Wells Fargo Platinum card review
Best for debt consolidation
- Rewards rate: N/A
- Welcome offer: N/A
- Annual fee: $0
- Purchase intro APR: 0 percent APR for 18 months from account opening
- Balance transfer intro APR: 0 percent APR for 18 months on qualifying balance transfers
- Regular APR: 16.49 percent to 24.49 percent variable APR
The Wells Fargo Platinum card doesn’t offer any rewards, but it could still be an incredibly valuable addition to your wallet. That’s because you can take advantage of a 0 percent intro APR on both purchases from account opening and qualifying balance transfers for a full 18 months, after which you’ll pay a 16.49 percent to 24.49 percent variable APR.
Using your card during this time gives you the opportunity to make a large purchase and spread out the payments over time without any interest charges, or to consolidate other high-interest debts you have. Just keep in mind that a intro 3 percent balance transfer fee (minimum $5) applies to balances you transfer to your new Wells Fargo Platinum Card within 120 days of account opening. After that, the balance transfer fee goes up to 5 percent (minimum $5).
Current welcome offer
This card doesn’t offer any rewards, yet you do get the chance to save money with a 0 percent APR for 18 months for purchases from account opening and qualifying balance transfers. After your intro APR ends, you’ll be subject to the ongoing APR 16.49 percent to 24.49 percent variable.
The Wells Fargo Platinum Card’s benefits are tailored to consumers who want to save money with a credit card. Along with the introductory APR offer for purchases and balance transfers, cardholders can enjoy the following perks:
Free credit score access
Being a cardholder can help you get a leg up on improving your credit score since you get the chance to pay down debt and lower your credit utilization. You’ll also get free FICO credit score access through your online account page, which is the credit score 90 percent of top lenders use.
Cell phone protection
Signing up also qualifies you for cell phone protection against damage or theft. This coverage is worth up to $600 per claim, although you can only file up to two claims per 12-month period. Your coverage is also subject to a $25 deductible for each claim.
You can set up account alerts that clue you in to suspicious activity right away. Alerts are available through text or email.
Rates and fees
The Wells Fargo Platinum Card doesn’t charge an annual fee, but there are other fees to be aware of. At the top of the list is the intro 3 percent balance transfer fee (minimum $5) you’ll pay for balances transferred in the first 120 days (with an up to 5 percent balance transfer fee, minimum $5, thereafter). Other fees include a 3 percent foreign transaction fee, a late payment fee of up to $40 and a returned check or returned payment fee of up to $40.
How the Wells Fargo Platinum card compares to other balance transfer credit cards
When comparing credit cards with introductory balance transfer terms, it’s crucial to consider the length of their offers, fees they charge and benefits they extend. The following table compares the Wells Fargo Platinum Card with a few other cards in this niche:
|Wells Fargo Platinum Card||U.S. Bank Visa® Platinum Card||Citi® Double Cash Card|
|Rewards||None||None||Earn 2 percent back for each dollar you spend—1 percent when you make a purchase and another 1 percent when you pay it off|
|Purchase intro APR||0 percent APR for 18 months from account opening||0 percent APR for 20 billing cycles||None|
|Balance transfer intro APR||0 percent APR for 18 months on qualifying balance transfers||0 percent APR for 20 billing cycles||0 percent APR for 18 months|
|Regular APR||16.49 percent to 24.49 percent variable APR||14.49 percent to 24.49 percent variable APR||13.99 percent to 23.99 percent variable APR|
As you compare the Wells Fargo Platinum Card to these other balance transfer credit cards, you’ll notice some key differences. First, the U.S. Bank Visa® Platinum Card gives you a 0 percent intro APR on purchases and balance transfers for 20 billing cycles (14.49 percent to 24.49 percent variable APR thereafter). This longer timeline could be extremely helpful if you have a lot of debt to pay off and need as much time as possible.
Meanwhile, the Citi® Double Cash Card lets you earn rewards on your spending and enjoy a 0 percent intro APR on balance transfers for 18 months (13.99 percent to 23.99 percent variable APR). Just keep in mind that the introductory interest rate does not apply to purchases.
Best cards to pair Wells Fargo Platinum Card with
If you’re considering the Wells Fargo Platinum Card because you want to get out of debt, then you should probably focus your efforts on that front and avoid getting more credit cards. That said, there may be situations where you need more than one balance transfer credit card in order to consolidate all the high-interest debt you have.
In that case, compare all the credit cards on the market that offer a 0 percent intro APR on balance transfers until you find the right fit.
Bankrate’s Take—Is the Wells Fargo Platinum card worth it?
The Wells Fargo Platinum Card is a great option for anyone who needs to consolidate and pay down other high-interest debts. And with the intro APR offer, you could make quite a bit of headway.
Consider this example, taken from Bankrate’s minimum payment calculator: Let’s say you currently have $4,500 in credit card debt at an 18 percent APR, and that you usually pay $250 per month. If you didn’t make any more purchases on your card, it would take you 22 months to become debt-free and you would pay $784.64 in interest during that time.
If you had the chance to pay off this debt at a 0 percent APR and you made the same monthly payment, you would be debt-free in 18 months with $0 in interest charged. (0 percent APR for 18 months on qualifying balance transfers – 16.49 percent to 24.49 percent variable APR thereafter)
- Long timeline with intro APR on purchases and balance transfers
- No annual fee
- Qualify for cell phone insurance coverage
- Free FICO score access
- No rewards on your spending
- Some balance transfer credit cards have longer introductory APR offers
The information about the U.S. Bank Visa® Platinum Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.