Wells Fargo Business Platinum Business Credit Card: "50,000-Point Welcome Bonus or 3.2% Back"

Wells Fargo Business Platinum Business Credit Card Review

[Note] If this is your first time applying for a business credit card, we recommend reading: Overview of Business Credit Cards

Highlights

• Can be set up as a points card: You can choose between the cash back version and the points version, and you can only get the $500 welcome bonus if you choose the cash back version. If you choose the points version, all spending earns 1x Wells Fargo Go Far Rewards points. In addition, you can get an extra 1,000 points each month when you spend $1,000, which effectively makes all spending 2x. Also, Go Far Rewards points can be worth more when redeemed for airfare. See the table below. The best option is 25,000 points for $400 in airfare, which means points are worth 1.6 cents each. That is equivalent to a 3.2% return on spending.

• Cell phone protection included: If you use this card to pay your monthly cell phone bill, you can receive up to $600 in coverage if your phone is damaged or stolen (with the first $25 paid out of pocket).
• Free FICO score: Provides a monthly Experian FICO credit score. See: Which Free Credit Score Is Best
• 0% APR for 9 months: For the first 9 months after opening the card, purchases and balance transfers have no interest. See: Introduction to 0% APR Strategies
• No Foreign Transaction Fee (FTF): Most cards with no foreign transaction fee have an annual fee, so it is nice that this one has no annual fee. See: Introduction to FTF

My Take

This card is a bit of an oddball. If you keep it as a points card, it can be worth holding long term, since the effective 3.2% return on all spending is quite strong if you spend exactly $1,000 per month. But if you want the $500 welcome bonus, you end up with a fairly useless sock-drawer card. Kind of awkward.

Application

• Application difficulty: This card is of average difficulty to get approved for. We recommend having at least 1 year of credit history. The minimum credit line is $2,500.

Wells Fargo Credit Card Application Guide

• Application status check link. Or call: (800) 967-9521
• If you applied for one of their cards within the past 6 months, you will not be approved for a new personal card. For Hotles cards, the restriction is 15 months. For business cards, the restriction is 12 months.
• Wells Fargo credit cards appear to have an unknown limit on the total number of cards you can hold. You may need an SSN, and you may need to be a U.S. citizen or green card holder to apply.
• You can call the reconsideration line at 866-412-5956 to speed up credit card approval or request a review of a denied application.
• Having a Checking account may help with getting approved for a credit card.
• More about applying for Wells Fargo credit cards

Application Link