By : 
Mr Credit Card
Mr Credit CardIn A Nutshell: Great for 0% APR for large purchases
After the intro period ends, the ongoing APR is not exactly low. They also charge a foreign transaction fee so this is not the most ideal credit card to use abroad. Furthermore, because it has no reward program, this is not the best card to keep after the intro period ends.
Card Details and Features
| Annual Fee | $0 |
| Intro Balance Transfer APR | 0% Intro APR for 18 months from date of transfer when transfer is within 120 days of account opening |
| Intro Purchase APR | 0% Intro APR for 18 months |
| Regular APR | 16.49% to 24.49% |
| Balance Transfer Fee | Greater of $5 or 3% of balance transfer |
| Foreign Transaction Fee | 3% |
| Chip and PIN | Yes - but Signature Preferred |
Fees - The Wells Fargo Platinum has no annual fee. They do however charge a balance transfer fee. You are allowed 120 days to transfer your balance to qualify for the 0% PAR 18 month deal and the transfer fee is the greater of $5 or 3% of the balance transfer. Any balance transfer after the 120 days will incur a fee of the greater of $5 or 5% of the balance transfer. There is also a foreign transaction fee of 3%.
0% APR Deal - New Card members at 0% APR for 18 months on both purchase and balance transfer. You are allowed up to 120 days to transfer your balance to be eligible for the 0% deal. As mentioned above, Wells Fargo charges a balance transfer fee.
Compatible with Digital Wallets - All Wells Fargo credit cards are compatible with Apple Pay, Google Pay and Samsung Pay.
Free FICO Score - Wells Fargo provides free FICO scores from Experian. They are available on your online dashboard or mobile app.
Chip and PIN - Wells Fargo cards are now Chip and PIN though it is still Signature Priority. That means that in the US, it will still default to signature if the credit card terminal has both signature and pin capabilities.
Competition
| Card | 0% APR Purchase | 0% APR BT | Regular APR | Balance Transfer Fee | Foreign Transaction Fee |
|---|---|---|---|---|---|
| Wells Fargo Platinum | 18 Months | 18 Months | 16.49% to 24.49% | Greater of $5 or 3% of transfer | 3% |
| Citi Simplicity | 18 Months | 18 Months | 14.74% to 24.74% | Greater of $5 or 3% of transfer | 3% | Citi Diamond Preferred | 18 Months | 18 Months | 14.74% to 24.74% | Greater of $5 or 3% of transfer | 3% |
| Citi Double Cash | N.A. | 18 Months | 13.99% to 23.99% | Greater of $5 or 3% of transfer | $0 |
| US Bank Visa Platinum | 20 Months | 20 Months | 13.99% to 23.99% | Greater of $5 or 3% of transfer | 3% |
| Greater Metro Platinum Mastercard | 12 Months | 12 Months | 8.9% | $0 | $0 |
| Greater Metro Mastercard | 12 Months | 12 Months | 11.9% | $0 | $0 |
| BECU Visa | 12 Months | 12 Months | 6.9% to 12.9% | $0 | $0 |
| BECU Cash Back Visa | Months | 12 Months | 9.9% to 15.9% | $0 | $0 |
| Navy Federal | 12 Months | 12 Months | 5.99% to 18% | $0 | $0 |
The key attraction of this card is the fact that it has a very long introductory period for its' 0% APR deal. So we will focus on competitors that also have long intro deals. We will also compare this card with some cash back credit cards which also offers 0% deals. Last but not least, we will also list some competitors that do not charge any balance transfer fee and see how Wells Fargo stacks up.
18 Months is pretty good intro period - If you look at the table above and compare the intro periods for other similar cards, you will see that Wells Fargo Platinum Visa has the second longest intro period. Only the US Bank Visa Platinum. Other 18 month intro period cards include Citi Simplicity and the Citi Diamond Preferred. The one advantage Wells Fargo have over these cards is that they offer cell phone insurance protection which these other cards do not offer.
There Are Card with No Balance Transfer Fees - While the Wells Fargo Platinum (and other main stream banks) offer long 0% APR intro periods for balance transfers, they all charge a balance transfer fee. If you look at the table above, there are quite a few credit union credit cards that offer 0% balance transfer deals with no balance transfer fee. However, their intro periods are only 12 months vs 18 months for Wells Fargo. You do have to calculate to see which is the better deal for you.
Cash Back Credit Cards with 0% APR Deals - There are a couple of cash back credit cards that also offer very attractive 0% deals. For example, the Citi Double Cash offers 2% cash back on all purchases and and a 0% APR balance transfer deal for 18 months. Wells Fargo also has a cash back card call Cash Wise that offers 1.5% cash back and also offer 0% APR for 15 months.
Pros and Cons
Pros
- Long Intro Period - 18 months is the second longest intro period at the moment. Only the US Bank Visa Platinum has a longer intro period at 20 months
- Have 120 Days to Transfer Balance - You are allowed up to 120 days to transfer your balance to enjoy the 0% for 18 month deal.
- Compatible with Digital Wallets - All Wells Fargo cards are compatible with Apple Pay, Google Pay and Samsung Pay.
- Free FICO Score - Wells Fargo provides their card members with a free FICO score from Experian. And unlike some issuers, this is an actual FICO score and not Vantage score.
- Cell Phone Insurance Protection - Wells Fargo offers all their card holders cell phone insurance protection if you pay your monthly cell phone bills with the card. Not many credit cards offer such features.
- Can Be Used As Overdraft Protection Vs Checking Account - Those of you with a Wells Fargo checking account can use this card (or any Wells Fargo Card) as an overdraft protection.
Cons
- Charges a Balance Transfer Fee - Wells Fargo charges a balance transfer fee for if you transfer a balance.
- APR is NOT low - After the introductory period, the APR of the card is not low. Those who carry a balance occasionally can find cards with much lower APRs.
- No Reward Program - This is a plain vanilla card with no reward program.
- Foreign Transaction Fee - This card charges a standard 3% foreign transaction fee, making it not a good credit card to use abroad.
- CHIP and PIN but Signature Priority - Wells Fargo does issue cards with Chip and PIN though it is signature priority.
Our Take
Great for Financing Large Purchases
If you are looking for 0% APR financing for a large purchases (like furniture, high end computers for example), this is a great card to get because the intro period is very long (18 months). Only the US Bank Visa Platinum, which offers you 0% APR on purchases for 20 months, has a longer intro period (and only by 2 months).0% APR for 18 Months But Charges Balance Transfer Fee
While 18 months is a great intro period for balance transfer, the Wells Fargo Visa Platinum charges a balance transfer fee. If the balance transfer fee bothers you, then there are 0% interest credit cards with no balance transfer fee credit cards available. They are mostly from credit unions and their intro period tends to be 12 months rather than the 18 months you get with the Wells Fargo Visa Platinum and other cards from mainstream issuers. You have to compare the interest you will save from having a shorter intro period with no balance transfer fee versus having a longer intro period but having to pay a balance transfer fee.Should You Keep This Card After the Intro Period Ends?
If you have not paid off your balance (from either your large purchase or balance transfer) after the intro period ends, then you should try to do another balance transfer.However, if you managed to pay off your balance within the introductory period, then you have to make a decision as to whether you will keep this card and use it. There are two things to consider when making this decision.
The first is the fact that this is a plain vanilla card with no rewards. Once you have your balance paid off, you should continue to pay your bill in full every month. And if you do that, then you should be rewarded for using this card (or any credit card) in the form of reward points or cash back. The lack of rewards one reason why this may not be a keeper card.
The second factor is that this card (along with other Wells Fargo cards) offer cell phone insurance protection. This is a great feature to have in a credit card and not many cards offer this.
If you finish paying off your balance within the intro period, you should consider calling Wells Fargo and doing a Product Change (PC) to the Wells Fargo Cash Wise. That way, you can earn 1.5% cash back and also get cell phone protection. At this moment, the Wells Fargo Cash Wise also offers 0% APR for both purchases and balance transfers for 15 months. Though 15 months is 3 month less than 18 months, you might also want to consider the Cash Wise over this card.
To Sum Up
To sum up, this is our take on this card.- Get this card if you are looking for 0% APR financing on a large purchase
- Transfer a balance to this card if the long intro period saves you more money despite the balance transfer fee than another card with a shorter intro period with no balance transfer fee
- Consider switching to the Wells Fargo Cash Wise after the intro period to earn cash back rewards yet keeping the cell phone insurance feature.
- Or consider getting the Wells Fargo Cash Wise if you do not mind the shorter intro period
Application Rules
Essentially, you need to have a more than 15 month gap between applying for Wells Fargo credit cards.
FAQS 
