Credit Cards Balance Transfer Cards

Wells Fargo Platinum Credit Card Review

overall rating

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The Wells Fargo Platinum card offers a fairly long promotional period of 18 months at 0% APR for balance transfers made in the first 120 days of account opening and on new purchases, but there is a 3% balance transfer fee. It has no annual fee and doesn't offer any rewards. However, it does have a few nice benefits, like cell phone protection and car rental coverage.

Wells Fargo Platinum Card

Overall Rating
Wells Fargo Platinum Card
On Wells Fargo's Secured Site.
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
INTRO PURCHASE APR 0% for 18 Months
Balance Transfer Fee Intro fee of 3% ($5 minimum) for the first 120 days your account is open, then 5% ($5 minimum).
Rewards Earning Rate This card does not offer a rewards program.
how this card stacks up
When compared among all balance transfer cards in our database:
Low Fees
Security/Customer Experience
worst best

As of October 1st, 2021, Wells Fargo is no longer accepting applications for this card, but the bank now offers a similar card: Wells Fargo Reflect.

Currently rated one of our

Full Review of Wells Fargo Platinum Credit Card

  • Extended 0% APR offer

  • Cell phone protection

  • No rewards program

  • Foreign transaction fees

Pros Explained

  • Extended 0% APR Offer: Like many credit cards in the market, the Wells Fargo Platinum card has an introductory 0% APR offer on both balance transfers and purchases. This card's offer lasts for 18 months. With the introductory APR, you can pay down high-interest credit card debt or finance major purchases and pay no interest for over a year. The 18-month period is above average. Some cards offer much shorter periods, but a few others offer 0% APR for as long as 21 months. 
  • Cell Phone Protection: With this card, you get cell phone protection as long as you pay your cell bill with your Wells Fargo Platinum card. While other cards offer this benefit, some charge an annual fee. Getting this perk without paying an annual fee is an extra advantage.

Cons Explained

  • No rewards program: The Wells Fargo Platinum card doesn't have a rewards program. While that's fairly common for a card focused on balance transfers, other cards on the market do have the same introductory APR offer as well as rewards. For example, the Discover it Cash Back card has an introductory 0% APR offer for 14 months on purchases and balance transfers, and cardholders get 5% cash back on spending categories that rotate each quarter. That card also has a potentially lucrative bonus for new cardmembers: Discover matches all of the cash back earned during the first year. Since the Wells Fargo Platinum card offers no rewards and doesn't have a bonus, the Discover it Cash Back card may be a smart alternative.
  • Foreign transaction fees: The Wells Fargo Platinum card is a Visa, which is widely accepted internationally. However, this card charges a foreign transaction fee of 3% of each transaction converted to U.S. dollars. Over time, that fee can add up when you travel. A number of credit cards don’t charge foreign transaction fees. It makes sense to use another card, such as the Capital One Quicksilver card, when traveling abroad.

This Card is Best For

  • Avatar for Annual Fee Averse Persona
    Resists or refuses an annual fee on principle or due to cost
    Annual Fee Averse
  • Avatar for Balance Carrier Persona
    Tends to pay less than balance in full and so accumulates debt on card
    Balance Carrier

The Wells Fargo Platinum card is best for those looking for a basic card with no annual fee that gives you an extended interest-free period on balance transfers and purchases. You'll be able to pay down high-interest credit card debt or finance a big purchase without paying interest fees for 18 months. 

However, this card does charge a balance transfer fee of 3% of the amount of each transfer, or $5, whichever is greater during the first 120 days the account is open, and 5% or $5 for transfers made thereafter. Those fees can be costly, so it may be worth looking for another card that doesn't charge a fee.

And, because the Wells Fargo Platinum card offers no rewards, you may be better off shopping for another card without fees that has a rewards program in place. 

Wells Fargo Platinum Credit Card's Outstanding Benefits

The Wells Fargo Platinum card offers cell phone protection, which is an outstanding perk for a card with no annual fee.

If you pay your monthly cell bill with this card, you get up to $600 in cell phone protection with a $25 deductible. Eligible phones are covered against damage or theft, but not if you simply lose your phone. 

Other credit cards offer cell phone protection, but many of them charge an annual fee. For example, the Citi Prestige card offers up to $1,500 in coverage for your phone but has an annual fee of $495. Having this perk at no cost to you is a major benefit of the Wells Fargo Platinum card.

The Wells Fargo Platinum card also provides free access to FICO credit scores with Wells Fargo Online®.

Standard Benefits

  • Secondary auto rental collision damage waiver: As long as you decline the car rental company's own insurance and use your card to pay for your reservation, you're covered against theft and collision damage. 
  • Roadside dispatch: If you get a flat tire or run out of fuel, you can get roadside assistance by calling 800-847-2869. You have to pay a fee for service, but you don't have to purchase a membership or enroll ahead of time. 
  • Travel accident insurance: If you're injured while traveling, you're covered by up to $150,000 in travel accident insurance as long as you paid for your full fare on a common carrier with your card. 
  • Travel and emergency assistance: If you're traveling and need help, such as finding legal or medical assistance, you can call a benefits administrator who will connect you with local resources. 

Cardholder Experience

When it comes to customer satisfaction, Wells Fargo's ranking is lower than the national issuer average. According to the 2021 J.D. Power Credit Card Customer Satisfaction Study, Wells Fargo was ranked eighth out of 11 issuers in customer satisfaction. The national issuer average ranking was 809, while Wells Fargo's ranking was just 791. Worse, the company has a one-star rating with the Better Business Bureau, with over 1,400 complaints closed in the last year. 

Keep that information in mind when comparing credit cards; you may need to contact customer service if you have questions or issues, and Wells Fargo’s reputation doesn't inspire confidence. 

Wells Fargo's customer service team is available via secure email or at 800-642-4720. 

Security Features

The Wells Fargo Platinum card offers standard security features like zero liability protection and emergency card replacement. You can also sign up for alerts to receive notifications about suspicious account activity, which is a typical feature of most credit cards. 

Fees to Watch out For

When it comes to fees, pay attention to the balance transfer fees you'll incur. With this card, you'll pay an introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening. After that time period expires, the fee is 5% of each balance transfer, with a $5 minimum charge. 

Our Verdict

Although the Wells Fargo Platinum card has a relatively long introductory APR offer, it lacks the rewards and bonuses that other balance transfer cards offer. And, it has costly balance transfer and foreign transaction fees, which other cards don’t charge.

This card does have some nice benefits, such as cell phone protection, that are beyond-the-norm for a card with no annual fee. 

But if you're looking for a card with an introductory APR offer that also has a rewards program, you'll have to go with a different credit card than this basic one.

Compare This Card
See how this card compares to similar cards
Wells Fargo Platinum Card
overall rating
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).
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.