The Wells Fargo Platinum card has a unique value proposition in the world of credit cards. There are no rewards or any welcome bonus to speak of, but there is a 0 percent introductory APR that lasts longer than most other credit cards: 18 months (16.49 percent to 24.49 percent variable APR kicks in afterward). This intro APR is available for both purchases and balance transfers.
While not loaded with benefits, the Wells Fargo Platinum also has a couple of other perks that make it intriguing. With no annual fee, and the chance to pay down high-interest debt, it’s worth considering whether or not the Wells Fargo Platinum Card deserves a place in your wallet.
What does the Wells Fargo Platinum Card offer?
- Rewards rate: This card does not offer rewards
- Welcome offer: None
- 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
Introductory APR for 18 months
At first glance, it seems like there isn’t much to be excited about with these card details. But if you look closely, you’ll see the 18-month introductory APR stands out. The Wells Fargo Platinum card offers a 0 percent introductory APR for new cardholders on both new purchases and balance transfers.
If you’re carrying a balance on another card, racking up hefty interest charges, or if you have a large purchase to make that you want to be able to pay off over time without interest, this card can give you plenty of time and flexibility to do just that.
Balance transfers can be a great way to pay down higher-interest debt, but don’t forget about the costs associated with them. With this card, there is a 3 percent balance transfer fee (minimum $5) for balances you transfer to your new Wells Fargo Platinum Card within 120 days of account opening. After 120 days, the balance transfer fee goes up to 5 percent (minimum $5).
Additional low-interest offers
If you handle your Wells Fargo Platinum credit card account responsibly, you could be eligible to receive additional low-interest offers from the issuer. These offers could come to you in the mail or appear in your Wells Fargo account when you log in via web browser or smartphone app.
These prequalified offers from Wells Fargo could be for very low APR balance transfers, and others could be for 0 percent. The rates you get will depend on prevailing market conditions, the banks’ credit portfolio at the time and your creditworthiness.
See related: How to do a balance transfer with Wells Fargo
Additional benefits on the Wells Fargo Platinum Card
Free credit education tools
As a Wells Fargo Platinum cardholder, you’ll have access to a number of credit education tools, including:
- Access to your FICO score
- Financial email series
- My Spending Report with Budget Watch
There’s also a tool where you can calculate your debt-to-income ratio, which can sometimes lead you to offers for other Wells Fargo credit cards or financial products from the bank.
If you use your Wells Fargo Platinum card to pay your cellphone bill each month, you are eligible for cellphone protection against damage or theft. This coverage is worth up to $600 per claim, and you can only file up to two claims per 12-month period.
Your coverage is also subject to a $25 deductible for each claim, and it only kicks in once you’ve exhausted other possible applicable insurance routes like homeowners, auto or insurance you purchased through your cellphone carrier or manufacturer.
The Wells Fargo Platinum also comes with a few travel protections that are standard on many travel-focused cards:
- 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)
Is the Wells Fargo Platinum card worth it?
For those with certain financial goals like paying down high-interest debt or financing a large purchase (or a series of small ones) within the 18-month intro APR period offered by the card, it could make sense to apply for a Wells Fargo Platinum card—especially if you can keep getting balance transfer offers that could help you pay down debt quicker.
Since there’s no annual fee and a nominal balance transfer fee, you could end up saving a lot of money by using your card payments to pay more toward the principal as opposed to exorbitant interest fees.
Plus, access to some of the credit education tools and extra card perks like cellphone insurance along with travel and emergency assistance insurance can add more value to this no annual fee card.
If you’d prefer a balance transfer card with a similar 18-month term, cash back rewards and no annual fee, you should check out the Citi® Double Cash Card, which offers 2 percent cash back—1 percent when you buy and 1 percent when you pay your balance. You’ll enjoy the same 0 percent APR as the Wells Fargo Platinum, but note it only applies to balance transfers, not new purchases. Your ongoing APR will be between 13.99 percent and 23.99 percent variable after the intro period ends.
The new Wells Fargo Active Cash℠ Card also offers 2 percent cash back and $200 bonus cash rewards after spending $1,000 in purchases within the first three months, but the intro APR period is only 15 months (14.99 percent to 24.99 percent variable APR thereafter). But the intro rate is valid for both new purchases and balance transfers, and the ongoing rewards can offer a lot of value.
All in all, the Wells Fargo Platinum offers a solid introductory rate for those who need to finance a purchase or pay down a balance, but its ongoing value potential is low. It works just fine for someone looking for a no-frills way to save on interest, but those who want to earn rewards in the future might check out other products.