Wells Fargo Business Platinum Credit Card Review [2022]: Can It Help Your Business?

The Wells Fargo Business Platinum Credit Card offers small business owners the opportunity to earn cash rewards or points for their business expenses.
Last updated June 6, 2022 | By Ben Walker, CEPF | Edited By Melinda Sineriz

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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 (Rates and fees), 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.

You Choose Your Rewards

Wells Fargo Business Platinum Credit Card

Wells Fargo Business Platinum Credit Card

Wells Fargo Business Platinum Credit Card

Intro Offer

Earn $300 or 30,000 points after spending $3,000 in the first 3 months

Annual Fee

$0

Rewards Rate

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

Benefits and Drawbacks

Benefits

  • You choose between cash rewards or points
  • Receive 1,000 bonus points when you spend more than $1,000 in a month
  • 0% intro APR for 9 months
Card Details
  • Earn $300 or 30,000 points after spending $3,000 in the first 3 months
  • 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
  • Intro purchase 0% APR offer: 0% for 9 months then 7.99% + prime rate to 17.99% + prime rate
  • Intro balance transfer 0% APR offer: 0% for 9 months then 7.99% + prime rate to 17.99% + prime rate

In this Wells Fargo Business Platinum Credit Card review

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
Intro 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 sign-up 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

Does the Wells Fargo Business Platinum Credit Card report to credit bureaus?

Wells Fargo typically uses all three major credit bureaus (Equifax, Experian, and Transunion) for credit reporting purposes. Certain information could also be reported to the Small Business Financial Exchange (SBFE), though the SBFE isn’t a credit reporting agency.

What credit score is needed to get a Wells Fargo Business Credit Card?

You likely need a good or excellent personal credit score to qualify for the Wells Fargo Business Platinum Credit Card. The Wells Fargo Business Elite Signature Card also typically requires good or excellent credit for approval. A good FICO score, a type of credit score, starts at 670, while an excellent score is 800 or above.

Who is eligible for a Wells Fargo Business credit card?

You typically need at least good credit to qualify for a Wells Fargo Business credit card. You would also need to have a legitimate business to open a small business credit card. This doesn’t necessarily mean you need to run a corporation or have an LLC, as most side hustles could count as running a business, including freelance writing or photography and selling goods or services.

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 at office supply stores and on internet, cable, or phone services (up to $25,000 combined annually); 2% cash back at gas stations and restaurants (up to $25,000 combined annually); and 1% cash back on everything else. 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 business purchases up to $50,000 each year, and 1X points on 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.

You Choose Your Rewards

Wells Fargo Business Platinum Credit Card

Wells Fargo Business Platinum Credit Card

Wells Fargo Business Platinum Credit Card

Special Offer

Earn $300 or 30,000 points after spending $3,000 in the first 3 months

See how these cards compare:

Ink Business Cash® Credit Card
Ink Business Cash® Credit Card
  • $750 cash back sign-up bonus
  • No annual fee
  • 0% intro APR on purchases for 12 months
  • Up to 5% cash back
The Blue Business® Plus Credit Card from American Express
The Blue Business® Plus Credit Card from American Express
  • Earn 15,000 Membership Rewards after spending $3,000 in the first 3 months
  • 2X Membership Rewards Points on first $50,000 each year
  • No annual fee. Terms apply.
  • See rates and fees

Author Details

Ben Walker, CEPF Ben Walker, CEPF, is a credit cards and travel writer at FinanceBuzz who loves helping others achieve their travel goals through financially sound decisions. For over a decade, he has been using credit card points and miles for the sole purpose of traveling the world. Ben is a Certified Educator of Personal Finance and has been featured in The Washington Post, MSN, Debt.com, and Finder.com.