Editorial Review

Wells Fargo Platinum Review: A Solid (if Plain) Debt-Cutting Card

This card's lengthy 0% introductory APR period gives you breathing room to finance a major purchase or to transfer and pay off high-interest debt from other cards.

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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

Our Take

3.8

Editor's overall rating

The Bottom Line: With its introductory 0% APR period and a lower introductory transfer fee, it's definitely worth a look if you have debt to erase. But its long-term value is limited.

Wells Fargo Platinum Visa® Card

Wells Fargo Platinum Visa® Card

on Wells Fargo's secure website

Wells Fargo Platinum Visa® Card

Annual Fee
$0
Regular APR
17.49% - 26.99% Variable APR
Intro APR
0% on Purchases and Balance Transfers for 18 months

Quick Facts

Annual Fee
$0
Regular APR
17.49% - 26.99% Variable APR
Intro APR
0% on Purchases and Balance Transfers for 18 months

Pros & Cons

Pros
  • No annual fee
  • Intro APR period on Purchases and Balance Transfers
Cons
  • No rewards

recommended credit score

Alternate Pick: 0% period plus rewards

Citi® Double Cash Card

NerdWallet Rating

Citi® Double Cash Card – 18 month BT offer

This card is roughly equivalent for balance transfers. It has an introductory APR of 0% on Balance Transfers for 18 months, and then the ongoing APR of 15.49% - 25.49% Variable APR. The transfer fee is 3% or $5, whichever is higher. But it also gives you 2% cash back on every purchase: 1% when you buy something and 1% when you pay it off.

Read our review

Full Review

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: 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 17.49% - 26.99% 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 want protection from late fees: The Citi Simplicity® Card - No Late Fees Ever offers an APR of 0% on Purchases for 12 months and 0% on Balance Transfers for 21 months, and then the ongoing APR of 15.99% - 25.99% 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. However, this card doesn’t charge late fees or impose a penalty APR for paying late.

If you want a card that’ll reward you for hanging on to it after you pay off the balance transfer: The Discover it® Balance Transfer 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 you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched. The card gives you 0% on Purchases for 6 months and 0% on Balance Transfers for 18 months, and then the ongoing APR of 13.99% - 24.99% 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.