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Wells Fargo Platinum Card Review

Wells Fargo Platinum Card Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Sep 08, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

For consumers with excellent/good credit who wish to pay down debt without getting hit by costly interest charges, the Wells Fargo Platinum card offers lengthy introductory APR periods on purchases and balance transfers. It’s a pretty no-frills credit card in other regards, but it excels at what it’s meant to do — give cardholders breathing room to pay off a balance.

Wells Fargo Platinum card pros

Long intro APR periods. If you need to finance a big purchase and avoid interest charges, you’ll appreciate this card’s introductory APR of 0% intro apr for 18 months from account opening on purchases. After, a 16.49%-24.49% (variable) APR applies.

And for consumers who need a balance transfer card to pay off high-interest debt from another credit card, the Wells Fargo Platinum card offers an introductory APR of 0% intro apr for 18 months on qualifying balance transfers. After, a 16.49%-24.49% (variable) APR applies.

Reasonable balance transfer fee. This card’s balance transfer fee is 3% intro for 120 days from account opening, then up to 5%; min: $5. A fee of 3% is reasonable, though 5% is on the high side — so transfer any balances you want to put on this card within the 120-day period to take advantage of the lower fee.

No annual fee. With a credit card that you’ll use to get out of debt, you don’t want to pay an annual fee. The annual fee for the Wells Fargo Platinum card is $0.

Cellphone protection. Protect your cellphone against damage or theft with coverage of up to $600 per claim ($25 deductible). There is a maximum of a $1,200 reimbursement per 12-month period.

Check your credit score for free. Wells Fargo credit cards provide free access to your FICO Score 9, pulled from Experian data.

My Money Map. Get access to tools to help with budgeting and tracking expenses.

Additional benefits, including:

  • Auto rental collision damage waiver
  • Roadside dispatch
  • Travel accident insurance
  • Travel and emergency assistance services

Wells Fargo Platinum card cons

May not be eligible for intro APR. If you opened any other Wells Fargo credit card in the past 15 months and received an intro APR or a sign-up bonus/welcome offer, you may not be eligible for the intro APR or a sign-up bonus/welcome offer when applying for another Wells Fargo credit card. Some cardholders call this Wells Fargo’s “1/15 rule.”

No rewards. Some cards offer intro 0% APR periods and a rewards program, but the Wells Fargo Platinum card does not. However, if you’re looking at this card as a way to avoid paying interest on a new purchase or dig yourself out of existing credit card debt, rewards shouldn’t be a big priority.

Use our balance transfer calculator to estimate numbers if you’re unsure how long of an intro 0% APR period you’ll need to pay off your balance.

Compare it with the U.S. Bank Visa® Platinum Card

Another relatively no-frills credit card offering lengthy intro 0% APR periods on purchases and balance transfers is the U.S. Bank Visa® Platinum Card.

Cardholders who need to spread out payments on a large purchase or transfer debt from a high-interest credit card will do well with either card. Here’s how the two cards stack up against one another:

Wells Fargo Platinum card vs. U.S. Bank Visa® Platinum Card

 Wells Fargo Platinum cardU.S. Bank Visa® Platinum Card
Purchase APRIntro APR of 0% intro apr for 18 months from account opening. After, a 16.49%-24.49% (variable) APR applies.0% intro APR for 20 billing cycles on Purchases*. After, a 14.49% - 24.49%* (variable) APR applies.
Balance transfer APRIntro APR of 0% intro apr for 18 months on qualifying balance transfers. After, a 16.49%-24.49% (variable) APR applies.0% intro APR for 20 billing cycles on Balance Transfers*. After, a 14.49% - 24.49%* (variable) APR applies.
Balance transfer fee3% intro for 120 days from account opening, then up to 5%; min: $5.Either 3% of the amount of each transfer or $5 minimum, whichever is greater.
Annual fee$0$0*
Foreign transaction fee3%2% of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars; 3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency.

For those who need a little more time to pay off credit card debt, the U.S. Bank Visa® Platinum Card’s intro 0% APR offers are a couple months longer than the Wells Fargo Platinum card. The balance transfer fee for both cards is comparable. Neither card offers rewards or a sign-up bonus.

Both cards charge a foreign transaction fee, so if you need to travel outside the United States, leave these at home and take a card with no foreign transaction fee instead.

U.S. Bank Visa® Platinum Card Review

Is the Wells Fargo Platinum card right for you?

If your main priority is getting a card with long intro 0% APR offers on purchases and balance transfers, the Wells Fargo Platinum card is an excellent pick — as long as you aren’t tripped up by the 1/15 rule. If you have opened a Wells Fargo credit card within the past 15 months, or if you just need a longer intro 0% APR period, consider the U.S. Bank Visa® Platinum Card as an alternative.

Best Wells Fargo Credit Cards


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