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Benefits
Using your Wells Fargo Platinum card to pay your cellphone bill gives you access to up to $1,200 in coverage against damage and theft each year. Specifically, you can file up to two claims per 12-month period with a $25 deductible, and each claim provides up to $600 in coverage.
The card also offers free access to your FICO credit score, rental car insurance, roadside dispatch, travel accident insurance, and travel and emergency assistance services.
APR
The Wells Fargo Platinum card’s biggest value proposition is its 0% APR promotion. You’ll get an introductory 18 month, 0% APR on purchases and qualifying balance transfers made within 120 days of opening an account, and then a 16.49% to 24.49%, based on your creditworthiness APR kicks in.
Depending on how you use this incentive, you could save hundreds if not thousands of dollars on interest. But have a plan to pay off the balance before the promotional period ends. According to U.S. News research, the card’s ongoing APR can be above average.
Annual Fee
The card doesn’t charge an annual fee, which is common for credit cards that offer 0% APR promotions. Keep in mind, though, that you’ll pay a balance transfer fee of 3% of the transfer amount, with a $5 minimum, for the first 120 days, then 5% of the transfer amount, with a $5 minimum. This fee can eat into the savings you gain from the card’s 0% APR promotion.
Other fees to consider include a 3% foreign transaction fee on purchases made abroad and a late fee of up to $40.
Should You Get Wells Fargo Platinum card
- Need a long introductory 0% APR promotion.
- Don’t mind missing out on rewards.
- Are willing to pay a balance transfer fee.
- Want to avoid an annual fee.
Questions About the Wells Fargo Platinum card
Q: What Is Wells Fargo Platinum card?
A: Wells Fargo Platinum card is a card with no annual fee and a 0% introductory APR for 18 months on purchases and qualifying balance transfers.
Q: What Is a Good Credit Score for Wells Fargo Platinum card?
A: You need a credit score that falls in the good or excellent range to qualify for a Wells Fargo Platinum card. That’s a FICO credit score of at least 670.
Q: Is Wells Fargo Platinum card a Good Card?
A: Wells Fargo Platinum card is good for cardholders who want to take advantage of an introductory APR and cardholder perks with no annual fee. But it’s not good for consumers who want to earn credit card rewards.
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