Wells Fargo Platinum Visa Card Review

With no rewards on purchases, this card is really for people who can’t pay off their balance in full each month. If you have good credit and want to get rid of high-interest debt once and for all, the 18-month 0% APR offer on balance transfers is among the longer promotional periods available. 

Alternatively, this card could be a great financing tool for appliances or furniture, since any new purchases get the same 18-month period. Just be prepared to pay off your balances before the long introductory rate offers end, because the standard APR that kicks in afterward is steeper than most.

• Long 0% purchase and balance transfer APR offer: Credit card introductory APR offers often last a year or 15 months. And many don’t offer an interest-free period on both purchases and balance transfers, or if they do, both aren’t likely to last for the same lengthy period. Because this one does, it’s a superb card for giving you the time to cut costs in more than one way. Just remember, like most cards, you will pay a balance transfer fee. In this case, it’s 3% of your transferred balance if you take advantage of the introductory fee offer (good for up to 120 days after account opening) and 5% after that.  
• Useful cardholder perks: You wouldn’t expect this card to have the kind of travel benefits or other perks that come with some rewards cards, but in fact, there are a few noteworthy features that don’t typically come on balance transfer cards, including cell phone coverage and travel accident insurance. (More on this in the Excellent Perks section below.)

• High standard APR: Like all promotional offers, this one won’t last forever. Once the 18 months are up, your interest rate will revert to the standard ongoing rate. Depending on your credit profile, that’s 16.49% to 24.49%. This is higher than the range on many competing cards, so carrying balances later will cost you.
• No rewards: Often cards that offer a 0% APR on purchases and/or balance transfers also let you earn cash back for each dollar you spend, but this card doesn’t have a rewards program of any kind. That’s OK if your goal is getting out of debt, especially if the trade-off is a longer promotional period. That said, keep this in mind for when the introductory offers expire. If you want rewards later, you’ll need another card.

We’ve narrowed down the credit card perks that stand above standard card benefits, and two on this card make our cut: 

• Travel accident insurance: This policy will pay you or your beneficiaries up to $150,000 in the event of accidental injury, dismemberment, or death while on a trip paid for with your card. You must have charged the full passenger fare for a plane, train, or another common carrier.
• Cellphone coverage: This card comes with cellphone insurance worth up to $600 per claim and up to $1,200 per 12-month period, minus a $25 deductible. You need to pay your cellphone bill with your credit card to qualify for this perk, but it can be a lifesaver if your phone is stolen or damaged. 

• Rental car collision insurance (secondary to your own policy)
• Travel and emergency hotline
• Roadside assistance hotline

Wells Fargo has received less than stellar customer service ratings. J.D. Power ranked Wells Fargo ninth out of 11 major card issuers in its 2019 Credit Card Satisfaction Study, giving it a below-average rating. 

On the upside, Wells Fargo’s mobile app got an average rating in a separate J.D. Power study of credit card apps. Another plus? Wells Fargo gives you free access to your FICO score through your online account.

Wells Fargo offers cardholders industry-standard security features, like account alerts to help monitor fraudulent activity and two-step verification to keep hackers out of your account.

In addition to standard penalty fees (which are easily avoided), there are two main fees to watch for when using this card. The balance transfer fee, which is hard to avoid on most cards, will increase from 3% to 5% ($5 minimum) after your first 120 days with the card. And, there’s a 3% foreign transaction fee when you purchase something in another currency.