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Wells Fargo Business Platinum Credit Card Review

By on March 11, 2021 0

Wells Fargo Business Platinum Full Credit Card Review

  • Flexible rewards structure

  • Launch APR 0%

The inconvenients
  • Limited benefits

  • High expenses required to earn a bonus

Benefits explained

  • A choice of types of rewards: The Wells Fargo Business Business Platinum Card allows you to choose your preferred rewards structure. The option to receive 1.5% cash back is the easiest and most lucrative option if you spend less than $ 1,000 per month while using the card. You can also choose to earn one Wells-Fargo point per dollar spent. With every point worth a dime, this ostensibly represents a lower reward rate (1%). However, if you spend $ 1,000 or more in a monthly billing period, you will receive 1,000 bonus points and therefore potentially earn 2% actual rewards (but only when you spend exactly $ 2,000 per month, as additional expenses earn only one point per month). dollar, decreasing the rate of return). Redeeming rewards online offers an additional 10% points bonus.
  • 0% introductory APR on purchases and transfers: Few business credit cards offer introductory APR terms for purchases and balance transfers, but the Wells Fargo Business Platinum card does. The introductory APR offer gives you nine months to pay off debt without paying interest charges, but with a 4% higher balance transfer fee than usual. Or you can use the card to finance a major purchase, like a new computer, and spread your payments over several months. After the introductory period expires, your APR will be the prime rate plus an additional 11.24% to 21.24%, depending on your creditworthiness, which could offer those with good credit a relatively low ongoing rate.

Disadvantages Explained

  • Limited benefits: If you are a small business owner looking for a card that complements its rewards with additional features and protections, Wells Fargo Business Platinum is not the right choice for you. It doesn’t offer travel extras like rental car insurance coverage, or other common benefits like extended warranty protection on purchases.
  • High expenses required to earn a bonus: The Wells Fargo Business Platinum offers a generous bonus to new cardholders, but it requires significantly higher spending than bonuses with other no-charge business cards. You must spend $ 3,000 in the first three months after opening an account in order to earn $ 300 in cash back or 30,000 bonus points. This spending requirement could be a stretch for freelancers and some independent contractors and new business owners. The Chase Ink Business Cash card, which also doesn’t have an annual fee, will give you $ 500 in cash if you only spend $ 3,000. Some other business cards with no annual fee require spending between $ 1,000 and $ 3,000 to earn bonuses worth between $ 200 and $ 300.

The Wells Fargo Business Platinum is best suited for small business owners, freelancers and independent contractors who want to breathe much of the year to maintain a high interest balance on another card or make new business purchases. without increasing interest charges.

As the card’s most compelling feature, its 0% APR offer is valid for nine months. After it expires, any unpaid purchases or transfers you’ve made will result in interest rates that may well be lower than other cards you own, especially if you have a great credit history.

It could also be a smart choice to have on hand if you occasionally travel overseas on business or order from suppliers outside of the United States. Unlike other business cards that charge a fee (typically 3%) on foreign currency transactions, Wells Fargo Business Platinum does not charge any foreign transaction fees.

Wells Fargo Business Platinum Bonus

To be eligible for the bonus with the Wells Fargo Business Platinum card, you must first enroll in the Business Card rewards program. Once you do this, you are eligible to receive $ 300 or 30,000 bonus points if you spend $ 3,000 within the first three months of opening an account.

Reward Details

With this card, you can choose to earn 1.5% cash back on every purchase. Or you can opt for reward points and earn a base rate of 1 point per dollar spent on each purchase.

If you opt for the reward points option and spend $ 1,000 or more during a monthly billing period, you will also receive 1,000 bonus points.

Details on how to use rewards

If you opt for Cash Back, you will automatically receive your Cash Back as a credit to your account or as a deposit to a qualifying checking or savings account. But you might have to wait a few months to get your money back, as the cash back is only paid quarterly, in March, June, September, and December.

For reward points, you can redeem your rewards right after you earn them, for gift cards, merchandise, air travel, and more. Your points are worth 1 cent each. However, you will get 10% points credit if you redeem your points online, making your points in these transactions worth 1.1 cents each.

How to Maximize Your Rewards

To start getting the most out of the Wells Fargo Business Platinum card, try to use the card enough during your first three months of ownership to accumulate at least $ 3,000 in fees, which is the expense required to earn the card. introductory bonus of $ 300 or 30,000 points.

After that, use the card every time you make a purchase for your business. You’ll earn either 1.5% cash back or 1 point per dollar spent on each purchase. If you spend at least $ 1,000 per month on business expenses, it makes sense to select the reward points option over the cash back option. To demonstrate why, consider this example.

If you spent $ 12,000 per year, at a constant rate of $ 1,000 per month, and got 1.5% cash back, you would get $ 180 in cash back. If you spent the same amount and opted for reward points, you would earn 12,000 points. However, you will also get 1,000 bonus points for each month you spend $ 1,000 or more. This bonus would earn you 12,000 additional points per year, for a total of 24,000 points per year. Each point is worth 1 cent, these points would be worth $ 240.

You can then redeem your rewards online for even more value. With a 10% point credit for such transactions, your earnings for the year would reach 26,400 points, or a value of $ 264.

The bottom line: Opting for the reward points option over cash back and redeeming your points online will get you $ 84 in additional annual rewards.

Standard benefits

  • Cash management tools
  • Free employee cards
  • Visa purchase security

Cardholder experience

Wells Fargo ranks significantly low in the JD Power Small Business Credit Card Customer Satisfaction Survey. In its 2020 survey, US Bank scores below average, receiving 800 out of 1,000 for its business service.

Customer service is available 24/7. You can contact customer support through its online platform or by calling 1-800-642-4720.

Security functions

The card offers standard security features for corporate credit cards, including zero liability protection, account alerts, and fraud monitoring.

Fees to watch out for

While this card allows you to perform a balance transfer, you should be aware that this comes at an unusually high cost. Where most cards waive the balance transfer fee or charge 3% of the balance to do so, Wells Fargo Business Platinum charges a 4% balance transfer fee, with a minimum of $ 10. To put this in perspective, if you transferred $ 10,000 to the card, you would pay $ 400 as a balance transfer fee.

Our verdict

While there are business credit cards that offer higher reward rates, the Wells Fargo Business Platinum card offers relative simplicity, especially if you opt for its cash back option. And the nine-month 0% APR introductory offer on purchases and balance transfers could provide a useful cash break for a business. Since the card has no annual fee, the company could take advantage of this offer and the introductory bonus at virtually no cost.

But the card is also burdened by Wells-Fargo’s record for poor customer service, which is underscored by the bank’s low ranking in the JD Power Credit Card Customer Satisfaction Survey. It also has little or none of the travel benefits of other business cards, including some competitors that also have no annual fees.

If these benefits are important to you and your business, look for another card, or at least one that can complement Wells Fargo Business Platinum. For example, the Chase Ink Business Unlimited card does not have an annual fee, but it does offer primary car rental insurance (when renting for business purposes), route dispatch, travel and assistance services. emergency, purchase protection and extended warranty protection.