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The Wells Fargo Platinum card* is a straightforward, no-frills credit card that also offers 0% interest on purchases and qualifying balance transfers for 18 months from account opening (16.49% – 24.49% variable APR thereafter). If you’re looking to pay off debt or have large expenses coming up it can make a worthwhile option, but it offers limited perks otherwise.
At a Glance
- No annual fee
- 0% introductory APR on purchases and qualifying balance transfers for the first 18 months from account opening
- 16.49% to 24.49% variable APR thereafter
- Cell phone protection, up to $600 (with a $25 deductible)
- $5 or 3% balance transfer fee in the first 120 days from account opening, whichever is greater; then up to 5% ($5 minimum)
Wells Fargo Platinum Pros and Cons
Pros
0% APR on purchases and qualifying balance transfers for 18 months from account opening
No annual fee
Cellphone protection ($25 deductible)
Cons
No ongoing rewards
No sign-up bonus or welcome offer
3% foreign transaction fee
Additional Card Details
The Wells Fargo Platinum card is a fairly no-frills card — its biggest draw is the lack of annual fee and the introductory period with no interest — but there are some additional benefits that can add value once the intro period ends.
Wells Fargo offers Zero Liability protection against unauthorized and fraudulent charges, so you can rest easy if your card is lost or stolen. You’ll also get access to My Money Map, which can help you track your spending and create a budget. These can be worthwhile features if you’re looking for a beginner-level credit card and are working on managing your spending.
There are a few travel protections as well, including auto rental collision damage waiver, roadside dispatch, travel accident insurance, and emergency assistance services. But these are pretty standard protections; if you’re looking for a card to maximize travel, there are much better options available elsewhere.
Should You Get this Card?
You’ll benefit the most from the Wells Fargo Platinum card if you’re looking to pay off some debt or have some big purchases on the horizon.
Since it doesn’t come with any rewards, such as cash back or travel points, it’s best for simple, short-term purchases. In the long run, it won’t help you save money beyond the intro period or earn rewards on your spending. The card also does not come with a welcome offer, though there are other 0% interest cards that do have competitive intro bonuses.
However, if you’re looking for a card without an annual fee with a competitive intro APR offer — 0% for the first 18 months of account opening on purchases and qualifying balance transfers (then 16.49% to 24.49% variable APR) — this card fits the bill quite nicely.
It also has an attractive balance transfer fee: 3% or $5 for the first 120 days from account opening, then up to 5% (with a $5 minimum) after that. While there are some balance transfer cards that charge no fee, this is a standard rate.
Pro Tip
Consider paying your cellphone bill with this card to claim up to $600 in insurance in the event your phone is lost or stolen. ($25 deductible)
How to Use the Wells Fargo Platinum Card
The best way to get value from your Wells Fargo Platinum card is by taking advantage of that long 0% interest period. Use it to conduct a balance transfer on your outstanding high interest debts or on large expenses that you can pay off interest-free over 18 months.
You’ll want to take advantage of the introductory APR offer soon after approval. As far as balance transfers go, you’ll be charged either $5 or 3%, whichever is greater, in the first 120 day period from account opening. Beyond that, expect to pay up to 5% — and a minimum of $5.
After the first 18 months of account opening, APR varies between 16.49% to 24.49% (variable), depending on your credit score. As a comparison, the PNC Core® Visa® Credit Card* has a variable APR rate starting 9.99%, which is one of the best rates on the market. You must make a balance transfer request within the first 120 days to qualify for Wells Fargo’s introductory offer.
The Wells Fargo Platinum card could be worth a spot in your wallet if you’re planning on taking any road trips soon. It comes with auto rental collision damage waiver — if you use it to rent a car — as well as roadside dispatch, travel accident insurance and even travel and emergency assistance services. These benefits can really come in handy in a pinch. But with a 3% foreign transaction fee, it’s not the best card to use while traveling abroad. Instead, you might be better off with a card like the Wells Fargo Propel American Express® card*, which also does not carry an annual fee but does not charge foreign transaction fees.
Again, this card doesn’t earn travel rewards or cash back. If you do have a card that earns rewards, you’ll want to use it for those types of purchases — and save the Wells Fargo Platinum for balance transfers or large purchases.
Another solid perk of the Wells Fargo Platinum is its cell phone protection. Use it to pay your monthly cell phone bill and receive up to $600 if your phone is stolen or damaged, save for the $25 deductible.
Wells Fargo Platinum Card Compared to Other Cards
Bottom Line
The Wells Fargo Platinum card is a no-frills, no annual fee credit card. It doesn’t have any rewards, but it boasts a long introductory APR offer — 0% for the first 18 months from account opening on purchases and qualifying balance transfers (variable APR 16.49% to 24.49% thereafter) — making it a worthwhile option for cardholders looking to pay off some debt or who have big-ticket items coming up. It also offers a solid balance transfer fee.
*All information about the Wells Fargo Platinum card, Wells Fargo Propel American Express Card, and PNC Core Visa Credit Card has been collected independently by NextAdvisor and has not been reviewed by the issuer. Applications for the Wells Fargo Platinum card are no longer being accepted.
Frequently Asked Questions
What credit score do you need to get the Wells Fargo Platinum card?
Typically, you’ll need at least a good credit score, or 670, to be approved for this card.
Does the Wells Fargo Platinum have an annual fee?
No, the Wells Fargo Platinum card does not have an annual fee, although it does charge a 3% foreign transaction fee and 3% intro fee ($5 minimum) for balance transfers made within the first 120 days from account opening, then up to 5% ($5 minimum) thereafter.