Is the Wells Fargo Business Platinum Credit Card Right for You?
The Wells Fargo Business Platinum Credit Card offers a $200 cash bonus after spending $3,000 on purchases within the first three months of account opening, as well as no annual fee and some valuable perks to help you save money and increase your earnings. However, it’s also quite an expensive card, with a fairly high-interest rate and annual percentage rate (APR) on balance transfers and cash advances. If you have excellent credit and can pay off your balance in full each month or on time most months, this card could be the right choice for you.
Frequent Flyer Points
You’ll get 2 points for every dollar you spend at eligible restaurants, 1 point per dollar on all other purchases, and another 1.5x points for eligible US gas station purchases. All you have to do is open a Wells Foods Checking account and make monthly debit card transactions. You’ll also enjoy a $100 annual award just for having this card in your wallet; call it free travel money or use it as a rewards credit card so that you can pay off expensive charges. With the Wells Fargo Business Platinum Credit Card, you get 5% more points when redeeming them with select partners such as airlines, hotels, and car rental agencies. The benefit of having a world-class American Express charge card should not be overlooked either.
-Six free airport lounge visits are included per year with a Priority Pass
-25% discount on award flights booked through the program
-Complimentary roadside assistance
-Free Boingo Wifi when traveling abroad -Credit card protection that covers damage, theft, and loss
-Zero percent introductory APR for 12 months from the date of account opening, followed by a variable APR that ranges from 14.99%-24.99% (plus a 3% foreign transaction fee)
-No annual fee
Benefits at ATMs
*Fee-free access to all ATMs for authorized users on their payroll plan and qualifying purchases with the card.
*No minimum balance to open or maintain an account or have a daily transaction volume requirement.
*A $100 credit bonus is earned on new accounts.
*Access a personal banker at your convenience with 24/7 virtual banking. All you need is the internet, a smartphone, or a computer.
For those in business who have no time to handle any aspect of their finances, Wells Fargo Business Platinum Credit Card can be helpful in making sure there are no problems when it comes to payment processing, billing, and invoicing for small business owners. The best feature of this credit card might just be that there are no hidden fees, which means you will not be charged every time you want to use the card.
No Annual Fee
The main downside to this card is that it has an annual fee, which may make other similar cards worth looking into. However, it does come with a slew of excellent rewards and benefits in addition to no foreign transaction fees. That makes up for its higher yearly fee if you use the card often or find value in these unique perks like purchase protection and auto rental collision damage waiver. The lack of a foreign transaction fee is another great feature as it allows you to use your credit card anywhere while abroad without any additional fees or conversion rates. Overall, this card offers a lot of good perks in return for its more expensive annual fee but still may not be worth paying if you’re only using your credit card here and there or just want something without an annual fee
0% Introductory APR on Purchases and Balance Transfers
The Wells Fargo Business Platinum credit card has an introductory APR of 0% on both purchases and balance transfers through 11/11/2022. This can be a great way to save some money on new business purchases, or if you need to finance costs associated with starting your own company. The $500 Annual Fee is not waived, but it might be worth paying the annual fee if you’re able to get your purchase or financing paid off before 11/11/2022 and enjoy a full year of interest-free spending.
$50 Rebate When You Spend $500 in 3 Months
What makes this card interesting is that, as a business owner, you are eligible to get a rebate on any purchases of $500 or more. With a rebate of up to 50%, it could mean that if you spend $2,000 on the card in 3 months your credit score will actually go up by 5 points.
What I like about this card is that they have no foreign transaction fees and give me extra reward points on gas purchases at all of my local gas stations. They also have zero fraud liability. The yearly fee is waived for active-duty military members and their spouses. There’s a special offer right now where you can earn $200 when you spend $1000 in three months (and then another 200 when spending another $1000).
What I don’t like is that the APR on balance transfers starts out at 14%. If you’re considering getting this card, make sure to consider other offers before jumping into it.
Overall, it’s an excellent card with great benefits!
Access to Small Business Financial Solutions Advisor Team
Offering superior customer service and great rewards, the Wells Fargo Business Platinum Credit Cards are an excellent way to show your business how much you care. Our Small Business Financial Solutions Advisors are available every day to answer questions and make recommendations so you’re always in control of your account. Plus, as a cardholder, you’ll enjoy discounts at other companies like car rentals or hotels. If your company is looking for a credit card that offers balance transfers or a 12-month introductory APR on purchases, we can provide all these benefits in one easy-to-use account. And if you apply now, we’ll even waive the fee for any balance transfer (applicable to select balances only).