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This article was last updated Jul 18, 2019. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
If you’re looking for a business credit card with a $0 annual fee and a unique choice of either cash back or rewards points, the Wells Fargo Business Platinum Credit Card is worth consideration. It comes with no spending caps, no required spending categories, and no annual fee, and is available to businesses with annual sales up to $2 million.
Where the Wells Fargo Business Platinum Credit Card stands out
Flexible rewards. With this credit card, you can choose between earning a flat cashback rate or rewards points. Earn 1.5% for every $1 spent on net purchases if you enroll in the cash back program, or earn 1 point for every $1 spent on net purchases if you enroll in the rewards program. The points option also comes with a chance to earn 1,000 bonus points if you spend $1,000 or more in net purchases in any monthly billing period. (Make sure to enroll in whichever option you prefer so that you earn rewards.)
You can redeem points for gift cards, merchandise, airline tickets, and more — and you’ll get a 10% point credit when you redeem points online. (It’s worth noting that there’s a $24 redemption fee for each airline ticket redemption, and tickets must be redeemed through Wells Fargo’s Rewards Service Center or online at wellsfargorewards.com.)
If you select the cash back option, you’ll receive it automatically as a credit to your account or to your eligible checking or savings account each quarter.
Signup bonus. Get a one-time $500 cash back bonus or 50,000 bonus points when you enroll in the Business Card Rewards Program and spend $3,000 in the first three months of opening your account.
$0 annual fee. There’s no annual fee for having this card, and you can have up to 99 employee cards at no additional cost.
0% foreign transaction fee. Do you travel abroad for business? If so, you can rest secure in the knowledge that you can use this card while overseas without incurring a foreign transaction fee on purchases.
Additional Wells Fargo Business Platinum Credit Card benefits
Business spending report. Use this interactive tool to track your spending and set business goals.
Free employee cards. If you’d like to maximize the rewards earning potential on this card, know that employees cards are available at no charge.
Earn more mall. If you go for rewards points, you’ve got a chance to earn bonus points and receive discounts when you shop online and in-person at participating retailers.
Where the Wells Fargo Business Platinum Credit Card falls short
Short 0% intro period. This card offers a 0% introductory APR for the first 9 billing cycles. (after Prime + 7.99% to Prime + 17.99% ), which falls short of other cards that may offer a year or more of no interest.
Compare the Wells Fargo Business Platinum Credit Card with the Ink Business Unlimited® Credit Card
Both of these cards offer a decent rewards program and charge no annual fee. They also both offer the option to redeem rewards in a variety of ways, with the Ink Business Unlimited® Credit Card offering options such as travel, Apple and Amazon purchases, and gift cards.
In addition, both credit cards have similar welcome offers: with the Wells Fargo Business Platinum Credit Card, you can get a one-time $500 cash back bonus or 50,000 bonus points when you enroll in the business card rewards program and spend $3,000 in the first three months of opening your account. The Ink Business Unlimited® Credit Card allows you to earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.
When it comes to intro periods, the Ink Business Unlimited® Credit Card beats the Wells Fargo Business Platinum Credit Card, offering 0% Intro APR on Purchases for 12 months as opposed to 0% introductory APR for the first 9 billing cycles.
After the intro periods, regular purchase APR for the Chase card is 13.24% - 19.24% Variable, and for the Wells Fargo card ranges from Prime + 7.99% to Prime + 17.99% .
However, the foreign transaction fee is a drawback to the Ink Business Unlimited® Credit Card — 3% of each transaction in U.S. dollars. If you plan to conduct business while traveling abroad, the Wells Fargo Business Platinum Credit Card might be the better option, since it charges a 0% foreign transaction fee.
Where the Ink Business Unlimited® Credit Card shines is in its integration with Chase’s Ultimate Rewards® program. If you have an applicable Chase card, like the Chase Sapphire Reserve® or the Chase Sapphire Preferred® Card, you can get a lot of value out of redeeming those points with Chase’s hotel and airline partners. This means that points you earn using the Ink Business Unlimited® Credit Card can be combined with points earned on your Sapphire card, and you can get more rewards value than you would just using the Ink Business Unlimited® Credit Card as a standalone card.
The bottom line
If you like the idea of a card with a 1.5% flat cashback rate, or if you like a rewards points program that effectively doubles the value of your $1,000 monthly spend by offering 1,000 bonus points, the Wells Fargo Business Platinum Credit Card is a fine choice. You don’t have to track spending categories with this card or worry about an annual fee or a foreign transaction fee, and you can earn competitive cash back.
However, if you already have one of the Chase Sapphire cards and you’re up for a little more work to get the most out of your rewards, the Ink Business Unlimited® Credit Card could be a better value.
If neither of these cards fits your business needs, take a look at our recommendations for the best small business credit cards on the market. Whether you’re looking for travel rewards, flat cash back, or cash back for specific categories, chances are we’ve found a card that might offer what you’re looking for.
The information related to the Wells Fargo Business Platinum Credit Card and Ink Business Unlimited® Credit Card has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.