Wells Fargo Platinum Credit Card Review 2019

Wells Fargo Platinum Credit Card Review 2019
Amy Fontinelle
on March 15, 2020
Read in 1 min

Are you looking for a card with a low-interest rate?

You can’t get lower than 0%, and that’s just what the Wells Fargo Platinum Credit Card offers.

Whether you need to pay down a high-interest balance from another card or pay for a large purchase over time, you’ll have 18 months to do it at significant savings with this card’s 0% introductory interest rate.

What’s the catch?

You may not qualify for this offer if you’ve opened a Wells Fargo credit card within the last 15 months and received an introductory APR or sign-up bonus.

And you may not qualify for this card at all if you’ve opened another Wells Fargo credit card in the last six months.

Also, this card has no rewards program.

Wells Fargo Platinum Credit Card Interest Rate and Fees

Balance transfers have a fee of 3% or $5, whichever is greater.

After the first 18 months, the balance transfer fee increases to 5% or $5.

After the introductory APR expires, the APR for both purchases and balance transfers increases to 16.65% to 26.49% variable, based on your credit score.

As with any 0% APR offer, make sure to review the fine print carefully so you know how to keep that rate for the entire 18 months.

Typically, that means making timely minimum payments.

If you make purchases abroad, you’ll pay a 3% foreign transaction fee.

The late payment fee is $37; so is the returned payment fee.

Additional Credit Card Benefits

Like many credit cards, the Wells Fargo Platinum Card comes with benefits such as zero liability for unauthorized purchases, auto rental collision damage waiver, travel accident insurance, travel and emergency assistance services, and cell phone protection.

Cell phone protection is a less common perk.

Here’s how it works:

If your phone is damaged or stolen (but not lost), Wells Fargo will cover the repair or replacement.

The maximum benefit is $600 per claim and $1,200 per 12 month period, and you’ll pay a $25 deductible for each incident.

You must pay your cell phone bill using your Wells Fargo credit card to qualify for this perk.

Electronic or software failure is not covered.

You can also use your credit card for overdraft protection if you have a Wells Fargo checking account, but it will incur an interest rate of 25.49% to 27.49% variable based on your credit score.

This is the same cost you’ll pay for a cash advance.

On top of those high APRs, you’ll pay $12.50 for overdraft protection advances of $50 or less and $20 for overdraft protection of more than $50.

Also, like a cash advance, interest will accrue on the overdraft advance amount right away.

In other words, overdraft protection is an expensive “perk” you might want to avoid.

Finally, if you are approved for this card, your credit limit will be at least $1,000.

You’ll also get free access to your FICO credit score.

Need Cash? Get a Personal Loan Today

I want to borrow
Amy Fontinelle Finance Journalist

Amy Fontinelle is a writer, editor, and personal finance expert.

Her articles have appeared at Investopedia, Bankrate, MassMutual.com, The Simple Dollar, Interest.com, Yahoo, Forbes.com, SFGate.com, Bankaholic, Mortgage-Calc.com, Saving Advice and other sites.

Amy’s clients include personal finance websites, financial institutions, public policy organizations, academic journals, and professional economists.

Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Lendgenius.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.