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

CURRENTLY UNAVAILABLE TO NEW APPLICANTS. SEE BELOW FOR ALTERNATIVES. 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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Our Take

4.7

NerdWallet 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.

Jump to: Full Review
Wells Fargo Visa Platinum Card Credit Card
Wells Fargo Platinum card
Annual fee
$0
Regular APR
16.49%-24.49% Variable APR
Intro APR
0% intro APR for 18 months from account opening on purchases and qualifying balance transfers
Rec. credit score
690-850 (Good - Excellent)

Quick Facts

Pros & Cons

Pros

  • No annual fee

  • Intro APR period

  • Cell phone insurance

Cons

  • No rewards

  • No bonus offer

  • Requires good/excellent credit

Alternate Pick: Outstanding 0% offer
Wells Fargo Reflect® Card
NerdWallet rating 
Wells Fargo Reflect® Card
Up to 21 months at 0%

In late 2021, Wells Fargo stopped taking applications for its Platinum card and rolled out the Wells Fargo Reflect® Card. It includes a fantastic deal for the interest-averse: 0% intro APR on Purchases for up to 21 months and 0% intro APR on Balance Transfers up to 21 months from account opening on qualifying balance transfers, and then the ongoing APR of 16.74%-28.74% Variable APR

Read our review

Compare to Other Cards

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual fee

$0

Annual fee

$0

Annual fee

$0

Regular APR

16.74%-27.49% Variable APR

Regular APR

18.24%-28.24% Variable APR

Regular APR

17.99%-26.74% Variable APR

Intro APR

0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases

Intro APR

0% intro APR for 18 billing cycles on purchases and balance transfers

Intro APR

0% intro APR for 15 months on purchases and balance transfers

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
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Full Review

OFF THE MARKET

In late 2021, Wells Fargo stopped accepting applications for this card and rolled out an alternative, the Wells Fargo Reflect® Card, which offers an introductory 0% APR period of up to 21 months. Read our review of that card.


The Wells Fargo Platinum 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 card: Basics

Annual fee: $0.

Sign-up offer: None.

Interest rate: 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 16.49%-24.49% Variable APR.

Balance transfer fee: Either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5.

Why you might get the Wells Fargo Platinum card

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

  • Lengthy 0% intro APR period and no annual fee. The card offers 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 16.49%-24.49% 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 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 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 card vs. the competition

If you anticipate paying off your credit card debt within a relatively short period, the Wells Fargo Platinum card offers an ample 0% intro APR period. However, if you’re looking for other benefits, you should consider alternatives. Find our list of best credit card deals here.

If you want protection from late fees: The Citi Simplicity® Card offers an APR of 0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 17.74%-28.49% Variable APR. The annual fee is $0. Like the Wells Fargo Platinum card did, the Citi Simplicity® Card does charge a balance transfer fee of 3% or $5, whichever is greater. But only for the first four months. After that, it bumps up to 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: INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300. The card gives you 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 15.74%-26.74% Variable APR. It has an annual fee of $0, but it does charge a 3% intro balance transfer fee and up to a 5% fee on future balance transfers (see terms).

Is the Wells Fargo Platinum card right for you?

If you have debt and want a simple balance transfer, the Wells Fargo Platinum 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.

The information related to the Wells Fargo Platinum card has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.

Methodology

NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
Frequently asked questions

As a balance transfer card, the Wells Fargo Platinum card has a lengthy 0% introductory APR period to help you finance a large purchase or pay down debt. But at the end of that period, the rate can jump pretty high. You get a 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 16.49%-24.49% Variable APR.

The Wells Fargo Platinum card charges an introductory balance transfer fee of 3% or $5 of the amount transferred, whichever is greater, for the first 120 days after you open your account. After that, you’ll be charged up to 5% of each balance transfer, with a minimum of $5.

The annual fee on the Wells Fargo Platinum card is $0.

You’ll need good to excellent credit to qualify for the Wells Fargo Platinum card. This is usually defined as a credit score of 690 or better. Issuers also take into account your income, debts and other information.

You won’t earn rewards with the Wells Fargo Platinum card. But it does offer cell phone insurance, included when you pay your wireless bill with the card.

New cardholders do not get a bonus offer.

The Wells Fargo Platinum card is a Visa card, which means it is widely accepted both in the U.S. and internationally. But it does have a foreign transaction fee of 3%, which can add up if you’re traveling internationally.