Wells Fargo Business Platinum Credit Card Review [2024]: Can It Help Your Business?

You typically need to choose between earning cash rewards or travel rewards if you want a rewards credit card. But with the Wells Fargo Business Platinum Credit Card, small business owners get to choose whether they want to earn cash rewards or points on their purchases. It’s a unique concept and could offer some flexibility if you’re on the fence about which type of rewards you’d rather earn.

But apart from a novel idea, is the card worth it? Let’s take a look at the Wells Fargo Business Platinum Credit Card to see how it works, as well as what benefits and drawbacks it offers — then you can decide whether this card makes sense for your business.

Who should get the Wells Fargo Business Platinum Credit Card?

The Wells Fargo Business Platinum Card might make sense for existing Wells Fargo customers who want to keep their business within the same financial institution. It could also make sense even if you don’t currently have a Wells Fargo account because of its decent earning potential, whether you choose cash rewards or the reward points option.

But this card might not make sense if you’re interested in earning bonus rewards in specific categories or want travel benefits. The Wells Fargo Business Platinum is balanced between cash rewards and travel rewards cards, not exactly committing to either side — which gives you average rewards and benefits overall. You also typically need good or excellent credit to qualify for this card.

Card basics

Card type	Business
Credit card issuer	Wells Fargo
Credit card network	Visa
Annual fee	$0
Welcome bonus	Earn $300 or 30,000 points after spending $3,000 in the first 3 months
Reward rate	Earn 1.5% cash rewards per dollar spent, or earn 1 point per dollar spent and receive 1,000 bonus points each month you spend more than $1,000
Recommended credit score	Good, Excellent
Intro APR	0% intro APR on purchases for 9 months, and then 7.99% + prime rate to 17.99% + prime rate 0% intro APR on balance transfers for 9 months, and then 7.99% + prime rate to 17.99% + prime rate
Foreign transaction fee	None

Wells Fargo Business Platinum Credit Card benefits and perks

• Generous welcome offer: Earn $300 or 30,000 points after spending $3,000 in the first 3 months.
• Choose your rewards: Choose whether you want to receive cash rewards or points on this card at a rate of 1.5% cash rewards per dollar spent, or earn 1 point per dollar spent and receive 1,000 bonus points each month you spend more than $1,000.
• $0 annual fee: A $0 annual fee takes the stress out of offsetting an annual cost each year. Any rewards you earn are essentially pure profit.
• No foreign transaction fee: Is this a travel card or a cash rewards card? It’s your choice. But either way, you don’t have to pay an additional fee on foreign transactions.
• Introductory interest rate: Receive 0% intro APR on purchases for 9 months after account opening, and then 7.99% + prime rate to 17.99% + prime rate. For balance transfers, receive a 0% intro APR for 9 months after account opening, and then 7.99% + prime rate to 17.99% + prime rate.
• Employee cards: Receive up to 99 employee cards for no additional fee.
• Minimum credit line: Cardholders are guaranteed at least $2,500 as a credit limit for this card as long as you’re approved, which could help cash flow with your business.

Drawbacks to the Wells Fargo Business Platinum Credit Card

• Airline redemption fee: If you want to use your rewards for flights, you have to pay $24 per airline ticket redemption through the Wells Fargo Business Rewards Service Center. You typically don’t have to pay this type of fee on most rewards credit cards. For card options without this fee, check out our list of the best business credit cards.
• Limited intro APR: If you compare credit cards and different credit card offers with introductory APR benefits, the intro APR periods often last for 12 to 18 months or more. With this card, it’s 9 months for purchases and 9 months for balance transfers.
• Quarterly cash rewards: If you choose to receive cash rewards with this card, don’t expect to quickly receive your credits. Cash rewards are credited on a quarterly cycle in March, June, September, and December — which means you might be waiting a few months before you see any rewards. For potentially quicker options, check out our list of the best cashback credit cards.

Earning & redeeming cash rewards or points

Best ways to earn

Many rewards credit cards offer different bonus rates for earning rewards if you make purchases in certain categories. For example, you might earn increased points, miles, or cash rewards for travel, gas, or dining purchases. But with the Wells Fargo Business Platinum Credit Card, your earning options are slightly different.

This card offers you the option to select between earning cash rewards or points for your purchases. Either way, you’ll receive a flat rewards rate for eligible purchases. This includes 1.5% cash rewards per dollar spent, or earn 1 point per dollar spent and receive 1,000 bonus points each month you spend more than $1,000.

There aren’t any bonus categories, so the best way to earn rewards with this card is to use it as much as possible on business expenses you’re already making.

Maximizing your redemptions

The Wells Fargo Business Platinum Credit Card offers multiple redemption options, including:

• Cash rewards
• Gift cards
• Merchandise
• Air travel
• Hotels
• Car rentals
• Cruises
• Merchandise

Wells Fargo doesn’t publicly list the value of its rewards, but most credit card rewards are worth one cent per point. If you check this card’s welcome bonus of $300 or 30,000 points after spending $3,000 in the first 3 months, that ratio seems to add up. This means there’s no obvious way to maximize your rewards because it’s all worth the same.

Keep in mind that you receive a 10% point credit for each online point redemption you make through this Wells Fargo rewards program. This is essentially a 10% discount on your points redemptions. Though, you do have to pay $24 for each airline ticket award redemption.

On the other hand, cash rewards are only credited four times per year on a quarterly basis. This isn’t very often, and waiting for March, June, September, or December to receive your cash rewards credit could get tiresome. Cash rewards are credited to your account as a statement credit or to an eligible Wells Fargo bank account, such as a checking account or savings account.

Wells Fargo Business Platinum Credit Card FAQs

Other cards to consider

The Wells Fargo Business Platinum Credit Card might not be the best fit for every business. For other options, consider the Ink Business Cash^® Credit Card or The Blue Business^® Plus Credit Card from American Express.

The Ink Business Cash card offers specific cashback categories for common business expenses. This includes earning 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year; 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year; and 1% cash back on all other purchases. If your typical business spending aligns with these categories, you could earn more cash rewards than with the Wells Fargo Business Platinum.

To learn more, check out our Ink Cash Business Credit Card review.

The Amex Blue Business Plus card could be a good fit if you want to focus on earning travel rewards. This card offers 2X Membership Rewards points on everyday eligible business purchases up to $50,000 each year, and 1X points on eligible purchases after that. The earning rate alone is better than what the Wells Fargo Business Platinum offers, and Amex Membership Rewards are some of the most flexible and valuable travel rewards available.

For more details, check out our Amex Blue Business Plus Credit Card review.