Rewards

No annual fee, but other charges lurk. The Wells Fargo Platinum card is about $19.76 per year cheaper than the average card, thanks to its lack of an annual fee. But that does not mean the Wells Fargo Platinum will necessarily be free to use. You will have to pay a 3% foreign-transaction fee for any purchase processed outside the U.S., as well as a fee of at least 3% for transferring a qualifying balance (intro for 120 days, 5% thereafter). The average credit card has a 1.44% foreign fee and a 3.09% transfer fee, according to WalletHub research. So Wells Fargo Platinum is towards the front of the pack, but there are still plenty of cheaper deals to be had.

0% intro financing is best for new purchases. The Wells Fargo Platinum card offers 0% introductory rates on both new purchases and qualifying balance transfers for the first 18 months your account is open. That’s more than five months longer than you’d get from the average 0% credit card, depending on whether you’re talking about purchases or transfers. So that’s good. But it’s far from the longest 0% term on the market. And the transfer side of things is somewhat less appealing, considering the card’s balance-transfer fee: 3% for 120 days, then 5%.

High regular rates. If you decide to make use of Wells Fargo Platinum’s 0% intro rates, make sure to abide by a payment plan that enables you to repay most, if not all, of what you owe by the time regular rates take effect. You need good or excellent credit to get Wells Fargo Platinum, after all. And its regular APR is almost guaranteed to be above average for credit cards that require good credit (19.24%) and excellent credit (12.99%), respectively.

Cell phone protection, but no rewards. Although the Wells Fargo Platinum card does not offer traditional purchase-based rewards, that does not mean it lacks perks entirely. Most notably, you won’t have to worry about insuring your smart phone if you pay your monthly cellular bill with Wells Fargo Platinum, as doing so automatically earns you up to $600 in coverage for damage or theft.

Must have good credit or better. As already mentioned, the Wells Fargo Platinum credit card requires good or excellent credit for approval. That just means you should make sure to check your credit score for free on WalletHub before applying, if you don’t know where you currently stand.