Wells Fargo Platinum Visa Credit Card Review

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From Seek Capital - Best for Balance Transfers

Welcome Offer

Lowest Intro APR for 18 Months

Lowest Intro APR for 18 Months. Enjoy 0% introductory APR on purchases and balance transfers for 18 months


0%Introductory APR
0% APR for 18 months on purchases and balance transfers
$0Annual Fee
No annual fee for this card
$0Free FICO Credit Score Report
Access to FICO credit score report for free
nullZero Liability Protection
You won't be held responsible for unauthorized charges made with your card or account information.

Wells Fargo Platinum Card

Credit cards with an introductory 0 percent APR offer are great tools if you can manage your money well and pay off balances before interest rates do kick in. The Wells Fargo Platinum card offers a generous 15-month introductory period, which means you won’t be charged interest on regular purchases or balance transfers during the first 15 months that the card is open. That lets you finance a large purchase, such as a computer system, high-end bed and mattress or new television, without paying any interest.

We’ve laid out the details below to make it easier for you to decide if this card fits well within your approach to personal finances.

Rewards Highlights

  • No Annual Fee
  • 0% Introductory Purchase APR for 18 months
  • 0% Introductory Balance Transfer APR for 18 months

Expert Review

The Pros

  • No Annual Fee
  • 0% APR on Balance Transfers and Purchases

The Cons

  • No Flexible Rewards

Recommended Credit Profile

Rates & Fees

  • Annual Fee$0
  • Intro Purchase APR0% for 18 months
  • Intro Balance Transfer APR0% for 18 months
  • Regular APR13.49% to 26.99%
  • Great ForTravelShoppingRestaurants
  • Regular Purchase APR13.49% to 26.99%
  • Regular Balance Transfer APR13.49% to 26.99%
  • Cash Advance APR25.99% to 27.99%
  • Balance Transfer Fee$5 or 3%
  • Cash Advance Fee$10 or 5%
  • Foreign Transaction Fee3%

Introductory 0 Percent APR for 15 Months

When you transfer a balance from an existing credit card account to the Wells Fargo Platinum card, you get 15 months with no interest to pay off that balance. And while you do pay a fee for that service, when you run the interest-rate math, you can end up far ahead financially anyway. Let’s look at some potential numbers to get an idea of how much you can save.

Say you have an existing credit card with a balance of $4,300, and that card also has an interest rate of 26 percent. You can transfer the entire balance to the Wells Fargo Plantinum card during the first month you open the account and get 15 total months to pay it off before interest hits your statement. That’s a payment of $287 per month. With a 3 percent balance transfer fee, you’ll pay $129 to do this.

Now, compare that with leaving the balance on the existing card, which has an APR of 26 percent. If you pay $287 per month on that card, it would take you 19 months to clear the balance. You’d also pay $955 in interest. Compare that to the $129 balance transfer fee in the above scenario, and you save $826 just in interest by transferring the balance and paying it off within the introductory period.

Don’t have a balance to transfer? The Wells Fargo Platinum card can still save you money and provide some financial convenience. Since the 0 percent APR introductory offer also applies to regular purchases (we’re talking anything that’s not a same-as-cash transaction like a cash advance), you can use the card to finance a large buy without paying interest.

It works like this: say you want a new outdoor wood shed, which runs about $1,900 for some 10 x 10-foot models. If you put that purchase on the Wells Fargo Platinum card within the first money, you can make monthly payments on the balance for all 15 months of the introductory period. Effectively, you finance the shed and pay $127 a month for it, but you never pay anything extra in interest.

Some fine print to be aware of regarding the APR and introductory offer. The 0 percent APR doesn’t apply to overdraft protection or cash advance transactions. After the 15 months, Citi does apply minimum or partial balance payments in a priority fashion, which means they put money toward lower-APR balances like purchases first. That really just means that if you take a cash advance, which typically comes with a higher APR attached, you’ll want to pay the total balance off each month to avoid higher interest amounts accruing.

Benefits of Being a Wells Fargo Platinum Card Holder

When you hold this card in your wallet, you also gain access to numerous other benefits that provide peace of mind and convenience. From travel benefits to money-management perks, we’ve summarized them below.

  • If you pay for a rental car with the Wells Fargo Platinum card, you can waive the rental company’s offer of insurance coverage. As a cardholder, you get auto rental collision and damage coverage. Everyone dreads that moment at the car rental booth when the employee asks you if ""you would like damage coverage for an extra $20 to $25 per day."" With the Wells Fargo Platinum Card, you can now say no with confidence, because you know that Wells Fargo has your back in case you are in an accident. If you are on a trip for 7 days, this can save you from between $140 to $175. If you rent a car for 20 days a year while you are travelling and you book the rental car with your Wells Fargo credit card, this perk alone will save you between $400 to $500 each year. This is an amazing benefit!
  • Roadside dispatch provides somewhere to turn if you find yourself stranded with a flat tire, dead battery or other mechanical issues. Cardholders get access to complimentary assistance on roads across the country.
  • Emergency assistance services are available via a customer service hotline. Get help with travel issues, bookings or other questions when you’re away from home.
  • Travel accident insurance provides coverage if you are injured during travel. To activate this benefit, pay for fares with the Wells Fargo Platinum card.
  • Pay your monthly cell phone bill with the Wells Fargo Platinum card, and you’re covered for up to $600 of value if your device is stolen or damaged. The coverage does require a $25 deductible, but with the price of smartphones these days, that’s a small price to pay for a functioning phone. The cell phone protection doesn’t cover lost phones.
  • Fraud protection and chip technology keep your details and money safe. Built-in chips on every card help protect you against counterfeit fraud when you pay at enabled terminals, and Wells Fargo doesn’t hold you liable for unauthorized transactions on your account.
  • Each cardholder gets a unique Verified by Visa password to use when shopping online with the card to reduce the chance of fraudulent purchases.
  • Wells Fargo also alerts you via text messages or email (you set up how you want to receive alerts) if suspicious activity is noted on your card. That helps catch potential fraud fast to save you time dealing with it later.
  • You can link the Wells Fargo Platinum card to your Wells Fargo checking account for overdraft protection services. That means if you overdraw your checking account, the funds to cover it will come off your card. You won’t have to pay hefty overdraft fees on the checking account, and you won’t experience the hassle of returned checks.
  • Wells Fargo offers emergency card replacement services, so you can be back in the shopping and swiping business within as little as 24 hours.

What About the Fees and Fine Print?

If you manage your account balance intelligently, you won’t pay interest for the first 15 months. Once you start paying interest, Wells Fargo charges a minimum $1 in interest on any statement where interest is being charged. That just means that if you carry a balance over to the next statement after the 15 month introductory period is up, you’re going to pay at least $1 in interest.

Cash advances will also cost you 5 percent of the transaction total, or $10 minimum. That means you’ll pay a fee of $15 if you take a $300 cash advances. Since cash advances aren’t covered under the 0 percent APR offer on this card, we actually don’t recommend using it for advances at all.

When swiping in international locations, including Mexico and Canada, you’ll pay a foreign transaction fee of 3 percent. Since many travel cards come without a foreign transaction fee, we recommend not using this card outside of the United States unless you need to access the 0 percent APR offer to finance a trip. In that case, the potential interest savings could more than cover the 3 percent transaction fee.

Finally, the Wells Faro Platinum card has no annual fee. That’s exactly what we like to see on a balance transfer card like this, which doesn’t come with cash back or points rewards.

Our final thoughts on the Wells Fargo Platinum card is that it’s a good option for individuals who want to get existing credit card balances under control or who need to finance a new purchase over about a year’s worth of payments.

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