Wells Fargo Platinum Card Review

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The Wells Fargo Platinum Card credit card is a low introductory APR card with no annual fee. Its signature benefit is a long (18-month) 0% APR introductory period for purchases and balance transfers alike (then variable regular APR applies, currently 16.49% to 24.49% variable). Because its ongoing APR falls within a wide range, so its usefulness as an everyday spending credit card is largely dependent on cardholders’ creditworthiness.

If you’re looking for a card that lets you fund a large purchase without immediately accruing interest, or limits the costs associated with transferring a high-interest balance from an existing account, Wells Fargo Platinum deserves your attention.

Key Features

Introductory APR Promotion

Wells Fargo Platinum comes with a 18-month 0% APR promotion on purchases and balance transfers. The balance transfer rate applies to transfers made within 120 days of account opening. After the end of the introductory period, regular APR applies (currently 16.49% to 24.49% variable), depending on creditworthiness and prevailing rates.

Cell Phone Protection

This benefit, underwritten by Visa, reimburses cardholders for cell phone damage or theft. To qualify, you must pay your cell phone bill in full with your Wells Fargo Platinum card. The benefit is subject to a $25 deductible per claim, a $600 per occurrence limit, and a 2-claim-per-year limit. Importantly, the benefit does not cover lost cell phones – phones must be stolen (with an accompanying police report) or damaged while remaining in the owner’s possession.

Overdraft Protection for Wells Fargo Deposit Account Holders

Wells Fargo’s overdraft protection service allows you to link your credit card account with your Wells Fargo checking account. When you conduct a checking transaction that would normally result in an overdraft, Wells Fargo covers the difference by drawing a cash advance on your Platinum card’s available credit line.

This service is subject to a $12.50 fee for transfers less than $50, and a $20 fee for transfers greater than $50. Advances accrue interest at the regular cash advance rate, which depending on creditworthiness and prevailing rates.

My Money Map

My Money Map is a Wells Fargo feature suite that lets you track your spending, set budget goals, and develop a savings plan across your entire Wells Fargo footprint (including credit and deposit accounts). It also includes a useful resource library with credit and personal finance education tools.

Visa-Backed Benefits

In addition to the cell phone protection benefit, Wells Fargo Platinum comes with a number of useful perks underwritten by Visa. These include:

• Complimentary loss and damage on rental cars charged in full to your card
• Travel emergency assistance and roadside assistance
• Worldwide travel accident insurance (up to $150,000 benefit)

Important Fees

There is no annual fee. Foreign transactions cost 3% of the total transaction amount.

Credit Required

This card requires good to excellent credit.

Advantages

1. No Annual Fee. This card has no annual fee. That’s great news for thrifty cardholders who wish to take advantage of the introductory APR and minimize their ongoing card usage costs.
2. Great Intro APR Promotion. This card’s introductory APR promotion includes interest-free purchases and balance transfers for 18 months (then variable regular APR applies, currently 16.49% to 24.49% variable). That’s better than many competing cards, which either offer interest-free purchases or balance transfers (not both) or limit the promotional timeframe to 9 or 12 months.
3. Cell Phone Protection Plan Is Nice. Millions of people view cell phones as indispensable, but they’re easy to damage and are common targets of theft. This card’s cell phone protection plan is a great way to protect against the unknown and reduce cell phone replacement costs without paying anything upfront.
4. Overdraft Protection With Link to Wells Fargo Deposit Account. Though it’s not free, and costs more if you’re not able to pay off the advances promptly, this card’s overdraft protection feature is useful for Wells Fargo checking account customers who occasionally overdraft their accounts – perhaps due to an ill-timed auto-pay bill or a large, unexpected outlay.
5. No Penalty APR. Wells Fargo Platinum doesn’t charge a penalty APR. That’s good news for cardholders who occasionally miss payments, an issue that can significantly raise the cost of card ownership over the long term.

Disadvantages

1. No Rewards or Cash Back. Wells Fargo Platinum doesn’t offer any rewards or cash back. There are a host of competing, annual-fee-free cards that do offer modest to generous travel rewards or cash back rewards, including Chase Freedom Flex.
2. No Sign-up Bonus. This card doesn’t have a sign-up bonus, which is disappointing for cardholders looking to sweeten the deal right out of the gate.
3. Ongoing APR Can Be High. This card’s regular purchase APR can be significantly higher than many competing cards with long 0% APR introductory periods. If you’re planning to use this card heavily after the promotional period ends, your card ownership cost will depend to a great degree on the rate you’re able to secure.
4. Has a Foreign Transaction Fee. This card’s 3% foreign transaction fee is a costly addition for cardholders who regularly travel abroad. If you’re a jet-setter, consider applying for an annual-fee-free travel rewards card that doesn’t charge foreign transaction fees.

Final Word

The Wells Fargo Platinum Card is definitely worth a hard look. It has a solid introductory APR promotion for purchases and balance transfers, making it attractive to new cardholders who need to finance large purchases and folks struggling to pay down high-interest balances with other issuers.

On the other hand, it’s not like Wells Fargo Platinum is the only credit card that offers an introductory APR promotion. Unless you’re already in Wells Fargo’s fold, it’s hard to see why you’d choose this card over competitors such as Citi Double Cash or Citi Simplicity.