About Wells Fargo Business Platinum Card
Wells Fargo’s Business Platinum credit card offers two ways to earn rewards with every purchase you make, a unique feature among business credit cards.
The card doesn’t have any up-front bonus points for new cardmembers, an aspect that also sets it apart from the competition.
With these two competing characteristics being offered to business owners, it’s important to understand exactly how this card can benefit you. Will the Wells Fargo Business Platinum Card give you enough per-dollar rewards to balance out the lack of an intro offer, or does the absence of a big bonus make this card not worth your time?
To resolve these competing rewards features, we’re going to do an in-depth examination of the card’s rewards structures, what you can earn with monthly spending and how you can redeem your rewards points.
In addition to these rewards-specific topics, we’ll figure out what the Wells Fargo Business Platinum’ rates and fees are, how the card compares to other business credit cards and what fellow business owners are saying about it.
How the Wells Fargo Business Platinum Card’s Rewards Work
As we mentioned in the introduction, you’ve got two choices for how you want to earn rewards with this card. If you’re unfamiliar with how credit card rewards work, it’s pretty simple
Every time you use your Business Platinum card to make a purchase, you earn a certain amount of points based on a points-per-dollar ratio.
So, if the rewards rate is 2:1, then a $300 purchase would get you 600 points. The standard cash redemption rate for points is $1 per 100 points so that $300 purchase would get you $6 worth of points.
Wells Fargo’s Business Platinum has a 1.5% cash back rate on all purchases you make. So, if you spend $10,000 in one month, you’ll get $150 added to your statement or deposited to a Wells Fargo business checking or savings account.
These cash rewards are deposited automatically, Wells Fargo says on their website.
You also have the option of choosing to earn rewards points at a rate of 1:1 and the added bonus of getting 1,000 points every time you spend at least $1,000 in any given month.
These points can be redeemed for gift cards, gifts and travel through the Wells Fargo Business Rewards portal. When you redeem your points for any of these things, you’ll get 10% of what you redeemed credited back to your account.
You also have the chance to earn bonus rates up to 4% by shopping in the Wells Fargo Earn More Mall, a marketplace with hundreds of vendors.
Here are a few examples we pulled at the time of publishing from the Wells Fargo Earn More Mall (PPD = points per dollar):
- BananaRepublic.com: 4 PPD
- Brookstone.com: 10 PPD
- CaféPress.com: 20 PPD
- iTunes.com: 6 PPD
- PETCO.com: 7 PPD
- TheNorthFace.com: 5 PPD
- VistaPrint.com: 7 PPD
- YvesRocher.com: 15 PPD
As you can see, there are some solid chances to earn bonus multipliers on purchases. While the rewards points don’t have a base earning of 1.5:1 like cash back, the chances for boosting that ratio with strategic Earn More Mall buys are realistic.
However, the true value of your Wells Fargo Business Platinum points is based on the things for which you can redeem them.
We weren’t able to access the Wells Fargo Business Rewards portal, though. If we were to venture a guess, we’d say that your rewards redemption rates are only as valuable as the items you want to buy.
For example, if airfare buys present good value through Business Rewards bookings and you fly often, then your rewards are extra valuable to your particular situation.
According to Wells Fargo’s fine print, your points expire on November 30, three years after the year in which the points were earned.
Pro tip: There is no cap on how much cash back or how many rewards points you can earn.
How the Card’s Non-Rewards Benefits Work
Most of the credit cards you’ll discover come with a set of benefits that apply to purchases made with the card. In the case of business credit cards, there are usually some business-specific benefits, too.
Wells Fargo says that you can add up to 99 employee cards for free, a great perk for businesses needing an across-the-board spending solution.
Along with this benefit is the ability to choose whether or not you want your cards billed as one lump sum or as individual accounts.
Wells Fargo also gives you the option of customizing your credit cards to include logos, images, and taglines through their Card Design Studio.
You’ll also get various spending tracking tools designed for business customers.
Unlike the American Express Business Gold from OPEN card, though, you can’t set spending limits on employee cards.
The max credit limit on all your cards combined, Wells Fargo says, is $50,000.
Fraud and Shopping Protection
Like most credit card issuers today, Wells Fargo offers zero liability for its Business Platinum cardholders. You won’t be liable for any fraudulent purchases made with your account.
Also, certain purchases made with your card will be protected against theft for a certain period of time after you buy the item.
The Wells Fargo Business Platinum Card’s Rates and Fees
The fees and rates you’ll encounter with this card are relatively low if you have great credit scores. Let’s start with the card’s absence of fees.
What You Won’t Pay For
There is no annual fee for this card, no fee for additional cards and no foreign transaction fees. Also, as we mentioned earlier, you won’t pay any fees for adding up to 99 employee cards.
While the free employee cards perk is pretty much the industry standard, you’ll have a hard time finding a business credit card that doesn’t charge an annual fee.
Now, we say that with one caveat: Most other cards give introductory points- or cash-back bonuses that counteract the annual fee you pay.
What You Will Pay For
Wells Fargo is curiously hush-hush about balance transfer fees, cash advance fees and other “transaction fees” you may encounter. Their Business Platinum page says you’ll have to “see your customer agreement for details upon approval.”
We do know that your interest rate will be whatever the prime rate is plus 7.99% to 17.99%. At the time of publishing, the prime rate was 4%, which put Wells Fargo Business Platinum APR’s at 11.99% to 21.99%.
In our opinion, the low-end APR on this card is strong compared to the competition: Here’s a rundown of the lowest APR on other business credit cards we’ve reviewed:
- American Express Business Gold: 18.99% for unpaid balances
- Chase Ink Business Cash: 13.74%
- Chase Ink Business Preferred: 16.49%
- Capital One Spark Cash for Business: 17.74%
- American Express SimplyCash Plus Business: 12.99%
As you can see, the Wells Fargo Business Platinum is a full 1% lower than the next closest card. Remember, though, this rate is reserved for those with excellent credit. If you’ve got scores under 730-740, you may be given an APR of around 17% or 18%.
What Other People Are Saying About the Wells Fargo Business Platinum Card
The Business Platinum has generated a decent amount of interest among other personal finance websites and customers who use the card.
More than 100 reviewers on WalletHub gave the Business Platinum from Wells Fargo an average of 3.1 stars, with 83% of them assigning the card 3 stars.
One of the reviews was a cause for concern. “@Foxtstew” reported that your credit-card account only lets you download two months’ worth of transactions for accounting purposes.
This could be a problem if you forget to download transactions for more than two months because, according to the reviewer, you’ll have to manually enter the older transactions.
Contributor Andy Shuman gave the card 3.9 stars out of 5, saying, “the Wells Fargo Business Platinum card offers business owners a reasonable interest rate and the unusual option of choosing between points or cash back rewards.”
Shuman gave the card high marks across the board for fees and rewards but gave the Business Platinum a “poor” in the category for sign-up bonuses. Rightly so; as we pointed out, this card doesn’t offer a sign-up bonus.
Credio’s automated scoring system gave the Business Platinum a 71 out of 100. Some of the information we found on their site was inaccurate – they said the card has a foreign transaction fee when it doesn’t.
The most valuable information we found in their review was a comment from a customer who said you may run into problems if you pay your credit card with an account from a non-Wells Fargo bank.
According to the customer, Wells Fargo took an extended period of time to clear a big payment he made from his Bank of America account.
Our Final Thoughts About the Wells Fargo Business Platinum Card
There are certain aspects of a credit card we look for when determining how helpful it can be for the average consumer. Some of those factors include interest rates and fees.
Pros: Low-Interest Rate, No Annual Fee
Since more than 40% of consumers carry balances on their card, the interest rate on their credit card is crucial because there’s a good chance it will affect their monthly payments.
Based on our research, the Business Platinum’s APR is one of the lowest in the mainstream business credit-card market.
We believe this card is also a strong choice because it doesn’t have an annual fee and doesn’t charge a foreign transaction fee.
Cons: Average Rewards, No Bonus
We’ll be honest: There are other cards out there with better rewards rates than the Wells Fargo Business Platinum:
- Chase Ink Business Preferred: 3x on shipping, advertising on social media sites, travel, internet/cable/phone
- American Express Business Gold: 2x on airfare, gas, shipping, computers, advertising; 3x on one of the five
- Capital One Spark Cash for Business: 2x on all purchases
- Chase Ink Business Cash: 5x at office stores & phone/internet/TV, 2x on gas
In our opinion, the cards we listed above will earn you more rewards over time than what you’ll get with the Wells Fargo Business Platinum.
Chase Ink Business Preferred Offers More
Based on our research, we think the Chase Ink Business Preferred gives the best value because not only do you get high rewards rates, but you also get 80,000 chase Ultimate Rewards points if you can spend $5,000 in the first three months.
Those 80,000 points can be used to get multiple round-trip flights through Southwest or United, or can be used to book multiple nights at Hyatt, IHG or Marriott hotels.
Know What Works for You
In the end, choosing the best business credit card is all about what you need. If you want to keep close records of your transactions through automatic updating, American Express’ business cards connect to Quicken.
If you want big rewards because you spend a lot, then you may want to consider the Chase Ink Business Preferred card.
However, if you like a card with low fees, low APR and a simple rewards program, the Wells Fargo Business Platinum is, in our opinion, an excellent choice.
It’s a straightforward card that works best when it’s linked to a Wells Fargo checking or savings account. Another advantage? There is no cap on how many rewards you can earn.