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Wells Fargo Business Platinum Credit Card Review

Wells Fargo Business Platinum Credit Card Review

Flexible rewards program
Choose between earning cash back or points.
Fees
$0 annual fee and $0 foreign transaction fees
Intro APR
0% APR for 9 months, then Variable APR of Prime + 7.99% to Prime + 17.99%
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Wells Fargo Business Platinum Credit Card best for?

The Wells Fargo Business Platinum Credit Card charges a $0 annual fee, offers a flexible rewards program that can net you either cash back or points, and comes with 0% intro APR periods on purchases and balance transfers. The card could be a smart choice for small business owners looking for a no-annual-fee card with flat-rate rewards and intro APRs.

However, if you’re looking for a card offering a more generous sign-up bonus or one that comes with longer intro APR periods, there are other options worth considering. And if you’re looking for credit card benefits, note that this card doesn’t come with many. We’ll help you evaluate where the card stands out and where it falls short.

Wells Fargo Business Platinum Credit Card overview

    • Earn a one-time $300 cash back bonus or 30,000 bonus points when you select a Business Card Rewards Program and spend $3,000 in the first three months of account open date.
    • 1.5% cash back on qualifying purchases or earn 1 point on every $1 spend and receive 1,000 bonus points every billing cycle when you spend at least $1,000 on qualifying purchases.
    • $0 annual rewards fee.
    • 0% introductory rate for 9 months. After, a variable APR of Prime + 7.99% to Prime + 17.99% applies.
    • No foreign transaction fee.
    660 720 850
    Excellent/Good
  • Visa purchase security
  • Zero liability protection
  • Set alerts about available credit and account activity
  • Cash management tools
  • Online spending reports

 

Intro Purchase APR

0% APR for 9 months

Regular Purchase APR

Variable APR of Prime + 7.99% to Prime + 17.99%

Intro BT APR

0% APR for 9 months

Regular BT APR

Variable APR of Prime + 7.99% to Prime + 17.99%

Annual Fee

$0

Cash Advance Fee

N/A

Foreign Transaction Fee

$0

Balance Transfer Fee

4% or $10, whichever is greater

Pros and cons

Pros

  • Flexible rewards program
  • Sign-up bonus
  • 0% intro APR periods
  • $0 annual fee
  • $0 foreign transaction fee

Cons

  • Points earning rate can be subpar
  • Cash back is only dispensed quarterly
  • Limited benefits

What we like about the Wells Fargo Business Platinum Credit Card

  • Choose between earning cash back or points

    With the Wells Fargo Business Platinum Credit Card, you can earn 1.5% cash back on qualifying purchases or earn 1 point on every $1 spend and receive 1,000 bonus points every billing cycle when you spend at least $1,000 on qualifying purchases.

    If you opt for earning cash back, the Wells Fargo Business Platinum Credit Card offers a competitive flat rate. Or, if you like the option of redeeming your rewards for gift cards, merchandise, airline tickets and more, you might like the flexibility of the points option.

    Note that if you choose the Wells Fargo Business Platinum Credit Card‘s points option, you can get a credit of 10% of the redemption value every time you redeem points online.

  • Earn a sign-up bonus

    Earn a one-time $300 cash back bonus or 30,000 bonus points when you select a Business Card Rewards Program and spend $3,000 in the first three months of account open date.
  • Take advantage of a 0% introductory APR period

    If you need to finance a big purchase for your business, you’ll appreciate this card’s intro APR of 0% APR for 9 months. After, a Variable APR of Prime + 7.99% to Prime + 17.99% applies.

    There’s also an intro APR on balance transfers of 0% APR for 9 months. After, a Variable APR of Prime + 7.99% to Prime + 17.99% applies. The balance transfer fee is 4% or $10, whichever is greater.

    Note that you must decide between using the intro APR period for either purchases or balance transfers, not both.

  • No annual fee or foreign transaction fee

    The Wells Fargo Business Platinum Credit Card‘s annual fee is $0. And with the $0 foreign transaction fee, you can take this card when traveling abroad without worrying about an additional fee being tacked on every time you use it.

What to watch out for with the Wells Fargo Business Platinum Credit Card

  • Choosing points might not be worthwhile

    If you spend less than $1,000 every billing cycle, you won’t earn the monthly bonus points, meaning you’ll get just 1 point per $1 spent. Estimating the value of each point at 1 cent, that’s a subpar rewards rate, considering that you can find cards earning 1.5% or 2% back on every purchase.

    Now, if you spend $1,000 per month on qualifying purchases and earn the 1,000 bonus points on top of your normal earnings, that boosts the rate to around 2% back, which is solid. But as soon as you get to $2,000 spent, the effective rate is down to 1.5%, and only declines with further spending.

    All that to say, unless your monthly spending is consistently between $1,000 and $2,000, you’re probably better off choosing cash back over the points structure.

  • You'll get your cash back once per quarter

    If you’re used to cash back being awarded after each monthly billing cycle, the Wells Fargo Business Platinum Credit Card isn’t the card for you. Your cash back is awarded just four times a year, at the end of each calendar quarter.

  • The card doesn't offer many benefits

    You’ll get some basic benefits with your account, such as free employee cards, cash management tools and spending reports. You’ll also get Visa purchase security, which protects eligible purchases against damage, theft and accidental damage. But if you’re looking for more premium benefits, such as rental car or trip delay and cancellation coverage, you won’t find it on the Wells Fargo Business Platinum Credit Card.

Alternate business card

Compare it to the Ink Business Unlimited® Credit Card

| Disclosures
Ink Business Unlimited® Credit Card
Ink Business Unlimited® Credit Card
on Chase's secure site
0% Intro APR on Purchases for 12 months
16.99% - 22.99% Variable
$0
Earn unlimited 1.5% cash back on every purchase made for your business
  • BEST OFFER EVER: Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase made for your business
  • No Annual Fee
  • Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®
  • Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control
  • With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring
  • With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information
  • 0% introductory APR for 12 months on purchases
660 720 850
Excellent/Good

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

The Ink Business Unlimited® Credit Card, issued by Chase, lets you earn unlimited 1.5% cash back on every purchase made for your business. You can also earn the following sign-up bonus: LIMITED TIME OFFER: Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening. Spending $2,500 a month should get you there.

There’s also a 0% Intro APR on Purchases for 12 months, after which a 16.99% - 22.99% variable APR applies. The card doesn’t offer a 0% intro APR on balance transfers, however.

Cardholders should also beware of the foreign transaction fee of 3% of each transaction in U.S. dollars. The Ink Business Unlimited® Credit Card‘s annual fee is $0, so you don’t have to pay just to carry the card.

Last but not least, benefits with the Ink Business Unlimited® Credit Card include free employee cards, purchase protection for 120 days against damage or theft, and extended warranty protection (which adds up to an additional year on eligible warranties of three years or less).

Compare the Wells Fargo Business Platinum Credit Card to similar cards

Comparison of four different credit cards
Wells Fargo Business Platinum Credit Card Ink Business Unlimited<sup>®</sup> Credit Card Ink Business Cash<sup>®</sup> Credit Card Capital One Spark Cash Plus
Wells Fargo Business Platinum Credit Card Ink Business Unlimited® Credit Card Ink Business Cash® Credit Card Capital One Spark Cash Plus
Read Review
Apply Now
on Chase's secure site
Apply Now
on Chase's secure site
Apply Now
on Capital One's secure site
Annual Fee
$0 $0 $0 $150
Welcome Offer
Earn a one-time $300 cash back bonus or 30,000 bonus points when you select a Business Card Rewards Program and spend $3,000 in the first three months of account open date. LIMITED TIME OFFER: Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening. LIMITED TIME OFFER: Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening Earn up to a $1,000 cash bonus; $500 once you spend $5,000 in the first 3 months, and $500 once you spend $50,000 in the first 6 months of account opening
Rewards Rate
Earn 1.5% cash back on qualifying purchases or earn 1 point on every $1 spend and receive 1,000 bonus points every billing cycle when you spend at least $1,000 on qualifying purchases. Earn unlimited 1.5% cash back on every purchase made for your business Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn. 2% Cash Back on every purchase; 5% Cash Back on hotels and rental cars booked through Capital One Travel
Intro Purchase APR
0% APR for 9 months 0% Intro APR on Purchases for 12 months 0% Intro APR on Purchases for 12 months N/A
Regular APR
Variable APR of Prime + 7.99% to Prime + 17.99% 16.99% - 22.99% Variable 16.99% - 22.99% Variable N/A
Intro Balance Transfer APR
0% APR for 9 months N/A N/A N/A
Regular Balance Transfer APR
Variable APR of Prime + 7.99% to Prime + 17.99% 16.99% - 22.99% Variable 16.99% - 22.99% Variable N/A
Balance Transfer Fee
4% or $10, whichever is greater Either $5 or 5% of the amount of each transfer, whichever is greater. Either $5 or 5% of the amount of each transfer, whichever is greater. N/A
Card Details
Wells Fargo Business Platinum Credit Card Ink Business Unlimited® Credit Card Ink Business Cash® Credit Card Capital One Spark Cash Plus

Is the Wells Fargo Business Platinum Credit Card right for you?

The Wells Fargo Business Platinum Credit Card is a good choice for small business owners looking for a basic business card with which to manage cash flow and earn flat-rate rewards. However, we think most cardholders will get more value from the cash back rewards program rather than the points option.

It’s also a solid option for financing a big purchase and paying it off over time or transferring debt from a non-Wells Fargo business card, thanks to its 0% intro APR offers.

However, do note that it’s possible to find better sign-up bonuses with higher payouts on some competing business cards, such as the Ink Business Unlimited® Credit Card from Chase.

The information related to the Wells Fargo Business Platinum Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.