Wells Fargo Platinum Visa card review

Published: July 1, 2019

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Published: July 1, 2019

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Ratings Policy
Balance Transfer Rating:
4.4 rating
4.4 rating
4.4 / 5
Introductory Offer: 4.7
Net Value: 3.2
Features: 3.0
Customer Experience 2.1

In a Nutshell:

When it comes to paying down credit card debt, the Wells Fargo Platinum Visa card is one of the best cards out there. Its 18-month 0-percent intro APR (then 13.74-27.24% variable) and no annual fee give you the cushion you need to make progress.

Best Balance Transfer Card for Long 0% APR Period

Learn more about this card

0% Introductory Period for Balance Transfers
18 months on qualifying balance transfers

Transfer Fee
3% for the first 120 days, then 5%

Introductory Purchase APR
0% for 18 months

Regular APR
13.74-27.24% (variable)

Annual Fee
$0

Customer Experience

Other Notable Features:  Up to $600 cell phone protection; free access to FICO credit score; roadside dispatch; overdraft protection; rapid alerts

Wells Fargo Platinum Visa card Review: More Details

If you are looking for a way to pay down some debt without racking up interest, the Wells Fargo Platinum Visa offers one of the longest introductory APRs available – 0 percent for the first 18 months (13.74 to 27.24 percent 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 Visa

The biggest perk to the Wells Fargo Platinum Visa is its lengthy balance transfer offer, which gives cardholders a year and a half to pay down a balance without incurring interest charges (13.74 to 27.24 percent variable APR thereafter). 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 percent balance transfer fee (after the first 120 days, the fee goes up to 5 percent). 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 fee Interest charged over 18 months if not transferred (17.68% rate)
$500 balance with $28 monthly payment $15 $82
$2,000 balance with $128 monthly payment $60 $290
$4,000 balance with $255 monthly payment $120 $582

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 Visa 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

Wells Fargo Platinum Visa vs. Amex EveryDay Credit Card from American Express

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.

Consider, for example, the Amex EveryDay Credit Card from American Express. It has a shorter intro APR than the Wells Fargo Platinum – 0 percent for the first 15 months (15.24 to 26.24 percent variable thereafter). However, it doesn’t charge a balance transfer fee as long as you make your transfer in the first 60 days. Though the introductory period is shorter (and you’ll have to pay three more months of interest than you would with the Wells Fargo Visa Platinum), you can actually save more on the balance transfer fee than you’d spend in the extra few months of interest.

Cost of transferring and paying down a balance over 18 months

Wells Fargo Visa Platinum Amex EveryDay (with a 26.24% APR)
$500 balance with $28 monthly payment $15 balance transfer fee $3.51 in interest
$2,000 balance with $112 monthly payment $60 balance transfer fee $14.05 in interest
$4,000 balance with $224 monthly payment $120 balance transfer fee $28.11 in interest

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 Visa offers cardholders a 0 percent APR on new purchases for the first 18 months (13.74 to 27.24 percent 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 Visa is high. Even cardholders who qualify for the lowest possible APR – 13.74 percent – could end up paying quite a bit on larger balances. Plus, the card’s APR can range as high as 27.24 percent.

For example, imaging you are carrying a $1,000 balance on your card and only paying a $50 minimum payment. With a 27.24 percent APR, it will take you 27 months to pay off the whole balance and you’ll rack up an additional $348 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 Visa 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 Discover it® Balance Transfer is one good choice, offering the same 18 month introductory APR on balance transfers (14.24 to 25.24 percent variable thereafter) as the Wells Fargo card. Plus, the Discover card offers 5 percent cash back on rotating bonus categories that you must enroll in each quarter (up to $1,500 in purchases per quarter, then 1 percent cash back) and 1 percent cash back on general 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 Visa still comes with additional features that boost its appeal. To help cardholders better manage their finances, the Platinum Visa 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 Visa 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) in case of damage or theft.

See related: Cellphone insurance is little-known perk with some credit cards

Customer experience

Among major issuers, the customer service at Wells Fargo fails to impress. In J.D. Power’s 2018 customer satisfaction survey, Wells Fargo rated 777 – coming in ninth 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 4.4 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 Visa 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 Visa compare to other cards?

Though the Wells Fargo Platinum Visa 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
Discover it Balance Transfer
Discover it® Balance Transfer
Citi Simplicity
Citi Simplicity Card
Rewards rate

None

Rewards rate

  • Enroll every quarter to earn 5% cash back on up to $1,500 in purchases in various categories throughout the year
  • 1% cash back on general purchases
Rewards rate

None

Introductory period (balance transfers)

15 months

Introductory period (balance transfers)

18 months 

Introductory period (balance transfers)

21 months

Introductory period (new purchases)

15 months

Introductory period (new purchases)

6 months 

Introductory period (new purchases)

12 months

Regular APR

17.24-25.74% (variable)

Regular APR

14.24-25.24% (variable) 

Regular APR

16.99-26.99%* (variable)

Other things to know

  • $0 balance transfer fee for first 60 days of account opening, then $5 or 5% (whichever is greater)
  • Purchase protection and extended warranty
Other things to know

  • 3% intro balance transfer fee (up to 5% fee on future balance transfers)
  • No fee for the first late payment (up to $39 thereafter)
  • Free social security number alerts
Other things to know

  • $5 or 5% balance transfer fee (whichever is higher)
  • No late payment fees
  • Low interest rate on cash advances

Chase Slate

The Chase Slate has a slightly shorter introductory period than the Wells Fargo Platinum Visa, but it also includes a $0 balance transfer fee for the first 60 days of account opening (then $5 or 5 percent, whichever is greater). If you have a larger balance to transfer, this could potentially save you hundreds of dollars. In most cases, you’ll save more with a no-balance-transfer-fee card than the extra interest you’ll pay on a shorter introductory period.

Discover it Balance Transfer

If long-term card value is a priority, the Discover it Balance Transfer is a great alternative to the Wells Fargo Platinum Visa. It has a shorter introductory period for new purchases, but it makes up for this with a generous rewards rate.

Citi Simplicity

The Citi Simplicity card boasts one of the longest introductory offers available on balance transfers – 0 percent for the first 21 months of card ownership (16.99 to 26.99 percent variable APR thereafter). Unfortunately, the offer is coupled with a high 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 Visa?

  • 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 Visa:

  • Transfer your balance in the first 120 days to avoid a higher balance transfer fee.
  • Make a plan to pay off your balance in the first 18 months, 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 Visa to take advantage of the card’s protections.

Is the Wells Fargo Platinum Visa worth it?

Despite having a balance transfer fee, the Wells Fargo Platinum Visa 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 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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All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.

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