Wells Fargo Business Platinum Credit Card Review for 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
This article is part of a larger series on Best Small Business Credit Cards.
With the Wells Fargo Business Platinum Credit 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. Also, there’s no annual fee and a 0% annual percentage rate (APR) for the first nine months.
To see how this card stacks up against others that we have reviewed on our site, click Add to Compare on the card below and select up to two additional cards for comparison.
Wells Fargo Business Platinum Credit Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Choosing cash back or points rewards with no annual fee
Intro APR
0%
Regular APR
12.74% - 22.74% Variable
Annual Fee
$0
Credit Needed
Excellent
- Get a one-time $300 cash back bonus or 30,000 bonus points when you enroll in the Business Card Rewards Program and spend $3,000 in the first three months of account open date
- 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
- Register employee cards with no additional fees
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.
Intro APR
0%
Regular APR
12.74% - 22.74% Variable
Annual Fee
$0
Credit Needed
Excellent
- Get a one-time $300 cash back bonus or 30,000 bonus points when you enroll in the Business Card Rewards Program and spend $3,000 in the first three months of account open date
- 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
- Register employee cards with no additional fees
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 considered first when weighing all the features of cards such as the Wells Fargo Business Platinum Credit Card. Next, we consider the introductory rewards in addition to the annual fee, additional features, and APRs.
| Grading Criteria | ||
|---|---|---|
Ongoing Rewards | ||
Introductory Rewards | ||
Annual Fee | ||
Additional Features | ||
Introductory APR | ||
Ongoing APR | ||
| Total Score |
Who the Wells Fargo Business Platinum Credit Card Is Best For
- Business owners who prefer no category restrictions: This is a great card to choose when your purchases are across the board and don’t fit into one or two categories.
- Startup businesses: Small businesses that are just getting started, have minimal debt, and prefer a flexible rewards program should consider this card.
- Businesses with annual sales of up to $2 million: The Wells Fargo Business Platinum Credit Card is best if your business has annual sales of up to $2 million, as its cash back and points system let you earn more after spending a certain amount on qualifying purchases.
Wells Fargo Business Platinum Credit Card Fees
- Introductory APR: 0% APR for nine months on purchases and balance transfers
- Ongoing APR: Prime plus 7.99% to prime plus 17.99%
- Grace period: Up to 25 days on purchases
- Annual fee: $0
- Balance transfer fee: Varies, may need to refer to specific offer details
- Foreign transaction fee: $0
- Cash advance / transfer fee: Prime plus 20.74%
- Late charges: $25 / $39 / $50
- Overlimit fee: $39
- Returned payment fee: $29
- Overdraft protection advance fee (to linked Wells Fargo deposit account): $12.50 / $20
- Stop payment fee: $29 for every Stop Payment request
- Wire transfer / quasi cash fee: 4% minimum, $10 no maximum
Wells Fargo Business Platinum Credit Card 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 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 either earn a $300 cash back bonus or 30,000 bonus points after spending $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 Credit Card 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.
How to Make Your Payments on the Wells Fargo Business Platinum Credit Card
- Automatic payments: Sign up for automatic payments through Wells Fargo Business Online® and going to the “Add Credit Card Features,” where you can enable automatic payments from your business checking account.
- By mail: Mail your payment to:
Payment Remittance Center
PO Box 77033
Minneapolis, MN 55480-7766
- By phone: Call (800) 225-5935
Wells Fargo Business Platinum Credit Card 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
- Travel accident insurance: Can receive coverage of up to $250,000 per card
Pros & Cons of the Wells Fargo Business Platinum Credit Card
| PROS | CONS |
|---|---|
| Generous introductory bonus: If you spend $3,000 (with no category restrictions) within the first three months of opening an account, you’ll earn $300 cash back (if you select cash back rewards) or 30,000 bonus points (if you prefer points). | Low ongoing rewards: You’ll only receive 1.5% for every $1 when you select cash back rewards. Also, cash back is credited quarterly rather than at the end of each billing cycle. |
| No-interest introductory financing: For the first nine months, enjoy a 0% APR on both purchases and balance transfers. | 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. |
| Ongoing bonus rewards for meeting monthly spending goals: If you select the points program, you’ll 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. | 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. |
| Employee cards: Wells Fargo offers additional cards for employees at no additional fee. | |
Wells Fargo Business Platinum Credit Card 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. We chose this card as the overall best small business credit card.
Ink Business Unlimited® Credit Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Pocketing 1.5% cash back on every single purchase
Intro APR
0% Intro APR on Purchases
Regular APR
13.49% - 19.49% Variable
Annual Fee
$0
Credit Needed
- 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
- Charges foreign transaction fees
- Requires excellent credit to qualify
- 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
Intro APR
0% Intro APR on Purchases
Regular APR
13.49% - 19.49% Variable
Annual Fee
$0
Credit Needed
Good, Excellent
- 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
- Charges foreign transaction fees
- Requires excellent credit to qualify
- 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
The American Express Blue Business® Plus card gives you 2x points per $1 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 of 2.7% for every transaction after converting to US dollars—which may not be a good choice for frequent travelers.
The Blue Business® Plus Credit Card from American Express
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Pocketing 2x points per $1 and 0% introductory APR for 12 months
Intro APR
0% on purchases
Regular APR
13.99% - 21.99% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- 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, 13.99% - 21.99%, based on your creditworthiness and other factors at account opening.
- No Annual Fee
- Terms Apply
Pros
- No annual fee
- 0% APR for 12 months on purchases and balance transfer
- Welcome offer bonus points
- Expanded buying power
- Fixed-rate rewards
Cons
- Cash advances aren’t allowed
- Charges foreign transaction fees
- 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 two years. It provides an additional two years if the original manufacturer’s warranty is between two and five 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.
Intro APR
0% on purchases
Regular APR
13.99% - 21.99% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- 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, 13.99% - 21.99%, based on your creditworthiness and other factors at account opening.
- No Annual Fee
- Terms Apply
Pros
- No annual fee
- 0% APR for 12 months on purchases and balance transfer
- Welcome offer bonus points
- Expanded buying power
- Fixed-rate rewards
Cons
- Cash advances aren’t allowed
- Charges foreign transaction fees
- 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 two years. It provides an additional two years if the original manufacturer’s warranty is between two and five 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.
American Express Blue Business CashTM
The American Express Blue Business CashTM offers fixed-rate rewards for all eligible purchases, regardless of the category. This card also gives you a 0% introductory APR for the first 12 months and 2% cash back on all eligible purchases up to $50,000 per calendar year, then 1% cash back after that. This card is our top pick for best cash back business credit card.
American Express Blue Business Cash™ Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
Intro APR
0% on purchases
Regular APR
13.99% - 21.99% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1% cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- Just remember, 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, 13.99% - 21.99%, based on your creditworthiness and other factors as determined at the time of account opening.
- No Annual Fee
- Terms Apply
Pros
- 0% intro APR
- Welcome bonus
- Fixed rate rewards
- No annual fee
Cons
- Cash advance isn’t allowed
- Charges foreign transaction fees
- 2% cash back is capped at $50,000 in annual spending
- Expanded buying power: Enjoy flexible buying power, when your business needs it. Expanded buying power gives you the freedom to spend beyond your credit limit and help get business done. While the amount you can spend above your credit limit isn't unlimited, it adjusts with your use of the card, your payment history, credit record, financial resources known to us and other factors.
- Car rental loss and damage insurance: As a Card Member, You can be covered for damage to or theft of a rental vehicle in a covered territory when you use your eligible card to reserve and pay for the entire rental and decline the collision damage waiver at the rental company counter.
Intro APR
0% on purchases
Regular APR
13.99% - 21.99% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1% cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- Just remember, 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, 13.99% - 21.99%, based on your creditworthiness and other factors as determined at the time of account opening.
- No Annual Fee
- Terms Apply
Pros
- 0% intro APR
- Welcome bonus
- Fixed rate rewards
- No annual fee
Cons
- Cash advance isn’t allowed
- Charges foreign transaction fees
- 2% cash back is capped at $50,000 in annual spending
- Expanded buying power: Enjoy flexible buying power, when your business needs it. Expanded buying power gives you the freedom to spend beyond your credit limit and help get business done. While the amount you can spend above your credit limit isn't unlimited, it adjusts with your use of the card, your payment history, credit record, financial resources known to us and other factors.
- Car rental loss and damage insurance: As a Card Member, You can be covered for damage to or theft of a rental vehicle in a covered territory when you use your eligible card to reserve and pay for the entire rental and decline the collision damage waiver at the rental company counter.
Bottom Line
The Wells Fargo Business Platinum Credit 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 with 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.
