Wells Fargo Platinum Visa Credit Card Review: Great Card for Debt Reduction [2019]

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.
11/24/19 | By Brett Holzhauer

FinanceBuzz is reader-supported. We may receive compensation when you click links to products or services mentioned in this story. The opinions and recommendations are the author's own and have not been reviewed, endorsed, or approved by any of these entities. Learn more about how we make money.

Outside of earning travel rewards and cash back, a great feature of credit cards is the ability to handle balance transfers. So, what are balance transfers?

A balance transfer is simply the reallocation of debt from one credit card to another, typically with the intention of lowering your interest rate. This is an excellent strategy to help reduce your interest payments and fast-track your way to paying off debt. This is something I can personally attest to — when money was tight and I fell into credit card debt after college, using a balance transfer saved me hundreds in potential interest.

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.

Fast-track Your Way Out of Debt

Wells Fargo Platinum Visa Card

Wells Fargo Platinum Visa Card

Wells Fargo Platinum Visa Card

Benefits

  • Intro APR: 0% for 18 months on purchases and balance transfers
  • Cell phone protection policy up to $600
  • No annual fee


Who should get this card?

If you’re looking to consolidate credit card debt onto one card, the Wells Fargo Platinum Visa Credit 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 insurances. This is a unique feature, as many balance transfer cards don’t come with these protections.

Card basics

Annual Fee $0
Intro Bonus 0% Introductory APR on purchases and balance transfers for the first 18 months
Recommended Credit Score Excellent, Good
Intro APR 0%
Foreign Transaction Fee 3%

Top card benefits

  • Introductory APR on purchases and balance transfers: With the Wells Fargo Platinum Visa Credit Card, you’ll have an introductory 0% APR for 18 months. The card also comes with a 0% APR for 18 months on balance transfers made within 120 days of account opening.
  • Rental car 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: 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.
  • No annual fee: The Wells Fargo Platinum Visa has no annual fee.

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 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 Card 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. The card also offers a 0% intro APR for 15 months. Along with this, you’ll pay $0 for transfers made within 60 days of account opening. After that: $5 or 5%, whichever is greater.

If you’re looking for a longer introductory APR on balance transfers, the Citi Simplicity Card may be a great option. Get 0% introductory APR on balance transfers for 21 months and purchases for 12 months with this card, but we aware that all transfers must be completed in the first four months.

Fast-track Your Way Out of Debt

Wells Fargo Platinum Visa Card

Wells Fargo Platinum Visa Card

Wells Fargo Platinum Visa Card

Special Offer

0% Introductory APR on purchases and balance transfers for the first 18 months

See how these cards compare:

Chase Slate Card
Chase Slate Card
  • 0% Intro APR on balance transfers and purchases for first 15 months
  • $0 fee for balance transfers in first 60 days
  • Credit Journey to monitor credit score
  • No annual fee
Citi Simplicity Card
Citi Simplicity Card
  • 0% intro APR on balance transfers for 21 months
  • 0% intro APR on purchases for 12 months
  • FICO Credit Score monitoring
  • No late, penalty, or annual fees

Advertising Policy

FinanceBuzz.com is an independent, advertising-supported website. Some of the offers that appear on this page are from third party advertisers from which FinanceBuzz.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear).

FinanceBuzz.com does not include all financial or credit offers that might be available to consumers in the marketplace. FinanceBuzz.com does not include all companies or all available products.

FinanceBuzz has partnered with CardRatings for our coverage of credit card products. FinanceBuzz and CardRatings may receive a commission from card issuers.

Editorial Disclaimer

The editorial content on this page is not provided by any of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone.