Do you need a credit card for your business? Check out the Wells Fargo Business Platinum Card. If you have a personal account or an account for your business with Wells Fargo, it’s a good idea to avail of this credit card to keep your banking with one bank.
The Wells Fargo Business Platinum Card is a credit card that’s designed for small to medium-sized businesses. It has no annual fee with a choice of either 1.5 % cashback on all purchases or reward points. Reward points can be earned with 1 point gained per dollar spent. You earn an extra 1,000 points when you spend $1000 a month. Use points to redeem items listed on the Wells Fargo Rewards portal.
Read on to learn more about the Wells Fargo Business Platinum Credit Card, its features and details, its reward system, and many more.
About Wells Fargo Business Platinum Credit Card
Leading Company in Financial Services
Wells Fargo and company is a leading company in financial services with about 1.9T in assets. They’ve become a household name, with over 30% of households in the US having an account with them. Also, they have a wide variety of banking, investment, and mortgage services and products.
Wells Fargo is a reliable and reputable company that you can trust. They have many credit cards available, and the Wells Fargo Business Platinum is their offering for small to mid-size businesses.
Card for Small to Medium-sized Businesses
The Wells Fargo Business Platinum Card is a card created for small to medium-sized businesses. The card has no annual fee. You can choose how you want to get rewarded – cashback or reward points. If you select the cashback option, you’ll be given 1.5% cashback on all your purchases.
Reward Points Option
If you choose the reward points option, you’ll be given 1 point for every dollar spent, and you earn an extra 1,000 points when you spend $1000 a month. The points can be used at the Wells Fargo Rewards portal.
Earn Extra 1000 Points
As you can see, you earn an extra thousand points when you or the company spends $1000 or one monthly billing period. On top of that, however, when you use your points online for redemption, you get a bonus of 10% of your redeemed points.
So, in reality, when you hit the $1000 required monthly spending, you earn 2.2 points for every dollar. Upon computation, though, you can get more from the cashback option if you spend $2,750 monthly.
Details About the Wells Fargo Platinum Credit Card
1. 0% APR on Balance Transfers
Wells Fargo Platinum gives you an introductory rate for the first nine months on balance transfers.
2. New Customer Offer
You get $300 as a cashback bonus if you spend $3,000 within the first three months after your card has been issued. You may also opt for 30,000 bonus points.
3. No Annual Fee
This is a great benefit for small businesses as the card gives you cash back on your purchases, yet you don’t need to pay annual fees.
4. Good APR Rate
The card has an APR rate that ranges from 11.24% – 21.24%.
5. No Foreign Transaction Fees
The Wells Fargo Business Platinum Credit Card is an excellent card to bring when you travel abroad. Other cards will charge you a foreign transaction fee when you make purchases outside the US or in any other currency that isn’t USD, but this card doesn’t.
6. Credit Score
To get approved to become a cardholder, you’ll need a credit score that’s above 700.
7. Access to Wells Fargo Business Online
When you’re a Wells Fargo Business Platinum Cardholder, you can access Wells Fargo Business Online, which is their online banking. You’ll be able to manage your accounts faster anytime, anywhere.
8. Access to Wells Fargo Card Design Studio
The Card Design Studio is a service from Wells Fargo that lets you create your business debit cards. You can have your business logo and a pic that represents your business printed on the card.
9. Fraud Monitoring
The Wells Fargo system monitors your business accounts, including the Wells Fargo platinum credit Card, for signs of fraud, and then they’ll notify you.
Pros and Cons of Getting the Wells Fargo Business Platinum Card
The best features of the Wells Fargo Business Platinum Card are the following:
Flexible Business Rewards
We have already mentioned that the card gives you a cashback flat rate of 1.5% on all your purchases. However, we need to stress that this rate is perfect for a credit card that does not have an annual fee.
If you choose not to get the cashback reward, there’s the points system where you have one point for every dollar spent. We’ll discuss later how you can redeem these points.
No Foreign Transaction Fee
The card is a business card and, many businesses have transactions in places outside the US. You can save on transaction fees when you travel abroad and use the card, as no fees will be charged to your card.
All credit cards will have drawbacks. The important thing is to check if the benefits outweigh the disadvantages and see if it is the right card. Here are a few considerations for the Wells Fargo Business Platinum Card:
Short Introductory APR
The card has an introductory rate of 0% APR on your purchases. It is, however, good for only nine months after your account has been opened. Regular rates apply after the nine months, which is Prime + 7.99% to Prime + 17.99%.
The card has few benefits as compared to other business cards. Their main benefits are the cashback or points offered. Other business cards have travel extras like accidental insurance while traveling, rental car insurance, and others.
Again, what does the Wells Fargo Business Platinum Credit Card offer? Designed for small to medium-sized business owners, this Wells Fargo Business Platinum Card has no annual fee. You can also earn 1.5 % cashback on all purchases or reward points. Then, use this to redeem items listed on the Wells Fargo portal.
How to Apply for the Wells Fargo Business Platinum Credit Card?
Applying for the card is easy. Here are the steps you need to do:
- Visit the Wells Fargo branch closest to you.
- Fill in the application form for the credit card. You’ll be asked for financial and personal information.
- Check that everything you wrote is accurate and then submit the application.
- You’ll be notified after a few days if your application was approved or denied.
Are There More Charges You Should Be Aware of With the Wells Fargo Business Platinum Card?
There are no annual fees and foreign transaction fees for the card. They allow you to do a balance transfer, but their fees are higher than most cards for doing so. The usual rate for other cards is 3% for a balance transfer. Wells Fargo charges a $4% fee on balance transfers, so if you transfer $1000 to the card, the fee would be $40.
How Rewards Redemption Works
1.5% Cashback on All Purchases
It’s always exciting when you exchange points you’ve accumulated for something nice. We earlier said that the Wells Fargo Business Platinum Credit Card gives you a cashback flat rate of 1.5% on all purchases, or you can use their points option and get 1 point for each dollar spent.
They give you an extra 1000 points if you can spend $1000 in a monthly billing period.
Automatically Credit the Amount to Your Account
With the cashback option, they’ll credit the amount to your account automatically. Cashback is paid quarterly in the months of March, June, September, and December.
With the rewards points option, your rewards can be claimed even right after you have earned them. The conversion rate is 1 point = 1cent. They will give you a 10% bonus if you claim your rewards online, so the conversion rate is 1 point = 1.1 cents for online redemption.
Choose from Their List of Prizes for Redemption
You can choose from their list of prizes for redemption, including gift cards, air travel, and merchandise.
Tips on Maximizing Rewards
Use Your Card Heavily
You can maximize your cashback or rewards points from the Well Fargo Business Platinum Card. To start, after you receive your card, use it heavily. If you can put all your charges there, do so. When you rack up $3,000 within the first three months, you’ll be able to get an introductory bonus of $300 or 30,000 points, whichever you choose.
After Three Months, Choose the Points Option
After the three months, the points option will be a good idea to pick if you spend a steady $1,000 monthly on your business. Here’s an example of why. At a steady $1,000 monthly, that’s at least $12,000 a year, and the cashback reward for that is $180.
But, the points option will give you 12,000 points plus another thousand points as a bonus if you spend $1,000 a month. The total you get is 24,000 points, and that is worth $240 dollars. If you redeem the points online, you get another 10% bonus, making your total points worth $264.
Conclusion: Wells Fargo Business Platinum Credit Card
The Wells Fargo Business Platinum Credit Card is a basic card for business owners that gives you simplicity with redeeming their rewards. For a no-annual-fee card, your business can very well benefit from this card.
The Wells Fargo Business Platinum Card is a card that’s great for small to medium-sized businesses. It has no annual fee and offers rewards with either 1.5 % cashback on all purchases or points. Reward points can be earned with 1 point for every dollar spent.
You earn an extra 1,000 points when you spend $1000 a month. These points can be used to redeem items listed on the Wells Fargo Rewards portal. The card has a 0% APR introductory rate on all your purchases for nine months.
If you’re looking for a credit card for your business, the Wells Fargo Business Platinum Credit Card is well worth checking.