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Wells Fargo Platinum card review

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Wells Fargo Platinum card

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Unlike most things we do at Million Miles Secrets, the Wells Fargo Platinum card isn’t geared toward travel rewards or earning points and miles. (Card is no longer available). Instead, think of this card as a finance tool that helps you consolidate your debt and ease the payoff process.

The information for the Wells Fargo Platinum card has been collected independently by Million Mile Secrets. The card details on this page have not been reviewed or provided by the card issuer.

It’s always a good idea to keep your wallet equipped with a wide variety of cards, and the Wells Fargo Platinum might be a good one to add to your money-managing arsenal.

That said, the card isn’t for everyone. So take a look at our Wells Fargo Platinum review to find out if it’s right for you. 

Who is the Wells Fargo Platinum for? 

The Wells Fargo Platinum card is ideal for people looking to pay off debt without getting hit with tons of interest. This card has one of the best and longest APR periods available — 0.00% introductory APR for 18 months on purchases and qualifying balance transfers from the date of the account opening. This means that for the first 18 months of card membership, you won’t accumulate any interest on your outstanding balances. But, after those 18 months are up, the APR jumps to 16.49% to 24.49% depending on your creditworthiness.

If you plan on getting this card it’s crucial you take advantage of those first 18 months. After that, any balance you carry will accrue interest. And it will be more difficult to keep your balance under control.

The Wells Fargo Platinum also comes with no annual fees, which is a great benefit for people with outstanding debt elsewhere. As a bonus, you’ll also get features like travel accident insurance, zero liability protection and alerts to help you monitor your due dates for payments. All of this plus the introductory APR makes this card a good fit for people looking to gain control over their finances. 

Transferring a balance with the Wells Fargo Platinum card

Because of the year and a half with the intro APR offer, cardholders will have lots of time to pay down a balance without accumulating any interest. On top of this, the first 120 days have an introductory balance transfer fee of either $5 or 3% of the balance, whichever is greater. So, if you have existing debt and get a Wells Fargo Platinum card, transferring that debt to Wells Fargo from another lender will only cost you 3% of the debt amount. That’s a very reasonable fee compared to the fees other cards charge. Plus, paying a fee could be worth it because it could save you hundreds of dollars in the long run. Especially given you won’t collect more interest on that debt after you transfer it for 18 months. 

After the 120 days are up, the balance transfer fees become up to 5% of the amount you’re transferring with a minimum of $5. Again, we see here how important it is to take advantage of the early benefits of this card. 

Is the Wells Fargo Platinum worth it? 

This card is only worth it for people who have a lot of debt to pay off. It offers tools to help you manage your finances and take control of your money, but it’s geared toward helping people with significant amounts of debt and not much else. 

If you do fall into that category, the Wells Fargo Platinum is certainly worth considering. Transferring your debt to this card could save you tons of money, and the intro APR offer for 18 months is a fantastic perk to help you pay it off fast once you do. But, if you don’t have much debt and can pay for your large purchases all at once, other cards are better suited to fit your needs. 

Bottom line

What’s the final verdict on this Wells Fargo Platinum review? This card is only worth it for a specific set of people — those looking to manage debt and take control of their finances. While the card isn’t for everyone, if the earlier statement does sound like you, the benefits of this card are completely worthwhile.

Featured image by Flashpop/Getty Images.

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)