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Wells Fargo Platinum Card Review

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

This article was last updated Aug 09, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

Who the card is best for

The Wells Fargo Platinum card is a good choice for people who have an existing balance on a card with high interest rates and are looking to complete a balance transfer.

This card isn’t designed for people who carry a balance post-intro period, or for those who want to earn rewards. If you want rewards, check out cash-back cards or rewards cards.

Where this card stands out in its category

This offer comes with a $0 annual fee.

Where this card falls short in its category

Although the 0% intro APR period is long, it isn’t the longest available. You can find other offers for the same time or longer. There is also no rewards program for this card and you can find competing cards that have long intro periods and rewards like the Discover it® Balance Transfer. The Wells Fargo Platinum card also has a higher APR range than other balance transfer cards, which is something to be aware of if you carry a balance beyond the intro period. There is also a transfer fee associated with this card (See Terms), and other balance transfer cards offer more favorable transfer fees like the Chase Slate®.

Additional card benefits

The Wells Fargo Platinum card provides several additional card benefits on top of the 0% intro period:

  • My Money Map: Need help getting your finances organized? Track your spending with easy-to-use tools that allow you to create a budget and manage your spending.
  • Cell Phone Protection: By paying your monthly cellphone bill with your card, you can get up to $600 of protection (subject to $25 deductible) against covered damage or theft.
  • Free FICO® Score: You receive your credit score for free and can monitor it monthly to see where you stand.

How to use it most effectively

To use the Wells Fargo Platinum card effectively, complete your transfer as soon as possible; the 0% intro APR period for purchases and balance transfers begins from account opening. If you plan on making a large purchase, also do this soon after account opening.

How to do a BT with Wells Fargo

A qualifying balance transfer with the Wells Fargo Platinum card cannot exceed your available credit limit. That includes the amount you transfer, plus the balance transfer fee. The time period for you to complete your transfer will be included in your cardmember agreement — but always do it as soon as possible so you don’t miss out.

To complete your balance transfer, sign on to the Credit Card Service Center through Wells Fargo Online and select “Request Balance Transfer” under the Account Management column. Once you select your offer, fill in your transfer information and verify and submit. You can also call 1-800-642-4720 or request a balance transfer when you apply for your card. Transfers typically take up to two weeks to process, so continue to make payments to your other creditors to avoid late fees until the transfer is complete.

Compare it with the Chase Slate® credit card

  • 0% Intro APR on Purchases and Balance Transfers for 15 months*

  • $0 for the first 60 days that your Account is open, after that, either $5 or 5% of the amount of each transfer, whichever is greater.

  • 16.49% - 25.24% Variable

Highlights
  • 0% Intro APR for 15 months on purchases and balance transfers. After that, 16.49% - 25.24% variable APR.
  • $0 Intro balance transfer fee for the first 60 days your account is open. After that, the fee for future transactions is 5% of the amount transferred with a minimum of $5.
  • Free credit score, updated weekly with Credit Journey ℠
  • No Penalty APR – Paying late won’t raise your interest rate (APR). All other account pricing and terms apply
  • No annual fee

See additional details for Chase Slate®

More Info

The Wells Fargo Platinum card and the Chase Slate® both have good balance transfer options, but differ in two key ways: length of intro period and balance transfer fee. The Wells Fargo Platinum card has a longer intro period than the Chase Slate® —  This makes the Wells Fargo Platinum card a good option if you need a few extra months to pay off your balance.

Although more time is great, another important factor to consider is the balance transfer fee. With the Chase Slate® you get an intro balance transfer of $0 for the first 60 days that your Account is open, after that, either $5 or 5% of the amount of each transfer, whichever is greater. The Wells Fargo Platinum card has a 3% for 120 days, then 5%. If you want to save the most money possible and can afford to pay off your balance before the end of the intro period, the Chase Slate® may be a better option. See below for a breakdown of the key elements of both cards.

Wells Fargo Platinum card Chase Slate®
Annual Fee $0 $0
Balance Transfer Terms 0% for 18 months on qualifying balance transfers 0% Intro APR on Balance Transfers for 15 months
Balance Transfer Fee 3% for 120 days, then 5% Intro $0 for the first 60 days that your Account is open, after that, either $5 or 5% of the amount of each transfer, whichever is greater.
Ongoing APR See Terms 16.49% - 25.24% Variable
Transfer Period Refer to your cardmember agreement 60 days from account opening
Rewards None Non-rewards card

Bottom line

The Wells Fargo Platinum card is a no-frills card that offers a long intro period, suitable for people who want to transfer a balance or finance a large purchase. Make sure you pay off your debt before the intro period ends: The ongoing interest rates are high.

The information related to the Wells Fargo Platinum card has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.


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