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I transferred my high balance from another credit card to the Capital One® Platinum Credit Card. Previously, I was paying a 19% interest rate. Knowing that I was spending a fortune in fees and wanting to get my $4000 balance paid off as quickly as possible, I transferred all charges, knowing there would be only a 3% transfer fee on that charge. I can take up to 18 months to pay off this credit card without worrying about interest all of that time. I also have 18 months to pay off this credit card with 0% interest each month.
The launch of the Wells Fargo Platinum Credit Card seems very exciting. This card seems to offer new benefits, but of course with benefits come costs and drawbacks. In this review, I’ve attempted to go over a number of the pros and cons of the card. Let’s review the basics. The card requires an excellent credit score. The intro rate on purchases is 0% for 15 month, and the same applies for transfers. The regular APR rate spans from 10.15% to 24.99%, which is pretty standard, if not on the lower side of interest rates. There is no annual fee, and the balance transfer fee is 3%.There is a max late fee of $35, no max overlimit fee or penalty APR, and a grace period of 25 days. Cash advances are available on this card at a rate of 23.99 to 25.99%. There is a cash advance fee of 5%, with a minimum of $10. Finally, the foreign transaction fee is 3%, and smart chip is available for this card. So what are the pros? Well to start with, the Wells Fargo Platinum Credit card offers a zero liability program, which automatically protects cardholders from liability if fraudulent or unauthorized charges are made to the card. Additionally, the card offers Visa benefits such as auto rental collision damage waiver, Emergency card replacement, Roadside dispatch, Travel accident insurance and Travel and emergency assistance services. All of these are nice perks, especially for those who are avid travelers. The card is also verified by Visa, and cardholders can create a unique password to use for online shopping purchases. Finally, overdraft protection is available, which enables you to link the card to your checking account in order to avoid overdrafting. Finally, one reviewer mentioned that they can immediately deposit cash into Wells Fargo ATMs and make payments on the card this way, which is certainly a nice bonus and pretty much unheard of with other credit cards. What are the cons then? While they seem minor, I have noticed a few reviewers say that Wells Fargo’s customer service is not always the best. Additionally, it looks like charges can be late to post to this card, which makes it difficult to know exactly how much you are spending on the card. Another thing I noticed is that if you are looking for a card with rewards, i.e. cash back, gift card rebates, airfare miles, gas points, dining out rewards, hotel stays, etc., this is probably not the card to choose as it does not offer any of those perks. These perks certainly do add up after a while. Why not spend money and get added value doing it? However, this is not a concern for everyone. Overall, Wells Fargo Platinum Credit Card holders seem happy with this card, and it seems to be a good option to choose if you have an excellent credit score. Additionally, Wells Fargo is a really big name in the banking industry so to have a card affiliated with that bank is a definite perks. After doing some research and looking at consumer reviews, this card definitely has benefits that outweigh its drawbacks and would be a good option for many people.
While you do need an excellent credit score to get approved for this card, the rewards and terms of the Blue Card from American Express look very good. I like that there is no annual fee and that you can earn 10,000 points when you charge $1000 of eligible purchases in your first three months of having the card, which is not hard to do. Also, it seems like a good choice if you’re an avid traveler since you earn 2x the points when booking online travel through American Express, and you can use these points for travel expenses like hotels, flights, and car rentals.
The Marathon Credit Card looks pretty good, especially if you are an avid driver because you seem to be able to accumulate gas rebates pretty with pretty quick. I liken this card to my Chase Freedom cash back card where you certainly have to be using it for a lot of purchases to get huge amounts of cash back, but at the same time, even if you’re not you’re still getting a fair deal of cash back. I would use this card for everyday and larger purchases. The APR rate seems pretty standard, and it’s nice that there’s no annual fee.