If you’re looking for a credit card that doesn’t charge too many fees, then check out the platinum card from Wells Fargo. In this Wells Fargo Platinum Card review, I’ll list all of its features and requirements so you can decide if it is the right credit card for you.
The Wells Fargo Platinum Card is a great credit card to have. It has a lengthy 0% introductory APR as well as a $0 annual fee. This credit card also offers exciting promos such as 0% interest on new purchases and balance transfers for 18 months.
Read on to learn more about the Wells Fargo Platinum Card, its features, benefits, and pros and cons.
About the Wells Fargo Platinum Card
The Wells Fargo Platinum Card is known for offering the best deals. It has a long-lasting 0% introductory APR as well as a $0 annual fee. This card also offers exciting promos such as 0% on balance transfers and new purchases for 18 months.
Wells Fargo Platinum Card 18-month Introductory APR on Balance Transfers
If you are interested in a lengthy 0% annual percentage rate (APR) for balance transfers, then the Wells Fargo Platinum Card may be perfect for you.
With this credit card, you can enjoy a 0% introductory APR for 18 months but only on qualifying balance transfers. Then, there’s a variable APR that applies, which ranges between 16.49% and 24.49%.
Please take note too that this does not exempt you from balance transfer fees. There’s a 3% introductory balance transfer fee for 120 days from the date of account opening. Then, this fee becomes 5% or $5, whichever is higher.
The variable APR applies by the time the introductory offer expires. So, you have to develop a plan to pay down your debt within the 18-month period.
If you need to transfer high-interest balances to your Wells Fargo Platinum credit card, it is possible to incur substantial interest savings. For instance, you will transfer a balance amounting to $1,000, a balance transfer fee of $30. Your potential savings in interest if you pay within the 18-month period can amount to $148.
So, if you transfer $10,000, which has a balance transfer fee of $300, it is possible to save $1,485 in interest.
Here’s a table showing balance transfer fees and how much you can potentially save in interest to give you a clearer idea:
|Potential Savings in Interest|
(if paid within the 18-month period)
Wells Fargo Platinum Card Credit Limit
Wells Fargo Platinum Card does not have specific credit limits. Instead, your credit limit is determined based on your income, debts, and credit score.
Let’s say you already have an existing Wells Fargo credit card, but you also want to apply for a Wells Fargo Platinum Card. This is, of course, possible. But it’s important to note that your existing credit card impacts the credit limit allocation for your new Platinum Card.
Wells Fargo Platinum Card Eligibility
Wells Fargo Platinum indeed provides introductory offers to cardholders. However, you can only enjoy it if you meet the eligibility requirements set by Wells Fargo. If you opened a Wells Fargo card within the last 15 months, this might not make you eligible for introductory offers anymore. This is written in the Wells Fargo Platinum Card Terms and Conditions.
Another factor that might hinder your application is opening another Wells Fargo card within the last 6 months. It is also best to clarify this with Wells Fargo Platinum Customer Service.
To qualify, you must also be at least 18 years old. You must also be able to provide personal details such as the following:
- Email Address
- Phone Number
- Social Security Number
- Mother’s Maiden Name
- Citizenship Status
You must also be able to provide your financial information. This means disclosing your housing status, monthly rent/mortgage payment, employment status, and annual income.
Also, it is important to have a good credit score to get approved. For FICO, this means a score ranging between 580 and 669. Whereas, for VantageScore, this means a score ranging between 601 and 600. However, it would be best if your credit score is 700 or higher.
Wells Fargo Platinum Card Benefits
The Wells Fargo Platinum Credit Card has benefits that you’ll also find in other credit cards, including zero liability protection. But aside from that, you will also enjoy its Visa Platinum protection as well as its cell phone protection.
Wells Fargo introduced this credit card mainly for consumers who are interested in 0% introductory rates. But it has additional features that you will definitely find useful, especially when you’re traveling.
Here are some of them:
- Roadside Dispatch
- Auto Rental Collision Damage Waiver
- Travel and Emergency Assistance
- Travel Accident Insurance
- Emergency Cash Disbursement and Card Replacement
- Mobile Phone Protection
- Free FICO Credit Score
1. Roadside Dispatch
If you’re having car trouble, you can seek help by calling 1-800-847-2869. This is one of the conveniences if you have a Wells Fargo Platinum Card.
2. Auto Rental Collision Damage Waiver
When traveling, you can rent a car using your Wells Fargo Platinum Credit Card. That way, the car will be protected against theft as well as from damages resulting from collisions.
However, you have to ensure that the car rental services company is accredited with Wells Fargo Platinum. Also, you have to decline the rental company’s own insurance to be eligible for this waiver.
3. Travel and Emergency Assistance
If you need assistance while traveling, the Customer Service team of Wells Fargo Platinum is available 24/7. You can inquire about legal and medical referrals, ticket replacement, and lost luggage locating.
4. Travel Accident Insurance
As a Wells Fargo Platinum cardholder, you and your beneficiary are entitled to coverage of up to $150,000 due to accidental death or loss of speech, sight, or limb.
5. Emergency Cash Disbursement and Card Replacement
Wells Fargo Platinum provides emergency cash disbursement and card replacement services if you lose your cash or credit card while traveling. That way, you will continue to enjoy your trip despite the mishap.
6. Mobile Phone Protection
Use your Wells Fargo Platinum card to be eligible for mobile phone protection of up to $600. This is coverage against theft, damage, or involuntary and accidental parting of your mobile phone. A lost phone, however, is not included in the coverage.
7. Free FICO Credit Score
If you have a Wells Fargo Platinum credit card, it will allow you to access your FICO credit score for free.
Again, what does the Wells Fargo Platinum Card offer? The Wells Fargo Platinum Card offers a 0% introductory APR and $0 annual fees. Aside from this, you get to access exciting promos, including 0% interest on purchases and balance transfers for the first 18 months.
Wells Fargo Platinum Terms and Fees
Let’s take a look at the underlying terms and fees involving the Wells Fargo Platinum credit card.
Introductory APRs apply for both Purchase APR and Balance Transfer APR. Wells Fargo offers 0% for 18 months from when the account was opened for both types of transactions. Once the introductory APRs expire, there’s a variable fee that ranges between 16.49% and 24.49%. A different term applies for Cash Advance APR.
The Wells Fargo Platinum Credit Card has a $0 annual fee, but it does charge a 3% foreign transaction fee. It charges a balance transfer fee of 3% for 120 days from the date of account opening. Beyond that, Wells Fargo charges 5% or $5, whichever is higher.
Wells Fargo doesn’t charge a Penalty APR. It, however, charges late fees and returned payment fees of up to $40.
Wells Fargo Platinum Credit Card Pros and Cons
Here are the great things about the Wells Fargo Platinum Credit Card:
- Lengthy 0% interest introductory period for Purchase APR and Balance Transfer APR
- $0 annual fee
- Access to FICO Score 9
- Mobile phone protection
- Provides travel insurance protection
If there’s anything I don’t like about this credit card, it includes the following:
- Charges a balance transfer fee
- Provides basic benefits package only
- Does not earn rewards
Wells Fargo Platinum Card FAQs
Now that we have discussed the Wells Fargo Platinum card features, let me answer some of the questions frequently asked by Wells Fargo Platinum card applicants:
Is Wells Fargo Platinum a Good Credit Card to Have
The Wells Fargo Platinum Card is an ideal credit card for those who want to enjoy 0% introductory APRs for a long period of time. This is not only applicable for Purchase APR but also for Balance Transfer APR.
Also, this credit card is perfect for those who want to enjoy a $0 annual fee.
What Does It Mean When You Have a Platinum Credit Card?
A Platinum card is more prestigious than a regular or gold credit card. It has better benefits. That’s why it also requires a higher credit score upon application. In most cases, the Platinum credit card is enjoyed by high-end consumers.
Is Wells Fargo Platinum Card Hard to Get?
It is not difficult to get a Wells Fargo Platinum Card if you have a decent credit history.
If you have a credit score below 580, you might want to get instead a credit card that will help you build an excellent credit history. Once your credit score reaches 600, your credit card application has a higher chance of getting approved.
Conclusion – Wells Fargo Platinum Card
The Wells Fargo Platinum Card is known for offering the best deals. It has a lengthy 0% introductory APR as well as a $0 annual fee. This credit card also provides exciting promos such as 0% on new purchases and balance transfers for 18 months.
This credit card is not for you if your main goal is to earn rewards. The Wells Fargo Platinum Card is not a rewards card.
Instead, this credit card is handy for large purchases. It is also useful if you need a longer period of time to pay off your balances without incurring any additional charges.