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Wells Fargo Platinum card: A Simple Card to Help You Cut Down Debt

If you're looking for a card to help you pay off existing high interest credit card debt or finance a large purchase, consider taking advantage of this card's lengthy introductory APR offer.

Pros:

  • No annual fee
  • Intro APR for new cardholders
  • Cell phone protection

Cons:

  • No rewards
  • High ongoing APR

Experian Review

Sometimes you just need a plain vanilla credit card to help you get to where you're going, whether it's saving money on high interest debt or paying off a big purchase over time. Enter the Wells Fargo Platinum card. It doesn't come with a lot of frills like rewards, but its no-fee structure and excellent introductory APR is hard to beat.

0% Intro APR Period Is One of the Longest Around

You get an introductory 0% APR on both purchases and qualifying balance transfers for a whopping 18 months, which is one of the longest periods available right now. That means if you have existing debt on other high interest credit cards, you can save a lot of money in interest by transferring it to this card and developing a plan to pay off that debt during the 18-month period when you won't accrue any interest.

To take advantage of the intro offer, you must complete the transfer within 120 days of opening the account. And you'll pay a balance transfer fee of 3% or $5, whichever is greater. That means if you're transferring $10,000 worth of debt, you'll be charged a $300 fee. (The transfer fee jumps to 5% after the 120-day period, and you won't be eligible for the introductory APR.)

The introductory APR also applies to purchases, so it won't hurt you to use this card on new stuff as you're paying off existing debt. It's also excellent for financing a big purchase. Need a new washing machine? Buy it with this card, and pay off the sum over 18 months instead of making a big outlay upfront.

Cell Phone Protection Is a Nice Perk

If you use your Wells Fargo Platinum card to pay for your monthly cell phone bill, you'll be covered for up to $600 if the phone is damaged or stolen. The coverage does not apply if the cell phone is lost. Reimbursement is limited to the repair or replacement of your original cell phone, minus a $25 deductible, with a maximum benefit limit of $600 per claim and $1,200 per 12-month period.

Take Advantage of the Introductory APR While You Can

After the introductory APR ends, the APR will jump to a variable rate between 16.99% and 26.49%, depending on your creditworthiness. If you end up qualifying for an interest rate on the higher end of the spectrum, you may want to switch to a different card that saves you money on interest charges. And if you aren't carrying any debt, there are plenty of no-fee cards that will also earn you rewards on purchases—a benefit not available with this one.

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