Wells Fargo Business Platinum Credit Card Review

The Wells Fargo Business Platinum Credit Card charges a $0 annual fee, offers a flexible rewards program that can net you either cash back or points, and comes with 0% intro APR periods on purchases and balance transfers. The card could be a smart choice for small business owners looking for a no-annual-fee card with flat-rate rewards and intro APRs.

However, if you’re looking for a card offering a more generous sign-up bonus or one that comes with longer intro APR periods, there are other options worth considering. And if you’re looking for credit card benefits, note that this card doesn’t come with many. We’ll help you evaluate where the card stands out and where it falls short.

• Choose between earning cash back or points

  With the Wells Fargo Business Platinum Credit Card, you can earn 1.5% cash back on qualifying purchases or earn 1 point on every $1 spend and receive 1,000 bonus points every billing cycle when you spend at least $1,000 on qualifying purchases.

  If you opt for earning cash back, the Wells Fargo Business Platinum Credit Card offers a competitive flat rate. Or, if you like the option of redeeming your rewards for gift cards, merchandise, airline tickets and more, you might like the flexibility of the points option.

  Note that if you choose the Wells Fargo Business Platinum Credit Card‘s points option, you can get a credit of 10% of the redemption value every time you redeem points online.

• Earn a sign-up bonus

  Earn a one-time $300 cash back bonus or 30,000 bonus points when you select a Business Card Rewards Program and spend $3,000 in the first three months of account open date.

• Take advantage of a 0% introductory APR period

  If you need to finance a big purchase for your business, you’ll appreciate this card’s intro APR of 0% APR for 9 months. After, a Variable APR of Prime + 7.99% to Prime + 17.99% applies.

  There’s also an intro APR on balance transfers of 0% APR for 9 months. After, a Variable APR of Prime + 7.99% to Prime + 17.99% applies. The balance transfer fee is 4% or $10, whichever is greater.

  Note that you must decide between using the intro APR period for either purchases or balance transfers, not both.

• No annual fee or foreign transaction fee

  The Wells Fargo Business Platinum Credit Card‘s annual fee is $0. And with the $0 foreign transaction fee, you can take this card when traveling abroad without worrying about an additional fee being tacked on every time you use it.

• Choosing points might not be worthwhile

  If you spend less than $1,000 every billing cycle, you won’t earn the monthly bonus points, meaning you’ll get just 1 point per $1 spent. Estimating the value of each point at 1 cent, that’s a subpar rewards rate, considering that you can find cards earning 1.5% or 2% back on every purchase.

  Now, if you spend $1,000 per month on qualifying purchases and earn the 1,000 bonus points on top of your normal earnings, that boosts the rate to around 2% back, which is solid. But as soon as you get to $2,000 spent, the effective rate is down to 1.5%, and only declines with further spending.

  All that to say, unless your monthly spending is consistently between $1,000 and $2,000, you’re probably better off choosing cash back over the points structure.

  See our best cashback credit cards

• You'll get your cash back once per quarter

  If you’re used to cash back being awarded after each monthly billing cycle, the Wells Fargo Business Platinum Credit Card isn’t the card for you. Your cash back is awarded just four times a year, at the end of each calendar quarter.

• The card doesn't offer many benefits

  You’ll get some basic benefits with your account, such as free employee cards, cash management tools and spending reports. You’ll also get Visa purchase security, which protects eligible purchases against damage, theft and accidental damage. But if you’re looking for more premium benefits, such as rental car or trip delay and cancellation coverage, you won’t find it on the Wells Fargo Business Platinum Credit Card.

Compare it to the Ink Business Unlimited^® Credit Card

The Ink Business Unlimited^® Credit Card, issued by Chase, lets you earn unlimited 1.5% cash back on every purchase made for your business. You can also earn the following sign-up bonus: Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.

There’s also a 0% Intro APR on Purchases for 12 months, after which a 17.99% - 23.99% variable APR applies. The card doesn’t offer a 0% intro APR on balance transfers, however.

Cardholders should also beware of the foreign transaction fee of 3% of each transaction in U.S. dollars The Ink Business Unlimited^® Credit Card‘s annual fee is $0, so you don’t have to pay just to carry the card.

Last but not least, benefits with the Ink Business Unlimited^® Credit Card include free employee cards, purchase protection for 120 days against damage or theft, and extended warranty protection (which adds up to an additional year on eligible warranties of three years or less).

The Wells Fargo Business Platinum Credit Card is a good choice for small business owners looking for a basic business card with which to manage cash flow and earn flat-rate rewards. However, we think most cardholders will get more value from the cash back rewards program rather than the points option.

It’s also a solid option for financing a big purchase and paying it off over time or transferring debt from a non-Wells Fargo business card, thanks to its 0% intro APR offers.

However, do note that it’s possible to find better sign-up bonuses with higher payouts on some competing business cards, such as the Ink Business Unlimited^® Credit Card from Chase.