Wells Fargo Platinum Visa Card Review

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With one of the longer 0% introductory rate offers on the market, the Wells Fargo Platinum Visa Card can help you take control of debt or spread out big purchase payments. There’s no rewards program, but the potential savings on interest, plus some nice cardholder perks, may make this card worthwhile.

Wells Fargo Platinum Card

overall rating
3.4
Wells Fargo Platinum 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 (%) 16.49% - 24.49% variable
Annual Fee $0
Balance Transfer Fee Intro fee of 3% ($5 minimum) for the first 120 days your account is open, then 5% ($5 minimum).
INTRO BALANCE TRANSFER APR 0% for 18 Months
Ratings Breakdown
for Interest
3.7
for Fees
3.2
for Rewards
2.3
for Credit
2.2

Who Is This Credit Card Best For?

  • Avatar for Debt Warrior Persona
    Attacks existing balances while avoiding new debt See more cards
    Debt Warrior
  • Avatar for Credit Builder Persona
    Takes improving their finances seriously and wants recognition for using credit responsibly See more cards
    Credit Builder

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.

Pros
  • Long 0% purchase and balance transfer APR offer

  • Useful cardholder perks

Cons
  • High standard APR

  • No rewards

Pros Explained

  • 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.)

Cons Explained

  • 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.

Wells Fargo Platinum Visa Card’s Excellent Perks

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. 

Other Features

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

Customer Experience

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.

Security Features

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.

Fees to Watch Out For

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.

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CURRENT CARD
Wells Fargo Platinum Card
overall rating
3.4
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 (%) 16.49% - 24.49% variable
Annual Fee $0
Balance Transfer Fee Intro fee of 3% ($5 minimum) for the first 120 days your account is open, then 5% ($5 minimum).
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

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Wells Fargo. "Wells Fargo Platinum Card Terms and Conditions." Accessed April 24, 2020.

  2. Wells Fargo. "Wells Fargo Visa Consumer Credit Card." Accessed April 24, 2020.

  3. J.D. Power. "Credit Card Satisfaction Study (National) (2019)." Accessed April 24, 2020.

  4. J.D. Power. "Feature Overload Strains Customer Satisfaction with Online Banking and Mobile Apps, J.D. Power Finds." Accessed April 24, 2020.