While the Wells Fargo Platinum card* once offered a lengthy 0 percent introductory APR period, it’s no longer available to new applicants. However, there are several benefits you can take advantage of as an existing cardholder.

What benefits does the Wells Fargo Platinum card offer?

Card details:

  • Rewards rate: This card does not offer rewards
  • Welcome offer: None
  • Annual fee: $0
  • Regular APR: 16.49 percent to 24.49 percent variable APR
  • Cellphone protection: Up to $600 for repair or replacement of your phone, minus a $25 deductible 

In addition to the Platinum card’s perks and benefits, it helps to know that the Wells Fargo card is issued by an established bank with deep roots in the financial services industry.

Wells Fargo is currently the fourth largest bank in the U.S. and it holds the oldest continuously operating bank charter in the U.S. It’s worth mentioning, however, that it has been working to mend its reputation from a string of scandals in the past few years. So far, it has complied with orders to make things right for customers like issuing refunds, changing its internal operations and revamping its line of credit cards to be more competitive.

Whether or not this will make a huge difference to Wells’ customers remains to be seen, but it helps to know that plans are in the works for a comeback with existing and new customers. These small details can sometimes give you the confidence that your card issuer wants to preserve its reputation and, hopefully, do right by you as a valued cardholder in the years to come.

Intro APRs

If you used the Wells Fargo Platinum card’s introductory APRs in the past, Wells Fargo may continue to send future balance transfer offers to you as a Platinum cardholder. You may also receive similar offers when you consistently pay your monthly bill. These prequalified offers could be for very low APRs or 0 percent for additional balance transfers, depending on prevailing market conditions, the bank’s credit portfolio at the time and your creditworthiness.

You can also be eligible for a credit limit increase with Wells Fargo as long as you keep low balances and maintain a healthy credit profile, especially regarding your credit utilization and on-time payments. It doesn’t hurt to maintain a Wells Fargo Bank account with larger balances, either.

The process to request a higher limit is relatively easy. It can be done on the phone and can sometimes result in an instant decision for a credit limit increase.

Cellphone protection

The Wells Fargo Platinum card offers some of the highest coverage you’ll find for cellphone protection—up to $600 in reimbursement for repair or replacement of your phone, minus a $25 deductible. However, this insurance kicks in only once you’ve exhausted other applicable options like homeowners’ or auto insurance or coverage you purchased through your cellphone carrier or manufacturer.

To activate cellphone protection, you must pay your phone bill with your Wells Fargo card each month. There are additional terms and limitations to this coverage, so read the fine print to make sure you can take advantage of this card benefit when you need it.

Credit education tools

Another benefit of being a Wells Fargo Platinum cardholder is having access to several credit education tools, including:

  • Your FICO score
  • Financial email series
  • My Spending Report with Budget Watch

There’s also a tool you can use to calculate your debt-to-income ratio, which can sometimes lead you to offers for other Wells Fargo credit cards or personal loans to consolidate your debt.

Additional card perks and benefits from the Wells Fargo Platinum card

It might help to consider the additional perks that typically come with credit cards that include an annual fee:

  • Travel and emergency assistance services
  • Auto rental collision damage waiver
  • Roadside dispatch (pay-per-use roadside assistance program)
  • Worldwide automatic common carrier travel accident insurance ($150,000 maximum)

The bottom line

If you’ve had the Wells Fargo Platinum card in your wallet for a while, keeping it can add to your credit history and improve your score when you use it responsibly. You could even be eligible for more balance transfer offers with Wells Fargo down the road. It’s also helpful that you can access credit education tools and extra card perks like cellphone insurance, along with travel and emergency assistance insurance.

If, alas, you want more card perks all around, you might just consider a rewards card that offers cash back or travel rewards. Be sure to check out our credit card review section in these categories to help narrow down your decision.

*The information about Wells Fargo Platinum card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer. The Wells Fargo Platinum card is no longer available.