple credit card comes with no annual fee which will add to the potential to save. In addition, you won’t need excellent credit to be approved for this card. Other benefits of this card include a mobile banking app, built in $0 fraud liability coverage, chip technology and overdraft protection.
More Card Details
A standout of all Wells Fargo credit cards is their Cellular Telephone Protection plan. Your phone will be covered against theft and damage of any kind as long as you pay your cell phone bill with your Wells Fargo Platinum Visa® Card. There’s a $25 deductible and you are limited to two claims per year, but you’ll receive as much as $600 in protection per claim. The plan will cover up to four phones that are listed on your cell phone bill. So if you accidently drop your phone and the screen shatters, you’ll only be subject to pay $25 out of pocket to have your phone fixed or replaced!
You’ll also gain exclusive access to the Credit Defense Platinum Service which offers payment protection to combat unexpected life events. The plan offers protections like fixed payments in the event of unemployment or hospitalization and loss of life benefits which credits your account balance upon death. The service does come with a monthly fee of 39 cents per $100 of the ending monthly balance, but it’s completely optional, so you don’t have any obligation to enroll.
How Does it Compare?
Chase Slate®: Just like the Wells Fargo Platinum Visa® Card, the Chase Slate is designed to help consumers save on balance transfers and purchases. The Chase Slate offers a 15 month 0% introductory APR on both purchases and balance transfers, plus there’s also no annual fee. This card has an advantage over the Wells Fargo Platinum Visa® Card because there’s no balance transfer fee and a slightly lower variable APR of 15.74% - 24.49% Variable. However, you’ll need good credit in order to qualify.
BankAmericard® Credit Card: This card has one of the best introductory APR deals on balance transfers offers on the market: 0% Intro APR for 15 billing cycles for balance transfers made in the first 60 days and $0 Intro balance transfer fee for the first 60 days your account is open. After that, the fee for future balance transfers is 3% (min. $10). Plus the lower ongoing variable APR, 12.74% - 22.74% Variable APR, makes the BankAmericard Credit Card slightly better compared to Wells Fargo Platinum Visa® Card. This card does not offer any fancy rewards or perks due to it being geared towards people looking to minimize debt and you’ll need good to excellent credit in order to qualify.
Discover it® - 18 Month Balance Transfer Offer: The Discover it card offers 18 months of 0% APR on balance transfers but only 6 months of 0% APR on purchases. There’s also no annual fee and excellent credit is required in order to qualify for this card. While the Wells Fargo Platinum Visa® Card does not offer any sort of cash back rewards, the highlight of the Discover it is that it offers cardholders the opportunity to earn cash back rewards along with the balance transfer offer.