However, the Reflect 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, which can extend to up to 21 months when making on-time payments during the intro and extension period (13.74 percent to 25.74 percent variable APR kicks in afterward). This intro APR is available for both purchases and balance transfers.
If you already applied for and received the Wells Fargo Platinum, it has a couple of other benefits that makes 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. However, the 18-month introductory APR available for new cardholders would’ve been helpful towards balance transfers or large purchases. If you don’t already have the Wells Fargo Platinum card, you may want to consider the Reflect card or another 0 percent APR card if you need to transfer a balance or finance a big purchase.
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 bank’s credit portfolio at the time and your creditworthiness.
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
If you use your Wells Fargo Platinum card to pay your cellphone bill each month, you are eligible for protection against damage or theft. This coverage is worth up to $600 per claim, and you can 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?
Platinum cardholders have access to credit education tools and extra card perks like cellphone insurance along with travel and emergency assistance insurance, which can add more value to this no-annual-fee card.
If you’re looking for a balance transfer card with a similar intro APR, 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.
The Wells Fargo Active Cash® Card also offers 2 percent cash rewards and $200 bonus cash rewards after spending $1,000 in purchases within the first three months, but the intro APR period on purchases is only 15 months (15.74%, 20.74%, or 25.74% variable APR thereafter). However, the intro rate is valid for both new purchases from account opening and qualifying balance transfers from account opening, and the ongoing rewards can offer a lot of value.
All in all, while the Wells Fargo Platinum is no longer available, the Wells Fargo Reflect card 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 want to check out other products.
*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.