Wells Fargo Platinum Review

No, the Wells Fargo Platinum Credit Card does not offer rewards. But that does not mean it's a bad card. It's just not what this card was built for. Wells Fargo Platinum is all about 0% financing and its $0 annual fee. However, this card is no longer available to new applicants.   

No rewards is actually common for a 0% APR credit card, such as Wells Fargo Platinum. Plus, a low rate will save you a lot more than rewards if you plan to carry a balance from month to month.

Alternative Credit Card Option

If you're looking for a credit card with rewards that also offers 0% intro APRs, you're not out of options. For example, Chase Freedom Unlimited® offers 1.5 - 5% cash back, depending on the type of purchase. Plus, this card comes with an intro APR of 0% for 15 months for both new purchases and balance transfers. The card's regular APR is 19.99% - 28.74% (V). Note that balance transfers are subject to a fee of either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days (5%, min $5 after).

If you're mostly interested in earning rewards, you can check out our editors' latest picks for the best rewards credit cards on the market to weigh your options.

To activate a Wells Fargo Platinum credit card, call the number on the activation sticker that's attached to the card or go to the Wells Fargo activation website, which will also be noted on the sticker. Another way to activate a Wells Fargo Platinum credit card is by using the card issuer's mobile app.

Your new Wells Fargo Platinum card will be ready to make purchases in just a few minutes no matter which method you use to activate it. Wells Fargo does not have a certain time limit within which you need to activate your card, but it's best to do it as soon as possible.

How to Activate a Wells Fargo Platinum Credit Card

1. By phone: Call 1 (800) 642-4720 or the number on the sticker attached to the front of the card. Verify your personal information (e.g. Social Security number, card number, or phone number associated with your application) to activate your Wells Fargo Platinum credit card.
2. On the website: Log in to your Wells Fargo account (or create an account if you don't have one) and find the activation page. Enter any required security information, including your address and Social Security number. Activate your Wells Fargo Platinum card as instructed.
3. On mobile: Log in to the Wells Fargo mobile app using the same credentials that you'd use to log in online. Tap the credit card activation button, then enter any security information that's requested on the following page.

Your new Wells Fargo Platinum credit card will be available for purchases immediately after activation. If you have any trouble activating your card, Wells Fargo customer service can always help you out. You can give them a call at 1 (800) 642-4720.

The Wells Fargo Platinum credit card limit was at least $1,000. It was also possible for someone to start with a credit limit well over $1,000, depending on various factors like their credit score and income. However, the Wells Fargo Platinum is no longer available for new applicants. 

How to increase your Wells Fargo Platinum credit limit:

If you already have a Wells Fargo Platinum, you can ask for a credit limit increase by calling customer service at (800) 642-4720. Your odds of approval are highest if you pay your monthly bills on time and keep your credit utilization low. Wells Fargo may also grant automatic credit line increases to select eligible customers, but there is no way of knowing for sure whether you'll be among them. 

Alternatively, if you want to get another Wells Fargo credit card, you can ask customer service to shift some of your existing credit to the new card. You can't move your entire credit line, though, just an amount above the original account's minimum credit limit.

Alternative Credit Card Option

While Wells Fargo Platinum is no longer an option, the Wells Fargo Reflect provides a great alternative. This card also offers a minimum credit limit of $1,000 to all applicants who get approved. 

Plus, the card offers an introductory APR of 0% for 21 months from account opening on both new purchases and balance transfers (subject to a fee of 5% (min $5)). This card's regular APR is 17.99% - 29.99% Variable. There's also a $0 annual fee.

he Wells Fargo Platinum card interest rate ranges from 16.49% to 24.49% Variable. However, your actual rate depends on several factors, such as your income, credit history, and existing debt. The Wells Fargo Platinum card interest rate is variable, meaning it can change based on certain economic conditions.

What you should know about the Wells Fargo Platinum card interest rate:

• Regular interest rate: The card's interest rate is 16.49% - 24.49% Variable, based on your creditworthiness. 
• Grace period: The Wells Fargo Platinum gives you a 25-day grace period to avoid paying interest on your purchases. The grace period runs from the end of the billing period until the card's payment due date. You won't owe any interest as long as you pay your balance in full during that timeframe.
• Other interest charges: In addition to the regular interest rate, Wells Fargo Platinum also charges a separate interest rate on cash advances and a penalty rate for late payments. All Wells Fargo Platinum card interest rates will be listed on your statement and on your online account summary.

Should you decide to carry a balance on your Wells Fargo Platinum card, it will accumulate interest daily at the card's regular APR. Interest is compounded, meaning you will owe interest on both the principal balance and any interest already accumulated.

To do a balance transfer with the Wells Fargo Platinum card, new applicants can just complete the balance transfer portion of the Wells Fargo Platinum application. Existing cardholders can request a balance transfer online or by calling customer service at (800) 642-4720.

Wells Fargo Platinum balance transfers usually take 10 business days to process. In the meantime, continue to make payments on your original debt to avoid any late fees and possible damage to your credit score.

How to Do a Balance Transfer with Wells Fargo Platinum (New Applicants)

1. Open the Wells Fargo Platinum application.
2. Enter the account number for your existing balance.
3. Enter the amount you want to transfer.
4. Include standard application info such as your name, Social Security number, and annual income.
5. Submit the application.

How to Do a Balance Transfer with Wells Fargo Platinum (Existing Cardholders)

1. Log in to your Wells Fargo Platinum account.
2. Select "Manage Cards" from the Accounts menu.
3. Click "Request a Balance Transfer."
4. Enter the account number(s) and the amount(s) you'd like to transfer.
5. Verify your information is correct and submit the application.

Key Things to Know About a Wells Fargo Platinum Balance Transfer

The Wells Fargo Platinum card accepts balance transfers from other credit cards, along with loans and other lines of credit. The Wells Fargo Platinum card does not allow balance transfers from other Wells Fargo credit accounts.

If you're transferring a balance to a credit card with an introductory APR on balance transfers, try to pay off the balance before the introductory rate expires. Any balance remaining after that will accumulate interest daily at the card's regular APR. Using a balance transfer calculator can be a big help.

Finally, there is a fee of 3% intro for 120 days, then up to 5% (min $5) on Wells Fargo Active Cash balance transfers. Make sure to take this into account, too.

No, Wells Fargo Platinum does not offer cash back rewards, or any other type of rewards. This card was designed as a financing option, offering intro APRs on both new purchases and balance transfers. 

If by cash back you mean cash advance, then you can use Wells Fargo Platinum to withdraw money at an ATM. Just keep in mind that this type of transaction can be quite expensive. There's a cash advance fee and a cash advance APR that applies as soon as you withdraw the cash. There may be ATM-owner fees, too.

Alternative Wells Fargo Cash Back Credit Card

If you're looking for a Wells Fargo cash back credit card, you should consider applying for the Wells Fargo Active Cash® Card. This card offers $200 cash rewards after spending $500 in the first 3 months. Plus, you can earn 2% cash rewards on all purchases. Also, cash back rewards do not expire as long as your account stays open. The card has a $0 annual fee, too.

If you're not tied to Wells Fargo as an issuer, feel free to also check our editors' latest picks for the best cash back credit cards available right now to weigh your options.

The Wells Fargo Platinum card required good credit at a minimum, which means applicants needed a credit score of 700 or higher to have good odds of being approved. However, the Wells Fargo Platinum card is no longer available to new applicants.

Alternative Credit Card Option

If you're looking for a similar credit card, you should consider getting the Wells Fargo Reflect® Card. This card offers an introductory APR of 0% for 21 months from account opening on both new purchases and qualifying balance transfers. Keep in mind that balance transfers are subject to a fee of 5% (min $5). The card's regular APR is 17.99% - 29.99% Variable, based on creditworthiness. 

Wells Fargo Reflect requires good credit or better (a credit score of 700+) for approval. So, make sure you know where you stand before applying. You can check your credit score for free on WalletHub. 

Your Wells Fargo Platinum approval odds are good if you have a credit score of 700+, which is considered good credit. Approval odds for the Wells Fargo Platinum card will also be influenced by your annual income and existing debts. Applicants will need to be 18+ years old with a U.S. mailing address and an SSN, as well.

What You Need for Good Wells Fargo Platinum Card Approval Odds

• Good credit or better
• Enough income to pay credit card bills
• Low debt relative to income
• Low housing costs relative to income
• U.S. mailing address
• Age of 18+
• Social Security Number or Individual Taxpayer Identification Number

Keep in mind that many of these are guidelines rather than requirements. For example, you may have a low annual income but no debts and still get approved. If you want to enhance your application by improving your credit score, WalletHub's free credit analysis can tell you what steps to take.

The Wells Fargo Platinum balance transfer fee is 3% intro for 120 days, then up to 5% (min $5). The balance transfer fee on the Wells Fargo Platinum is assessed when an eligible debt is moved to the card, and the fee amount will be automatically added to the balance.

This credit card is great for balance transfers, as it offers an introductory APR of 0% for 18 months on qualifying balance transfers, which can help cardholders save money on interest. For reference, the average balance transfer card offers low interest for 13 months and charges a transfer fee of 2.55%. But keep in mind that a regular APR of 16.49% - 24.49% Variable will apply to the balance after the intro period ends.

There are very few credit cards without a balance transfer fee, so you shouldn't rule out a balance transfer card simply because of the fee. Instead, you should take all factors into consideration using WalletHub's Balance Transfer Calculator.

Wells Fargo Platinum card fees include charges for a host of regular credit card transactions. The Platinum card does have a $0 annual fee, but there's a 3%and a foreign transaction fee and a balance transfer fee of 3% intro for 120 days, then up to 5% (min $5). If you use the Platinum card for a cash advance, the fee is either $10 or 5% of the transaction amount, whichever is greater.

In addition, Wells Fargo charges up to a $37 fee for late or returned payments. There's also an overdraft protection advance fee of either $12.50 or $20, depending on the amount of the day's advance. Details on all Wells Fargo Platinum card fees are available on your monthly statement or in the card's Terms and Conditions.