The Basics of the Wells Fargo Platinum Card

Are you looking for a great credit card? Well, in your search you should consider the Wells Fargo Platinum Card.

Maybe you’re looking for a new card. Or maybe this is your first credit card. Whatever the reason behind your search, it’s important to compare your options.

Don’t go with the first credit card you see. You owe it to yourself to make an educated decision. Luckily, some simple searching will get you the information you need.

Whether you’re looking to add to your credit history or lower an existing balance, choosing the right credit card is important. But with so many cards out there, how do you know which one will work best for you?

To help you in your decision making, we’ve put together this review of the Wells Fargo Platinum Card. Keep reading to learn the basics and why or why not you may want it.

The Basics

The Wells Fargo Platinum Visa is a pretty typical credit card. Like others, it comes with good points as well as some not-so-good.

Overall this card is a good option if you’re looking to pay off a balance in a relatively quick time. Otherwise, you may want to look for something else.

Users of the card have some pretty strong opinions, both positive and negative. It may be worth your time to check out some reviews to aid your decision making.

This card starts out with 0% APR, and that rate lasts for 18 months, a good amount of time for accomplishing your purposes with the card. Be wary of the end of those 18 months though. After that point, APR goes up.

Here’s a basic rundown of what you get with this card:

• 0% Intro APR for both purchases and balance transfers
• After 18 months, variable APR of 16.65% to 26.49%
• Fees apply to transfers
• No annual fee

Now that we know the basics, it’s time to consider the pros and cons, and this card does have both.

The Pros

One of the best perks that come with this card is cell phone insurance. To take advantage of this you must pay your cell phone bill using your Wells Fargo Platinum Card. This gets you up to $600 in theft or damage.

Another pro is the fact that this card comes with no annual fee.

For your first 18 months of holding the card, you’ll get to enjoy that 0% rate for all purchases and balance transfers you make. This generous amount of time is longer than the average.

If you notice unauthorized transactions, act quick and you’ll be able to take advantage of Zero Liability protection.

The Cons

While there are great things about this card, it does have its fair share of not so great things. Notably, once you pass that 18-month mark, costs rise significantly.

For balance transfers during your first 18 months, you’ll have to pay a fee of $5 or 3% of the total balance of your transfer after your first 18 months. That’s a $150 fee for moving a $5000 balance.

Once you’re past the 18-month mark your fee goes up to $5 or 5%. That would make your fee for $5000 go up to $250.

Similarly, your APR goes up quite a bit after 18 months, up to 26.49%. And it varies. And the minimum you’ll pay is more than 16%.

The Wells Fargo Platinum Card doesn’t reward people for having excellent credit. Even if you have the best score out there you’ll still be paying those high rates.

Significantly missing from this card are cash-back rewards. And, you’ll have to pay a 3% fee for any foreign transactions you make.

The Verdict

The pros and cons are fairly even for this card, depending on what’s important to you. However, the scale is definitely tipped in the direction of the negative aspects.

This card could be a good option if you’re just looking for a balance transfer or you have some credit card debt you’re looking to pay off soon. If you can do your business within 18 months, you’ll get to enjoy 0%, which obviously can’t be beaten.

But, if you intend to use the card for more than 18 months, you may want to look elsewhere.

Plenty of cards offer cash-back rewards where this one does not. So if you plan to purchase often with your credit card, look elsewhere to take advantage of those rewards.

And you’ll probably want a lower rate if you’re using your card often, as well.

The Wells Fargo Platinum Card: The Card for You?

Obviously, the Wells Fargo Platinum Card isn’t the perfect credit card, if a perfect credit card even exists. But it may be the one for you. Weigh the pros and cons and consider what is most important to you.

Compare each aspect of this card with others and see if there’s a package that appeals to you more. Maybe you’ll find what you’re looking for elsewhere. Maybe this one will cover all your bases.

Ask yourself some questions as you perform your search:

How long do you plan to use the card? Will you use it after the intro period ends? What do you plan to use the card for?

Knowing what you need and want will help steer you in the right direction. Whichever way you go, make sure you research your decision and you’ll end up with the card that’s right for you.

We’d love to help you find the right credit card. Head to our website and try out our best credit card search engine today!