Wells Fargo Platinum card review

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Recommended Credit Score

Good to Excellent (670 - 850)

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Annual Fee:
Purchase Intro APR:
0% for 18 months
Balance Transfer Intro APR:
0% for 18 months on qualifying balance transfers
Regular APR:
16.49%-24.49% (Variable)
Terms and Restrictions Apply | Rates and Fees

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The information related to the Wells Fargo Platinum card and the Wells Fargo Propel American Express card has been collected by Bankrate and has not been reviewed or provided by the issuer or provider of this product or service.

Wells Fargo Platinum card: Details and benefits

The Wells Fargo Platinum card doesn’t offer any rewards, but it doesn’t have to. This card is geared to an entirely different audience that prefers to save money on interest for up to a year and a half.

Once you sign up, you’ll get an intro zero percent APR for 18 months on both balance transfers (made within the first 120 days of account opening) and purchases, followed by a variable APR of 16.49 to 24.49 percent. For purchases, this is basically an interest-free loan that lasts for 18 full months, but don’t forget that the APR will reset to your assigned variable rate after that. Also note that each balance transfer you make within 120 days of account opening requires a 3 percent balance transfer fee (minimum $5, whichever is greater) to be paid upfront.

While there are some longer introductory APR balance transfer offers out there, the Wells Fargo Platinum card offers one of the longest zero percent APR timelines for purchases available today. Other benefits this card offers include free access to your credit score and cell phone protection with up to $600 in protection against damage or theft per claim ($1,200 max per year), minus a $25 deductible.

Considering this card doesn’t charge an annual fee, it’s a solid option if you want to consolidate high interest debt or make a large purchase and pay it down without interest over time.


  • One of longest intro zero percent APR offer for purchases on the market today, with an equal 0% intro APR offer on qualifying balance transfers for 18 months (16.49% – 24.49% variable thereafter)
  • No annual fee
  • Qualify for cell phone protection when you pay your cell phone bill with your credit card


  • This card doesn’t offer rewards or a signup bonus
  • A balance transfer fee applies each time you transfer a balance
  • You’ll pay a 3% foreign transaction fee
  • Balance transfer offer is only good for balances you transfer within 120 days of account opening

Is the Wells Fargo Platinum card for you?

If you aren’t interested in rewards but want to save money on interest, signing up for the Wells Fargo Platinum card can make sense. This card works well as an interest-free loan for purchases provided you can pay the entire balance off before the 18-month introductory offer ends. However, it may be even more useful if you need to consolidate high-interest debt and pay it off — once and for all.

How much could you save? That depends on how much debt you have and your current APR, but consider this example.

Imagine you have $6,000 in credit card debt at 18 percent APR, and you’ve been trying to pay it down faster. Most months, you are able to pay $350 toward your debt, so you feel like you could continue paying that amount. If nothing changed, it would take you 20 months to pay off your debt at this rate, and you would pay $988 more in interest in the process.

If you were able to transfer this $6,000 to the Wells Fargo Platinum card and stop using credit cards altogether, however, you would have 18 months to pay off your balance with no interest. On the other hand, you would have to pay an upfront balance transfer fee of 3 percent for balance transfers made within the first 120 days of account opening, or $180.

If you were able to pay the same $350 per month, you could pay off your entire debt interest-free in just 18 months, even after accounting for the $180 balance transfer fee.

Get the most value from the Wells Fargo Platinum card

While this card doesn’t offer any rewards, the interest savings you can accrue are truly valuable. Still, there are some steps you should take to ensure you’re maximizing this card and all it has to offer.

  • Transfer high interest balances within 120 days of account opening. To qualify for the introductory 0% APR on qualifying balance transfers for 18 months (thereafter 16.49% to 24.49% variable APR), you have to transfer debts to your new card within 120 days of account opening. Make sure to do your balance transfer with Wells Fargo right away so you don’t forget and let this offer lapse.
  • Create a debt repayment plan. Make sure you have a plan to pay off all or most of your debt during this card’s 18-month introductory offer. If you only make minimum payments, you probably won’t be satisfied with the progress you’ve made on your debts in the end.
  • Take your monthly debt repayment promise seriously. Consider cutting your spending for a while so you can focus on debt repayment. Make sure you don’t fall into the habit of letting other expenses come first, leaving you with less money to put toward your credit card balance.
  • Only use plastic for purchases if you have a plan. Finally, don’t use your credit card for purchases if you don’t have a plan to pay them off. If you start racking up a big balance because you have an introductory APR on purchases for 18 months, you could be making a costly mistake.

Should you upgrade?

Once you’ve paid off all your debt with this credit card, it could be worth it to upgrade or switch to another Wells Fargo credit card with better perks. The Wells Fargo Propel American Express® card comes to mind because it lets you earn considerable rewards with no annual fee. Not only can you earn an initial bonus, but you’ll earn 3x points on dining, gas stations, rideshares, flights, hotels, homestays, car rentals and popular streaming services, and 1x points on all other purchases.

There are plenty of other Wells Fargo credit cards to consider as well as balance transfer credit cards from other issuers. Make sure you compare all your options before you decide.