Wells Fargo Platinum Credit Card Review 2018

Wells Fargo Platinum Credit Card Review 2018
Amy Fontinelle
on June 11, 2018
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 a 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.

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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.

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