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Wells Fargo Platinum Review: Solid but Plain Balance Transfer Option

Updated May 15, 2018
Balance Transfer Credit Cards, Credit Cards
Wells Fargo Platinum Review
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The Wells Fargo Platinum Visa® Card is a basic balance transfer card that might be a good choice if you’re looking to pay down credit card debt quickly, especially if you’re already a Wells Fargo customer. The cell phone insurance that’s included when you pay your bill with the card is an attractive feature, but its other attributes lack flash. Here’s what you need to know if you’re considering it.

Wells Fargo Platinum Visa® Card

Wells Fargo Platinum Visa® Card

Apply Now on Wells Fargo's secure site
  • Recommended Credit Score
  • 690
    850
    Good - Excellent
  • Card Details
  • Pros

    • No annual fee
    • 0% on Purchases and Balance Transfers for 18 months

    Cons

    • No rewards

    Annual Fees

    $0

    APR

    • APR: 16.65% - 26.49% Variable APR

    Bonus Offers

    None

    Intro APR

    • 0% on Purchases and Balance Transfers for 18 months
  • Additional Information
    • 0% Intro APR for 18 months on purchases and balance transfers, then a 16.65%-26.49% variable APR; balance transfer fees apply
    • 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 Wells Fargo Platinum Visa® Card
    • Free access to your FICO® Credit Score with Wells Fargo Online®
    • Zero Liability protection for promptly reported unauthorized transactions
    • Convenient tools to help create a budget and manage your spending with My Money Map
    • $0 Annual Fee
    • Select "Apply Now" to learn more about the product features, terms, and conditions

Wells Fargo Platinum Visa® Card: Basics and perks

As far as balance transfer cards go, the Wells Fargo Platinum Visa® Card offers a few benefits that might appeal to people looking to pay down debt:

  • Lengthy 0% APR period and no annual fee. The card offers 0% on Purchases and Balance Transfers for 18 months, and then the ongoing APR of 16.65% - 26.49% Variable APR. If you’re motivated, that kind of window can give you enough time to significantly decrease your balances or get rid of them completely. The annual fee is $0.
  • Cell phone insurance. When you pay your monthly cell phone bill with your Wells Fargo Platinum Visa® Card, you can get up to $600 of protection on your cell phone against covered damage or theft. The coverage is subject to a $25 deductible.
  • Simpler banking. It can be helpful to keep your banking and credit accounts under the same roof, as payment transfers tend to be quicker and customer service representatives have a better view of your finances. That might make this card more tempting for Wells Fargo customers.

Why you might consider a different card

The Wells Fargo Platinum Visa® Card has some good basic features, but beyond that, it’s pretty no-frills. Here are some drawbacks you might want to consider:

  • Balance transfer fee. The annual fee is $0, but the card does charge a balance transfer fee. There’s an introductory balance transfer fee of $5 or 3% of the total balance you’re transferring, whichever is greater. (So if you transfer $10,000 of credit card debt, you’ll be charged $300.) After the introductory period, the balance transfer fee increases to up to 5%, with a minimum of $5.
  • Relatively high ongoing APR, even for people with excellent credit. After the promo period ends, the minimum APR on the card is higher than that on many competing balance transfer cards. Other cards that carry lower rates might be better options.
  • No cash-back rewards. There isn’t a lot of incentive to use the card after the balance transfer has been paid off.

Wells Fargo Platinum Visa® Card vs. the competition

If you anticipate paying off your credit card debt within a relatively short period, the Wells Fargo Platinum Visa® Card offers an ample 0% APR period. However, if you’re looking for other benefits, you should consider alternatives.

If you don’t want to pay a balance transfer fee: The Amex EveryDay® Credit Card from American Express offers a $0 balance transfer fee (transfers must be made in the first 60 days your account is open). The card has a $0 annual fee and an introductory APR offer of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 14.49% - 25.49% Variable APR.

If you want an alternate 0% APR period: The Citi Simplicity® Card - No Late Fees Ever offers an APR of 0% on Purchases and Balance Transfers for 18 months, and then the ongoing APR of 15.49% - 25.49% Variable APR. The annual fee is $0, but the Citi Simplicity® Card - No Late Fees Ever does charge a balance transfer fee of 5% or $5, whichever is greater. The card doesn’t charge late fees or penalty fees.

If you want a card that’ll reward you for hanging on to it after you pay off the balance transfer: The Discover it® - 18 Month Balance Transfer Offer offers 5% cash back on rotating quarterly categories that you activate, on up to $1,500 in spending per quarter, and 1% cash back on everything else. It also offers this rewards bonus for new cardholders: Discover will match ALL the cash back earned at the end of your first year, automatically. The card gives you 0% on Purchases for 6 months and 0% on Balance Transfers for 18 months, and then the ongoing APR of 13.49% - 24.49% Variable APR. It has an annual fee of $0, but it does charge a 3% balance transfer fee.

Is the Wells Fargo Platinum Visa® Card right for you?

If you have debt and want a simple balance transfer, the Wells Fargo Platinum Visa® Card is a decent option. But if you don’t have credit card debt, consider a card that will reward your spending and charge a lower interest rate.

Chanelle Bessette is a staff writer at NerdWallet, a personal finance website. Email: cbessette@nerdwallet.com. Twitter: @crbessette.