Wells Fargo Business Platinum Card Review

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The Wells Fargo Business Platinum card has no annual fee and offers cardholders a choice between earning flat-rate cash back or earning points in a rewards program that offers several redemption options. It’s a solid card for managing basic business expenses while earning a few rewards along the way—just don’t expect big benefits.

Wells Fargo Business Platinum Credit Card

Overall Rating
4.8
Wells Fargo Business Platinum Credit Card
Recommended Credit
Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 11.24% - 21.24% variable
Annual Fee $0
Rewards Earning Rate Earn 1.5% cash back on every $1 spent.
INTRO PURCHASE APR 0% for 9 Months
Cash Advance APR (%) 23.99%
Cash Advance Fee See Bank Terms
Ratings Breakdown
for Interest
3.6
for Fees
3.6
for Rewards
4.8
for Credit
2.2
Current Offer

Get a one-time $500 cash back bonus or 50,000 bonus points when you enroll in the Business Card Rewards Program and spend $5,000 in the first three months of account opening.

Who Is This Credit Card Best For?

  • Avatar for Entrepreneur Persona
    Is turning their passion into a money-making venture See more cards
    Entrepreneur
  • Avatar for Deal Seeker Persona
    Diligently searches for the best products and delights in a good bargain See more cards
    Deal Seeker
  • Avatar for Savvy Saver Persona
    Prioritizes sticking to their budget while buying what they want and need See more cards
    Savvy Saver
  • Avatar for Road Warrior Persona
    Hits the road often, whether for work or play See more cards
    Road Warrior

The Wells Fargo Business Platinum Card has appeal for small businesses (up to $2 million in annual sales) that want basic accounting reports to monitor employee spending and earn some rewards along the way. It’s also much easier to apply if you’re an existing Wells Fargo bank account holder.

Cardholders can choose between earning cash back or points, and switch as needed. The earnings rate is respectable for a card with no annual fee, although some competing no-annual-fee cards offer a flat 2% cash back. Because you can add up to 99 free employee cards to the account, your company’s combined spending may result in a nice amount of cash back or points.

If approved, you’ll start with a credit limit of at least $2,500.

Pros
  • Choice of cash back or points

  • Allows up to 99 employee cards

  • 0% introductory APR

Cons
  • Online application limited to Wells Fargo customers

  • No bonus rewards-earning categories

  • There’s a wait for cash back

Pros Explained

  • Choice of cash back or points: Start off with your preferred earning method. After three billing cycles pass and you’ve had a chance to earn your new-cardholder bonus, you can switch back and forth whenever you want.
  • Allows up to 99 employee cards: If you have a sizable and growing workforce, knowing you can keep adding free cards onto this account for a while—as many or more than comparable cards allow—is a win.
  • 0% Introductory APR: Although it’s hardly the longest offer available among business credit cards, having a nine-month cushion to pay off some office supplies or other business expenses without accruing interest is a good advantage to have.

Cons Explained

  • Online application limited to Wells Fargo customers: If you have had a Wells Fargo checking or savings account for more than one year, you can apply for this card online. Otherwise, you’ll need to book an appointment to apply in person at a Wells Fargo branch.
  • No bonus categories: Some business rewards cards offer a bonus cash-back rate or extra points for purchases in certain categories tied to business spending, such as travel, office supplies, or shipping. This one does not offer that.
  • There’s a wait for cash back: If you’ve chosen cash-back rewards, you’ll get it automatically in the form of a statement credit. However, you’ll have to wait because Wells Fargo makes cash-back distributions quarterly, rather than monthly, or on demand, as some other issuers do.

Wells Fargo Business Elite Bonus for New Cardholders

The bonus for new cardholders is decent, but not the best out there. You must spend $3,000 in the first three months of account opening to earn $300 in cash back or 30,000 points, which could have a 10% higher value of $330 if you redeem via the Wells Fargo portal. With similar no-annual-fee business cards, there is higher bonus potential out there, although some cards require a higher spending requirement.

You won’t be eligible for the bonus if you already have or had a Wells Fargo business credit card open or closed in the last 12 months.

Earning Points & Rewards

Upon card approval, Wells Fargo Business Platinum users will have to choose between earning cash back or points.

Cash Back

If you go this route, it’s simple: You’ll get a flat 1.5% cash back on all eligible purchases. There’s nothing to redeem, no number crunching to worry about, and no limit on how much you can earn.  Cash back earned each quarter will be automatically applied as a statement credit in March, June, September, and December.

Points

If you prefer flexibility to redeem points on travel, gift cards, and other options, you’ll earn 1 point per dollar spent. Although it’s lower than the 1.5% cash back rate, you’ll get 1,000 bonus points for each month you reach $1,000 in spend. So if you spend $1,000 in one billing period, you’ll earn 2,000 bonus points.

You can score bonus points and discounts with certain retailers if you shop through the Wells Fargo Earn More Mall portal.

Redeeming Rewards

If you choose cash back, there’s nothing to redeem—your cash back will arrive quarterly.

If you’re a points earner, you have a few options for redeeming them. To really maximize your earnings, book air travel with your points because that offers the highest value of 1.5 cents per point. For example, a $375 flight would cost 25,000 points. Otherwise, options such as gift cards typically have a point value of 1 cent. If you buy merchandise with your points, however, you may get a slightly lower value.

One good thing is that whenever you redeem your points on the Wells Fargo rewards website, you’ll get back 10%. Suppose you buy a $50 gift card using 5,000 points—500 points will be credited back to your rewards account.

Cardholders can redeem points on the following:

  • Statement credit or a check
  • A large array of gift cards, starting at $25 (2,500 points)
  • Airline tickets, rental cars, cruises, hotels, and other travel (with no blackout dates)
  • Merchandise

If you redeem your points for airfare, you’ll be charged a $24 redemption fee for each ticket.

How To Get the Most Out of This Card

Decide if you’re more of a cash-back person or a points collector. If your team does a little business travel, points might be the better way to go, especially if you know you’ll spend at least $1,000 per month to earn that extra 1,000 points. You can also shop through the Earn More Mall, and get 10% of your points back when you redeem online. If all that is too much to think about, go with the hands-off, 1.5% flat-rate cash-back option. Remember: You can always decide to switch later on.

Once you choose, it’s time to start earning. Spend $3,000 in the first three months to earn your new-cardholder bonus. Add your employees (up to 99) to the account for free; their spending can help you accumulate even more points or cash back.

If you’re looking for additional travel benefits, more spending controls for your employee cards, and a dedicated customer service rep, the Wells Fargo Business Elite Signature is the next level up from this card. It has a $125 annual fee (waived for the first year).

Wells Fargo Business Platinum Card’s Other Features

  • Insurance for stolen or damaged purchases

Customer Experience

Wells Fargo came in eighth among 11 credit card issuers in the J.D. Power 2021 credit card satisfaction survey. Despite the poor rating, Wells Fargo offers a decent suite of tools. Cardholders can run spending reports and have access to other cash management tools. The account can be managed and monitored online or by using the Wells Fargo app, and you can set your key employees up with “view only” access to the account. Should issues arise, Wells Fargo has a dedicated hotline for its small-business accounts, or you can make an appointment to see a banker in person.

Security Features

The security features are the same as you’d expect from any card these days, including zero fraud liability, account notifications and alerts, account monitoring, and chip technology.

Wells Fargo Business Platinum Card’s Fees

One big plus on this card, besides no annual fee, is that there are no foreign transaction fees. Try to avoid late payments and defaults, however, since negative behaviors will cost you in both fees and a penalty APR. If you have a returned payment, go over your limit, or use the card’s overdraft protection, fees will be applied as well.

Next Steps
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CURRENT CARD
Wells Fargo Business Platinum Credit Card
overall rating
4.8
Recommended Credit
Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 11.24% - 21.24% variable
Annual Fee $0
Rewards Earning Rate Earn 1.5% cash back on every $1 spent.
Our Methodology
At The Balance, we are dedicated to giving you unbiased, comprehensive credit card reviews. To do this, we collect data on hundreds of cards and score more than 55 features that affect your finances.
  • Our Reviews Are Always Impartial: No one can influence which cards we review, the way we present them to you, or the ratings they receive. The scores and reviews come directly from the data we collect and our editorial expertise, and we focus on three areas:
  • How Much Does It Cost? With credit card debt at an all-time high, we believe you should know the cost of carrying a balance. Because of that, we give regular purchase APRs significant weight in overall scores, and cards receive low marks if they have an array of pricey fees.
  • What Are the Rewards Worth? Cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely. To simplify the problem, we built a system that fairly compares rewards and gives them a dollar value. We do this by looking at the ways you can earn and use rewards, which includes evaluating Americans’ typical spending habits and analyzing common travel patterns.
  • Does It Make Your Life Easier? Our scoring system favors cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting customer service. Finally, we give preference to credit cards that have several tools for dealing with fraudulent charges.
  • For every review on The Balance, we hold the credit cards to these standards, and we set the bar high. While we recognize the appeal of splashy features like six-digit sign-up bonuses, our approach ensures that credit cards with the best combination of value, affordability, and accessibility receive the highest scores. See our full methodology for more details.

Article Sources

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  1. Wells Fargo. "Wells Fargo Business Platinum Credit Card." See footnote 3. Accessed Oct. 22, 2021.

  2. Wells Fargo. "Wells Fargo Business Rewards Programs Terms and Conditions." Accessed Oct. 22, 2021.

  3. J.D. Power. "While Many U.S. Credit Card Issuers Struggle to Meet Evolving Customer Expectations, Some Bright Spots Exist, J.D. Power Finds." Accessed Oct. 22, 2021.