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Wells Fargo Platinum Visa Credit Card Review [2024]: Great Card for Debt Reduction

CREDIT CARDS - BALANCE TRANSFER CREDIT CARDS
If you are looking for a card with a zero-interest period for purchases or balance transfers, the Wells Fargo Platinum Visa Credit Card may be a great option for you.
Brett Holzhauer
By Brett Holzhauer
Becca Borawski Jenkins
Edited by Becca Borawski Jenkins
Updated Nov. 5, 2024
Fact checked

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Important
The Wells Fargo Platinum Visa Credit Card is not currently available from the issuer. If you are interested in a similar Wells Fargo card, check out the Wells Fargo Reflect® Card. Or for the full list of the best cards available, check out our picks for the best balance transfer cards.

The Wells Fargo Platinum Visa Credit Card is a great card for balance transfers and consolidating credit card debt. In this review, we’ll highlight the card’s key points so you can decide if it’s the right one for you.

In this Wells Fargo Platinum review

Who should get this card?

If you’re looking to consolidate credit card debt onto one card, the Wells Fargo Platinum card could be the perfect place to start. With a great introductory APR (annual percentage rate) on purchases and balance transfers, this card can help you wrangle your balances and get on the path to debt reduction. This card isn’t the best for someone looking to build or rebuild their credit, though, as it requires a good-to-excellent credit score.

Along with someone working to get out of debt, the Wells Fargo Platinum Visa Credit Card could be a good fit for someone looking for cell phone protection and travel insurance. This is a unique feature, as many balance transfer cards don’t come with these protections.

Card basics

Card type Balance transfer
Card issuer Wells Fargo
Annual Fee $0
Welcome Bonus Long introductory APR period for purchases and balance transfers
Recommended Credit Score Excellent, Good
Intro APR 0%, then 16.49% to 24.49% (variable)
Foreign Transaction Fee 3%

Wells Fargo Platinum Visa benefits and perks

  • Introductory APR on purchases and balance transfers: With the Wells Fargo Platinum Visa Credit Card, cardholders have an introductory 0% APR for 18 months (then 16.49% to 24.49% (variable)). The card also comes with a 0% APR for 18 months (then 16.49% to 24.49% (variable)). Note that the balance transfer fee is $5 or 3%, whichever is greater for first 120 days; after that, $5 or 5%, whichever is greater.
  • Auto rental insurance: If you’re involved in an accident while using a rental vehicle paid for with your Wells Fargo Platinum Visa Credit Card, you may be eligible to use the collision damage waiver insurance (secondary coverage).
  • Travel accident insurance: If you’re away from home, travel and emergency assistance services are available with this card. These benefits include emergency message service, medical referral assistance, legal referral assistance, and emergency transportation assistance, to name a few.
  • Cell phone protection: The Wells Fargo Platinum card offers cell phone insurance. If your cell phone is damaged, stolen, or lost, the cell phone protection that comes with this card can reimburse up to $600 per claim after a $25 deductible. You do have to pay your cell phone bill with this card to access this benefit.
  • No annual fee: The Wells Fargo Platinum Visa has no annual fee.

Drawbacks to the Wells Fargo Platinum Visa

  • No rewards program: While many cards offer cashback rewards or points, this card does not. 

Common questions

Is the Wells Fargo Platinum Credit Card good?

The Wells Fargo Platinum Visa Credit Card is a good choice if you want to use a balance transfer to pay off debt. However, it’s not a great card to actively spend on, as there are no rewards for doing so. If you want to earn cash back or valuable travel rewards, be sure to check out our picks for the best credit cards.

Does the Wells Fargo Platinum Credit Card have rewards?

No, it does not.

What will my Wells Fargo Platinum Credit Card limit be?

Your credit limit will be at least $1,000. But the exact credit line issued will be different from person to person and is based on a number of factors, including your credit score.

How much is the Wells Fargo Platinum Visa Credit Card minimum payment?

Your Wells Fargo Platinum minimum monthly payment includes any amount past due, plus the greater of either $15 or 1% of your new balance, including fees and interest. So let’s walk through what that means in the real world:

  • Let’s say you have a past due amount (from not making a minimum payment or from owing fees) of $25.
  • And your current balance on your credit card (not counting the past due amount but including new interest) is $1,000.
  • 1% of $1000 is $10, which is smaller than $15, so you’ll owe $15 here.
  • $25 past due + $15 of your new balance = $40 minimum payment

Be aware that this is just an example, and interest and fees will range from person to person.

What is the minimum credit score for a Wells Fargo Credit Card?

For the best chance of being approved for the Wells Fargo Platinum Visa Credit Card, you’ll need to have a good-to-excellent FICO score of 670 or higher.

What credit bureau does Wells Fargo use?

Wells Fargo credit card uses all three of the major credit bureaus.

Other cards to consider

If the Wells Fargo Platinum Visa Credit Card doesn’t fit your financial needs, you’re not out of options. There are other cards available that are designed specifically for balance transfers.

The Chase Slate Edge℠ is a great card for balance transfers and for someone looking to consolidate and pay down debt. You’ll have a 0% intro APR on purchases (then 19.99% - 28.74% Variable). The card also offers a 0% intro APR on balance transfers for 18 months (then 19.99% - 28.74% Variable). Along with this, you’ll pay $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days, then $5 or 5%. 

For a long introductory APR on balance transfers, the Citi Simplicity® Card may be a great option. You can get a 0% intro APR on balance transfers for 21 months with this card (then 18.74% - 29.49% (Variable)), but be aware that all transfers must be completed in the first four months after account opening.

Fast-Track Your Way Out of Debt

Wells Fargo Platinum Visa® Card
5.0
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Wells Fargo Platinum Visa® Card

Why We Like It

Long introductory APR period for purchases and balance transfers

See how these cards compare:

Chase Slate Edge℠
Chase Slate Edge℠
  • 0% Intro APR for 18 months from account opening on purchases and balance transfers, after which a variable APR of 19.99% - 28.74% applies
  • Opportunity to lower your interest rate
  • No annual fee
Citi Simplicity® Card
Citi Simplicity® Card
  • $0 annual fee.
  • 0% intro APR on purchases for 12 months, then 18.74% - 29.49% (Variable) APR
  • Includes access to Citi Entertainment, which offers exclusive presales.
  • Rates and fees