The Wells Fargo Platinum Card is a low interest credit card focusing on an introductory 0% APR on both purchases and balance transfers. It doesn’t charge an annual fee, offers free access to FICO scores, and provides tools to help cardholders manage their money. In this review we’ll look at its key features and benefits. We’ll also do the math to determine the potential value of the card’s 0% APR offer to see how the Wells Fargo Platinum Card stacks up.
Snapshot
The Wells Fargo Platinum Card made our list of the best balance transfer and 0% APR credit cards. It made the list because it offers one of the longest 0% APR deals available today. And it manages it without an annual fee.
- 0% Intro APR for 18 months on purchases and qualifying balance transfers (fees apply) on transfers made within 120 days qualify for the intro rates and fees
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your card
- Easy access to your FICO® Credit Score
- Zero Liability protection for promptly reported unauthorized transactions
- $0 Annual Fee
Pros & Cons
What we like
- 0% APR on balance transfers and purchases
- Free access to FICO score
- Budget and money management tools
- $600 cell phone protection
What could be better
- No rewards
- Requires good to excellent credit
0% APR
The headline feature of the Wells Fargo Platinum Card is its 0% APR offer. It comes with an introductory 0% APR for 18 months on balance transfers and 18 months on purchases.
If you plan to transfer a balance, it’s important that you do so within 120 days from account opening. Why? Wells Fargo offers an introductory balance transfer fee of “either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5.”
The balance transfer can save hundreds or even thousands of dollars in interest payments. For example, let’s assume one transfers $10,000 in credit card debt that has an interest rate of 21%. To pay off this balance in 18 months, one would need to make monthly payments of about $650 (based on our credit card payoff calculator). Even at that rate, one would pay over $1,700 in interest.
With the Wells Fargo Platinum Card, the only cost would be the 3% balance transfer fee, or $300 in our example. Paying the debt off with no interest over 18 months would require $572, and that includes paying the balance transfer fee. Of course, you don’t have to pay the balance off in full within 18 months. If you don’t, however, keep in mind that the regular APR will apply on any remaining balance.
Benefits
While the card doesn’t offer rewards, it does come with several valuable benefits.
$600 cell phone protection: Pay your monthly cell phone bill with the card and you’ll get up to $600 protection (subject to a $25 deductible). Eligible cell phones are protected against damage or theft, however coverage does not include cell phones that are lost. Terms and conditions apply.
Travel Protections: The card comes with a host of travel protections, including:
- Auto rental collision damage waiver
- Roadside dispatch
- Travel accident insurance
- Travel and emergency assistance services
FICO score access: Get free access to your FICO score though Wells Fago Online.
My Money App: Manage your money with the Wells Fargo My Money App. With the app you can generate a spending report, create a personalized budget, and set and monitor savings goals.
Zero Liability Protection: You are protected from unauthorized transactions when you report them promptly.
Overdraft Protection: If you bank at Wells Fargo, you can link the card to your checking account to provide overdraft protection.
Alerts: Get alerts to monitor the activity on your card.
Credit Needed for Approval
The Wells Fargo Platinum Card requires good to excellent credit. Keep in mind, however, that credit card issuers consider a lot more than just your credit score. They look at your income and existing debts, among other things.
Is This Card for You?
Who the card is best for
The Wells Fargo Platinum Card is best for those wanting a long-term 0% APR on balance transfers or purchases. The card offers one of the longest 0% deals currently available.
Who might do better with a different card
If you are looking for cash back or travel rewards, this card isn’t for you. It’s also not for those with bad credit, no credit or limited credit, where a secured card might be a better fit.
FAQs
Yes, for those looking for a 0% introductory APR on balance transfers, purchases or both.
Wells Fargo will ask for your name, address, date of birth, social security number and other information that will allow us to identify you. They may also ask for your driver’s license or other identifying information.
You’ll receive the status of your application on the confirmation page after you apply online. If you are approved instantly, Wells Fargo will also provide you with your credit limit. If the bank needs more time to evaluate your application, you’ll be given an application ID and a phone number to check on the status.
While there is no minimum credit score provided by Wells Fargo, it does require good to excellent credit. As a general rule, aim for a score of at least 670.
