Wells Fargo Platinum Visa® Card Essentials
Credit cards these days often dress themselves up with cash-back opportunities or chances to accumulate points or miles. But sometimes what you really need from your credit card is just some extra time to pay off a big purchase without racking up massive amounts of interest or an overdraft protection option to link to your checking account.
And, of course, you’d like to do these things without paying an annual fee to carry that card.
If this is you, it’s time to check out the Wells Fargo Platinum Visa® Card, a no-annual-fee credit card with an introductory 0 percent APR on purchases and balance transfers. It’s a no-frills, no-annual-fee card you can count on to snag you a bit of extra time to pay off consolidated credit card debt or a big purchase and to be a safety net in the case of an overdraft emergency.
Here are the basics:
And, while the Wells Fargo Platinum Visa® Card doesn’t have reward options, that doesn’t mean it doesn’t come with some helpful (or even money-saving) features to have at your disposal. It’s the kind of card that’s easy to carry and might be exactly what you need in some specific situations (more on this below).
What Our Editors Like Best About Wells Fargo Platinum Visa® Card
Stuff happens. Your dog shreds your sofa and eats your loveseat. Your best friend decides to get married in Tahiti and asks you to be the maid of honor. Your air conditioner goes kaput on the first 90-degree day of the summer. It’s stuff you can’t necessarily prepare for, but you must pay for.
It’s situations like these that can run up a credit card balance fast and, to add insult to injury, lead to some hefty interest charges. But with the Wells Fargo Platinum Visa® Card’s introductory 0-percent APR on purchases and balance transfers, you can make those purchases (or transfer them if they’ve already happened) and avoid racking up interest while you work to pay off those charges.
New cardholders have 18 months to make those purchases and balance transfers without accruing interest (then, 16.15%-25.99% (Variable)). This isn’t the stuff of credit card-reward fantasies, but it’s certainly practical and, if you find yourself in these situations, can certainly be a financial lifesaver.
Even after that introductory 0-percent APR period ends, the Wells Fargo Platinum Visa® Card still packs a punch for your wallet. One unique feature? Cardholders enjoy cellular telephone protection, a unique but potentially huge feature.
Potential Downsides of the Wells Fargo Platinum Visa® Card
This is a no-nonsense card to have in your credit card arsenal, but it does lack the allure of rewards-earning potential. If you’re in the market for low introductory APRs, this card is for you; if you’re looking to rack up rewards as you spend, it’s best you look at perhaps the Wells Fargo Propel American Express® Card instead.
Additionally, there are some fees associated with this card that could add up fast. First, there’s an introductory 3 percent balance transfer fee – after the first 18 months, it goes up to 5 percent. And if you’ll be traveling abroad, keep in mind that the Wells Fargo Platinum Visa® Card does have a 3 percent foreign transaction fee.
How Wells Fargo Platinum Visa® Card Compares to Other Cards
Wells Fargo Platinum Visa® Card vs. Chase Freedom®.
Neither the Wells Fargo Platinum Visa® Card nor Chase Freedom® comes with an annual fee. What they do both come with is an introductory zero interest period on purchases and balance transfers; however, they differ when it comes to the balance transfer fee and duration. The Wells Fargo Platinum Visa® Card charges a 3 percent balance-transfer fee for those first 18 months, while Chase Freedom® charges either $5 or 5 percent of the amount of each transfer, whichever is greater, and the intro period is shorter at 15 months. It may not seem like much, but that 2 percent could make a significant difference if you’re planning to make a couple of big transfers.
Looking beyond the intro offers, the differences are significant.
Chase Freedom® is a cash-back rewards card that allows you to earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months like gas stations, restaurants, and wholesale clubs. Unlimited 1% cash back on all other purchases.
If you’re looking for a basic card with an attractive balance-transfer option, the Wells Fargo Platinum Visa® Card should win out. If you want rewards, you should consider Chase Freedom®.
Wells Fargo Platinum Visa® Card vs. Citi Simplicity® Card - No Late Fees Ever.
The Citi Simplicity® Card – No Late Fees Ever (Citi is a CardRatings.com advertiser) brings a significant balance-transfer option to the table: 21 months with a 0-percent APR. It’s a no-brainer if you need significant time to pay off a big purchase or are looking to consolidate some debt from other cards. The balance-transfer fee of 3 percent is the same Wells Fargo Platinum Visa® Card charges for the first 18 months.
Both cards also offer a 0-percent intro period for purchases, though the Citi Simplicity® Card - No Late Fees Ever period gives you 21 months as compared to the 18 months offered by the Wells Fargo Platinum Visa® Card (then, 16.15%-25.99% (Variable)).
If time to pay off your debt is your biggest concern, you’ll likely do better with Citi Simplicity® Card – No Late Fees Ever.
Wells Fargo Platinum Visa® Card vs. Barclaycard Ring™ Mastercard®.
The Wells Fargo Platinum Visa® Card gives you 18 months of interest-free purchases and balance transfers (then, 16.15%-25.99% (Variable)) just like the Barclaycard Ring™ Mastercard®; however, the Barclaycard Ring™ Mastercard® has a lower ongoing interest rate on purchases, balance transfers and cash advances, so it may be a better choice if you anticipate needing longer than the 18 months to pay off your card.
The Barclaycard Ring™ Mastercard® has no annual fee, nor does it charge foreign transaction fees, meaning you’ll save 3 percent per transaction if you use it instead of the Wells Fargo Platinum Visa® Card when you travel abroad.
Who Should Get This Card?
We see the Wells Fargo Platinum Visa® Card as an excellent option for the credit card user who doesn’t want a lot of details to keep up with, but does need the option to make a large purchase or consolidate some debt and pay zero interest for a time.