Posted by: John S Kiernan

EDITOR’S RATING 4.6 / 5 PROS

• No annual fee
• 0% on purchases & transfers for 18 months

CONS

• No rewards
• 3% intro balance transfer fee for 120 days (5% after)

The Verdict: The Wells Fargo Platinum card (Wells Fargo is a WalletHub partner) is one of the best 0% credit cards on the market right now. It offers 0% introductory APRs on both purchases and qualifying balance transfers for 18 months, trouncing the market averages for 0% cards in those categories: roughly 10.5 months for new purchases and 12 months for transfers.

However, Wells Fargo Platinum’s balance transfer fee (3% intro for the first 120 days) is above average, too. Similarly, Platinum’s regular APR could be 25%+, while the average among credit cards for people with good credit (which you need for approval) is 20.79%. So you may want to think twice about transferring existing debt. And you definitely shouldn’t carry a balance from month to month once the 0% intro rates have come and gone.

At the end of the day, the Wells Fargo Platinum card should be a finalist for anyone with good or excellent credit who wants to save money on interest. But it’s certainly not the choice for people who plan to pay their bills in full every month, as it offers no rewards.

Continue reading for a full breakdown of what we like most and least about the Wells Fargo Platinum card. And if you don’t know whether your credit is good enough to qualify, you can check your latest credit score for free on WalletHub.

The Highlights

• 0% on Purchases for 18 Months: If you have big-ticket purchases in your near future, being able to say bye-bye to finance charges for a year and a half could save you a bundle. You’ll even save a lot compared to someone with the average 0% credit card, which only provides a 10.5-month respite from interest.

• 0% on Balance Transfers for 18 Months: The APR side of the Platinum card’s balance transfer offer is outstanding, giving you roughly seven more interest-free months than the average 0% balance transfer credit card. But Wells Fargo Platinum transfers aren’t free and only transfers made within 120 days qualify for the intro rate. So you’ll need to crunch the numbers with a balance transfer calculator to make sure it’s the right choice.

• No Annual Fee: With no annual fee, the Wells Fargo Platinum is $18.15 per year cheaper than the average credit card. You could probably name at least 18 things that cost $18 or less that you’d like to buy right now.

The Lowlights

• No Rewards: Wells Fargo Platinum is great for paying down balances over 18 months or less. But if you pay your bill in full every month, it won’t do anything for you. Interest rates matter in that situation, and the Platinum Card doesn’t offer rewards of any kind.

  Fortunately, there’s no rule against having more than one credit card. So you could always get the Wells Fargo Platinum for purchases that will take a while to pay off and one of the best rewards credit cards for everyday spending.

• 3%+ Balance Transfer Fee: Wells Fargo Platinum offers a 3% introductory balance transfer fee for the first 120 days your account is open. Transfers made after that will be subject to a 5% fee. But both figures exceed the market-average transfer fee of 2.71%.

Other Things to Consider

• 3% Foreign Fee: You probably aren’t going to make any international transactions with your 0% credit card, so this shouldn’t matter. But in case such purchases are in your plans, watch out. There are plenty of no foreign transaction fee credit cards to use for international spending.

• Cell Phone Protection: If you pay your monthly cell phone bill with Wells Fargo Platinum, you’ll receive up to $600 in coverage for damage to or theft of your device. So you might not have to pay for a separate protection plan.

  With that being said, using the Wells Fargo Platinum to pay your cell phone bill means sacrificing the ability to earn rewards on an expense that should be affordable without taking on (more) debt.

• Good credit or better required: This shouldn’t be a surprise, considering the card’s excellent terms. But you may want to check your latest credit score for free on WalletHub – the only site with daily updates – before submitting an application.

Compared to the Competition

You can’t really make a ruling on a credit card offer until you know what else is out there. Below, you can see how the Wells Fargo Platinum compares to its top competition: the rest of 2019’s best 0% credit cards.

	SponsoredWells Fargo Platinum card	SponsoredCiti Simplicity® Card - No Late Fees Ever	SponsoredBankAmericard® credit card	Bank of Hawaii Visa Signature® Credit Card with MyBankoh Rewards
Annual Fee	$0	$0	$0	$0
Rewards Bonus	N/A	N/A	N/A	10,000 points
Rewards Rate	N/A	N/A	N/A	1 point / $1
Purchase Intro APR	0% for 18 months	0% for 12 months*	0% for 18 billing cycles	0% for 18 months
Transfer Intro APR	0% for 18 months on qualifying balance transfersTransfer Fee: 3% for 120 days, then 5%	0% for 21 months*Transfer Fee: 5% (min $5)	0% for 18 billing cycles for balance transfers made in the first 60 daysTransfer Fee: 3% (min $10)	0% for 18 monthsTransfer Fee: 4% (min $10)
Regular APR	17.74% - 27.24% Variable	16.99% - 26.99%* (V)	15.24% - 25.24% Variable	15.23% - 18.23% (V)
Editors’ Rating	4.6 / 5	3.7 / 5	4.0 / 5	N/A
Details, Rates & Fees	Learn More	Learn More	Learn More	Learn More
Winners	Citi Simplicity® Card - No Late Fees Ever		BankAmericard® credit card

Ask the Experts: Wells Fargo Platinum Primer

 

To learn more about the Wells Fargo Platinum Card, we asked a panel of experts to share their thoughts on some of the card’s key features as well as its place in the market and how that might change moving forward. See who they are and what they had to say below.

 

• Do you think any credit cards will be offering 0% introductory APRs for 18 months in 18 months?
• How should credit card shoppers value secondary benefits such as up to $600 in cell phone protection (against damage/theft) for cardholders who pay their monthly cell phone bill with their card?
• Should people worry about rewards when shopping for a 0% APR credit card?

 

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• Sampath Ranganathan Ph.D., Associate Professor of Marketing, Austin E. Cofrin School of Business, University of Wisconsin- Green Bay
• Martha Sellers Adjunct Professor, Lorry I. Lokey School of Business and Public Policy, Mills College
• Cara Peters Ph.D. – Professor of Marketing at Winthrop University

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