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Purchases: 0%, 18 months
Balance Transfers: 0%, 18 months on qualifying balance transfers
16.49% - 24.49%, variable
0% intro APR for qualifying balance transfers - The Wells Fargo Platinum Visa card comes with a 0% intro APR for 18 months, which is one of the longest on the market.
0% intro APR for purchases -- The 0% intro APR for purchases is equally impressive at 18 months and adds interest-free versatility.
No annual fee -- This card has no annual fee, which is a must if you’re already trying to pay off credit card debt and want to find the best credit card.
FICO® Score for free -- Another important feature for folks who are in debt is credit score tracking. The Wells Fargo Platinum Visa card comes with free online access to your FICO® Score at any time as well as the Wells Fargo “My Money Map,” which provides you with tools to easily create a budget and manage your spending.
Cell phone protection -- This feature is unique to Wells Fargo. As long as you sign up to pay your cell phone bill with your Wells Fargo Platinum Visa card, your cell phone is insured. If it’s damaged or stolen, you’ll receive up to $600 in protection with a $25 deductible.
Paying down credit balances is the fastest way to improve your FICO® Score. That's because 30% of your credit score is based on how much of your available credit you're using. Your credit utilization is reported monthly, which means paying off debt could improve your credit score in one month!
Balance transfer fee -- The intro balance transfer fee on the Wells Fargo Platinum Visa card is 3% ($5 min.) for transfers made with 120 days. The fee afterwards is 5% ($5 min.). While the intro fee is competitive, it is a fee nonetheless.
Rewards -- You’ll get plenty of use from the Wells Fargo Platinum Visa card if you need to do a balance transfer, but you won’t get many extras. The card comes with no rewards program.
A long balance transfer offer can help you chip away at debt balances as you pocket some savings while avoiding interest charges. Here's a comparison of how YOU COULD SAVE $1,863 on interest charges by putting your finances first and paying off debt during the 0% APR period versus paying off balances at a 19% APR:
|Debt Balance Scenario||Monthly Payment||APR for Balance Transfers||Interest Charges||Months to Pay Off|
|$10,000, promo APR||$556||0%, 18 months||$0||18|
|$10,000, no promo APR||$556||19% on all balances||$1,863||22|
As long as you have a good credit score (700 and higher), you have a high likelihood of approval for this credit card. Even with a credit score of 670 or above, you have a good chance of being approved. Wells Fargo does tend to favor people who have already built a relationship with them, so if you have prior Wells Fargo accounts, this could increase your odds.
Credit cards with rewards and 0% APR offers are excellent, but remember, they are a tool to help you get the most out of your spending. The Ascent motto to follow:
1.) Pay off your card in full each month.
2.) Choose a card whose rewards are a good fit for you.
3.) Don't spend more than you already would.
Follow this and you'll be making your money work overtime for you. Live richly, not risky.
The Wells Fargo Platinum Visa card is one of the best options for a 0% intro APR credit card. If you’re currently paying off debt that you know you could tackle in 18 months, you should get the Wells Fargo Platinum Visa card to avoid paying interest on that debt. The money you save on interest will almost always offset the balance transfer fee, unless you already have an incredibly low APR.
If you have too much debt to pay off in the next 18 months, you might want to consider other options. You could always transfer a portion of your balance to the Wells Fargo Platinum Visa card. Then, you can try to negotiate a lower interest rate for your remaining balance or look into low-interest credit cards and debt consolidation loans.
The Wells Fargo Platinum Visa card also offers a 0% intro APR on purchases also for 18 months, making it a good option for people looking to finance a new purchase without paying interest. However, you should only consider this option if you’re certain you can pay off the balance in time, otherwise you’ll end up paying far more money in interest than you saved. Generally, it’s better to save up money for these kinds of purchases than to put them on a credit card.
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