Full Review of Wells Fargo Business Platinum Credit Card
Flexible rewards structure
0% introductory APR
High spending required to earn bonus
- 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.
- 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
Prefers uncomplicated rewards with single rate for all spending
Resists or refuses an annual fee on principle or due to cost
Earning a primary or side income from a small business
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.
- Cash management tools
- Free employee cards
- Visa purchase security
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.
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.
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.