Wells Fargo Platinum Card Review: Is It Worth It?

Often people will get trapped in an endless cycle of debt. This is made even worse when they have to pay off interest for any missed payments.

On top of that, they may have to worry about additional fees that their bank or credit card provider requires.

The Wells Fargo Platinum card aims to help those who need to pay off their high-interest debt and build up their credit.

With a lengthy 0% intro APR period and no annual fees, this card is excellent for those looking to finally pay off some debt.

Wells Fargo Platinum Card Pros and Cons

Pros:

• 0% intro APR for the first 18 months.
• It doesn’t charge an annual fee
• Cell phone protection
• Offers free FICO score tracking

Cons:

• Foreign transaction fee
• No rewards program on purchases
• Balance transfer fee

What Is the Wells Fargo Platinum Card?

The Wells Fargo Platinum Card has a lengthy 0% APR period and does not charge you any annual fees. This is great for those looking to pay off debt while trying to avoid a lot of fees.

The card isn’t centered around a rewards program, so you may need to look elsewhere if you want a credit card with many rewards benefits.

Mainly, this credit card will help you pay off debts without excessive fees while still offering some other valuable benefits.

Wells Fargo Platinum Card Review

• Annual Fee: No annual fees
• Annual APR: 0% intro APR for the first 18 months than 16.49% – 24.49% Variable APR
• Rewards: The Wells Fargo Platinum card does not have a rewards program
• Foreign Transaction Fee: There is a 3% foreign transaction fee
• Sign-Up Bonus: There are no sign-up bonuses

Wells Fargo Platinum Card Features and Benefits

Despite not having a rewards program, the Wells Fargo Platinum card offers numerous benefits that may catch your interest.

The card provides features to help you pay off debts, so if you aren’t particular about welcoming bonuses or cash-back rewards, this card may be great for you.

No Annual Fee

On top of the Wells Fargo Platinum card’s great intro APR, you also don’t have to worry about any annual fees.

So, if you are trying to pay off debt, you can put your full attention to that payment without worrying about annual fees.

No Rewards Program

If you are trying to find a credit card that offers a good rewards program, then you may need to look elsewhere.

The Wells Fargo Platinum card doesn’t provide a welcoming bonus or any rewards. So, if you are someone who prioritizes cash back options or rewards, this card isn’t for you.

However, the card does offer numerous benefits and features that can help you pay off debts without paying high interest.

Cell Phone Insurance

The Wells Fargo Platinum card offers customers cell phone protection as long as they pay their cell phone bill with the card.

The card offers up to $600 if the phone is damaged or stolen, only requiring a $25 deductible.

Access to your FICO® registered trademark Credit Score

Another feature of the Wells Fargo Platinum card is your ability to track your FICO score through your online account. This allows you to check your credit score at any time, without any cost.

Real-Time Alerts and Monitoring

The Wells Fargo Platinum Credit Card provides excellent security and account protection features to ensure you and your finances are well protected.

For example, Wells Fargo can provide notifications every time your card is swiped so you can monitor the spending activity.

Wells Fargo can also provide some identity protection services in case your credit card is compromised or stolen.

These additional security features can be instrumental in providing peace of mind and financial security.

Tools to Help Manage Spending and Budget

The card offers a tool called “My Money Map,” which helps you create a budget and provides tools to manage your purchases.

This can be an excellent feature for those in debt who need assistance managing their money and making wise financial decisions.

Great Introductory APR

The Wells Fargo Platinum card offers a 0% intro APR for the first 18 months following your account opening.

However, any transfer needs to be done in the first 120 days after the account has been opened.

As one of the longest intro APRs available, the Wells Fargo Platinum card makes a great option for those looking to pay off debt without high interest.

How Does the Wells Fargo Platinum Credit Card Compare to Other Cards?

The Wells Fargo Platinum credit card has a notable 0% APR period; however, it severely lacks in its rewards.

When choosing a credit card, you should find the one that matches your lifestyle. Take a look at how the Wells Fargo Platinum card matches up against some competing credit cards to see if it’s right for you.

#1. Wells Fargo Platinum Credit Card vs. Citi® Diamond Preferred® Card

Both the Wells Fargo Platinum card and the Citi Diamond Preferred card offer very similar features and benefits.

They both have a 0% intro APR for the first 18 months and have a $0 annual fee. Neither card offers a rewards program, so if you are looking for some type of welcoming bonus or cash back features, you need to look elsewhere.

Both cards are great for paying off high-interest debt because of the lengthy 0% APR period.

To qualify, you will need good/excellent credit, but these cards may be great for you if that isn’t a problem.

#2. Capital One Platinum Card vs. Wells Fargo Platinum Card

Unlike the Wells Fargo Platinum card, the Capital One Platinum card only requires an average credit score to qualify.

Additionally, Capital One’s Platinum card doesn’t charge you any annual fees or foreign fees, whereas Wells Fargo has a 3% foreign transaction fee.

The Capital One Platinum card is best for those who travel outside the U.S. and want to build up their credit score without any fees.

#3. Chase Sapphire Reserve® vs. Wells Fargo Platinum Card

The Chase Sapphire Reserve offers a different set of features to the Wells Fargo Platinum card. For instance, the card provides a rewards program with a large bonus and high rewards rate.

You also won’t be charged for any foreign purchases, which is excellent for many who travel. Unlike the Wells Fargo Platinum, however, this card isn’t for those paying off debt.

The card requires an excellent credit score while also charging a $550 annual fee. The high cost may not be worth it for some people, but if you frequently travel, then utilizing this card’s many perks may be a great option.

This is another example of how different credit cards are designed for different consumers. There are plenty of features and perks associated with the Chase Sapphire Reserve®, but they come at a hefty fee.

The Wells Fargo Platinum Card is easy to use and does not charge an annual fee on the other side of the

coin.

#4. American Express Platinum Card vs. Wells Fargo Platinum Card

With high rewards rates and no foreign transaction fees, the American Express Platinum card is excellent for those who want to earn great rewards while traveling.

The card isn’t ideal for day-to-day purchases and trying to build up credit, however. It has a low rewards rate on most spending while also charging a $695 annual fee.

The high cost is mostly attributed to the many provided traveling perks, such as uber credits and airline fee credits. So, if you don’t travel often, this card isn’t for you.

Both are excellent credit cards, but as you can see, the American Express Platinum is a top-tier luxury travel card aimed at travelers, whereas the Wells Fargo Platinum Card offers a generous introductory APR.

Frequently Asked Questions

Wells Fargo offers various credit cards, and you may be wondering if the Wells Fargo Platinum Card is a good fit for your finances.

Let’s go through some of the top questions consumers have for this card so you can see for yourself if it makes sense for you:

Is Wells Fargo Platinum Card Good?

Yes – This card is suitable for people who need to pay off high-interest debt. Because of the 18 months 0% intro APR, customers can finally complete their payments and finish an endless cycle of debt.

However, if you prefer earning cash back rewards and other benefits, this card isn’t for you because it doesn’t offer a rewards program.

Does the Wells Fargo Platinum Card Offer Cash Back?

No – the Wells Fargo Platinum card doesn’t have a rewards program whatsoever. That means no welcoming bonus or cash back opportunities. So, if you are looking for a card that offers rewards for each purchase, then this card isn’t for you.

How Much is the Wells Fargo Platinum Card Balance Transfer Fee?

There is an intro 3% balance transfer fee for the first 120 days, and then it is up to 5%. Despite the fee, transferring your debt to the Wells Fargo Platinum card can save you a great deal of money because of the avoided interest.

Keep in mind that after 18 months, the intro 0% APR goes away, so you should plan on paying off your debt within that 18-month period. This introductory period is fairly similar to the Citi Double Cash Card.

Overall, the amount of money you will save by using the card will cover the transfer fee, so consider this card if you ever need to pay off high-interest debts.

Does the Wells Fargo Platinum Card Have Rewards?

No – The Wells Fargo Platinum card doesn’t have any rewards. They do offer other features that can help you pay off high-interest debt, but they don’t have any cash-back options or other rewards.

Can I Use the Wells Fargo Platinum Card Anywhere?

As a Visa, the Wells Fargo Platinum card can be used in many locations throughout the United States and internationally. So long as the establishment you are purchasing from accepts Visas, you should be able to use this card. However, the card has a 3% foreign transaction fee, so this card may not be the best option if you travel a lot.

Is it Hard to Get the Wells Fargo Platinum Credit Card?

Although the card isn’t necessarily difficult to get, you will need to have an excellent/good credit score to qualify. They may take scores around 670; however, you are more likely to qualify if you have a FICO credit score of 700. If your credit score does qualify for this card, then it should not be difficult to get the card.

Bottom Line: Wells Fargo Platinum Card Review

The Wells Fargo Platinum card is great for those looking to pay off high-interest debt and want a simple balance transfer.

The card offers a 0% intro APR for the first 18 months and no annual fees. However, it doesn’t have a notable rewards program, so if you are looking to earn perks for day-to-day purchases, then this card may not be the best for you.

Overall, the card is a great option for paying off debt while also not worrying about excessive fees, so you should definitely consider applying for it if that applies to you.