Wells Fargo Platinum Visa Card Review: The Right Type of Balance Transfer Credit Card

Elizabeth is a writer specializing in credit cards, student loans, debt repayment, and small business. Her work has also appeared on MSN Money, Yahoo! Finance, and Business Insider.

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As long as you can pay off your balance in under 18 months, the Wells Fargo Platinum Visa card is a solid credit card that will help you reshape your finances without paying excessive fees. It doesn’t come with a long list of perks and rewards, but the benefits it does come with are highly useful.

Ratings Methodology
Wells Fargo Platinum Visa card

Wells Fargo Platinum Visa card

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Our Bottom Line

A clear standout card in its category with a long 0% intro APR for 18 months on both qualifying balance transfers and purchases, no annual fee, and a FICO® Score for free.

What we Like:
  • Long 0% intro APR offer
  • No annual fee
  • FICO® Score for free
  • Mobile phone protection
Key Scores:
5.0 5 Perks
4.0 5 Fees
4.5 5 APR
Perks 5.0/5
Fees 4.0/5
APR 4.5/5
  • 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
Highlights

  • 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
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Top perks

0% intro APR for 18 months on qualifying balance transfers and purchases -- The Wells Fargo Platinum Visa card comes with one of the longest intro periods on the market allowing you to pay off debt more quickly or finance a new purchase interest-free.

No 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 -- 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.

What could be improved

Intro APR period -- While 18 months is almost as good as it gets, other cards do offer a 21-month intro APR period. That being said, they sometimes have a higher balance transfer fee.

Balance transfer fee -- The intro balance transfer fee on the Wells Fargo Platinum Visa card is 3% of the balance transfer for the first 120 days and 5% after.

No 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.

Suggested credit score

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 680 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.

One thing to know before applying

Note, Wells Fargo does state that you may not be eligible for any sign-up bonuses or intro offers (such as this balance transfer offer) if you have opened another Wells Fargo card with an offer in the past 15 months. This includes cards you’ve closed and accounts with a $0 balance. If you’ve opened a Wells Fargo card in the last 15 months, you’ll want to call them before applying to make sure you’re eligible for the intro APR offer on this card.

How to do a balance transfer with Wells Fargo

In order to do a balance transfer and take advantage of the APR 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.

Wells Fargo Platinum Visa card vs. Citi Simplicity®

These two credit cards have very similar balance transfer offers. However, there a few key differences.

The Citi Simplicity® Card has a longer intro APR offer for balance transfers at 21 months compared to 18 months with the Wells Fargo Platinum Visa card.

However, the Wells Fargo Platinum Visa card has a lower intro balance transfer fee of just 3% in the first 120 days (5% after), whereas the Citi Simplicity® charges 5% always.

If you’re transferring a balance of $5,000, you’d end up paying $150 in fees with the Wells Fargo Platinum Visa card. With the Citi Simplicity®, you’d end up paying $250.

If you think you can pay your balance off in 18 months, you'll pay less in fees with the Wells Fargo Platinum Visa card.

As of Nov. 18, 2019
Wells Fargo Platinum Visa card Citi Simplicity® Card - No Late Fees Ever
Rating image, 4.0 out of 5 stars.
4.0 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Rating image, 4.0 out of 5 stars.
4.0 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Apply Now
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On Well Fargo's Secure Website.

Apply Now
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On Citi's Secure Website.

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Credit Rating Requirement: Good/Excellent Clickable tooltip icon for credit rating info.

Credit Rating Requirement: Good/Excellent Clickable tooltip icon for credit rating info.

Bonus: N/A Bonus: N/A
Rewards Program: N/A Rewards Program: N/A
Intro APR: Purchases: 0% for 18 months on purchases Balance Transfers: 0% for 18 months on qualifying balance transfers Intro APR: Purchases: 0%, 12 months Balance Transfers: 0%, 21 months
Regular APR: 13.74%-27.24%, variable Regular APR: 16.24% - 26.24% (Variable)
Annual Fee: $0 Annual Fee: $0

Highlights:

  • 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

Highlights:

  • No Late Fees, No Penalty Rate, and No Annual Fee... Ever
  • 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 16.24% - 26.24%, based on your creditworthiness.
  • 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 16.24% - 26.24%, based on your creditworthiness.
  • If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
  • The standard variable APR for Citi Flex Plan is 16.24% - 26.24%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
  • Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges

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Apply Now
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On Well Fargo's Secure Website.

Show More Arrow graphic to expand and collapse content
Apply Now
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On Citi's Secure Website.

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 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.

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.

Final take

The Wells Fargo Platinum Visa card may lack the bells and whistles of many of today’s rewards and travel credit cards, but it doesn’t need them. This credit card serves a very utilitarian and important purpose -- helping you pay off debt and square away your finances. If you’re looking for a balance transfer credit card that has both a long intro period and low balance transfer fees, this is it.

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