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

Card type: Balance transfer/0%.

Annual fee: $0.

Sign-up offer: None.

Interest rate: 0% APR for 18 months on purchases and qualifying balance transfers, and then the ongoing APR of 15.49% - 24.99% 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.

» MORE: Wells Fargo mobile app review

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% APR period and no annual fee. The card offers 0% APR for 18 months on purchases and qualifying balance transfers, and then the ongoing APR of 15.49% - 24.99% 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 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.

» MORE: What to expect from Wells Fargo's cell phone insurance

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% 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 14.74% - 24.74% 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 13.49% - 24.49% 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.