Wells Fargo Platinum Credit Card Cash Back Review

The Wells Fargo Platinum Credit Card Cash Back is a solid choice for those seeking a cash back rewards program with no annual fee. You can earn 1.5% cash back on all purchases.

One of the key benefits of this card is its flexibility - you can earn cash back in the form of a deposit into a Wells Fargo checking or savings account. This makes it easy to redeem your rewards and put them towards everyday expenses.

The card also offers a 0% introductory APR for 18 billing cycles on purchases and balance transfers, which can be a huge help if you're carrying high-interest debt.

The Wells Fargo Platinum credit card offers a range of benefits that make it a great choice for those looking for a cash back credit card. To earn the $200 cash rewards bonus, you'll need to spend $1,000 on purchases within the first 3 months.

Here are the key details of the card:

Some additional perks of the card include up to $600 in protection against covered damage or theft for your phone (subject to a $25 deductible) when you pay your cell phone bill with your Wells Fargo Platinum card.

The Wells Fargo Platinum Credit Card Cash Back has a relatively low annual fee of $0, making it a great option for those who want to avoid extra charges.

The card's ongoing APR is a variable rate ranging from 16.49% to 24.49%, which is higher than some other credit cards on the market.

You'll also want to be aware of the balance transfer fee, which is 3% intro for 120 days from account opening, then up to 5% with a minimum of $5. This can add up quickly if you're not careful.

Here's a breakdown of the card's fees:

To get a better understanding of how credit scores affect your credit card options, let's start with what you need to know about accepted credit scores.

A soft credit pull is a great way to get an idea of your credit score without impacting your credit score.

You can enter your information to run a soft credit pull, which will give you an estimated approval odds near cards to help you narrow down your options.

This is a great way to see which credit cards you're likely to be approved for without affecting your credit score.

Here's a quick rundown of how it works:

Credit card companies often have a range of rates and fees that can impact your wallet. Some cards have annual fees, while others charge for balance transfers or foreign transactions.

The annual fee for some credit cards is $0, making them a more affordable option. On the other hand, other cards have annual fees, but they don't have to break the bank.

Introductory APRs can be a great way to save money on interest charges. For example, one card offers 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers.

However, once the introductory period ends, the ongoing APR can be quite high. For instance, one card has an APR of 16.49%-24.49% Variable APR.

If you plan to transfer a balance to a new card, be aware that there may be a balance transfer fee. Some cards charge a 3% intro for 120 days from account opening, then up to 5%; min: $5 fee.

Additionally, foreign transaction fees can add up quickly. Some cards charge a 3% fee for transactions made outside of your home country.

Here's a breakdown of some common rates and fees:

The Wells Fargo Platinum credit card offers a 0% intro APR for 18 months on purchases, which can be a huge help if you need to finance a large purchase.

This intro APR can give you some breathing room to pay off your balance without incurring interest charges.

If you plan to keep the Wells Fargo Platinum card, consider pairing it with a rewards card once you've paid off your balance. This way, you can take advantage of rewards programs that offer cashback, points, or other perks.

The Wells Fargo Platinum card doesn't have many features that encourage pairing it with another Wells Fargo card, so you have the freedom to choose a rewards card that best fits your needs.

The Wells Fargo Platinum card offers a 0% introductory APR on new purchases for the first 18 months from account opening. This can be a valuable offer if you need time to finance a large purchase without incurring interest.

You'll pay 16.49% to 24.49% variable APR after the introductory period ends, so be sure to pay off your balance each month to avoid interest charges.

The card's introductory period on new purchases is longer than some other cards, but it's not the longest. For example, the Citi Simplicity Card has a 12-month introductory period on new purchases.

Here's a comparison of the Wells Fargo Platinum card's introductory periods on new purchases with a few other popular cards:

The Wells Fargo Platinum card's regular APR is 16.49% to 24.49% variable, which is relatively high. If you're not paying off your balance each month, you'll pay interest on your purchases.

The Wells Fargo Platinum card may not be the best fit for everyone, especially with its lack of rewards program and balance transfer fee.

The Chase Freedom Unlimited card is a popular alternative, offering a 0% intro APR for 15 months on purchases and balance transfers. It also has no annual fee.

The Discover it Cash Back card is another option, with a 0% intro APR for 15 months on purchases and balance transfers, and no annual fee. It also offers 1-5% cash back on purchases in various categories.

Here are some key features of these cards to consider:

The Wells Fargo Platinum card's balance transfer introductory period is 18 months, but its lack of rewards program and balance transfer fee may not make it the best choice for everyone.

Before you apply for the Wells Fargo Platinum Credit Card, it's a good idea to know your odds of approval. This is where the application process starts to get interesting.

To get an estimate of your approval odds, you'll need to enter your information. Don't worry, this is a soft credit pull, which won't impact your credit score.

You'll then see your estimated approval odds near the cards, helping you narrow down your options. This is a useful tool to have, especially if you're not sure which card is right for you.

Here's a quick rundown of the application process:

NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks.

NerdWallet also considers qualitative factors, such as the ease of application, simplicity of the rewards structure, and whether a card is well-suited to everyday use or is best reserved for specific purchases.

The Wells Fargo Platinum card has additional features that boost its appeal, including access to My Money Map tools.

We review credit cards with an eye toward both quantitative and qualitative features. Quantitative features include fees, interest rates, rewards, and the cash value of benefits and perks.

These features boil down to dollars and cents. We consider the earning rates and redemption values of rewards, as well as the cash value of benefits and perks.

Qualitative factors affect how easy or difficult it is for a typical cardholder to get good value from the card. These factors include the ease of application, simplicity of the rewards structure, and the likelihood of using certain features.

Our star ratings serve as a general gauge of how each card compares with others in its class. However, star ratings are just one consideration when choosing a credit card.

Money Map Tools can help you visualize your spending and set personal goals for spending and saving.

The Wells Fargo Platinum card includes access to My Money Map tools, which allow you to easily track your budget and manage your spending.

You can view your FICO score to monitor your credit and get a better understanding of your financial situation.

The Wells Fargo Platinum credit card cash back offer is a great deal, but before you apply, let's talk about the balance transfer aspect. A balance transfer fee can be costly, especially on larger balances.

For example, a $500 balance with a $34 monthly payment would incur a $15 balance transfer fee, which is less than the $63 in interest you'd pay over 18 months at a 16.49% rate.

But as the balance increases, so does the fee. A $2,000 balance with a $128 monthly payment would incur a $60 balance transfer fee, which is still less than the $252 in interest you'd pay over 18 months.

However, a $4,000 balance with a $255 monthly payment would incur a $120 balance transfer fee, which is a significant cost. It's essential to consider whether paying a balance transfer fee is right for you.

Here's a quick comparison of the costs:

Ultimately, the decision to apply for a balance transfer offer like the Wells Fargo Platinum card should be based on your individual financial situation and needs.