ReviewsWells Fargo Platinum Visa Card Review: Good for Balance Transfers, But Not Rewards
Card Review
How To Apply
The Wells Fargo Platinum Credit Card’s main draw is its 0% intro APR. That intro period makes the card worth considering for those trying to pay down debt, but after that, the card has little to offer. The Wells Fargo Platinum Credit Card has a few travel-related perks, but they can’t beat the benefits you’ll find on a number of other travel credit cards. Read our full review to find out if the Wells Fargo Platinum Credit Card could make sense for you.
Wells Fargo Platinum Visa Card Review
Here are the key facts to know about the Wells Fargo Platinum Credit Card:
Annual Fee: $0
APR: 16.49%-24.49% Variable
Sign-Up Bonus: None
Benefits:
- Travel accident insurance
- Rental car insurance
- $600 of cell phone protection
- FICO credit score
Other Fees:
- 3% intro for 120 days from account opening, then up to 5%; min: $5 balance transfer fee
- 3% foreign transaction fee
Why Apply for the Wells Fargo Platinum Visa Card
Here are a few reasons to consider adding the Wells Fargo Platinum Credit Card to your wallet:
It can help you pay down credit card debt
The Wells Fargo Platinum Credit Card has an APR of 16.49%-24.49% Variable for new cardholders. This is generous compared to many other credit cards, and makes the card a popular choice for people trying to pay down credit card debt. If you can’t pay off your full balance before the 18 months are up, any remaining balance will begin accruing interest at the standard rate, which depends on your credit.
It protects you when you travel
The Wells Fargo Platinum Credit Card includes travel accident insurance and rental car coverage. If you’re seriously injured or get into a car accident with your rental car, submit a claim to Wells Fargo, and the bank will take care of the bills. Be advised that if you’ve purchased travel insurance or rental car insurance separately, you must first submit your claims to these companies.
You get up to $600 in cell phone insurance
Your Wells Fargo Platinum Credit Card includes cell phone protection. Wells Fargo will give you up to $600 to replace your phone if it’s damaged or stolen. There’s a $25 deductible per claim, but that’s sure easier to handle than $600.
Wells Fargo Platinum Visa Card: Drawbacks and Downsides
The Wells Fargo Platinum Credit Card also has drawbacks that you need to weigh:
You can’t earn rewards
The Wells Fargo Platinum Credit Card was designed for people trying to pay down debt; it offers an APR of 16.49%-24.49% Variable in lieu of rewards. Some competing credit cards offer both 0% APR periods for new cardholders and rewards. One of these may be a better fit, especially if you don’t need the full 18 months to pay off your debt.
Foreign transaction fees hurt it as a travel credit card
The travel accident and rental car insurance perks are nice, especially if you travel often. But if you go abroad, you’ll pay 3% in foreign transaction fees every time you use your Wells Fargo Platinum Credit Card. There are plenty of travel credit cards that don’t charge foreign transaction fees, and one of these is a better choice if you travel abroad even once a year.
Wells Fargo Platinum Visa Card Alternatives
Try applying for one of these credit cards if the Wells Fargo Platinum Credit Card doesn’t make sense for you:
Citi Simplicity Card
The Citi Simplicity Card is currently the only credit card to offer an APR of for new cardholders. This makes it a popular choice among those with a large credit card balance that they need to pay off. After the 21 months are up, any remaining balance will begin accruing interest at the standard rate of 15.99% to 25.99%.
The card is also a good choice if you’ve been known to occasionally be late paying your credit card bill. The Citi Simplicity Card doesn’t charge any late fees, nor will it charge you a penalty APR for late payments. But like the Wells Fargo Platinum Visa Card, the Citi Simplicity Card doesn’t offer any rewards, so it has little appeal once the 0% APR period is up.
U.S. Bank Platinum Visa Card
The U.S. Bank Platinum Visa Card has a 20-month 0% APR period for purchases and balance transfers. This places it in close to the Wells Fargo Platinum Visa Card. But its standard APR, ranging from 11.99% to 23.99%, sets it apart. That’s lower than the standard APR on the Wells Fargo card. If you’re still carrying a balance after the 0% APR period is up, you’ll pay less in interest charges.
The catch is, the U.S. Bank Platinum Visa Card is only available to those with excellent credit. You’ll also have to pay a balance transfer fee of $5 or 3% of the balance, whichever is greater.
Wells Fargo Platinum Visa Card FAQs
Here are the answers to some of the most common questions about the Wells Fargo Platinum Credit Card:
How can I raise my Wells Fargo Platinum Visa Card credit limit?
You can request a credit limit increase from Wells Fargo by calling or logging into your online account and navigating to the “Manage Credit Limit” tab. You may need to provide updated information about your income in order to process the request.
How much does the Wells Fargo Platinum Visa Card charge for credit card transfers?
You’ll pay the larger of $5 or 3% of the balance you’re transferring. That means if your balance is $170 or more, you’ll pay 3% of the balance. This can get expensive. so Be aware of how much a balance transfer will cost before you do it. These extra fees may impact your ability to pay back the debt within the 0% APR period.
Bottom Line: Should You Apply for the Wells Fargo Platinum Visa Card?
The Wells Fargo Platinum Credit Card appeals primarily to people trying to pay down credit card debt who want some travel perks. The card doesn’t shine in either area, and the fact that it doesn’t earn rewards means it has little value once the 0% APR period is up. Consider other options unless you really need that entire introductory APR period.
