MoneyGeek’s Take

Wells Fargo Platinum Card Review

Individuals looking for a balance transfer card to help build credit, control debt or spread out expenses for large purchases can benefit from the Wells Fargo Platinum Card. It offers one of the longest periods for a 0% introductory rate at 18 months. It also comes with no annual fees.

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The Wells Fargo Platinum Card is ideal for people who want to build credit. It can also help individuals with good credit who are not able to pay off their balance in full every month. Additionally, the card can be a great tool to pay for big purchases like pieces of furniture or appliances. This card has no annual fee and offers a lengthy 18-month introductory period for its 0% APR on balance transfers and new purchases.

Card Details to Know Up Front
  • Bonus, Fee or Feature
    Has or Not
  • Has Annual Fee
  • Has Balance Transfer Offer
  • Has APR Offer
  • Has Rewarding Welcome Offer
  • Credit Needed
    Good–Excellent
Click to see this card’s rates, fees and how they compare to other cards in our dataset.

Wells Fargo Platinum Card at a Glance

With proper planning and handling of your finances, you can enjoy the Wells Fargo Platinum Card benefits. These include a long interest-free period on both balance transfers and new purchases as well as no annual fee. You can also get up to $600 in cellphone insurance by paying your monthly phone bills using this credit card.


  • Wells Fargo Platinum Card

    Best balance transfer card for building credit


    • Good–ExcellentCredit Needed
    • 0% APR on new purchasesAPR Offer
    • 19 monthsAPR Offer Duration
    • 0% Intro APR on balance transfersBalance Transfer Offer
    • 16.49%–24.49%APR

Pros & Cons Explained

The Wells Fargo Platinum Card’s benefits can be appealing. However, you have to weigh the pros and cons before applying in order to make sure it’s the right card for your wallet.

Pros

  • Benefits
    Description
  • Long introductory APR term
    Wells Fargo Platinum Card’s 0% introductory APR lasts for 18 months from the account opening date and applies to qualifying balance transfers and purchases. This makes it a good option if your goal is to decrease or get rid of your debt balances.
  • Cellphone insurance
    The card comes with cellphone insurance of up to $600. While the coverage has a $25 deductible, it offers protection against damages to your phone or theft. To get this, you have to pay your monthly phone bill with the Wells Fargo Platinum Card. If your phone is rented or borrowed or you received it as part of a prepaid plan, you do not qualify for this insurance.
  • No annual fee
    There is no annual fee for this card.
  • Customer tools
    As part of Wells Fargo Platinum Card customer service, the company offers tools to help clients. One of these is the My Money Map, which allows you to manage your spending and create a budget. You can also view your FICO score to keep track of your credit. Cardholders can even get activity alerts and notifications via text and email for purchases, spending and suspicious activities. Sign up for these features for extra protection.

Cons

  • Drawbacks
    Description
  • No significant rewards
    This card does not offer a rewards program. While this is not an issue if your only goal is to manage your debt, you should keep this in mind once the introductory offer expires. You can also consider rewards credit cards.
  • High standard interest rate
    The 0% APR is only good for 18 months. After that, the APR for balance transfers and purchases will be 16.49% to 24.49%. The APR for cash advances is 23.99% to 25.99%. These rates are in the higher range when compared to other cards and means that carrying balances after the promo period will cost you.
  • High ongoing transaction fees
    While Wells Fargo offers an introductory fee for balance transfers of either $5 or 3% (whichever is greater), the transaction fee can reach up to 5% after the promo period of 120 days. Fees for cash advances ($10 or 5%) and foreign currency conversion (3% per transaction) are also high.
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INTERESTED IN COMPARING THE BEST CREDIT CARDS OF 2021?

MoneyGeek analyzes different types of credit cards to determine the top options in each category. The Wells Fargo Platinum Card is among the cards selected as one of the best for balance transfers. Check out the other best credit cards MoneyGeek selected for this category.

Other Features Explained

When looking for a credit card, you have to make sure you understand what each option has to offer. Compare key features and figure out which one provides the most benefits based on your needs. Here are some other key features of the Wells Fargo Platinum Card:

  • Card Feature
    Description
  • Cash advance
    Customers can get cash advances. However, the annual percentage rate (APR) is from 23.99% to 25.99%. The rate may vary depending on the prime rate. There is also a transaction fee of either $10 or 5% of the amount of each advance, whichever amount is higher.
  • Foreign currency transactions
    The Wells Fargo Platinum Card is a Visa card, which is accepted internationally. The currency will be converted into US dollars, and the card charges 3% for every transaction converted.
  • Overdraft protection advances
    Cardholders can set up automatic cash advances to cover an overdraft linked to a Wells Fargo checking account. The APR is from 23.99% to 25.99%, subject to change depending on the prime rate. The transaction fee is $12.50 for total overdraft protection advances of $50 or less for the day and $20 if it is more than $50.
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MONEYGEEK EXPERT TIP

"This is a great card to offload debt onto. If you need to transfer a balance from another credit card, you’ll be able to do it with this card at the 0% introductory APR." - Alene Laney, Credit Card Journalist

Understanding the Fine Print

Before proceeding to the Wells Fargo Platinum Card application, make sure you understand the features, fees and rates associated with the card. Take note of the APR for balance transfers, purchases, cash advances and overdraft protection advances. Comparing the rates with other credit cards can help make sure you are getting the best deal.

  • Card Feature
    Amount or Rate
  • APR
    16.49%–24.49%
  • Annual Fee
    $0
  • Balance Transfer Fee
    3%
  • Balance Transfer APR
    16.49% to 24.49%
  • Late Fees
    $40.00
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    Balance Transfer APR and Fees

    This card allows users to transfer balances for a 0% APR rate for the first 18 months. However, the regular APR on balance transfers will be 16.49% to 24.49% after the promo period. That means the average regular APR is 20.49%, higher than what is offered by other credit cards.

    The transaction fee for balance transfers is either $5 or 3%, whichever is higher, for the first 120 days after opening the account. After that, it can be up to 5% per transaction, with a minimum of $5.

  • This is an icon

    APR for Purchases

    The card offers 0% APR for purchases for the first 18 months. Then, rates will be 16.49% to 24.49%. If you pay the full monthly balance for your purchases by the due date, there will be no interest charge.

  • This is an icon

    APR for Cash Advances and Overdraft Protection Advances

    The regular APR for cash advances and overdraft protection advances is 23.99% to 25.99%, depending on the creditworthiness of the cardholder. That said, this rate is subject to change based on the prime rate.

  • This is an icon

    Annual Fee

    There is no annual fee for the Wells Fargo Platinum Card.

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WHERE TO FIND THIS INFORMATION?

While the APR and transaction fees are important when comparing balance transfer cards, you should also consider the other associated fees and features. You can find more information in your last billing statement, online account, mobile app or the terms and conditions found on the company’s website. You can also check out the credit card agreement database maintained by the Consumer Financial Protection Bureau (CFPB) website.

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

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Other Considerations for Wells Fargo Platinum Card

Review Wells Fargo Platinum Card features and fees before applying for one. At the same time, consider how you will be using it after the introductory APR term ends. Your considerations should also depend on whether you will be using it as your only card or as an additional card.

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

Using Wells Fargo Platinum Card as your first or only credit can help you build credit as it offers 0% APR for the first 18 months. However, you should keep in mind the high APR for balance transfers, purchases, cash advances and overdraft protection advances. That means you may end up paying high interest. To prevent huge expenses due to interest, make sure you pay your bills in full every month. In doing so, you may be able to make this card work to your advantage.

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

If you plan on using Wells Fargo Platinum Card as an additional card in your wallet, be mindful of the high fee for foreign currency transactions. It may not be the best option when you travel outside the country.

That said, if you are thinking of making a big purchase in the near future, you can benefit from the 0% APR that this card offers for the first 18 months.

It will be an ideal option for transferring outstanding balances from other cards as long as you are able to settle your debts within the intro APR term of 18 months. After the promo period, this card may not be your best option for balance transfers due to high regular APR.

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WHY TRUST OUR REVIEWS

This Wells Fargo Platinum review follows MoneyGeek’s methodology that includes the collection of information from various sources, such as the Consumer Finance Protection Bureau’s database and the credit card companies themselves. To determine the best options for each type of user, MoneyGeek evaluates each company using standardized data points based on fees, bonuses and rewards. We also considered estimated average spend profiles. Since credit card details and offers regularly change, MoneyGeek does this process monthly.

How Wells Fargo Platinum Card Compares to Other Cards

Generally, this card can compete against other balance transfer cards due to the lack of annual fees and lengthy 0% APR term. However, there are companies that offer the same features. You may even find better deals and perks. The best way to choose a credit card is to consider your needs both for the short and long term.

Quick Comparison of Wells Fargo Platinum Card

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Wells Fargo Platinum Card

  • Annual Fee: $0
  • 0% intro APR term: 18 months
  • Standard APR for Balance Transfers and Purchases: 16.49% to 24.49%
  • Balance Transfer Fees: Either $5 or 3% of the amount of each transfer, whichever is greater, for the first 120 days and up to 5% after the promo period
  • Best For: Building credit
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US Bank Visa Platinum

  • Annual Fee: $0
  • 0% intro APR term: 20 months
  • Standard APR for Balance Transfers and Purchases: 14.49% to 24.49%
  • Balance Transfer Fees: Either $5 or 3% of the amount of each transfer, whichever is greater
  • Best For: Short-term debt repayment

Other Helpful Decision-Making Q&As

To help you decide on whether to proceed with a Wells Fargo Platinum Card application, here are answers to commonly asked questions regarding this credit card.

Still not sure about this card? Consider these options.

The Wells Fargo Platinum Card benefits can be appealing. However, this card may not be for everyone. If you are unsure whether it is right for you, compare it with other balance transfer cards and consider your short and long-term financial plans. If you are not looking for a balance transfer card, check out cash back credit cards or travel cards.

Learn more about credit cards in general

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