Wells Fargo Platinum Visa Credit Card Review with Pros and Cons
You may have heard of Wells Fargo if you’ve ever had a student loan in the United States. But, did you know that Wells Fargo has credit cards as well? The Wells Fargo Platinum Visa credit card features several cardholder perks. If you’ve never heard of the Wells Fargo card, that’s going to change. We’re going to tell you the positives and the drawbacks of using the Wells Fargo Visa. This way, you’ll know if it’s a good fit for your lifestyle or if you should keep searching.
Wells Fargo Platinum Visa Credit Card Positives
The Wells Fargo credit card comes with a great introductory offer for its cardholders. You get 0% APR on purchases and a reduced 3% balance transfer fee. This is why the Wells Fargo Platinum Visa credit card is a great balance transfer card. You have 15 months to pay everything off without worrying about interest rates. This can work to save you a lot of money. Just be sure you pay it off before the 15 months is up.
No Annual Fee
If you’re a low credit card user, the Wells Fargo Visa is a viable option. Cardholders will pay a $0 annual fee. This means that you can use your card as little or as much as you want. You won’t be worried about trying to make the benefits of this card justify an annual fee.
Cell Phone Protection
The Wells Fargo Platinum Visa Credit Card stands out with a cell phone protection plan. If you pay your monthly cell phone bills with your Wells Fargo credit card, you can enroll in their protection plan. This protection plan will pay up to $600 to repair or replace your lost or damaged phone. You may pay a $25 deductible, but this is low considering cell phones are expensive to replace. You also have a two claim per year limit, but it covers up to four phones with $600 each.
Free Credit Score Monitoring
If you’re trying to rebuild your credit, the Wells Fargo card gives you the tools to make it easy. You’ll get free access to your credit score once a month. This is also great for helping you catch fraudulent purchases early. The earlier you catch them, the easier it is to negate any damage to your credit score.
My Money Map
With your Wells Fargo credit card, you’ll get the My Money Map app. So this app can help you build a budget, and it’s free! It’ll also help you manage your spending. This is a perfect way to find out where your money goes every month. It’s also a great tool to help you manage your money using credit cards and build good financial habits.
Credit Defense Platinum Service
Another standout for the Wells Fargo card is its exclusive safety net. Cardholders can opt into the Credit Defense Platinum Service by Wells Fargo. This optional program will provide a safety net to its cardholders. So if you suffer from an unexpected illness or unemployment, this program will give you fixed payment options. You’ll pay roughly $0.39 per $100 on your balance each month for this service.
Easier Application Process
The Wells Fargo credit card application has more lenient requirements. So you don’t have to have excellent credit to qualify for this card. Wells Fargo will allow someone with good or even average credit to obtain the Wells Fargo Visa. However, you’ll pay for it with higher APR rates once the introductory period ends.
Wells Fargo Platinum Visa Credit Card Drawbacks
The Wells Fargo card comes with a variable APR. The rate you end up with at the end of the promotional period depends on your credit score. It fluctuates between 16.40% and 26.24%. So, if you have lower credit, you’ll pay a higher interest rate each month. If you don’t carry a balance from month to month, this won’t be a problem.
No Rewards or Sign-Up Offers
The Wells Fargo credit card doesn’t have a reward credit card program. This means that you won’t get any extra perks once the introductory offer ends. You won’t get much incentive to use the card a lot. It also doesn’t have a sign-up bonus. You get the card and get the introductory APR period, and that’s all.
Balance Transfer Fee Increases
For the first 15 months, you’ll pay a 3% fee for balance transfers. When this ends, your balance transfer fee jumps to 5%. This can be bad, especially if you forget about a card or incur new charges you want to transfer. If you transfer $1,000 after the introductory period, you’ll pay an additional $50 balance transfer fee.
Bottom Line Benefits of the Wells Fargo Platinum Visa® Card
For anyone who wants a straightforward card, the Wells Fargo Platinum Visa credit card is a viable option. You won’t get any additional rewards or perks, but it’s a solid card. The advantages outweigh the drawbacks, and it’s an excellent tool to build your credit. So, if you’re looking for a card that has a solid performance, check out the Wells Fargo Visa. It’s reliable, dependable, and well worth a second look.
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