MoneyGeek's Take

Wells Fargo Business Platinum Credit Card Review

The Wells Fargo Business Platinum Credit Card is a medium-sized business credit card with no annual fee. It offers a set rewards rate on every purchase, which might be in the form of points or cash back.

Last Updated: 7/1/2022
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The Wells Fargo Business Platinum Credit Card benefits were designed for a small business credit card that gives you the option of earning 1.5% cash back or one point for every dollar spent. The point-earning option provides enhanced value for very specific buying patterns, but most small business owners will benefit from the cash back option.

If you wish to earn bonus rewards in specific categories or gain travel advantages, this card might not be ideal for you. Its offerings are standard relative to other cards, with few noteworthy features.

Card Details to Know Up Front
  • Bonus, Fee or Feature
    Has or Not
  • Has Annual Fee
  • Has Balance Transfer Offer
  • Has APR Offer
  • Cash Back Rewards
  • Travel Rewards
Click to see this card’s rates, fees and how they compare to other cards in our dataset.

Wells Fargo Business Platinum Credit Card at a Glance

The Wells Fargo Business Platinum Credit Card benefits include a rewards program and no annual fee. Cardholders can earn flat-rate cash back or points through its rewards program.

Small business owners that have an existing relationship with Wells Fargo may consider this card, but the card offers essentially the same perks as similar cards. Meaning, if you aren’t trying to consolidate your finances, you may find a better option with a different card company.


  • Wells Fargo Business Platinum Credit Card

    A good no-annual-fee business credit card for earning cash back/reward points


    • Good – ExcellentCredit Needed
    • $0Annual Fee
    • 1.5% Cash BackRewards Rate
    • 7.99% – 17.99%APR

Pros & Cons Explained

To help you figure out if a Wells Fargo Business Credit Card is right for you, MoneyGeek listed the pros and cons of the card.

Pros

  • Benefits
    Description
  • 0% Introductory APR
    While this isn't the longest introductory offer period among business credit cards, having a nine-month grace period to pay off some office supplies or other business costs without collecting interest is a nice perk.
  • Choose your rewards structure
    You can choose the rewards structure you want with the Wells Fargo Business Platinum Credit Card. If you spend less than $1,000 each month with the card, the option to obtain 1.5% cash back is the simplest and most beneficial. Alternatively, you can also earn one point for every dollar you spend.
  • No annual fee and foreign transaction fees
    Having no annual fee eliminates the worry of balancing an annual expenditure. Any bonuses you receive are effectively profit. You will also not be charged foreign transaction fees.

Cons

  • Drawbacks
    Description
  • Quarterly cash back
    If you opt for cash back rewards, you’ll receive statement credit. However, you'll have to wait because Wells Fargo distributes cash back payouts on a quarterly basis, rather than monthly or on-demand like some issuers.
  • Few benefits
    The Wells Fargo Business Platinum Credit Card benefits don’t make it a top choice card for small business owners searching for a card with added features and protections in its rewards system. It doesn't include travel extras like rental vehicle insurance or other usual perks like extended warranty protection on purchases.
  • Requires high spending to receive a bonus
    Earning the cash back reward of $300 or 30,000 bonus points requires spending $3,000 within the first three months of opening an account — which is a high amount for cardholders.
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Bonuses & Rewards Explained

Because the Wells Fargo Business Platinum Credit Card has no annual fee, your business can benefit from the promotion and the introductory bonus at essentially no cost. More major Wells Fargo Business Platinum Credit Card benefits for customers are as follows:

1

Multiple ways to earn

Earn one point for every dollar spent on net qualified card purchases with your Wells Fargo Business Platinum Credit Card, up to a maximum of 1,000 points. Once your monthly expenditure requirement is met, you may also be eligible for additional points on qualifying purchases.

2

Employee cards

For no extra charge, you can get up to 99 employee credit cards. These are cards that companies issue to specific employees so that they can make business-related purchases and payments without having to fill out requisition forms or wait for approvals.

3

Multiple rewards options

Cash incentives, gift cards, merchandise, air travel, hotels, auto rentals, cruises and merchandise are all available and valuable, especially when you learn how to earn points or cash back with the Wells Fargo Business Platinum Credit Card.

4

Business credit card reporting

The Business Credit Card Center's business credit card reporting can help you manage your business costs more conveniently and effectively. You can use this service to examine the spending habits of cardholders, keep track of your spending by merchant, identify cost-cutting opportunities and download and print reports.

Other Features Explained

The Visa Purchase Security perk on the Wells Fargo Business Platinum Credit Card provides some purchase protection. Other Wells Fargo Business Platinum Credit Card benefits and features include the following.

  • Card Feature
    Description
  • Security features
    Security features include zero fraud liability, account notifications and alerts and account monitoring and chip technology. These are standard security offerings that come with most cards.
  • Insurance for car rentals
    You can get collision and theft coverage, although Wells Fargo still recommends you to check their guide to benefits for the complete terms and conditions.
  • Customer satisfaction
    In the 2021 J.D. Power Credit Card Satisfaction Study of 11 credit card issuers, Wells Fargo came in eighth place and received lower scores for customer service than the average credit card issuer.
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MONEYGEEK QUICK TIP

The welcome bonus for first-time Wells Fargo cardholders is adequate, but not exceptional. There are more no-annual-fee business cards available that offer better welcome incentives. If you have or had a Wells Fargo business credit card open or closed in the previous 12 months, you will not be eligible for the bonus.

Understanding the Fine Print

The 0% APR introductory offer for nine months on both purchases and balance transfers could be beneficial to your business cash flow. But before you start your Wells Fargo Business Platinum Credit Card application, read the fine print and make sure you understand all terms and offerings.

  • Card Feature
    Amount or Rate
  • APR
    7.99% – 17.99%
  • Annual Fee
    $0
  • Cash Back Rewards
  • Rewards Rate
    1.5% Cash Back
  • Airline Benefits
  • This is an icon

    Annual Fee

    The Wells Fargo Business Platinum Credit Card has no annual charge and can be used to provide up to 99 employee cards with no additional fee.

  • This is an icon

    Foreign Transaction Fee

    Aside from not having to pay an annual fee, this card has no foreign transaction fees. However, try to avoid late payments and defaults, as these actions can cost you money in the form of penalties and a penalty APR.

  • This is an icon

    Cash Back Rewards Rate

    On qualified purchases, you'll get 1.5% cash back. Each quarter (March, June, September and December), you'll get your money returned as a statement credit to your account or to an eligible Wells Fargo bank or savings account.

  • This is an icon

    Points Rewards Rate

    For every dollar spent on qualifying purchases, you'll get one point. When your business spends $1,000 or more in any monthly billing period, you'll get 1,000 bonus points. Points can be redeemed for gift cards, cash back, goods, airline tickets and other items.

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WHERE TO FIND THIS INFORMATION?

When comparing this card to other business credit cards or cash back credit cards, pay close attention to the APR and any associated fees. Look at your most recent billing statement or go to your card provider's website or app to compare it to a card you already have. You can also search the Consumer Financial Protection Bureau's (CFPB) credit card agreement database for more details.

Who Should & Shouldn’t Consider Wells Fargo Business Platinum Credit Card?

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Other Considerations for Wells Fargo Business Platinum Credit Card

The 0% APR offer is the Wells Fargo Business Platinum Credit Card's most appealing feature, and it lasts for nine months. Think about whether you want to use it as your primary or secondary credit card. Before applying for this card, it’s important to consider the following factors.

Things to Consider if This Will Be Your First or Only Credit Card

While there are business credit cards with better rewards rates, the Wells Fargo Business Platinum Credit Card benefits and offers are more straightforward. The nine-month introductory 0% APR offer on purchases and balance transfers can provide a useful cash flow break for a business.

As long as you're approved, cardholders are assured a credit limit of at least $2,500, which could boost the cash flow of your business. The primary cardholder will be able to use the checks to pay off other creditors' accounts using the primary card's available credit limit.

To get the most out of the Wells Fargo Business Platinum Credit Card benefits, you may want to spend at least $3,000 within the first three months of ownership to receive the $300 introductory bonus or 30,000 points. On every transaction, you'll get 1.5% cash back or one point for every dollar you spend. If you spend at least $1,000 per month on business expenses, choosing the rewards-points option over the cash-back option makes more sense.

Things to Consider if This Will Be an Additional Card in Your Wallet

This Wells Fargo Business Platinum Credit Card review shows how you can optimize your spending with different cards to save money. Because this card has no foreign transaction fees, you may want to use it for all your international purchases. However, it may be best you use a different card for all balance transfers, as these incur a fee.

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To collect accurate data on a wide range of credit card categories, MoneyGeek's methodology and review process are based on a comprehensive and multi-step strategy for data collection, analysis and ranking computations.

After an in-depth investigation of average spending patterns and other incentives offered by different credit card providers, our approach concludes with an approximation of a card's three-year value and a regular re-ranking procedure.

How Wells Fargo Business Platinum Credit Card Compares to Other Cards

To provide you with a comprehensive overview of your options, it's only fair to compare the card in this Wells Fargo Business Platinum Credit Card review to other business credit cards on the market. In terms of prices and perks, MoneyGeek compared the Wells Fargo Business Platinum Credit Card to the American Express Blue Business Cash Card.

Quick Comparison of Wells Fargo Business Platinum Credit Card

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Wells Fargo Business Platinum Credit Card

  • Annual fee: $0
  • Regular APR: 11.49%–21.49% (Variable)
  • Foreign transaction fee: 0%
  • Welcome offer: 30,000 points
  • Best for: For small business owners who already have a Wells Fargo account and like to maintain their business banking in one place
creditCard1

American Express Blue Business Cash Card

  • Annual fee: $0
  • Regular APR: 13.49%–21.49% (Variable)
  • Foreign transaction fee: 2.7%
  • Welcome offer: $250 statement credit
  • Best for: Good option as a cash back card for small businesses that won't exceed the higher-reward earnings cap

Other Helpful Decision-Making Q&As

The following are some frequently asked questions about the Wells Fargo Business Platinum Credit Card credit score, benefits and customer service, among others, that may assist you in making a well-informed decision.

Still not sure about this card? Consider these options.

The Wells Fargo Business Platinum Credit Card benefits include no annual fees and a multi-option rewards program with many redemption choices. It's a good card for keeping track of basic business spending and collecting a few rewards along the way.

Make sure you look at other choices before you begin the Wells Fargo Business Platinum Credit Card application. You might find a different business or cash back credit card that is better suited for your needs.

Learn more about credit cards in general

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
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