Wells Fargo Platinum Card Reviews - What Is It?
DO NOT USE Wells Fargo Platinum Card!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
The Wells Fargo Platinum Card is a basic balance transfer card that is suitable for those who wish to pay down credit card debt fast, especially if this person is a Wells Fargo customer. The card offers cell phone insurance which is available only if you pay your bill with this card. Other attributes are not as attractive. Here is basic information you need to know about this card. This balance transfer card offers several benefits that attract people looking to pay down debt. It features lengthy 0% APR period on balance transfers and purchases for eighteen months. Then the APR ranges from 16.90% to 26.74%. There is no annual fee, which is common with cards of the kind, though.
The card offers cell phone insurance. Paying your monthly cell phone bill with this card will provide you with an opportunity to get up to $600 of protection on your cell phone against theft or damage. It should be mentioned that the coverage is subject to a $25 deductible. Another perk of the Wells Fargo Platinum Card is simpler banking, since the card is claimed to be helpful in keeping your credit and banking accounts under the same roof. Payment transfers are promised to be quicker because customer service representatives are good at your finances. Wells Fargo customers might find this tempting about the card. Let us take a look at the consumer and expert reviews of the card to get a better idea of how it works.
Customer Reviews - Does Wells Fargo Platinum Card Really Work?
You might want to consider a different card for a few reasons. The card we are discussing today has some positive features, but some of them have a dark side. Here are some drawbacks you might find helpful when considering the Wells Fargo Platinum Card. The official website claims that there is no annual fee, but the card does charge a balance transfer fee. There is an introductory balance transfer fee that it equal to $5 or 3% of the balance you are transferring (which is bigger). If you transfer $10,000 of credit card debt, you will have to pay $300. The balance transfer fee is expected to increase after the introductory period up to 5%, with a minimum of $5. Another disadvantage of the card is that there are no cash-back rewards. You are not motivated to use the card after you have paid off the balance transfer. What customers don't like about the Wells Fargo Platinum Card is that the ongoing APR is too high, even for people with great credit. When the promo period comes to an end, the minimum APR on the card is higher than that on other balance transfer cards of the kind. One might find better options with lower rates.
It is high time to discuss expert and consumer opinion of the card. Experts aside from HighYa claim that the Platinum Visa is a quite straightforward card with a few benefits. Nevertheless, it is necessary to say that there are better low-interest credit cards over there. Some third-party websites reported that the card falls short when compared to the cards offering cash-back rewards and low interest offers. The Wells Fargo Platinum Card does not offer the ability to earn cash back on purchases, which is a great drawback. There are numerous actual consumers' testimonials of this card, so it was quite easy to judge on general consumer opinion about this card. Most of customer reviews are negative in nature. People complain that Wells Fargo tends to freeze their accounts and mess with their creditors. They are not pleased with the fact that there are no rewards. They say that the modern market offers many cards that offer cash back without any annual fee. One customer reports that the company's reps find funny justifications to their unhelpful behavior. The woman stopped even trusting them and had to close her account after several expensive and misleading situations created by the customer service.
One customer reported that her husband and she had Wells Fargo Platinum Cards. Their credit scores were both over 700 and they always paid their bills on time; however, their interest rates increased from around 10% to over 20%. The woman called the company's customer service and was told that she did not qualify for a lower interest rate, just like her husband. So, they joined their local credit union and transferred their balances over. Another customer complained that he was constantly reported of his credit limit. It is really irritating, especially when they do it in a negative way if you don't pay off the money you use for the month! One woman says that she had this card before and she used it on big purchases. When she paid all of it, the Lbank closed her card without any notice. She claims that she was always responsible and paid her cards on time. Let us take a look at the actual customers' reviews available online.
"I am not pleased with the Wells Fargo PlatinumCard. It always charges at the highest end of interest. I started with this card being a college student when I was studying overseas because of high international fees. The rewards program of this card takes forever to earn at least something. I don't recommend this card to anyone."
"I was unlucky to open the WellsFargo platinum card. Wells Fargo opened an account in my name without even informing me. I feel crooked. I manage a large population of newcomers to the USA and help them with advices and resources. My advice for them, do not deal with Wells Fargo ever."
"When I was opening the Wells Fargo Platinum Card they promised a sign up bonus of $200. To get it I did everything and met the vital requirements within the first month. It has been five months and they still have to pay the bonus to me. This is the worst bank I have ever dealt with. Payments from the checking account of the same banks take forever to get to the credit card. Look for a better card."
My Final Summary
The Wells Fargo Platinum Card is a credit card with one major perk and few benefits which can be enjoyed with many other credit cards available on the market. As a matter of fact, this card has a great number of drawbacks. The highest point of APR makes this card too expensive. Many users report that it takes forever for the payments to get to the card. The company's customer service reps seem to be unhelpful. Some benefits of the card include cell phone protection and an 18-month 0% APR offer. The Wells Fargo Platinum Card offers no rewards. Some cardholders complain that their credit cards were closed without notifying them. Others report that their fees were increased for no reason. Based on our research, this card can be suitable for people who have debt and want a simple balance transfer. If you don't have credit card debt, you are advised to consider a card that will charge a lower interest rate and reward the money you spend. Taking into account all pros and cons of the Wells Fargo Platinum Card, it cannot be recommended to usage.
Wells Fargo Platinum Card Pricing and Rates
The Platinum Visa card has the following interest rates and fees. APR is from 16.15% to 25.99%. Balance transfer fee is 3-5%. Foreign transaction fee is 3%. Late/returned payment fee is $37. There is no annual fee. Speaking about APR, this credit card comes in at average according to the rankings of 2017 guide called The Best Low Interest Credit Card. The same APR can be found with the Citi Simplicity, Chase Slate, and Barclaycard Ring. The card has an 18-month offer.