Wells Fargo Business Platinum card review

Wells Fargo Business Platinum card review

Updated: September 10, 2020
Updated: September 10, 2020
Ratings Policy
Business Rating:
3.7 rating
3.7 rating
3.7 / 5
Rewards Value4.0
Annual Percentage Rate4.3
Rewards Flexibility3.3
Issuer Customer Experience2.3

In a Nutshell:

The Wells Fargo Business Platinum card offers business owners a reasonable interest rate and the unusual option of choosing between points or cash back rewards, with a high rewards rate on cash back.

Rewards Rate
Choose between points or cash back

  • 1.5% cash back on all purchases or 1 point back on all purchases
  • 1,000 points or $10 cash back for any billing period in which total spend is $1,000 or more
  • 10% bonus points when you redeem online
Very Good

Sign-up Bonus
$500 if you spend $5,000 in the first 3 months

Very Good

Annual Fee


Average Yearly Rewards Value ($4,000 monthly spend)


7.99% + prime – 17.99% + prime


Rewards Redemption

  • No blackout dates
  • No limits on number of points you can earn
  • Redeem for gift cards, cash back, airline tickets, merchandise, charity
  • It’s possible to redeem for up to 2 cents per point
  • Pay for travel with partial points
  • Redeem cash back as credit or check
  • Receive cash back automatically


  • Points expire in 3 years
  • $24 redemption fee for airline tickets
  • Difficult to find rewards with a value greater than 1 cent per point
Very Good

Wells Fargo Customer Service Ratings

  • J. D. Power 2020 customer satisfaction rating: 800 (90% of issuers in this category ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 4.7/5
  • Apple Store mobile app rating: 4.8/5

Other Notable Features: Up to 99 free employee cards, shopping discounts with SavingsEdge, transactions organized into categories with business spending report, purchase security, purchase protection, travel and emergency assistance

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

For business owners seeking good value in a business credit card, there is much to like about the Wells Fargo Business Platinum credit card: It carries no annual fee and has a relatively low APR, especially for a business card. The optional fee for the rewards program is waived the first year, there is no foreign-transaction fee and there are some interesting airline redemption options. On the other hand, the Wells Fargo Business Platinum rewards scheme is nothing to write home about.

Low interest rate

Starting at just 7.99 percent plus prime, this is one of the lower interest rates in the business card category. Small-business owners who need the flexibility of carrying a balance month to month may find the cost savings especially appealing.

The cash back option is your best bet

The card allows you to choose between receiving your rewards as points or cash back.

If you are a cash kind of person, the cash back program is probably the simplest you’ve ever seen. You receive cash back automatically every quarter. You can have it deposited to your eligible banking account or Wells Fargo Business Platinum credit card account. In addition, every month that you spend $1,000 or more, you receive a $10 bonus. The card also offers a much better rewards scheme for cash back: you get 1.5 percent cash back on every purchase. In comparison, the points option only gives you 1 point per each dollar that you spend.

Underwhelming rewards scheme as a points card

No matter how nicely the Wells Fargo Business Rewards program is dressed up in the promotional video, the fact is that its earning scheme as a points card is only slightly better than 1 cent or point per dollar on all categories. There are plenty of other credit cards that offer much higher earning rates.

Wells Fargo does make up for this to some extent by offering an additional $10 or 1,000 points in each month that you spend more than $1,000. This threshold is not hard to reach. Cardholders who don’t want to keep track of bonus categories or who don’t spend an exceptional amount in any category should appreciate this steady bonus. However, if you are big spender in categories such as dining, gas or travel and want to earn some serious rewards, you should probably look at other options.

Get more out of rewards points with travel redemptions

If you sign up for rewards points, you can redeem your points for gift cards, merchandise or travel booking. You receive a 10 percent bonus when you redeem online. Wells Fargo also operates the Earn More Mall, where you can get additional bonuses for shopping at participating retailers either online or at their stores.

If you like to travel, however, there is a way to get even more value for your points. When you book a flight at the Wells Fargo travel website you can get up to 2 cents per point by carefully choosing your flights. Be forewarned, though, that finding that sweet spot can be a time-consuming affair.

A little extra effort to apply

For a dash of inconvenience, Wells Fargo doesn’t allow you to apply for the Wells Fargo Business Platinum credit card online unless you are already a Wells Fargo business customer. You have to apply at the nearest Wells Fargo location.

Keep track of business spending

To help with expense tracking, the Wells Fargo Business Platinum credit card includes a business spending report that itemizes credit card transactions.

How do businesses use the Wells Fargo Business Platinum card?

Thanks to its simple cash back rewards scheme and low interest rate, the Business Platinum card could be a good option for growing businesses. Here’s how one small business owner took advantage of the card:

Small Business Credit Profiles

How White Wolf Private Tours uses Wells Fargo Business Platinum card

Daisy JingEach year I receive over $1,500 in cash rewards just from the Wells Fargo Business Platinum.”

Dylan Gallagher of White Wolf Private Tours, an upscale private Yosemite tour company, used the Wells Fargo Business Platinum Card to rack up rewards and grow his business. Here’s his advice to other business owners considering the card:

  • Reinvest rewards in the business in the form of equipment or other business expenses, or use the cash back option to pay down debt.
  • Use the card to finance larger expenses, but have a plan to pay them off in a timely manner.
  • Only charge what you absolutely know your cash flow will cover.
  • Use your credit cards to pay for as much as you can in order to get as much back in rewards as possible. Purchases and payoffs will also boost your credit score.
Read more of our Small Business Credit Profiles

Why get the Wells Fargo Business Platinum card?

  • You want a low APR.
  • You want the flexibility of choosing cash back or points.
  • Your employees will help you collect cash back or points (since there is no fee for employee cards).
  • You want to use your credit card abroad.

How to use the Wells Fargo Business Platinum card:

  • If you choose points, try to maximize savings by booking airline tickets.
  • If you are not interested in travel, try to amass extra bonuses by using the Earn More Mall.
  • When you use this card abroad, always pay in local currency.

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