With the Wells Fargo Business Platinum card, you have the opportunity to choose which rewards program benefits your business the most: cash back or points. Since it’s a Visa card, you can enjoy its wide acceptance and reputation for reliability and security. Use the card for all your business needs because rewards can be applied toward all purchases with no category limitations. Plus, save with no annual fee and 0% annual percentage rate (APR) for the first nine months.
Wells Fargo Business Platinum Credit Card
BEST FOR
Choosing cash-back or points rewards with no annual fee
- Get a one-time $500 cash back bonus or 50,000 bonus points when you enroll in the Business Card Rewards Program and spend $3,000 in the first three months of account open date; $0 annual rewards fee
- Earn 1.5% cash back on every $1 spent
- Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period
- No annual card fee, plus up to 99 employee cards (no additional fee)
- Cash management tools
- Spending reports available online
- Online banking and bill payment options
Pros
- Excellent introductory bonus offer
- No-interest financing period
- Ongoing bonus rewards for meeting monthly spending requirements
Cons
- Low ongoing rewards
- Airline ticket redemption fees
- Points have an expiration
- Purchase security: Wells Fargo offers coverage for purchased items that have been damaged or stolen within 90 days of purchase. They may repair, replace, or reimburse you for the items. Coverage is limited to $10,000 per item and up to $50,000 per year.
- Wells Fargo design studio: Wells Fargo allows you to design your card by uploading an image that represents your company. For example, the image could be your business logo or storefront.
How We Evaluate Business Credit Cards
Ongoing rewards are graded the heaviest when considering all the features of a business credit card. We significantly weigh introductory rewards while considering the annual fee, additional features, and APRs. This Wells Fargo Business Platinum card would need a more substantial ongoing reward structure to help its overall card rating.
We graded the Wells Fargo Business Platinum Card using the following methodology:
| Grading Criteria | ||
|---|---|---|
Ongoing Rewards | ||
Introductory Rewards | ||
Annual Fee | ||
Additional Features | ||
Introductory APR | ||
Ongoing APR | ||
| Total Score |
Although this card has strong introductory rewards and low APRs, we graded this card 73 out of 100 because its cash back rewards are not as strong as other business credit cards that offer 2% or more.
Who Wells Fargo Business Platinum Is Best For
- Business owners who prefer no category restrictions: When your purchases are across the board and don’t fit into one or two categories
- Startup businesses: Small businesses who are just getting started, have minimal debt, and prefer a flexible rewards program
Wells Fargo Business Platinum Fees
- Introductory APR: 0% APR for nine months on purchases and balance transfers
- Ongoing APR: 11.24% to 21.24% variable
- Annual fee: $0
- Balance transfer fee: 4%―$10 minimum with no maximum
- Foreign transaction fee: $0
- Cash advance fee: 4%―$10 minimum and $175 maximum
Wells Fargo Business Platinum Rewards
Sign up for the Wells Fargo Business Rewards program with no annual program fee. You can choose between a cash back or points program:
- Cash back: Earn 1.5% for every $1 spent on all qualifying purchases, with no category limitations. Receive your cash back automatically as a statement credit or a deposit to your eligible checking or savings account each quarter―March, June, September, and December.
- Points: Earn 1 point for every $1 spent on qualifying purchases. Redeem points for gift cards, airline tickets, and more. Purchases made through Earn More Mall® retailers are worth between 2 and 20 points per $1. You can also redeem points online and get a 10% points credit each time. In addition, there are no required spending categories or earning limits.
- Welcome offer: If you select cash back rewards, you could earn a $300 cash back bonus when you spend $3,000 in qualifying purchases in the first three months. You can also select the reward points program and earn 30,000 bonus points when you spend $3,000 in qualifying purchases in the first three months. Plus, receive 1,000 bonus points when your company spends $1,000 or more in any monthly billing period.
How to Maximize Your Wells Fargo Business Platinum Rewards
To make the most of your Wells Fargo Business Platinum card, start by utilizing the 0% introductory APR for the first nine months. Transfer high balances from other cards to your Wells Fargo Business Platinum Rewards card and budget out a monthly payment amount that will reduce the balance to zero by the time the introductory rate ends. Keep in mind that there’s a balance transfer fee of 4% of the amount being transferred.
Select which rewards program you prefer: cash back or points. In the first three months, spend at least $3,000 in qualifying purchases to receive $300 cash back or 30,000 bonus points. If you spend $1,000 or more per month, you’ll receive an additional 1,000 bonus points.
If you spend $1,000 per month, you’ll earn $180 in cash back rewards at the end of 12 months. If you spend the same amount and opt for points, you’ll earn 12,000 points plus another 1,000 bonus points per month for a total of 24,000 points. Since each point equals 1 cent, those points will be worth $240.
Wells Fargo Business Platinum Additional Features
- Online banking: Online financial tools for accessing your account activity, managing your expenses, and setting monthly goals
- Zero Liability Program: Full reimbursement for unauthorized purchases or ATM transactions
- Fraud monitoring: Fraud protection and detection to monitor your business accounts
- Visa purchase security: If eligible purchases are lost, stolen, or accidentally damaged, they’ll be replaced or repaired, or you’ll be reimbursed within 90 days of purchase
Pros & Cons of Wells Fargo Business Platinum
Pros of Wells Fargo Business Platinum
- Generous introductory bonus: Within the first three months of the date you open your account, spend $3,000 with no category restrictions and earn $300 cash back (if you select cash back rewards) or 30,000 bonus points (if you prefer points).
- No-interest introductory financing: For the first nine months, enjoy a 0% APR on both purchases and balance transfers. Make any large purchases during this time or transfer high balances from other cards.
- Ongoing bonus rewards for meeting monthly spending goals: If you select the points program, you earn 1 point for every $1 spent. Receive an additional 1,000 bonus points every billing cycle when you spend at least $1,000 on qualifying purchases.
Cons of Wells Fargo Business Platinum
- Low ongoing rewards: 1.5% for every $1 when you select cash back rewards is low compared to other business credit cards that offer 2% or higher. Also, cash back is credited quarterly rather than at the end of each billing cycle.
- Airline ticket redemption fees: There’s a $24 airline redemption fee if you choose to redeem points for airline tickets. Unless you travel extensively, points may be better spent elsewhere.
- Points will expire: Every November 30, points three years and older will expire, so you need to keep track of when you earned the points. Most small business credit cards don’t set an expiration date on rewards.
Wells Fargo Business Platinum Alternatives
Chase Ink Business UnlimitedSM
With the Chase Ink Business UnlimitedSM card, you also get 1.5% cash back on all purchases with no category restrictions. However, in addition, you get a 0% APR for 12 months instead of nine, and a big introductory offer of $750 after spending $7,500 in the first three months. Check out more suggestions here for the best small business credit cards.
Ink Business Unlimited® Credit Card
BEST FOR
Pocketing 1.5% cash back on every single purchase
- Earn $750 bonus cash back after you spend $7,500 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
Pros
- 0% introductory APR on purchases
- Unlimited cash back rewards on all purchases
Cons
- Introductory APR period doesn’t apply to balance transfers
- 5% balance transfer fee
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes; it provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the US and abroad
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year
- Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of three years or less
American Express Blue Business® Plus
Get 2x points per $1 with this card on the first $50,000 and 1 point per $1 for all purchases after that. With no category restrictions, no annual fee, and a 0% APR for 12 months, this is an excellent alternative to the Wells Fargo Business Platinum card. However, there’s a foreign transaction fee that may not be a good choice for frequent travelers.
The Blue Business® Plus Credit Card from American Express
BEST FOR
Pocketing 2x points per $1 and 0% introductory APR for 12 months
- Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
- Earn 2X Membership Rewards® points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter.
- You’ve got the power to use your Card beyond its credit limit* with Expanded Buying Power.
- *The amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to American Express, and other factors.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 13.24% - 19.24%, based on your creditworthiness and other factors at account opening.
- No Annual Fee
- Terms Apply
Pros
- 0% APR for 12 months on purchases and balance transfer
- Earn 2x points on all spending
Cons
- No lucrative welcome offer
- 2x points rewards are capped at $50,000 in spending
- Extended warranty protection: American Express will match the length of the original manufacturer’s warranty if it’s less than 2 years. It provides an additional 2 years if the original manufacturer’s warranty is between 2 and 5 years. Coverage is limited to $10,000 per occurrence and $50,000 per account each year.
- Purchase protection: The issuer will repair, replace, or reimburse you for an item purchased with the card that was damaged or stolen within 120 days of purchase. Coverage is limited to $1,000 per occurrence and $50,000 per account each year.
U.S. Bank Triple Cash Rewards World EliteTM Mastercard®
If your purchases fit into this card’s spending categories, you’ll earn far more cash back. You’ll get 3% on purchases at gas stations, office supply stores, and mobile phone/service providers, and 1% cash back on all other purchases. You also get an annual bonus of 25% of your prior year’s cash rewards, up to $250. There’s also no annual fee and 0% APR for 12 months.
U.S. Bank Business Triple Cash Rewards Visa®
BEST FOR
0% APR for 15 Billing Cycles
- Introducing the U.S. Bank Business Triple Cash Rewards World Elite™ Mastercard® the card that gives back on all your eligible business needs.
- Limited time offer: Earn $500 in cash back. Just spend $4,500 on the Account Owner's card in the first 150 days of opening your account.
- Earn 3% cash back on eligible purchases at gas stations, office supply stores, cellphone service providers. and restaurants.
- 1% cash back on all other eligible net purchases.
- No limit on total cash back earned.
- Rewards never expire
- Earn an annual $100 statement credit for recurring software subscription expenses like FreshBooks or QuickBooks.
- 0% Intro APR on purchase and balance transfers for 15 billing cycles. After that, a variable APR that is currently 13.99% to 22.99%.
- No annual fee.
- Great Offer from U.S. Bank, a 2021 World's Most Ethical Company® - Ethisphere Institute, February 2021.
Pros
- 0% APR applies to both purchases and balance transfers
- Unlimited cash back rewards
- No annual fee
Cons
- Balance transfer fee is charged even during the introductory period
- Intro APR does not apply to cash advances
- MasterRental car rental collision damage waiver: When you rent a car using your U.S. Bank credit card, you’re covered in case of accident or theft on all rentals made worldwide. Coverage is primary, which means you won’t need to use your personal auto insurance or accept the insurance offered by the rental agency. Coverage is capped at $50,000.
- Purchase assurance: U.S. Bank may repair or reimburse for items purchased with your U.S. Bank business credit card that are damaged or stolen within 90 days of purchase. Coverage is limited to $1,000 per loss, up to $25,000 per year per account. Lost items and items left out of reach that others can see are not covered.
- Extended warranty protection: U.S. Bank will double the manufacturer’s warranty up to an additional 1 year from the expiration of warranties of 5 years or less. An item with a 6-month warranty would be backed for an additional 6 months, for example. The issuer will replace the item or reimburse you up to the amount charged on your U.S. Bank card up to $10,000.
Bottom Line
The Wells Fargo Business Platinum card is a strong choice for business owners who want flexibility in their rewards program with no purchase limitations. Earning cash back or points is easy but be sure to redeem your points right away as they expire three years after you’ve earned them. If you’re already a Wells Fargo customer, adding this card to your accounts will help strengthen your financial relationship and possibly allow you to negotiate better interest rates. Additionally, you can combine points between this card and other Wells Fargo business lines of credit to redeem greater rewards faster. If you’re interested in seeing more business credit card options, check out our Credit Card Marketplace.
