Wells Fargo Business Platinum Credit Card Review

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Wells Fargo Business Platinum Credit Card Review

Full Review of Wells Fargo Business Platinum Credit Card


  • Flexible rewards structure

  • 0% introductory APR


  • Limited benefits

  • High spending required to earn bonus

Pros Explained

  • 0% Introductory APR On Both Purchases and Transfers: Not many business credit cards offer introductory APR terms for both purchases and balance transfers, but the Wells Fargo Business Platinum card does. The introductory APR offer gives you nine months to pay down debt without paying interest fees—albeit with a higher-than-usual 4% balance transfer fee. Or you can use the card to finance a major purchase—such as a new computer—and spread out your payments over several months.After the introductory period expires, your APR will be the prime rate plus a further 7.99% to 17.99%, depending on your creditworthiness—which could provide those with good credit with a comparatively low ongoing rate.

Cons Explained

  • Limited Benefits: If you’re a small business owner looking for a card that supplements its rewards with extra features and protections, the Wells Fargo Business Platinum isn’t a good choice for you. It offers no travel extras such as rental-car insurance coverage, nor such other common benefits as extended warranty protection on purchases.
  • High Spending Required to Earn Bonus: The Wells Fargo Business Platinum has a generous bonus for new cardmembers, but it requires spending $3,000 in the first three months after opening an account in order to earn $300 in cash back or 30,000 bonus points.

The Wells Fargo Company Platinum is best suited to small business owners, freelancers, and independent contractors who wish to carry a high-interest balance from another card or make new business expenditures without incurring interest charges for the greater part of a year.

The card’s most appealing feature is its nine-month 0% APR offer. Unpaid purchases or transfers made after it expires may incur interest rates that may be lower than those on other cards you hold, particularly if you have a good credit history.

It might also be a wise decision to have on hand if you sometimes travel overseas on work or purchase from vendors outside the United States. Unlike some other business cards that carry a fee (usually 3%) on foreign currency transactions, the Wells Fargo Business Platinum has no international transaction cost.

Wells Fargo Business Platinum Bonus

To be eligible for the Wells Fargo Business Platinum card bonus, you must first join in the Business Card Rewards Program. If you spend $3,000 within the first three months after establishing an account, you’ll be eligible for $300 or 30,000 extra points.

Rewards Earning Details

With this card, you may get 1.5% cash back on all purchases. Alternatively, you may use rewards points to get 1 point for every dollar spent on every transaction.

However, if you choose the rewards points option and spend $1,000 or more in any monthly billing period, you will earn 1,000 additional points.

Rewards Redemption Details

If you choose cash-back incentives, your cash back will be credited to your account or deposited into an eligible bank or savings account. However, you may have to wait a few months to get your money since cash back is only handed out quarterly—in March, June, September, and December.

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You may redeem your rewards points for gift cards, goods, plane trips, and other items immediately after earning them. Each of your points is worth one penny. However, if you redeem your points online, you will get a 10% point credit, making your points worth 1.1 cents each.

How to Maximize Your Rewards

To get the most out of your Wells Fargo Business Platinum card, attempt to use it extensively enough in your first three months of ownership to rack up at least $3,000 in charges, which is the expenditure necessary to get the $300 or 30,000 point initial bonus.

After that, use the card anytime you make a business transaction. Every purchase earns you either 1.5% cash back or 1 point every dollar spent. If you spend at least $1,000 per month on business costs, choosing the rewards-point option over the cash back option makes sense. Consider the following example to see why.

If you spend $12,000 a year, $1,000 per month, and received 1.5% cash back, you’d get $180 in cash back incentives. If you paid the same amount but chose rewards points, you would gain 12,000 points. You would, however, get 1,000 additional points for any month in which you spent $1,000 or more. That incentive would give you an extra 12,000 points every year, for a total of 24,000 points per year. Those points would be worth $240 if each point was worth one penny.

You might then use your rewards to earn even more value by redeeming them online. With a 10% points credit for such purchases, your earnings for the year would increase to 26,400 points, which is worth $264.

The final fact is that choosing rewards points over cash back and redeeming your points online will net you an extra $84 in yearly incentives.

Standard Benefits

  • Cash management tools
  • Free employee cards
  • Visa purchase security

Cardholder Experience

In the J.D. Power Small-Business Credit Card Customer Satisfaction Study, Wells Fargo rates much lower. In its poll for 2021, it received 842 points out of 1,000 for its commercial service.

Customer assistance is accessible around the clock, seven days a week. You may reach customer service through its online portal or by dialing 1-800-642-4720.

Security Features

The card has conventional corporate credit card security features such as zero liability protection, account notifications, and fraud monitoring.

Fees to Watch out For

While this card allows you to transfer balances, you should be advised that there is an exceptionally high fee for doing so. Whereas most cards either waive or charge 3% of the amount for balance transfers, Wells Fargo Business Platinum charges a 4% balance transfer fee, with a $10 minimum. To put it in context, if you moved $10,000 to the card, the balance transfer cost would be $400.

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Our Verdict

While there are business credit cards with greater rewards rates, the Wells Fargo Business Platinum card is rather simple, particularly if you choose the cash-back rewards option. Furthermore, the nine-month 0% APR introductory offer on both purchases and debt transfers might provide a useful cash-flow respite for a firm. Because the card has no annual charge, the corporation may take advantage of the promotion and the initial bonus for free.

However, the card is also plagued by Wells-track Fargo’s record of poor customer service, as seen by the bank’s low ranking in the J.D. Power poll of credit-card customer satisfaction. It also offers limited or no travel perks compared to other business cards, including some rivals with no annual charge.

If such features are vital to you and your company, seek for a different card—or one that may enhance the Wells Fargo Business Platinum. The Chase Ink Business Unlimited card, for example, has no annual charge but provides main auto-rental insurance (when renting for business), roadside assistance, travel and emergency support services, purchase protection, and extended warranty protection.

Investopedia Credit Card Rating Methodology

Investopedia is dedicated to providing the most accurate credit card advice in the business. We’ll tell you when a card is excellent, when it’s awful, and we’ll only declare a card the greatest if we’d suggest it to our friends or family.

Overall Star Rating Explained

To rank credit cards, we objectively examine, score, and weight roughly 100 unique card characteristics, which are then categorized into five key feature sets: fees, interest, rewards, perks, and security/customer service. Here’s how we weighted those feature sets to get a card’s total star rating:

We have applied our patented grading approach to every widely recognized credit card in the domestic market of the United States, allowing users to make fully informed decisions. It’s crucial to understand that we make a lot of assumptions regarding how you’ll use your credit card when calculating our overall score:

  1. While we make no assumption as to whether balances are carried on a given card we do assign varying weights to all credit cards’ introductory APR (if present) in addition to the regular, long term purchase and balance transfer interest rates.
  2. We utilize BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points or miles rewards at a set rate on all spending or in consideration of bonus rewards for certain spending categories, like gasoline, groceries, restaurants or travel.
  3. We determine the maximum points value of rewards cards by dividing the points, cash back or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
  • Cards that are selected best overall in their respective categories generally feature most if not all of the following attributes:
  • Low or Reasonable Fees Credit card fees come in many forms but the primary ones involve those for annual card membership and balance transfer. There are a myriad of reward and non-reward card options that charge no annual fee but for the many that do assess an annual fee the cost is often justified by their lucrative ongoing rewards and initial signup bonuses. Balance transfer fees are occasionally waived during introductory periods with certain cards, a factor which is heavily and positively weighted in our scoring model for cards offering this benefit. When charged, balance transfer fees range between 3% – 5%, which we grade accordingly. Other standard fees can generally be avoided, such as those for paying late or taking cash advances but we rate those relative to other cards in the market for reference, though with less weight assigned
  • Competitive Interest Many cards offer 0% introductory APR on purchases and balance transfers for varying lengths and then revert to a permanent or regular APR (based on a variable rate tied to the prime rate) that applies to any balances not paid in full. We rate both introductory APR percentage and length (in months) along with the midpoint of the variable regular APR interest rate range.
  • Valuable Rewards Credit card reward programs can be based on cash back, points or travel rewards (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs). For cards that offer rewards we determine the value per dollar spent along with average redemption values and assign more favorable ratings to cards that offer superior consumer value. We also assign value to sign-up bonus offers and their initial spending requirements, when present.
  • Excellent Benefits Credit card benefits cover a range of offerings like concierge service, TSA Pre-check, auto rental coverage, travel accident insurance, lost luggage assistance and free credit scores. We rate cards on the number and level of over a dozen standard and upscale benefits and provide extra weighting emphasis for those travel-related perks that apply to premium travel cards when present.
  • Solid Security/Customer Service Security and customer service features like lost or stolen card replacement, being able to lock one’s card from an issuer app and 24 hour customer support are becoming more standard across the card market and we provide a significant amount of weighting to features in this area.
  • You can also read the full version of our methodology for a more in-depth look at how we assess cards and award them the best in various categories.
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