Wells Fargo Platinum Credit Card Review

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Wells Fargo Platinum Credit Card Review

Wells Fargo is no longer accepting applications for this card as of October 1st, 2021, although the bank now provides a comparable card: Wells Fargo Reflect.

Full Review of Wells Fargo Platinum Credit Card

Pros

  • Extended 0% APR offer

  • Cell phone protection

Cons

  • No rewards program

  • Foreign transaction fees

Pros Explained

  • Extended 0% APR Offer: The Wells Fargo Platinum card, like many others on the market, features an initial 0% APR offer on both balance transfers and purchases. The deal on this card is valid for 18 months. You may use the introductory APR to pay off high-interest credit card debt or finance large purchases and pay no interest for more than a year. The 18-month term is longer than typical. Some cards have relatively shorter terms, while a few others provide 0% APR for up to 21 months.
  • Cell Phone Protection: If you pay your cell phone bill with your Wells Fargo Platinum card, you will get cell phone protection. Other cards provide similar feature, although some require an annual fee. Having this benefit without having to pay an annual charge is an added bonus.

Cons Explained

  • There is no rewards program available with the Wells Fargo Platinum card. While this is pretty typical for a debt transfer card, other cards on the market provide the same introductory APR rate as well as benefits. For example, the Discover it Cash Back card offers a 14-month initial 0% APR on purchases and debt transfers, and cardholders get 5% cash back on quarterly rotating spending categories. That card also comes with a potentially profitable perk for new cardholders: Discover will double all cash back earned in the first year. Because the Wells Fargo Platinum card has no rewards and no bonus, the Discover it Cash Back card may be a better option.
  • Foreign transaction fees: Because the Wells Fargo Platinum card is a Visa, it is generally accepted worldwide. This card, however, imposes a 3% foreign transaction fee on any transactions converted to US dollars. When you travel, that cost might pile up over time. Foreign transaction fees are not charged by a handful of credit cards. When going overseas, it is sensible to use another card, such as the Capital One Quicksilver card.

The Wells Fargo Platinum card is ideal for people seeking for a simple card with no annual fee that offers a lengthy interest-free term on balance transfers and purchases. For the next 18 months, you’ll be able to pay off high-interest credit card debt or finance a large purchase without incurring interest charges.

This card does, however, levy a balance transfer fee of 3% of each transfer, or $5, whichever is larger, for the first 120 days the account is active, and 5% or $5 for transactions made after that. These costs may add up quickly, so it’s worth shopping for another card that doesn’t charge them.

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Furthermore, since the Wells Fargo Platinum card provides no benefits, you may be better suited looking for another fee-free card with a rewards program.

Wells Fargo Platinum Credit Card’s Outstanding Benefits

The Wells Fargo Platinum card includes mobile phone protection, which is an excellent bonus for a no-fee card.

If you use this card to pay your monthly mobile phone bill, you will get up to $600 in cell phone protection with a $25 deductible. Eligible phones are protected against damage or theft, but not if they are just lost.

Other credit cards include mobile phone insurance, although many of them have an annual premium. For example, the Citi Prestige card provides up to $1,500 in phone coverage but has a $495 annual fee. Having this feature at no cost to you is a significant advantage of the Wells Fargo Platinum card.

The Wells Fargo Platinum card also gives you free access to your FICO credit score via Wells Fargo OnlineĀ®.

Standard Benefits

  • Secondary vehicle rental collision damage waiver: If you refuse the car rental company’s insurance and pay for your reservation with your credit card, you are protected against theft and collision damage.
  • Roadside service: If you get a flat tire or run out of gas, contact 800-847-2869 for assistance. You must pay a price for service, but you are not required to buy a membership or enroll in advance.
  • If you are injured while traveling, you are protected by up to $150,000 in travel accident insurance as long as you paid the entire cost on a common carrier with your card.
  • Travel and emergency aid: If you are traveling and need assistance, such as legal or medical support, you may contact a benefits administrator, who can put you in touch with local services.

Cardholder Experience

Wells Fargo ranks worse than the national issuer average in terms of customer satisfaction. Wells Fargo was placed eighth out of 11 issuers in customer satisfaction in the 2021 J.D. Power Credit Card Customer Satisfaction Study. The average national issuer ranking was 809, while Wells Fargo was ranked 791. Worse, the Better Business Bureau has given the firm a one-star rating, with over 1,400 complaints resolved in the previous year.

When evaluating credit cards, keep that facts in mind; you may need to contact customer support if you have queries or difficulties, and Wells Fargo’s reputation does not inspire trust.

The customer care staff at Wells Fargo may be reached through secure email or at 800-642-4720.

Security Features

Standard security features such as zero liability protection and emergency card replacement are available with the Wells Fargo Platinum card. You may also sign up for alerts, which is a standard feature of most credit cards, to get messages about unusual account activity.

Fees to Watch out For

When it comes to costs, pay close attention to the balance transfer fees. For the first 120 days after account establishment, you’ll pay an introductory charge of $5 or 3% of the value of any balance transfer, whichever is larger. Following the expiration of that time period, the price is 5% of each balance transfer, with a $5 minimum charge.

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Our Verdict

The Wells Fargo Platinum card features a reasonably extended introductory APR deal, but it lacks the perks and extras that other balance transfer cards provide. It also includes high balance transfer and international transaction fees, whereas other cards do not.

This card does offer some excellent perks, such as mobile phone protection, that are above-average for a no-fee card.

However, if you’re searching for a credit card with an introductory APR deal as well as a rewards program, you’ll need to go elsewhere.

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 assumptions about whether or not balances are held on a certain card, we do apply differing weights to all credit cards’ promotional APR (if applicable), as well as the normal, long-term purchase and balance transfer interest rates.
  2. We use 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 fixed rate on all spending or with bonus rewards for specific spending categories such as gasoline, groceries, restaurants, or travel.
  3. The maximum points value of a rewards card is calculated by dividing the number of 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 chosen as the greatest overall in their respective categories often include the majority, if not all, of the following characteristics:
  • Fees that are low or reasonable Credit card fees may take numerous forms, but the most common are those for annual card membership and debt transfers. There are several reward and non-reward card alternatives with no annual fee, but the cost of the ones that do charge an annual fee is generally justified by their attractive recurring benefits and initial signup incentives. Balance transfer costs are often removed during introductory periods with certain cards, which is a feature that is highly and favorably weighted in our scoring model for cards that provide this advantage. Balance transfer costs, if paid, vary between 3% and 5%, and we evaluate them appropriately. Other regular costs, such as those for late payments or cash advances, may often be avoided, but we assess them compared to other cards in the market for reference, but with less weight allocated.
  • Competitive Motivation Many credit cards provide 0% introductory APR on purchases and debt transfers for varied periods of time before reverting to a permanent or normal APR (based on a variable rate related to the prime rate) that applies to any balances that are not paid in full. The introductory APR % and term (in months) are both rated, as is the midpoint of the variable regular APR interest rate range.
  • Excellent Benefits Credit card reward schemes might provide cash back, points, or travel benefits (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs).For cards that give rewards, we calculate the value per dollar spent as well as typical redemption values and award higher ratings to cards that provide greater customer value. We also appreciate sign-up bonuses and their first spending criteria when they are available.
  • Excellent Advantages Concierge service, TSA Pre-check, vehicle rental coverage, travel accident insurance, lost baggage help, and free credit scores are all examples of credit card advantages. We grade cards based on the amount and quality of over a dozen standard and upscale advantages, with additional weighting given to travel-related perks that apply to premium travel cards where they are present.
  • Excellent security/customer service Security and customer service features like as lost or stolen card replacement, the ability to freeze one’s card through an issuer app, and 24 hour customer assistance are becoming increasingly common in the card industry, and we put a high value on them.
  • You can also read our comprehensive methodology for a more in-depth look at how we evaluate cards and reward the best in different categories.
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