Wells Fargo Business Platinum Credit Card Review for 2023
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 choose which rewards program benefits your business the most, cash back or points, and rewards can be applied toward all purchases, with no category limitations. Since it’s a Visa card, you can enjoy its wide acceptance and reputation for reliability and security. Also, it has a 0% annual percentage rate (APR) for the first nine months and no annual fee.
If you wish to compare one card over another, select a maximum of three cards on this page and click Add to compare to view the details in a side-by-side 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:
Those with a Wells Fargo checking or savings account that has been open for at least one year
Intro APR
0%
Regular APR
Prime + 7.99% to Prime + 17.99% on purchases
Annual Fee
$0
Credit Needed
Good to 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
- Cardholders can choose between cash back or points in earning rewards
- With an interest-free financing period for the first nine billing cycles
- Can create up to 99 employee cards at no additional cost
Cons
- Cash back rewards are distributed on a quarterly basis
- You’ll need a Wells Fargo checking or savings account that has been open for at least one year to qualify
- Travel and emergency assistance services: Available for Visa cardholders 24 hours a day, 365 days a year. Specific services and their details can be found here.
- Extended warranty protection: Warranty coverages can be doubled up to one additional year on eligible warranties of three years or fewer.
- Employee cards: You can create up to 99 employee cards at no additional cost
- Zero liability protection and fraud monitoring: Can be fully reimbursed for unauthorized purchases or ATM transactions. In addition, Wells Fargo proactively monitors your business accounts to prevent fraudulent use of your card.
Intro APR
0%
Regular APR
Prime + 7.99% to Prime + 17.99% on purchases
Annual Fee
$0
Credit Needed
Good to 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
- Cardholders can choose between cash back or points in earning rewards
- With an interest-free financing period for the first nine billing cycles
- Can create up to 99 employee cards at no additional cost
Cons
- Cash back rewards are distributed on a quarterly basis
- You’ll need a Wells Fargo checking or savings account that has been open for at least one year to qualify
- Travel and emergency assistance services: Available for Visa cardholders 24 hours a day, 365 days a year. Specific services and their details can be found here.
- Extended warranty protection: Warranty coverages can be doubled up to one additional year on eligible warranties of three years or fewer.
- Employee cards: You can create up to 99 employee cards at no additional cost
- Zero liability protection and fraud monitoring: Can be fully reimbursed for unauthorized purchases or ATM transactions. In addition, Wells Fargo proactively monitors your business accounts to prevent fraudulent use of your card.
When evaluating business credit cards like the Wells Fargo Business Platinum Credit Card, we first considered the introductory and ongoing annual percentage rates (APR). After which, we check if the card offers introductory and ongoing rewards and its standout features, such as purchase protection and extended warranty.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Introductory APR | 30 | 35 |
Ongoing APR | 25 | 35 |
Features | 8 | 10 |
Introductory Rewards | 10 | 10 |
Ongoing Rewards | 10 | 10 |
Total Score | 83 | 100 |
Who the Wells Fargo Business Platinum Credit Card Is Best For
- Those who prefer no category restrictions: This is a great card to choose when your purchases are across the board and don’t fit into just one or two categories.
- Those who run a new business: Small businesses that are just getting started, have minimal debt, and prefer a flexible rewards program should consider this card.
- Those with an active Wells Fargo checking or savings account: To qualify for the card, you’re required to have a Wells Fargo checking or savings account that has been active for more than a year.
See our recommended alternatives below if this card doesn’t fit your business needs.
Wells Fargo Business Platinum Credit Card Fees
APR
- Introductory APR: 0% for nine months after account opening
- Ongoing APR: Prime plus 7.99% to prime plus 17.99% on purchases, depending on your personal and business credit evaluation
- Cash advance APR: Prime plus 20.74%
Fees
- Annual/Inactive account: $0
- Balance transfer: 4% ($10 minimum, no maximum) per balance transfer check and convenience check transaction
- Foreign transaction: $0
- Cash advance/transfer: 4% ($10 minimum, $175 maximum)
- Late charges: $25, $39, or $50
- Overlimit: $39
- Returned payment: None
- Overdraft protection advance fee (to linked Wells Fargo deposit account): None
- Stop payment: $29 for every Stop Payment request
- Wire transfer/quasi cash: 4% ($10 minimum, no maximum)
The current payment due will be at least 25 days after the Statement Closing Date. Your payment due is equal to the greatest of one of the following:
- The sum of bank fees and finance charges plus 1% of the new balance
- 2% of the new balance
- $25
Wells Fargo Business Platinum Credit Card Rewards
You can sign up for the Wells Fargo Business Rewards program for free and 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.
- Earned cash back is credited every quarter―March, June, September, and December―to either your Wells Fargo business credit card account or an eligible business checking or savings account.
- 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 two 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: You can earn either a $300 cash back bonus or 30,000 bonus points, depending on which option you choose, 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 Make Your Payments on the Wells Fargo Business Platinum Credit Card
- Automatic payments: Sign up for automatic payments through Wells Fargo Business Online® and go to “Add Credit Card Features,” where you can enable automatic payments from your business checking account.
- Mail: Mail your payment to:
Payment Remittance Center
PO Box 77033
Minneapolis, MN 55480-7733
- Phone: Call (800) 225-5935.
Wells Fargo Business Platinum Credit Card Features
Visa-specific Benefits
- Travel and emergency assistance services: This is available for Visa cardholders 24 hours a day, 365 days a year. Specific services and their details can be found here.
- Auto rental collision damage waiver: You can get reimbursement for damages because of either theft or collision, worth up to the Actual Cash Value of most rented cars.
- Purchase security/extended protection: This replaces, repairs, or reimburses items that were bought using this card. You can get claims of up to $10,000 per claim and $50,000 per cardholder.
- Extended warranty protection: Warranty coverages can be doubled up to one additional year on eligible warranties of three years or fewer.
Benefits from Wells Fargo
- Business credit card reporting: Available for cardholders to help analyze and track cardholder spending, identify cost savings, and download/print reports.
- Zero liability protection and fraud monitoring: Can be fully reimbursed for unauthorized purchases or ATM transactions. In addition, Wells Fargo proactively monitors your business accounts to prevent fraudulent use of your card.
- Auto rental insurance: You can get coverage for collision and theft
- Travel accident insurance: Receive coverage of up to $250,000 per card
- Overdraft protection: Be protected from both overdrafts and overdraft fees.
- Employee cards: You can create up to 99 employee cards at no additional cost
Wells Fargo Business Platinum Credit Card Alternatives
Chase Ink Business Unlimited®
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
17.99% - 23.99% Variable
Annual Fee
$0
Credit Needed
Good - Excellent
- Earn $750 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.
- Round-the-clock monitoring for unusual credit card purchases
- 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
- Member FDIC
Pros
- With interest-free financing option on purchases
- Fixed unlimited cash back on all purchases
Cons
- Does not have interest-free financing option on balance transfers
- Charges high foreign transaction fees
- Auto rental collision damage waiver: You can decline the company’s collision insurance and charge the entire rental cost to this card.
- Travel and emergency assistance services: Call the Benefit Administrator for legal and medical referrals or other travel and emergency assistance.
- Purchase protection: You can ensure that your new purchases are covered for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.
- Zero liability protection: Chase will not hold you responsible for unauthorized transactions made with both your card and your account information.
- Cellphone protection: Receive up to $1,000 per claim in cellphone protection against covered theft or damage for you and your employees included in your monthly cellphone bills when using your card to pay for it. This applies for a maximum of three claims within a 12-month period and will charge a $100 deductible per claim.
Intro APR
0% Intro APR on Purchases
Regular APR
17.99% - 23.99% Variable
Annual Fee
$0
Credit Needed
Good - Excellent
- Earn $750 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.
- Round-the-clock monitoring for unusual credit card purchases
- 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
- Member FDIC
Pros
- With interest-free financing option on purchases
- Fixed unlimited cash back on all purchases
Cons
- Does not have interest-free financing option on balance transfers
- Charges high foreign transaction fees
- Auto rental collision damage waiver: You can decline the company’s collision insurance and charge the entire rental cost to this card.
- Travel and emergency assistance services: Call the Benefit Administrator for legal and medical referrals or other travel and emergency assistance.
- Purchase protection: You can ensure that your new purchases are covered for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.
- Zero liability protection: Chase will not hold you responsible for unauthorized transactions made with both your card and your account information.
- Cellphone protection: Receive up to $1,000 per claim in cellphone protection against covered theft or damage for you and your employees included in your monthly cellphone bills when using your card to pay for it. This applies for a maximum of three claims within a 12-month period and will charge a $100 deductible per claim.
- Chase Ink Business Unlimited® is a viable alternative for those wanting fixed-rate cash back rewards on all business-related purchases
- Offers 0% introductory APR on purchases for the first 12 months
- Doesn’t charge annual fees
- Lets you earn unlimited 1.5% cash back on all business-related purchases
- Has a welcome bonus cash back worth $750 after spending $6,000 on purchases in the first three months
- Is our leading credit card for new businesses with no credit history and top-recommended small business credit card.
PNC BusinessOptions® Visa Signature® Credit Card
PNC BusinessOptions® Visa Signature® 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:
Those who want the option to either carry a balance or pay in full
Intro APR
N/A
Regular APR
15.49% to 21.49% variable
Annual Fee
$0 to $500, based on annual net purchases
Credit Needed
Good to Excellent
- Annual fee is based on the annual total of net purchases for the previous 12 billing cycles
- You can choose to earn either cash rebates, travel rewards, or points rewards
- You can choose either a pay-in-full option with a credit limit up to $250,000 or a revolve option with a credit limit up to $50,000
- No foreign transaction fee
- Expense allocation features provided by the Advanced Reporting Tool
Pros
- Option to carry a balance or pay in full
- No foreign transaction fee
- Three different reward options available
Cons
- Annual fee is based on yearly expenses
- Low cash back rewards for pay-in-full option
- High spending requirement for sign-up bonus
- Cash Flow Insight®: This tool helps you monitor your spending categories so you can plan your budget.
- Advanced reporting tool: Enroll in the advanced reporting tool to allocate and analyze expenses.
- All benefits of a Visa® card: This card comes with all the benefits of a Visa® credit card, including worldwide acceptance and fraud protection.
Intro APR
N/A
Regular APR
15.49% to 21.49% variable
Annual Fee
$0 to $500, based on annual net purchases
Credit Needed
Good to Excellent
- Annual fee is based on the annual total of net purchases for the previous 12 billing cycles
- You can choose to earn either cash rebates, travel rewards, or points rewards
- You can choose either a pay-in-full option with a credit limit up to $250,000 or a revolve option with a credit limit up to $50,000
- No foreign transaction fee
- Expense allocation features provided by the Advanced Reporting Tool
Pros
- Option to carry a balance or pay in full
- No foreign transaction fee
- Three different reward options available
Cons
- Annual fee is based on yearly expenses
- Low cash back rewards for pay-in-full option
- High spending requirement for sign-up bonus
- Cash Flow Insight®: This tool helps you monitor your spending categories so you can plan your budget.
- Advanced reporting tool: Enroll in the advanced reporting tool to allocate and analyze expenses.
- All benefits of a Visa® card: This card comes with all the benefits of a Visa® credit card, including worldwide acceptance and fraud protection.
- PNC BusinessOptions® Visa Signature® Credit Card is a great option if you want to take control of credit card usage, fees, and rewards
- Doesn’t offer an introductory APR on purchases and balance transfers
- Has an annual fee, which varies depending on the amount of net purchases
- Lets you choose between three rewards programs—cash back, points, or travel rewards
American Express Blue Business CashTM
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.
BEST FOR:
Those who want better cash back rewards
Intro APR
0% on purchases
Regular APR
18.24% - 26.24% 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 us and other factors.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 18.24% - 26.24%, 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
18.24% - 26.24% 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 us and other factors.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 18.24% - 26.24%, 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.
- American Express Blue Business CashTM is a good option if you want cash back rewards, a longer interest-free financing option, and the ability to spend over your credit limit
- Offers 0% introductory APR on purchases for the first 12 billing cycles
- Lets you earn 2% cash back on all eligible purchases up to $50,000 per calendar year, then 1% cash back thereafter
- Allows you to spend over your credit limit through their Expanded Buying Power
For more options, visit our roundup of the best small business credit cards.
Bottom Line
Wells Fargo Business Platinum Credit Card is a strong choice for business owners who want flexibility in their rewards program with no purchase limitations. 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.
