The Wells Fargo Platinum Visa card is an elite 0% APR credit card offer for people with good credit or better. Wells Fargo Platinum offers 0%
for 18 months on new purchases and 0%
for 18 months on qualifying balance transfers – 6-7 months longer than average, depending on the type of transaction. The Wells Fargo Platinum card has a $0 annual fee, too.
The card is not guaranteed to be free, however. Balance transfers will cost you 3% - 5%, depending on when they’re completed. You’ll also pay interest at an annual rate of 13.74% - 27.24% Variable if you carry a balance from month to month after the interest-free introductory period ends. Another downside of this offer is that the Wells Fargo Platinum card does not give rewards on purchases. That shouldn’t be a deal breaker, though. You could always get Wells Fargo Platinum to save on interest and use a rewards card for everyday purchases.
With that, you should have a pretty good sense of whether or not the Wells Fargo Platinum Visa credit card is right for you. But if you want some more information first, we’ll summarize the key details you’ll need to decide about applying for the Wells Fargo Platinum card below.
Wells Fargo Platinum Credit Card Review Highlights:
- No annual fee, but other charges lurk. The Wells Fargo Platinum Card is about $18.15 per year cheaper than the average card, thanks to its lack of an annual fee. But that does not mean the Wells Fargo Platinum Visa will necessarily be free to use. You will have to pay a 3% foreign-transaction fee for any purchase processed outside the U.S., as well as a fee of at least 3% for transferring a qualifying balance (3% intro for 120 days, 5% thereafter). The average credit card has a 1.50% foreign fee and a 2.92% transfer fee, according to WalletHub research. So Wells Fargo Platinum is towards the front of the pack, but there are still plenty of cheaper deals to be had.
- 0% financing is best for new purchases. The Wells Fargo Platinum Card offers 0% introductory rates on both new purchases and qualifying balance transfers for the first 18 months your account is open. That’s six to seven months longer than you’d get from the average 0% credit card, depending on whether you’re talking about purchases or transfers. So that’s good. But it’s far from the longest 0% term on the market. And the transfer side of things is somewhat less appealing, considering the card’s balance-transfer fee: 3% for 120 days, then 5%.
- High regular rates. If you decide to make use of Wells Fargo Platinum’s 0% intro rates, make sure to abide by a payment plan that enables you to repay most, if not all, of what you owe by the time regular rates take effect. You need good or excellent credit to get Wells Fargo Platinum, after all. And its regular APR is almost guaranteed to be above average for credit cards that require good credit (20.79%) and excellent credit (14.49%), respectively.
- Cell phone protection, but no rewards. Although the Wells Fargo Platinum Card does not offer traditional purchase-based rewards, that does not mean it lacks perks entirely. Most notably, you won’t have to worry about insuring your smart phone if you pay your monthly cellular bill with Wells Fargo Platinum, as doing so automatically earns you up to $600 in coverage for damage or theft.
- Must have good credit or better. As already mentioned, the Wells Fargo Platinum Credit Card requires good or excellent credit for approval. That just means you should make sure to check your credit score for free on WalletHub before applying, if you don’t know where you currently stand.