Wells Fargo Platinum card review

Wells Fargo Platinum card review

Updated: November 15, 2023
Updated: November 15, 2023
Ratings Policy
Balance Transfer Rating:
4.0 rating
4.0 rating
4.0 / 5
Introductory Offer:4.7
Net Value:2.8
Issuer Customer Experience2.3

In a Nutshell:

When it comes to paying down credit card debt, the Wells Fargo Platinum card is one of the best cards out there. Its long intro APR and no annual fee give you the cushion you need to make progress.

All information about the Wells Fargo Platinum card has been collected independently by CreditCards.com and has not been reviewed by the issuer. The Wells Fargo Platinum card is no longer available.

0% Introductory Period for Balance Transfers
18 months from account opening on qualifying balance transfers made in the first 120 days 


Transfer Fee
3% intro for the first 120 days from account opening ($5 minimum), then up to 5% ($5 minimum) 


Introductory Purchase APR
0% for 18 months from account opening


Regular APR
16.49-24.49% (variable)


Annual Fee


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 $600 cell phone protection ($25 deductible); free access to FICO credit score; roadside dispatch; overdraft protection; rapid alerts

Wells Fargo Platinum card Review: More Details

If you are looking for a way to pay down some debt without racking up interest, the Wells Fargo Platinum offers one of the longest introductory APRs available – 0% for the first 18 months from account opening on purchases and qualifying balance transfers made in the first 120 days (16.49% to 24.49% variable thereafter). Plus, you’ll have access to a suite of tools designed to help you take back control of your finances.

On the downside, you’ll have to sacrifice any sort or rewards program, and the balance transfer fee can cut into your interest savings.

Transferring a balance with the Wells Fargo Platinum card

The biggest perk to the Wells Fargo Platinum card is its lengthy balance transfer offer, which gives cardholders a year and a half to pay down a balance without incurring interest charges (16.49% to 24.49% variable APR thereafter on qualifying transfers made in the first 120 days). If you have some debt you want to consolidate and pay down, taking advantage of an offer like this one can save you hundreds in the long run.

See Related: How does a balance transfer affect your credit score?

Just keep in mind that you’ll have to pay a 3% balance transfer fee (after the first 120 days, the fee goes up to 5%; $5 minimum). This can add up on larger balances, but it is still less that you’d pay in interest paying down a balance over the same time period.

Cost of transferring a balance vs. interest saved

Cost of balance transfer feeInterest charged over 18 months if not transferred (16.49% rate)
$500 balance with $34 monthly payment$15$63
$2,000 balance with $128 monthly payment$60$252
$4,000 balance with $255 monthly payment$120$504

As you can see, the balance transfer fee can be costly on a larger balance – but that cost is significantly less than what you’d pay in interest without the introductory APR.

Tip: To discover just how much you can save by applying for a balance transfer offer like on the Wells Fargo Platinum card, enter your current balance and interest rate into our balance transfer calculator.

See related: How to transfer a balance to a Wells Fargo credit card

While it is true that a long balance transfer offer with a fee (like on the Wells Fargo Platinum) can save you a lot in interest, you actually might be better off opting for a shorter introductory period on a card without a balance transfer fee.

There are plenty of factors to consider when choosing a balance transfer card, including rewards program, APR and additional perks. Just be sure to do the math on your own balance to make sure paying a balance transfer fee is right for you.

Introductory purchase APR

In addition to a long introductory offer for balance transfers, the Wells Fargo Platinum card offers cardholders a 0% introductory APR on new purchases for the first 18 months from account opening (16.49% to 24.49% variable APR thereafter). If you need time to finance a large purchase without incurring interest, this can be a valuable offer. Just be sure not to charge more than you can pay off each month – especially if you are also paying down a balance transfer. You don’t want to be stuck racking up interest at the end of the intro period.

High ongoing APR

Unfortunately, the cost of carrying a balance in the long term with the Wells Fargo Platinum card is high. Even cardholders who qualify for the lowest possible APR – 16.49% (variable) – could end up paying quite a bit on larger balances. Plus, the card’s APR can range as high as 24.49% (variable).

For example, imagine you are carrying a $1,000 balance on your card and only paying a $50 minimum payment. With a 24.49 percent APR, it will take you 26 months to pay off the whole balance and you’ll rack up an additional $259 in interest. To ensure you don’t end up with too much additional interest to pay off, avoid carrying a balance on this card.

No rewards program

The Wells Fargo Platinum card does not include any sort of rewards program – so cardholders looking to earn points or cash back after they finish paying off a balance might be better off choosing another offer. The Citi Double Cash® Card is one good choice, offering the same 18 month introductory APR on balance transfers (19.24% – 29.24% variable thereafter) as the Wells Fargo card. Plus, the Citi card offers up to 2% cash back on every purchase (1% back when you buy and 1% back as you pay off your purchases).

If long term ownership is your goal, a balance transfer offer with a rewards program is a great option. However, you might not find the same introductory purchase APR or additional benefits as you do on a card designed specifically for paying down debt.

My Money Map tools

While it is true that it doesn’t include any rewards program, the Wells Fargo Platinum card still comes with additional features that boost its appeal. To help cardholders better manage their finances, the Platinum card includes access to My Money Map tools, which can help you keep track of your budget and manage your spending. You can easily visualize how much you are spending each month and set personal goals for spending and saving. Plus, you can view your FICO score to monitor your credit.

Cellphone insurance

In addition to money management tools, the Wells Fargo Platinum card includes another perk that adds to its overall value – cellphone protection. As long as you pay your phone bill with your Wells Fargo card, you can be reimbursed up to $600 per claim ($1,200 max per year, $25 deductible) in case of damage or theft.

Customer experience

Among major issuers, the customer service at Wells Fargo fails to impress. In J.D. Power’s 2020 customer satisfaction survey, Wells Fargo rated 800 – coming in eighth out of 11 credit card issuers. On the bright side, the bank does offer 24/7 customer service, including an online chat feature. Their app also rates fairly well, rating 4.7 out of 5 in the Google Play Store and 4.8 out of 5 in the Apple App Store.

Approval odds

The Wells Fargo Platinum card is designed for users with good to excellent credit (above 670), so you’ll want to ensure you meet those requirements before you apply. Wells Fargo also limits the number of introductory offers you can receive – including intro APRs. That means if you’ve opened a Wells Fargo credit card and gotten a sign-up bonus or intro APR in the last 15 months, you won’t qualify for the offer.

How does the Wells Fargo Platinum card compare to other cards?

Though the Wells Fargo Platinum card has one of the longer balance transfer introductory APR offers, its lack of a rewards program and balance transfer fee mean it might not be the best choice for every cardholder. Here are a few popular alternatives:

Chase Slate
Chase Slate Edge℠
Citi Double Cash
Citi Double Cash® Card
Citi Simplicity
Citi Simplicity® Card
Rewards rate


Rewards rate

  • 1% cash back on general purchases
  • 1% additional cash back as you pay for those purchases
Rewards rate


Introductory period (balance transfers)

18 months

Introductory period (balance transfers)

18 months

Introductory period (balance transfers)

21 months

Introductory period (new purchases)

18 months

Introductory period (new purchases)


Introductory period (new purchases)

12 months

Regular APR

20.49% - 29.24% Variable

Regular APR

19.24% - 29.24% (Variable)

Regular APR

19.24% - 29.99% (Variable)

Other things to know

  • Automatically be considered for an APR reduction of 2% each year when you pay on time, and spend at least $1,000 on your card by your next account anniversary
  • Purchase protection and extended warranty
Other things to know

  • Redeem rewards for gift cards, donations, credit to your account, direct deposit and more
Other things to know

  • $5 or 3% intro balance transfer fee (whichever is higher) for balance transfers completed within four months of account opening; $5 or 5% (whichever is greater) if completed after four months of account opening
  • No late payment fees
  • Low interest rate on cash advances

Chase Slate

The Chase Slate has the same introductory period as the Wells Fargo Platinum card, but it also includes the chance at reducing your APR by 2% each year. If you plan to carry a balance after your intro APR period ends, this could potentially save you hundreds of dollars.

Citi Double Cash® Card

Along with offering a generous introductory offer on balance transfers, the Citi Double Cash Card is one of the best flat-rate cash back cards on the market. You’ll earn up to 2% cash back on everything you buy (1% back when you make a purchase and an additional 1% back as you pay for those purchases). You can also redeem your rewards as ThankYou points in the Citi ThankYou Travel Center for airfare.

Citi Simplicity

The Citi Simplicity card boasts one of the longest introductory offers available on balance transfers. Balance transfers must be completed within 4 months of account opening. Unfortunately, the offer is coupled with a balance transfer fee – which can cost you a lot of money on a larger balance. On the plus side, the Citi Simplicity card doesn’t charge any late payment fees, so it is a good choice for cardholders who occasionally miss their due date.

Who should get the Wells Fargo Platinum card?

  • Cardholders looking for a year and half to pay down debt interest free.
  • Users who want access to money management tools to improve their personal finance.
  • Cardholders who can benefit from cellphone protection.
  • Cardholders who are more focused on paying down a balance than rewards.

How to use the Wells Fargo Platinum card:

  • Transfer your balance in the first 120 days from account opening to avoid a higher balance transfer fee.
  • Make a plan to pay off your balance in the first 18 months from account opening, as the ongoing APR is high.
  • Avoid charging more to the card than you can pay off in addition to your debt payments each month. You don’t want to be stuck paying interest after the intro period ends.
  • Pay your cellphone bill with your Platinum card to take advantage of the card’s protections.

Is the Wells Fargo Platinum card worth it?

Despite having a balance transfer fee, the Wells Fargo Platinum card is still a great option for users looking to pay off some debt. It comes with a generous introductory APR on both new purchases and qualifying balance transfers, as well as a suite of money management tools to help you ensure you stay on track with your spending.

However, cardholders who are as interested in earning rewards as they are in paying down a balance might be better off opting for a card with a rewards program. Just keep in mind you might sacrifice a long intro APR on new purchases or other features.

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