Wells Fargo Platinum Card Review

Wells Fargo Platinum Card Review [Rewards, Credit Score, & Limits 2021]

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Wells Fargo Platinum Card Review

Our Wells Fargo Platinum Card review goes into detail about the pros and cons of the credit card, as well as who should and shouldn’t apply for it.


Wells Fargo Platinum Card Reviews.


  • Introductory APR. 0% on balance transfers and purchases for 18 months from the date of account opening.
  • Variable APR (beyond introductory period). 16.49% to 24.49% on balance transfers and purchases.
  • APR on Cash Advances. 23.99% to 25.99%.

Fee Particulars

  • Annual Fee. $0.
  • Balance Transfer Fee During Introductory Period. For 120 days from date of account opening: 3% of balance transfer amount; minimum $5.
  • Balance Transfer Fee Beyond Introductory Period. Beyond 120 days from account opening: 5% of balance transfer amount; minimum $5.
  • Cash Advance Fee. 5% of cash advance amount; minimum $10.
  • Foreign Transaction Fee. 3% of transaction amount (in USD).
  • Late Payment Fee. Up to $40.
  • Returned Payment Fee. Up to $40.

Onto our Wells Fargo Platinum Card review!

Pros Vs. Cons Of Wells Fargo Platinum Visa Card


  • A long (18-month) 0% introductory APR period on balance transfers as well as purchases
  • Cellphone protection
  • $0 annual fee
  • FICO credit score tracking


  • No rewards program
  • Does not allow balance transfers for existing Wells Fargo credit cardholders
  • Balance transfer fees of 3% of balance transfer amount or a minimum of $5

Who Should Get The Wells Fargo Platinum Visa Card?

The standout feature of the Wells Fargo Platinum Visa card is the long 0% APR intro period of 18 months. Upon expiration of this introductory period, cardholders will be charged a variable 16.49% – 24.49% APR. You will also get access to the My Money Map tools that will help you regain control over your finances. 

Although, unless you plan on using the long 0% APR period, the card does not offer much value. This means users who do not have any debt on their current credit cards are better off with rewards credit cards. 

RELATED: American Express Cash Magnet Card Review.

Wells Fargo Platinum Card Benefits

Wells Fargo Platinum Visa Card Benefits And Features

We look at the Wells Fargo Platinum Card benefits below.

  • Offers above-average introductory 0% APR period of 18 months

If you want to cut back on a pile of debt, it is best to choose a credit card that offers the longest 0% APR period. This means you will not pay any interest on the transferred amount during the introductory period, which saves you plenty of interest expense. You can use the saved amount to pay and reduce the outstanding principal, which will further reduce your monthly interest expense. 

The Wells Fargo Platinum card offers an above-average 0% APR period of 18 months, commencing from the balance transfer date. However, you can avail of the 0% APR period provided you transfer the balance before the expiry of 120 days from the account opening date. Transferring balances beyond 120 days will attract the 16.49% – 24.49% regular APR. 

Transferring balance does come with a fee, though. The balance transfer fee is levied at 3% of balances transferred or a minimum of $5, on balances transferred within the aforementioned 120-day period. Balances transferred beyond this time frame attract balance transfer fees of 5%, or a minimum of $5. 

The 0% APR applies not only to the transferred balances but also to purchases made during the 18-month introductory period. The fees charged for the balance transfer will be clubbed with the minimum amount made due on the next statement. While the long introductory period is this card’s most compelling feature, there are some cards that charge no transfer fees if you transfer the balances during the intro period (similar to 120 days on Wells Fargo Platinum) that follows the opening of your account.

  • Cellphone protection

Wells Fargo credit cards usually insure their users’ cellular device, and so does the Platinum. In order to avail of this benefit, you must use the Wells Fargo Platinum card to pay the entire cellphone bill. Purchasing cellphone insurance from your carrier will set you back about $10/month or $120 a year. So, in effect, the card saves you $120 each year by offering cellphone protection.

However, there are certain caveats that accompany this benefit. The cellphone protection only covers accidental theft and damage. This means you are not entitled to receive compensation should you lose your phone. Also, the policy has a deductible amount of $25 and a $600 cap per claim. So, if your cellphone repairs end up costing you $40, you are better off not submitting the claim at all.

  • My Money Map tools

The Wells Fargo Platinum card partially makes up for the absence of a rewards program by providing its users access to My Money Map tools. You can use these tools to stay on top of your budget, visualize your spending habits, add financial goals (more savings, less spending, etc.), and access your FICO score.

What Makes Other Cards Better Than The Wells Fargo Platinum Card?

  • Balance Transfer Fees

Even though the Wells Fargo Platinum card charges a $0 annual fee, the balance transfer fee is quite significant. Transferring balances attracts a fee of 3% or a minimum of $5, during the 18-month introductory period, which increases to 5% or a minimum of $5, on balances transferred after the expiration of the 0% APR period. This means, transferring a $15,000 balance during the 0% APR period will attract a fee of $450 for the transferred balance. This is rather expensive considering the fact that most people who choose this credit card will do so for the benefit of the longer 0% APR period, and these individuals are also likely to be over-leveraged. There are other cards that offer a more attractive fee structure.

  • Not a Rewards credit card

This is a common phenomenon on most cards that are focused on balance transfers. However, some cards do offer long introductory periods as well as rewards. If you do not have a sizable debt on your current credit cards, it would make more sense to choose a credit card that offers an excellent rewards program even if it does not have a long 0% APR period.

  • Fees on Foreign Transactions

The Wells Fargo Platinum card can be used almost everywhere given that it is a Visa. However, foreign transactions will cost you a good deal more because of the 3% foreign transaction fee on transactions converted to USD. If you travel frequently, the expense of fees on your foreign transactions can start to pinch. So, it is best to use a different card for foreign transactions – preferably one that charges absolutely no foreign transaction fee.

  • High APR after the promo introductory period

The floor APR on the Wells Fargo Platinum card is 16.49%. Even if you have excellent credit, you end up paying a relatively higher APR. Instead, it would be worth your while to scan through other balance transfer credit cards that offer a more attractive post-introductory APR. 

RELATED: US Bank Visa Platinum Card Review.

Wells Fargo Platinum vs. Other Wells Fargo Cards

  • Wells Fargo: Platinum vs. Propel American Express

The Wells Fargo Propel American Express offers the combined benefits of an introductory 0% APR period as well as an attractive rewards program. Basically, you get all features of the Wells Fargo Platinum (i.e. cell phone protection, My Money Map tools, and access to FICO credit scores) but with an added benefit of a strong rewards program.

Here is what the rewards program on the Wells Fargo Propel offers: 

  • 3 points for each dollar spent on an extensive list of categories which includes gas stations, bars, restaurants, car rentals, hotels, transit, and streaming services.
  • 1 point for each dollar spent on other purchases.
  • Spending $1,000 during the initial 3 months will earn you 20,000 bonus points.

However, the Wells Fargo Propel will charge a 3%/5% fee on balance transfers just like the Wells Fargo Platinum. Also, the 0% APR period lasts only 12 months, as against the Wells Fargo Platinum’s 18 months.

  • Wells Fargo: Platinum vs. Cash Wise

The Cash Wise card brings a tempting combination of balance transferability and cash backs. As a Cash Wise cardholder, you will earn unlimited cash rewards at 1.5% on purchases. The Cash Wise card charges a variable APR of 14.49% to 24.49% depending on your credit, which means if you have excellent credit you may be able to get away with a 14.49% APR on the Cash Wise card from Wells Fargo, as against the Platinum’s 16.49%. 

However, the 0% APR period on the Wells Fargo Cash Wise is 3 months shorter than Wells Fargo Platinum at 15 months. Both cards also have the same fee structure for balance transfers (i.e. 3% for the initial 120 days, 5% thereafter).

Wells Fargo Platinum vs. Competitors’ Cards

  • Wells Fargo Platinum vs. Citi Simplicity 

The Citi Simplicity card offers a longer 0% APR period of 21 months on transferred balances, and 12 months on purchases – with an added benefit of 0 late fees. The variable APR beyond the 21-month period runs from 14.74% to 24.74%. Although the card does not charge any annual fees, there is a 5% balance transfer fee (minimum fee $5). The Citi Simplicity credit card, however, will not levy any fees or penal interest on late payments.

  • Wells Fargo Platinum vs. Capital One Quicksilver

The Capital One Quicksilver is an excellent alternative for those who do not need the long 0% APR period of 18 months on the Wells Fargo Platinum. The 3-month trade-off on the 0% APR period is more than made up for with the flat 1.5% cashback on all your purchases. To top it off, the cardholders become eligible for a $200 cash bonus if they make purchases worth $500 within 3 months from the account opening date. The card also does not levy any foreign transaction fees or an annual fee, and there are no minimum requirements for cashing out your rewards.

Frequently Asked Questions (FAQs)

We answer some of the most common questions in our Wells Fargo Platinum Card review:

How Do I Check For Wells Fargo Platinum Card Pre-Approval?

You cannot check pre-approval for the Wells Fargo Platinum card. However, if you have been pre-approved, you will receive an email from Wells Fargo notifying you of the pre-approval. Note that pre-approval is different from approval, in that pre-approval is not a guarantee that your application will be successful. Though it does significantly increase your chances of being approved.

What Are The Eligibility Criteria To Apply For a Wells Fargo Platinum Card?

  • You should not have opened a Wells Fargo Credit Card during the immediately preceding 6 months.
  • To be eligible for the 0% introductory APR rate on your new Wells Fargo Platinum Card, you must not have opened a Wells Fargo Credit Card during the immediately preceding 15 months from the application date and received 0% APR benefits thereon – regardless of that card being closed or having a $0 balance.
  • Wells Fargo looks at a range of other factors, including your FICO credit score while assessing your application. Please contact Wells Fargo for more details.

What Is The Required Credit Score For a Wells Fargo Platinum Card?

The Wells Fargo Platinum card is aimed at serving users who have good to excellent credit. You will need a credit score of 670 or above for your application to be successful. The Wells Fargo Platinum card interest rate beyond the 18-month introductory period is decided based on your credit score, so the higher your credit score is, the better.

What Is The Wells Fargo Platinum Card’s Limit And How Do I Increase It?

You will get a $1000 minimum limit on the Wells Fargo Platinum card. You may have a significantly higher limit depending on your credit score and income. You become eligible for requesting an increase in your limit after one year from the account opening date. To request an increase, call Wells Fargo at 1-800-642-4720.

How Can I Use The Wells Fargo Platinum Card For Overdraft Protection?

You can enroll for Wells Fargo checking account Overdraft Protection using your Wells Fargo credit card online, or by calling 1-800-869-3557. 

How Do I Get In Touch With Wells Fargo Platinum Card Customer Service?

You can reach out to the Wells Fargo service team via secure mail, or call them at 1-800-642-4720.

Does the Wells Fargo Platinum Card offer rewards?

There are no Wells Fargo Platinum Card rewards on offer.

Summary: Wells Fargo Platinum Card Review

The Wells Fargo Platinum Visa card is great for people looking for a long 0% APR intro period of 18 months.

Apply For A Wells Fargo Platinum Card

Take a look and see if the credit card is suitable for your needs

Thanks for reading our Wells Fargo Platinum Card review.

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