Credit Cards Credit Card Reviews

Wells Fargo Business Platinum Credit Card Review

overall rating
4.0

We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. Learn more about how we review products and read our advertiser disclosure for how we make money.

The Wells Fargo Business Platinum, with no annual fee, has relatively few benefits and provides a flat rewards rate on every purchase, in your choice of either points or cash back. It has no foreign transaction fees, and offers a 0% introductory APR on purchases and balance transfers for nine months after you open an account.

Wells Fargo Business Platinum Credit Card

Overall Rating
4.0
Wells Fargo Business Platinum Credit Card
On Wells Fargo's Secured Site.
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.

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
INTRO BALANCE TRANSFER APR 0% for 9 Months
Balance Transfer Fee See Bank Terms
Cash Advance APR (%) 23.99%
Cash Advance Fee See Bank Terms
how this card stacks up
When compared among all business cards in our database:
Rewards
Benefits
Low Fees
Security/Customer Experience
Low Interest
worst best

Full Review of Wells Fargo Business Platinum Credit Card

Pros
  • Flexible rewards structure

  • 0% introductory APR

Cons
  • Limited benefits

  • High spending required to earn bonus

Pros Explained

  • A Choice of Rewards Type: The Wells Fargo Business Business Platinum card allows you to choose the rewards structure you prefer. The option to receive 1.5% cash back is the simplest option, and the most lucrative if you spend less than $1,000 a month when using the card. You can also choose to earn one Wells-Fargo point per dollar spent. With each point worth one cent apiece, that ostensibly represents a lower (1%) rewards rate. However, if you spend $1,000 or more in any monthly billing period, you’ll receive 1,000 bonus points—and so potentially earn an effective 2% in rewards (but only when spending exactly $2,000 per month, as additional spending only earns one point per dollar, diminishing the rate of return). Redeeming rewards online provides a further 10% points bonus.
  • 0% Introductory APR On Both Purchases and Transfers: Not many business credit cards offer introductory APR terms for both purchases and balance transfers, but the Wells Fargo Business Platinum card does. The introductory APR offer gives you nine months to pay down debt without paying interest fees—albeit with a higher-than-usual 4% balance transfer fee. Or you can use the card to finance a major purchase—such as a new computer—and spread out your payments over several months. After the introductory period expires, your APR will be the prime rate plus a further 11.24% to 21.24%, depending on your creditworthiness—which could provide those with good credit with a comparatively low ongoing rate. 

Cons Explained

  • Limited Benefits: If you're a small business owner looking for a card that supplements its rewards with extra features and protections, the Wells Fargo Business Platinum isn't a good choice for you. It offers no travel extras such as rental-car insurance coverage, nor such other common benefits as extended warranty protection on purchases.
  • High Spending Required to Earn Bonus: The Wells Fargo Business Platinum has a generous bonus for new cardmembers, but it requires significantly higher spending than do the bonuses with some other no-fee business cards. You must spend $5,000 in the first three months after opening an account in order to earn $500 in cash back or 50,000 bonus points. That spending requirement could be a stretch for freelancers and some independent contractors and owners of new businesses. The Chase Ink Business Cash card, which also has no annual fee, will give you $500 cash back if you spend just $3,000. Some other no-annual-fee business cards require between $1,000 and $3,000 in spending to earn bonuses worth between $200 and $300.

This Card is Best For

  • Avatar for Minimalist Persona
    Prefers uncomplicated rewards with single rate for all spending
    Minimalist
  • Avatar for Annual Fee Averse Persona
    Resists or refuses an annual fee on principle or due to cost
    Annual Fee Averse
  • Avatar for Business Owner Persona
    Earning a primary or side income from a small business
    Business Owner

The Wells Fargo Business Platinum best suits small business owners, freelancers, and independent contractors who want breathing room for the better part of a year to carry a high-interest balance from another card or make new business purchases without running up interest charges. 

As the card's most compelling feature, its 0% APR offer runs for nine months. After it expires, unpaid purchases or transfers you made will incur interest rates that may well be lower than on other cards you own, especially if you have an excellent credit record.  

It could also be a smart choice to have at hand if you sometimes travel abroad on business or order from suppliers outside the U.S. Unlike some other business cards that impose a fee (typically 3%) on transactions made in foreign currency, the Wells Fargo Business Platinum charges no foreign-transaction fee. 

Wells Fargo Business Platinum Bonus

To qualify for the bonus with the Wells Fargo Business Platinum card, you must first enroll in the Business Card Rewards Program. Once you do so, you’re eligible to receive $500 or 50,000 bonus points if you spend $5,000 within the first three months of opening an account. 

Rewards Earning Details

With this card, you can choose to earn 1.5% cash back on every purchase. Or you can opt for rewards points and earn a base rate of 1 point per dollar spent on every purchase.

If you decide on the rewards points option and spend $1,000 or more in any monthly billing period, though, you’ll also receive 1,000 bonus points. 

Rewards Redemption Details

If you decide on cash-back rewards, you’ll receive your cash back automatically as a credit to your account or as a deposit to an eligible checking or savings account. But you may need to wait a few months to get your money, since cash back is paid out only quarterly—in March, June, September, and December. 

For rewards points, you can redeem your rewards right after you earn them, for gift cards, merchandise, air travel, and more. Your points are worth 1 cent each. However, you’ll get a 10% point credit if you redeem your points online, making your points in such transactions worth 1.1 cents each.

How to Maximize Your Rewards

To begin making the most of the Wells Fargo Business Platinum card, try to use the card heavily enough in your first three months of ownership that you rack up at least $5,000 in charges, which is the spending required to earn the introductory bonus of $500 or 50,000 points. 

After that, use the card whenever you make a purchase for your business. You’ll earn either 1.5% cash back or 1 point per dollar spent on every purchase. If you spend at least $1,000 per month on business expenses, it makes sense to select the rewards-point option rather than the cash back one. To demonstrate why, consider this example. 

If you spent $12,000 per year, at a steady $1,000 a month, and earned 1.5% cash back, you’d get $180 in cash back rewards. If you spent that same amount and opted for rewards points, you’d earn 12,000 points. However, you'd also get 1,000 bonus points for every month that you spent $1,000 or more. That bonus would earn you an additional 12,000 points a year, giving you a total of 24,000 points annually. With each point being worth 1 cent, those points would be worth $240. 

You could then redeem your rewards online to get even more value. With a 10% points credit for such transactions, your earnings for the year would swell to 26,400 points—a $264 value. 

The bottom line: By opting for the rewards point option rather than cash back and redeeming your points online, you’d get $84 in additional annual rewards. 

Standard Benefits

  • Cash management tools
  • Free employee cards
  • Visa purchase security

Cardholder Experience

Wells Fargo ranks in the middle of the pack in J.D. Power Small-Business Credit Card Customer Satisfaction Study. In its 2019 survey, U.S. Bank scores slightly above the average, receiving 852 out of 1,000 for its service to businesses. 

Customer service is available 24 hours a day, seven days a week. You can contact customer support through its online platform or by calling 1-800-642-4720. 

Security Features

The card offers security features that are standard for business credit cards, including zero liability protection, account alerts, and fraud monitoring. 

Fees to Watch Out For

While this card does allow you to complete a balance transfer, you should be aware that there's an unusually high cost for doing so. Where most cards either waive fees for transferring balances or charge 3% of the balance for doing so, Wells Fargo Business Platinum imposes a 4% balance transfer fee, with a $10 minimum. To put that in perspective, if you transferred $10,000 to the card, you’d pay $400 as a balance-transfer fee. 

Our Verdict

While there are business credit cards that offer higher rewards rates, the Wells Fargo Business Platinum card offers relative simplicity, especially if you opt for its cash-back rewards option. And the nine-month 0% APR introductory offer on both purchases and balance transfers could offer a helpful cash-flow break to a business. Since the card has no annual fee, the company could take advantage of that offer and the introductory bonus at essentially no cost.

But the card is also burdened by Wells-Fargo's record for poor customer service, which is underlined by the bank’s low rank in the J.D. Power survey of satisfaction among credit-card customers. It also has few or none of the travel benefits of other business cards, including some competitors that also have no annual fee.

If those benefits are important to you and your business, look for another card—or at least one that can supplement the Wells Fargo Business Platinum. For example, the Chase Ink Business Unlimited card has no annual fee, but it offers primary auto-rental insurance (when renting for business purposes), roadside dispatch, travel and emergency assistance services, purchase protection, and extended warranty protection.

Apply Now
For Wells Fargo Business Platinum Credit Card
on Wells Fargo's Secured Site.
Compare This Card
See how this card compares to similar cards
CURRENT CARD
Wells Fargo Business Platinum Credit Card
overall rating
4.0
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.
Investopedia Credit Card Rating Methodology
Investopedia is committed to delivering the best credit card recommendations in the industry. We’ll tell you when a card is good, we’ll tell you when a card is bad, and we’ll only call a card the best if we would recommend it to our friends or family members.
Overall Star Rating Explained
To rate credit cards we objectively assess, score and weight nearly 100 individual card features which roll up into five major feature sets: fees, interest, rewards, benefits and security/customer service. Here’s how we weighted those feature sets for the overall star rating of a card:
We have applied our proprietary rating methodology to every generally-accepted credit card in the U.S. domestic market to allow consumers to make fully informed choices. It’s important to note that for our overall score that we make a number of assumptions about how you would be using your credit card:
  1. While we make no assumption as to whether balances are carried on a given card we do assign varying weights to all credit cards’ introductory APR (if present) in addition to the regular, long term purchase and balance transfer interest rates.
  2. We utilize BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points or miles rewards at a set rate on all spending or in consideration of bonus rewards for certain spending categories, like gasoline, groceries, restaurants or travel.
  3. We determine the maximum points value of rewards cards by dividing the points, cash back or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
  • Cards that are selected best overall in their respective categories generally feature most if not all of the following attributes:
  • Low or Reasonable Fees Credit card fees come in many forms but the primary ones involve those for annual card membership and balance transfer. There are a myriad of reward and non-reward card options that charge no annual fee but for the many that do assess an annual fee the cost is often justified by their lucrative ongoing rewards and initial signup bonuses. Balance transfer fees are occasionally waived during introductory periods with certain cards, a factor which is heavily and positively weighted in our scoring model for cards offering this benefit. When charged, balance transfer fees range between 3% - 5%, which we grade accordingly. Other standard fees can generally be avoided, such as those for paying late or taking cash advances but we rate those relative to other cards in the market for reference, though with less weight assigned
  • Competitive Interest Many cards offer 0% introductory APR on purchases and balance transfers for varying lengths and then revert to a permanent or regular APR (based on a variable rate tied to the prime rate) that applies to any balances not paid in full. We rate both introductory APR percentage and length (in months) along with the midpoint of the variable regular APR interest rate range.
  • Valuable Rewards Credit card reward programs can be based on cash back, points or travel rewards (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs). For cards that offer rewards we determine the value per dollar spent along with average redemption values and assign more favorable ratings to cards that offer superior consumer value. We also assign value to sign-up bonus offers and their initial spending requirements, when present.
  • Excellent Benefits Credit card benefits cover a range of offerings like concierge service, TSA Pre-check, auto rental coverage, travel accident insurance, lost luggage assistance and free credit scores. We rate cards on the number and level of over a dozen standard and upscale benefits and provide extra weighting emphasis for those travel-related perks that apply to premium travel cards when present.
  • Solid Security/Customer Service Security and customer service features like lost or stolen card replacement, being able to lock one’s card from an issuer app and 24 hour customer support are becoming more standard across the card market and we provide a significant amount of weighting to features in this area.
  • You can also read the full version of our methodology for a more in-depth look at how we assess cards and award them the best in various categories.