Wells Fargo Platinum Visa card Review: The Right Type of Balance Transfer Credit Card
Credit cards with low intro APRs can be powerful tools for repaying debt or financing a major purchase.
- As valuable as balance-transfer cards come, Wells Fargo packs in one of the best 0% intro APRs on the market for qualifying transfers -- don't pay interest for 18 months!
- You can submit an application and get a decision in UNDER TWO MINUTES.
- Learn below about how to save $1,987 in interest charges paying off $10,000 of debt using a 0% intro APR promo.
What we Like:
- Long 0% intro APR offer
- No annual fee
- FICO® Score for free
- Mobile phone protection
Credit Rating Requirement:
- Annual Fee: $0
- Regular APR: 13.74%-27.24%, variable
- Intro APR: Purchases: 0% for 18 months on purchases Balance Transfers: 0% for 18 months on qualifying balance transfers
- 0% Intro APR for 18 months on purchases and balance transfers (fees apply), then a 13.74%-27.24% variable APR; balance transfers made within 120 days qualify for the intro rate and fee
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Platinum Visa card
- Easy access to your FICO® Credit Score with Wells Fargo Online®
- Zero Liability protection for promptly reported unauthorized transactions
- Convenient tools to help create a budget and manage your spending with My Money Map
- $0 Annual Fee
- Select "Apply Now" to learn more about the product features, terms, and conditions
What I like
0% intro APR for 18 months for balance transfers -- The Wells Fargo Platinum Visa card comes with one of the longest intro periods on the market. You’ll get a 0% APR on qualifying balance transfers for the first 18 months, allowing you to pay off debt more quickly.
0% intro APR for 18 months for purchases --The same 18-month 0% intro APR applies for qualifying purchases as well, giving you a long runway to break up the cost of a large purchase for 1.5 years.
$0 annual fee -- This card has no annual fee, which is a must if you’re already trying to pay off credit card debt.
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 worth $1,200 -- 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 $1,200 of annual coverage ($600 in protection per claim and a $25 deductible). This wildly lucrative perk covers accidents like cracked screens and even theft!
Suggested credit score
As long as you have a good credit score (670 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 will increase your odds.
Increase your credit score in one month?
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!
$1,987 interest savings
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 $1,987 on interest charges by putting your finances first and paying off debt during the 0% APR period versus paying off balances at a 20% 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||20% on all balances||$1,987||22|
How to do a balance transfer with Wells Fargo
In order to do a balance transfer and take advantage of the 0% interest offer, you’ll want to make sure that you process the transfer as soon as possible after opening your account.
- Apply for the Wells Fargo Platinum Visa card.
- Once you’ve been approved, log into your account and you should see your balance transfer offer. Select that offer.
- You’ll need to input the amount you want to transfer and the bank information and account number of the account from which you want to do the transfer.
- Confirm and submit your information. The balance transfer may take several days to process.
- Divide your new balance by the amount of months you have left until the end of your intro period (it will likely be 17 or 18). This should be your monthly payment. Set up automatic payments to ensure the balance is paid off before the intro period ends.
Why you can trust me
As a personal finance writer who specializes in credit cards, I spend my days pouring over credit card terms and conditions, figuring out the best ways to help you get out of debt, avoid paying interest, or rack up travel rewards. I also have a lot of personal experience using credit cards to improve my finances. Several years ago, I paid off $8,000 in credit card debt without spending a single penny on interest using balance transfer cards.
Is it right for you?
The Wells Fargo Platinum Visa card is one of the best options for balance transfer credit cards. 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 3% intro 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 qualifying purchases, making it a good option for people looking to finance a new purchase without paying interest.
How to apply
You can apply online for the Wells Fargo Platinum Visa card, and the process is quick and easy. Apart from inputting basic information like your name, address, and telephone number, you’ll also need to have your social security and income information on hand.
A confirmation page will let you know the status of your application as soon as you submit it. You may be approved instantly and shown your credit limit, or they may notify you that they need more time to review your application. If you are denied, you can call their reconsideration phone number to be reconsidered.