Wells Fargo Business Platinum Credit Card Review 2019

The Wells Fargo Business Platinum Credit Card is a solid pick for business owners who value ongoing fixed-rate rewards over category bonuses. It offers either 1.5% cash back or one point per dollar spent on all purchases. The card carries no annual fee and an ongoing annual percentage rate (APR) as low as 13.49%.

The best small business credit cards that offer fixed-rate rewards pay up to 2% cash back or two times the points on all purchases. The also offer introductory rewards of as much as $500. The Wells Fargo card offers an excellent sign-up bonus worth $500, but ongoing rewards and benefits that fall short of the best cards. After assessing its costs and benefits, we give the Wells Fargo Business Platinum Credit Card three out of five stars.

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How We Evaluated the Wells Fargo Business Platinum Card

We evaluated the Wells Fargo Business Platinum Credit Card and found it offers small business owners the unique choice of earning either 1.5% cash back on all spending or one point per dollar spent. If you choose points rewards, you’ll receive a 1,000-point bonus each month your company spends at least $1,000. Owners could earn a higher return with other cards, like the American Express Blue Business® Plus Card, which pays two times the points on all spending.

We considered the following criteria when grading this card based on what owners might need and want in a fixed-rate rewards credit card:

• Ongoing rewards: The cash back or points you’ll earn by using the Wells Fargo Platinum business credit card; this card uniquely earns either cash back or points, which can be used for travel
• Introductory rewards: The cash back or points you’ll earn by reaching minimum spending requirements during the first few months of card ownership; the Wells Fargo Platinum business credit card offers $500 cash back after you spend $3,000 within three months
• Annual fee: How much you’ll pay each year to own the card; the Wells Fargo Platinum business credit card charges no annual fee
• Additional benefits: Whether the card comes with free perks that may increase its value; the Wells Fargo Platinum business credit card offers benefits like purchase assurance, which protects your purchases against theft
• Intro APR: Whether the card offers a period of no-interest financing on purchases or balance transfers; the Wells Fargo Platinum business credit card offers 0% introductory APR for nine months on purchases and balance transfers
• Ongoing APR: How much it will cost to finance purchases on the card; this card charges an ongoing APR as low as 13.49%, which is excellent for a small business credit card

We weight ongoing and introductory rewards heaviest when grading small business credit cards that offer fixed-rate rewards. Although the Wells Fargo Business Platinum Credit Card offers among the best introductory rewards in its category, the card’s value over time is less because it offers 1.5% back. Top cards like the Capital One® Spark® Cash for Business pay 2%.

How We Evaluate Cash Back Business Credit Cards

When grading cash back business credit cards like the Wells Fargo Business Platinum Card, we weight the card’s ongoing rewards the heaviest. We also weigh the introductory rewards heavily, while considering the annual fee, additional features, and APRs. This Wells Fargo 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:

Based on our five-star rating system where 20 points equals one star, the Wells Fargo Business Platinum Card would need to offer more substantial ongoing rewards to earn the next half star. In cases where cards receive perfect scores in most categories, we may award bonus points to boost the card’s rating.

Despite the strong introductory rewards and low APRs (introductory and ongoing), this grade is appropriate because the Wells Fargo Business Platinum Card doesn’t provide cardholders with the best cash back rewards. There are better cash back cards to choose from than the Wells Fargo Business Platinum Card. Other fixed-rate cash back credit cards offer as much as 2% cash back or 2x points on everyday spending.

Who the Wells Fargo Business Platinum Credit Card Is Right For

The Wells Fargo Business Platinum Credit Card is best for owners who want to earn fixed-rate rewards, with the flexibility to switch between cash back and points. You’ll have to make the switch after the introductory bonus period ends. Plus, the card charges no annual fee and offers up to 99 employee cards at no charge, which could be helpful for a business that doesn’t have enough revenue to qualify for a corporate credit card.

Wells Fargo Business Platinum Credit Card Costs

The Wells Fargo Business Platinum Card includes an introductory 0% APR for nine months on purchases and balance transfers. The ongoing APR is 13.49% to 23.49%, which is identical to the ongoing APR on the Bank of America® Business Advantage Cash Rewards Mastercard®. Both the Wells Fargo and Bank of America cards offer among the lowest ongoing APRs available on business credit cards today.

Financing costs and fees on the Wells Fargo Business Platinum Credit Card include:

• Introductory APR: 0% APR for nine months on purchases and balance transfers
• Ongoing APR: 13.49% to 23.49%, which will adjust with the prime rate
• Annual fee: None
• Balance transfer fee: Varies, based on the specific offer you receive
• Foreign transaction fee: None
• Cash advance fee: 4% of the advance; minimum $10 and maximum $175
• Late payment fee: $25 on balances less than $100; $39 on balances greater than $100; $50 if your account is delinquent two or more times in the past 12 billing cycles
• Returned payment fee: $29
• Penalty APR: None

This Wells Fargo credit card offers an interest-free period that is on par with the best 0% APR business credit cards. If you need free financing for more than nine months, look to a card like Chase Ink Business Cash℠, which offers 0% introductory APR for 12 months on purchases.

How to Avoid Paying Interest on the Wells Fargo Business Platinum Credit Card

Your payment due date on the Wells Fargo Business Platinum Credit Card is at least 25 days after the close of the business cycle ― when you receive your bill. Pay your balance in full by the due date to avoid interest charges. If you are charged interest, you’ll pay no less than $1. Other business credit cards offer identical grace periods.

Wells Fargo Business Platinum Credit Card Rewards

The Wells Fargo Business Platinum Credit Card offers fixed-rate rewards on all spending. You may choose to receive your rewards in the form of points or cash back. It also offers top introductory rewards with no annual fee, which makes this card a solid choice among new business credit cards.

Introductory Rewards

After you choose whether to earn points or cash back, you can earn an introductory bonus of either:

• 50,000 points when you spend $3,000 within the first three months after account opening, or
• $500 cash back when you spend $3,000 within the first three months after account opening

The introductory rewards on this Wells Fargo business credit card are excellent for a small business credit card that charges no annual fee. The best business credit cards for travel may offer higher rewards, but that often comes at a higher cost. The Chase Ink Business Preferred℠ card offers 80,000 points, but you’ll have to spend $5,000 — and a $95 annual fee.

Ongoing Rewards

After you choose whether to earn points or cash back, you can earn ongoing rewards of either:

• 1.5% cash back for every $1 spent on purchases
• One point for every $1 spent on net purchases and 1,000 bonus points when your company spends $1,000 in any monthly billing period

The bonus points are worth at least $10 when redeemed for gift cards, merchandise, or airline tickets. All other spending above $1,000 on the Wells Fargo card is worth one times the points.

Rewards Restrictions

The Wells Fargo Business Platinum Credit Card won’t reward points for the following:

• Returned purchases
• Balance transfers
• Wells Fargo convenience checks, called SUPERCHECKS
• Fees or interest posted to the account

Keep in mind that every November 30 and points three years and older will expire. Most small business credit cards do not set an expiration date on rewards.

How To Redeem Your Rewards

The Wells Fargo Business Platinum Credit Card and the Wells Fargo Business Elite Card are the only two small business credit cards that we’ve reviewed that allows you to redeem rewards either in the form of cash back or points. The redemption process is different based on which form you choose as are potential costs and bonuses.

When you choose cash back, redemption is automatic as you’ll receive a statement credit, or the bank will deposit cash rewards in your eligible checking or savings account once per quarter. Most cash back small business credit cards require users to redeem rewards manually — although they can do so at any time.

When you choose points rewards, you can redeem your points for gift cards, merchandise, or airline tickets. You’ll receive a 10% point credit when you redeem points online, but you’ll pay a $24 redemption fee when you redeem your points for airline tickets. Other Wells Fargo business credit cards charge a redemption fee, including the Wells Fargo Business Secured Credit Card, but most other issuers offer free redemption.

Wells Fargo Business Platinum Credit Card Additional Features

The Wells Fargo Business Platinum Credit Card offers several travel and other protections as complimentary perks, including purchase protection. These additional benefits are not unique and are offered by numerous other small business credit cards, although coverage and restrictions may vary.

Purchase Security

Wells Fargo may repair, replace, or reimburse for items purchased with your credit card that are damaged or stolen within 90 days of purchase. Coverage is limited to $10,000 per item, up to $50,000 per year.

What Purchases the Wells Fargo Business Platinum Credit Card Covers

You’ll receive coverage on all eligible purchases made entirely using your Visa business card.

What Purchases the Wells Fargo Business Platinum Credit Card Excludes

The following purchases are not covered by purchase protection:

• Animals and living plants
• Antiques or collectible items
• Boats, aircraft, automobiles, and any other motorized vehicles
• Computer software
• Items purchased for resale
• Items that are lost or that vanish in an unexplained manner without evidence of a wrongful act
• Items under the care and control of a common carrier like the United States Postal Service or an airline
• Jewelry and watches stored in checked baggage
• Theft or damage resulting from abuse, fraud, hostilities of any kind, confiscation by the authorities, risks of contraband, illegal activities, normal wear and tear, flood, earthquake, radioactive contamination, or damage from inherent product defects
• Medical equipment
• Perishables or consumables
• Real estate
• Rented or leased items
• Traveler’s checks, cash, tickets, credit or debit cards, and any other negotiable instruments
• Used or pre-owned items

Business credit cards that offer this coverage typically limit coverage to either 90 or 120 days after purchase. The Wells Fargo Business Platinum Card offers a shorter coverage window than the Chase Ink Business Unlimited℠. Exclusions here are common across small business credit cards.

Wells Fargo Design Studio

You can customize the design of your Wells Fargo Business Platinum Credit Card by uploading an image that represents your business. The image could include things like your business logo, your storefront or your product line. Other Wells Fargo business credit cards offer this feature, but this is not available from other major issuers.

Adding Wells Fargo Business Platinum Credit Card Employee Credit Cards

You can add up to 99 employee credit cards at no cost. If you need more, the Wells Fargo Business Elite card allows up to 200 employee cards. Some issuers recommend you consider a corporate credit card when you need 75 or more cards, but you’ll need to meet revenue requirements to qualify. Most small business credit card issuers (with the exception of American Express) charge no fee on employee credit cards, even if the primary card carries an annual fee.

What the Wells Fargo Business Platinum Credit Card Is Missing

The fixed-rate return on the Wells Fargo Business Platinum Credit Card is lower than other credit cards offer. You’ll earn two times the points on all spending up to $50,000 annually with the American Express Blue Business® Plus card. You also won’t have a chance to earn category bonuses of up to 5% like the Chase Ink Business Cash℠ offers on the first $25,000 spent annually on combined purchases at office supply stores, and internet, cable, and phone services.

Wells Fargo Business Platinum Credit Card Reviews

We searched the internet to find Wells Fargo Business Platinum Credit Card reviews, which are mixed. Users who like this card say they enjoy the opportunity to choose whether to receive points or cash back. Some users find the 1.5% cash-back rewards underwhelming given that other credit cards offer higher returns.

How to Apply for the Wells Fargo Business Platinum Credit Card

You can apply online for the Wells Fargo Business Platinum Credit Card only if you already have a checking or savings account open with the bank for at least a year. Others need to apply in person at a branch. Before you apply, learn how to get a business credit card.

Existing customers can log into their account to check their application status. If you aren’t immediately approved, you can check your application status online at Wells Fargo. If you’re not an existing banking customer, you’ll need to provide your last name, date of birth, last four digits of your Social Security number, and the access code Wells Fargo sent to you via email.

Once approved, you’ll receive your card within seven to 10 business days.

How to Login to Your Wells Fargo Business Platinum Credit Card Account

Login to your Wells Fargo business card account by providing your user ID and password. You can also contact customer service for Wells Fargo business cards at 877-436-4170.

Other Wells Fargo Business Credit Cards

Wells Fargo offers two other business credit cards, each designed with distinct audiences in mind. One card offers a secured option to business owners with bad credit while the other is unsecured and designed for businesses with annual sales over $1 million. Both cards offer ongoing rewards.

The other small business credit cards offered by Wells Fargo include the:

• Wells Fargo Business Secured Credit Card: This is the top nationally available business secured credit card; it is best for owners with a credit score below 580 and cash reserves of up to $25,000 who otherwise wouldn’t be able to qualify for a credit card; you’ll pay a $25 annual fee and earn ongoing points or cash back for spending
• Wells Fargo Business Elite Card: This card is best for companies that make monthly charges of $10,000 or more; it offers higher credit limits, enhanced benefits and added security to control employee spending; you’ll pay a $75 annual rewards program fee, which is waived the first year; you’ll earn introductory and ongoing points or cash back

Alternatives to the Wells Fargo Business Platinum Credit Card

If earning as many rewards on your credit card spending is a top priority, there are better cards to choose than the Wells Fargo Business Platinum Credit Card. Other fixed-rate cards offer as much as 2% cash back or two times the points on everyday spending. Cards with bonus categories may offer up to 5% cash back or five times the points on select categories.

3 Alternatives to the Wells Fargo Business Platinum Credit Card

For rates and fees on the American Express Blue Business® Plus Card, please click here.