Wells Fargo Platinum Card: Is It Worth Applying For?

Wells Fargo Platinum Card: Is It Worth Applying For?

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After examining the Wells Fargo Platinum card, we didn’t find any standout features. The card can be a decent money saver for individuals who are looking to transfer an existing balance. However, if your credit is good enough, you’d be better off signing up for reward/balance transfer credit card hybrids. Some cards even come with a better introductory APR offer, and also provide you with returns on every dollar spent.

Review: Should You Apply For The Wells Fargo Platinum card?

The Wells Fargo Platinum card is a decent balance transfer credit card. Cards like the Chase Slate® ultimately can provide you with better savings on balance transfers. We recommend going with a card like that, if you don’t mind doing business with other banks. The Wells Fargo Platinum card isn't good for people who have no outstanding credit card debt. Consumers who don’t pay interest should use reward credit cards instead. The Chase Freedom Flex℠ and the Wells Fargo Cash Wise Visa® card provide cardholders with cash back on all purchases. Ultimately, individuals should look to credit cards as a means of increasing the value of their purchases through rewards.

Good For…
Bad For…
Anyone with a lot of outstanding credit card debtAnybody who has no credit card debt
Getting free cell phone insuranceThose looking for a good everyday credit card
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Wells Fargo gives cell phone protection insurance to anyone who pays their cellular bill with the Wells Fargo Platinum card. This is a little known perk that comes with a majority of credit cards the bank issues. If you accidentally damage your phone or have it stolen, you can receive compensation of up to $600, after paying a $25 deductible. There is some nuance to the benefit, and we recommend those who are interested to read our explanation below.

Bottom Line: The Wells Fargo Platinum card is very average. Consumers looking to save money on interest may want to consider this offer. However, we recommend doing so only if you can't qualify for better cards.

Wells Fargo Platinum card Benefits & Features

The chief benefit of the Wells Fargo Platinum card is its potential to save you money through reduced interest rates. The Wells Fargo Platinum card offers a 0% intro APR for 18 months from account opening (16.49%-24.49% (Variable) after that). After the intro period, your APR will be significantly higher. It's worth noting that only qualifying balance transfers made within 120 days qualify for the intro rates and fees. For the duration of that introductory period, cardholders will not pay interest on the card -- unless they take out a cash advance. This is useful for consumers who have large purchases coming up, or for those currently struggling with outstanding debt on another credit card.

Cellular Telephone Protection

As with most Wells Fargo credit cards, the Wells Fargo Platinum card can provide insurance for your cellular device. You must pay your wireless cell phone bill entirely using this card, in order for coverage to be extended to you. Cell phone insurance can cost around $8 per month, if purchased directly from the carrier. Therefore, this benefit can save cardholders around $96 annually.

It’s important to familiarize yourself with the details of the policy, before relying on it. Wells Fargo’s cellular telephone protection comes with a list of exclusions. You can find all the important details on their website. For the most part, the policy will cover you against accidental damage and theft. If you lose the phone, you won’t receive any compensation.

There is a $25 deductible on each claim you submit, and a maximum payout of $600. The deductible is the amount of money you have to pay before the policy kicks in. That means if the damage to your phone is superficial, and would cost less than $50 to repair, don’t bother submitting a claim.

How Does The Wells Fargo Platinum card Compare To Other Credit Cards?

It’s impossible to evaluate a credit card without proper context. To solve this, we took a look at how the Wells Fargo Platinum card compares to its leading competitors.

Wells Fargo Platinum card vs Chase Freedom Flex℠

  • On Chase's Secure Website

Currently, the Chase Freedom Flex℠ is one of the best overall cards on the market. Chase Freedom Flex℠ lets users Earn 5% cash back on eligible purchases in rotating categories, 5% on travel purchased through Chase, 3% on dining and drugstores, and 1% on all other purchases. Even at its worst, however, the Chase Freedom Flex℠ will produce rewards for cardholders -– something the Wells Fargo Platinum card never does. The Chase Freedom Flex℠ is our preferred choice when it comes to making new purchases.

Wells Fargo Platinum card vs Wells Fargo Cash Wise Visa® card

The Wells Fargo Cash Wise Visa® card is a solid cash back credit card with balance transfer capabilities. The Wells Fargo Cash Wise Visa® card has a 0% intro APR for 15 months from account opening on qualifying balance transfers. However, you should be aware that fees apply and qualifying balance transfers have to be executed within 120 days to qualify for the intro rates and fees. After the intro period, you'll receive a higher APR of 14.49%-24.99% (Variable). The Wells Fargo Cash Wise Visa® card comes with the added benefit of earning cardholders Earn unlimited 1.5% cash rewards on purchases. Since you won't have much use for the Wells Fargo Platinum card after you finish paying off your balance, the Wells Fargo Cash Wise Visa® card is the better long-run option. To learn more, check out our review of the card.

Wells Fargo Platinum card vs Chase Slate®

The Chase Slate® is a great credit card for individuals who prioritize interest savings over rewards. The Chase Slate® offers 0% Intro APR on Purchases for 15 months (then the APR goes to a 16.49% - 25.24% Variable APR). What makes it better is that it waives the transfer fee, on balance transfers made during the first 60 days of your account opening. If you plan on performing multiple balance transfers over a long period of time, the Chase Slate® will be the better choice. Optimally, however, consumers should transfer their balances immediately, and focus on paying them down.

Joe Resendiz

Joe Resendiz is a former investment banking analyst for Goldman Sachs, where he covered public sector and infrastructure financing. During his time on Wall Street, Joe worked closely with the debt capital markets team, which allowed him to gain unique insights into the credit market. Joe is currently a research analyst who covers credit cards and the payments industry. He earned a bachelor’s degree from the University of Texas at Austin, where he majored in finance.

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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).