2021 Review: Wells Fargo Platinum Card – Helpful 0% APR Offers
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Our Rating: 4 Out of 5 Stars
We give the Wells Fargo Platinum card four out of five Stars for its intro periods and uncomplicated user experience.
Why We Like It
- Long 0% interest introductory period for both purchases and balance transfers
- No annual fee
- Provides one of the latest versions of FICO credit score: FICO Score 9
- Cell phone protection
Why It Could Be Better
- There’s a balance transfer fee
- Basic benefits package
- No rewards
The main draws here are the two introductory periods. You’ll get:
- Purchase APR: 0% for 18 months from account opening, after which it’ll be 16.49%-24.49% Variable
- Balance transfer APR: 0% for 18 months on qualifying balance transfers made in the first 120 days; following that it’ll increase to 16.49%-24.49% Variable
So you can use this card to save cash in two ways. If you have a large purchase in your sights, you can give yourself a good deal of time to pay off the balance before it starts to accrue interest.
Or, if you have a balance on another card that’s accruing interest at a high rate, you can transfer it to this card. Then you can pay it off for less money overall by avoiding those interest charges.
While there are no rewards, there are still some useful features all credit cards share, like the ability to help you build credit.
So, is this the card for you? Keep reading to find out, and learn how best to use it to your advantage.
Insider Advice: Getting the Most Out of Your Card
- Take advantage of the introductory offers: You’ll have 18 months from account opening to make new purchases and pay off balance transfers without accruing interest. That’s quite a lot of time, and it can be a great lifeline if you’re looking to make a large purchase, or carrying a balance on another card that has a high interest rate.
- Keep an eye on the fine print: Be aware, you’ll have to make balance transfer requests within the first 120 days of account opening in order to qualify for the intro offer.
- Check your credit score: Wells Fargo offers free credit score monitoring, using one of the latest FICO versions — FICO Score 9, based on your Experian credit report.
- Consider picking up a rewards card: This card offers nothing in the rewards category, so if you want to earn points or cash back for the purchases you make, think about finding a rewards card that suits you best.
You’ll get a few benefits most cards share, such as zero liability protection. On top of that, you’ll get a collection of Visa Platinum protections, with the addition of cell phone protection. While the main idea of this card is saving money with 0% intro rates, having some additional coverage while traveling might prove useful.
For more information on the benefits your card will provide, see your Guide to Benefits.
- Free FICO credit score: See your FICO Score 9, based on your Experian credit report.
- Cell phone protection: You’ll be covered against damage, theft, or involuntary and accidental parting of your phone, up to $600, when you pay your monthly cellular telephone bill with this card. Does not cover lost phones.
- Auto rental collision damage waiver: Your eligible rental cars are protected against theft and covered damage like collisions, as long as you decline the rental company’s own insurance.
- Roadside dispatch: Having car trouble and need some help? Call 1-800-847-2869.
- Travel accident insurance: You and yours are covered from accidental death and loss of limb, sight, or speech up to $150,000.
- Travel and emergency assistance: If you need some help while traveling, Visa is happy to help, 24/7, with medical and legal referrals, lost luggage locating, and ticket replacement, among other services.
- Emergency cash disbursement and card replacement: If you’re in a bind from lost cash or card, Wells Fargo will send you both to a secure location of your choosing.
The Terms & Fees
|Purchase APR||Balance Transfer APR||Cash Advance APR|
|0% for 18 months from account opening, then 16.49%-24.49% Variable||0% for 18 months on qualifying balance transfers, then 16.49%-24.49% Variable||Refer to Important Credit Terms|
|Annual Fee||Foreign Transaction Fee|
|Balance Transfer Fee||Cash Advance Fee|
|3% for 120 days from account opening, then up to 5%; min: $5||See Terms|
|Penalty APR||Late Fee||Returned Payment Fee|
|None||Up to $40||Up to $40|
The biggest features of this card are the two introductory APRs for balance transfers and new purchases. Both could prove helpful, depending on your situation.
Should you have a balance on another card that’s accruing interest at a high rate (or any interest at all), you can transfer it here and gain more time to pay down your debt without seeing it grow. But, it’s important to note there is still a transfer fee.
So let’s say the transfer fee is 3%. That means if the balance you’re looking to transfer over is $3,000, you’ll have to pay a fee of $90 to move it to the Wells Fargo Platinum. Compare this cost to how much you would’ve spent by keeping the balance where it was: Depending on the APR of the original card and how long it’d take to pay off, the transfer fee may pale in comparison to the money you’d have spent on interest.
Be aware, you’ll need to request balance transfers within the first 120 days of account opening in order to qualify for the intro offer.
As for the purchase APR, the same principle applies: If you have any large purchases lined up, especially those necessary purchases you can’t quite afford, you might want to consider using this card to make them. You’ll get some extra breathing room by making smaller payments month by month, without being charged extra.
The Bottom Line
The biggest points for the Wells Fargo Platinum card are the long introductory 0% interest periods for both purchases and balance transfers.
Basically, if you need to make a large purchase and are looking for a comfortable amount of time to pay it off, or you need to move a balance from one card to another, this card could prove useful.
However, if you have no need for a balance transfer but want to earn rewards and have 0% interest for new purchases, there are some other options available. Though the durations might not be quite as long as what the Wells Fargo Platinum offers.
How Do I Apply for the Wells Fargo Platinum Card?
To apply now, simply click the button near the card name. You’ll be directed to the credit card issuer’s website, where you can safely input the required information.
You’ll often hear back instantly if you’ve been approved or not, but in some cases it can take longer.
What Credit Scores Do You Need for the Wells Fargo Platinum Card?
The Wells Fargo Platinum Card is designed for people with fair credit.
As long as you’re within 580–669 for FICO and 601–660 for VantageScore, you’ll be considered to have fair credit. Obviously, it’s all the better if you have even higher credit scores.
That being said, these are more like guidelines, which means even if you have lower credit scores than what are recommended, you may still be approved. Or, even if you have high credit scores, you might not make the cut.
Qualifications and Requirements
- Must be 18 years old to apply
- Personal information: Name, address, email, phone number, Social Security number, date of birth, mother’s maiden name, citizenship status
- Financial information: Housing status, monthly rent/mortgage payment, employment status, employer, length of employment, annual income
- You may not qualify if: You have opened another Wells Fargo credit card within the last six months
Frequently Asked Questions
How long do I have to pay off purchases and balance transfers at no interest?
You’ll get 18 months from account opening to pay off any new purchases or balance transfers at 0% APR. After that your rate will be 16.49%-24.49% Variable.
Does the Wells Fargo Platinum card offer rewards?
No, the Wells Fargo Platinum card has no rewards, like points or cash back. Looking for one that does? Check out our favorite cards that earn rewards.
Can I monitor any of my credit scores?
Yes, you’ll be able to see your FICO Score 9, based on your Experian credit report.
Alternatives to the Wells Fargo Platinum Card
For rates and fees of the Blue Cash Everyday® Card from American Express, please click here.
The Wells Fargo Platinum card has no annual fee and a long 0% APR period for both purchases and balance transfers. As that’s the main focus, there’s little in the way of rewards and benefits.
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