Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. Compensation and in-depth editorial research, determines where & how companies appear below. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. Compensation and in-depth editorial research, determines where & how companies appear below. 

Wells Fargo Business Platinum Credit Card Review

Learn More

Wells Fargo Business Platinum Credit Card Review

Maximize your business potential! Apply now to enjoy no annual fee, flexible rewards, and valuable financial tools tailored for your success.

Wells Fargo Business Platinum Credit Card Review

Wells Fargo Business Platinum Credit Card Review

Learn More

Maximize your business potential! Apply now to enjoy no annual fee, flexible rewards, and valuable financial tools tailored for your success.

Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Introduction

The Wells Fargo Business Platinum Credit Card stands out as a versatile financial tool for small business owners looking to streamline their expenses and rewards management.

Known for its option to choose between earning cash back or points, this card caters to the diverse preferences of entrepreneurs.

With no annual fee and a suite of financial and risk management tools, it’s designed to support the everyday needs of your growing business.

Whether you prioritize straightforward cash rewards or earning points for travel and gift cards, the Wells Fargo Business Platinum Credit Card adapts to your business strategy.

Welcome Bonus

One of the most attractive features of a new credit card is the welcome bonus, and the Wells Fargo Business Platinum Credit Card doesn’t disappoint. New cardholders can look forward to a lucrative introductory offer that is designed to add immediate value to their business expenditures.

  • Cash Back or Points: After opening an account, business owners have the opportunity to earn a one-time $300 cash back bonus or 30,000 bonus points. The choice between cash back and points allows you to align the bonus with your business’s financial strategy.
  • Qualifying Purchases: To unlock the welcome bonus, you must make a specified amount in purchases within the first three months of card ownership. This spend threshold is typical for credit card bonuses and is attainable for most businesses.
  • Timing: The bonus offer is usually credited to the account after the qualifying purchases are met and processed, which can significantly enhance your cash flow or points balance early on.
  • Strategic Use: Whether it’s investing back into the business or redeeming points for business travel, the welcome bonus offers an immediate boost to your financial resources.
  • Expiry: It’s important to be mindful of any expiration dates associated with the welcome bonus. Ensure that you meet the requirements within the stipulated period to take full advantage of the offer.

The welcome bonus adds a compelling reason for business owners to consider the Wells Fargo Business Platinum Credit Card. It can serve as a substantial financial springboard, especially when planned strategically around anticipated business expenditures.

Earning Rewards

With the Wells Fargo Business Platinum Credit Card, earning rewards is straightforward and can be incredibly rewarding if you align your spending with the card’s incentives structure.

  • Reward Structure: You have the choice between earning 1.5% cash back on every dollar spent or earning 1 point on every dollar spent, with an additional 1,000 bonus points when your company spends $1,000 or more in any monthly billing period.
  • Spending Categories: Unlike some cards that offer higher rewards rates in specific categories, the Wells Fargo Business Platinum keeps it simple – the same rate applies to all purchases, making it easier for business owners to maximize their rewards without tracking different spending categories.
  • Monthly Bonus Points: The ability to earn an extra 1,000 bonus points monthly is a unique feature that benefits consistent spenders and can accumulate quickly over time.
  • No Caps or Limitations: There are no caps on the amount of cash back or points you can earn, and they do not expire as long as the account remains open and in good standing.
  • Everyday Business Expenses: Whether it’s office supplies, client dinners, travel expenses, or any other operational costs, every charge to your card contributes to your rewards total.
  • Maximizing Earnings: To make the most of your rewards, use the credit card for as many business transactions as possible. Also, it’s a good idea to use the card for larger purchases to capitalize on the generous rewards rate.

Rewards can serve as an effective tool for businesses to reduce overall expenses or can be reinvested back into the business. With its simple yet rewarding structure, the Wells Fargo Business Platinum Credit Card offers significant value to any business operation.

Redeeming Rewards

The rewards you’ve earned with your Wells Fargo Business Platinum Credit Card can be redeemed in a variety of ways to align with your business needs and personal preferences. Here are some key points about the redemption process:

  • Redemption Options: Rewards can be redeemed for travel, gift cards, merchandise, or as a statement credit to your card balance. Additionally, if you have a Wells Fargo debit or ATM card, you can redeem rewards for cash at Wells Fargo ATMs.
  • Cash Redemption: If you chose the cash back option, redemption is as straightforward as applying your cash rewards directly against your credit card account balance or depositing it into a Wells Fargo checking or savings account.
  • Travel Bookings: Points can be used to book flights, hotels, car rentals, and more through the Wells Fargo travel service. This could provide greater value per point compared to other redemption options.
  • Gift Cards and Merchandise: Points can also be redeemed for a wide variety of gift cards and merchandise, giving you the flexibility to choose rewards that benefit your business.
  • Pay with Rewards Feature: Wells Fargo offers a ‘Pay with Rewards’ feature which allows you to use rewards to directly pay off purchases from your credit card account.
  • No Expiration: Points do not expire as long as your account remains open, giving you the flexibility to save for bigger redemption goals.

By carefully considering the best redemption option for your business, you can tailor the use of earned rewards to support your business expenditures or to reward yourself and your staff for hard work and dedication.

Perks and Benefits

Beyond the rewards program, the Wells Fargo Business Platinum Credit Card comes with a variety of perks and benefits designed to support the needs of a business owner.

  • No Annual Fee: Enjoy the benefits of the card without worrying about an annual fee cutting into your earnings.
  • Expense Management Tools: Gain access to Wells Fargo Business Online® and spend report tools, allowing you to track and control business spending.
  • Free Employee Cards: Ability to request additional cards for employees at no extra cost, which also allows you to set individual spending limits.
  • Cash Flow Management: Enjoy a credit line up to $25,000 to help manage cash flow.
  • Cellular Telephone Protection: Offers protection against damage or theft of your cell phone. This is a significant benefit as mobile phones are a critical part of business operations.
  • Auto Rental Collision Damage Waiver: When renting a vehicle for business, you’re covered with collision damage insurance by charging the entire rental on your card.
  • Travel and Emergency Assistance Services: When traveling for business, you’ll have help with travel and emergency assistance, ensuring peace of mind when away from home.
  • Global Acceptance with Visa: The card is accepted worldwide, wherever Visa business cards are accepted, eliminating concerns about card acceptance when traveling.
  • Fraud Monitoring and Protection: Wells Fargo monitors your account for unusual activity and offers zero liability protection for promptly reported unauthorized transactions.

These benefits provide significant value by saving money on everyday business expenses, protecting against unanticipated costs, and aiding in the efficient management of your business’s financial operations.

Pros and Cons

As with any credit card, the Wells Fargo Business Platinum Credit Card has its set of advantages and drawbacks. Understanding these will help determine if this card is the right fit for your business needs.

Pros

  • No Annual Fee: This makes it a cost-effective choice for businesses looking to save on fees.
  • Reward Choices: The flexibility to choose between cash back or points caters to different business preferences and strategies.
  • Expense Management: With integrated financial tools, it simplifies tracking and controlling business expenses.
  • Welcome Bonus: A solid bonus can kickstart your rewards earnings.
  • Employee Cards at No Additional Cost: Useful for businesses that need to issue cards to multiple employees.
  • Cellular Protection Plan: A rare but valuable feature for businesses that rely heavily on mobile communications.
  • No Foreign Transaction Fees: Makes it an excellent card for businesses involving international transactions.

Cons

  • Reward Rate: Some competing cards offer higher rewards rates in specific categories, which might be more beneficial if your spending is heavy in those areas.
  • Credit Line Cap: The maximum credit line of $25,000 might be limiting for larger businesses with higher spending needs.
  • Complex Rewards Redemption: Compared to simply earning a flat cash back rate, some business owners might find redeeming points less straightforward.
  • Eligibility: Wells Fargo might require applicants to have an existing business banking relationship, which is not ideal for those not already banking with them.

Overall, the Wells Fargo Business Platinum Credit Card is a robust choice for small to medium-sized business owners who value flexibility in rewards and want to manage business expenses without an annual fee. It stands out for its additional protective benefits and no foreign transaction fees, making it suitable for businesses with international dealings.

Comparison to Other Cards

When considering a business credit card, it’s helpful to compare the Wells Fargo Business Platinum Credit Card against others in the market to determine the best fit for your business needs. Here’s how the card stacks up:

Chase Ink Business Cash Credit Card:

  • Annual Fee: $0
  • Cash Back Rewards: Offers 5% cash back on office supplies and telecommunications services (on the first $25,000 spent in combined purchases each account anniversary year), 2% at gas stations and restaurants (on the first $25,000 spent in combined purchases each account anniversary year), and 1% on all other purchases.
  • Welcome Bonus: Often comes with a more substantial welcome bonus but with a higher spending requirement.
  • Intro APR: Offers 0% introductory APR for the first 12 months on purchases.

American Express Blue Business Plus Credit Card:

  • Annual Fee: $0
  • Rewards: Earns 2x points on everyday business purchases up to $50,000 per year, then 1x points.
  • Intro APR: 0% on purchases for 12 months from the date of account opening.
  • Other Benefits: Offers Expanded Buying Power, which allows you card spending beyond your limit under certain conditions.

Capital One Spark Cash for Business:

  • Annual Fee: Typically has an annual fee after the first year.
  • Cash Back Rewards: Unlimited 2% cash back on every purchase.
  • Welcome Bonus: Tends to offer a higher welcome bonus compared to Wells Fargo Business Platinum.

Key Differentiators:

  • Reward Flexibility: The Wells Fargo Business Platinum Credit Card offers the option to earn either cash back or points, which is a level of flexibility not found in most other cards.
  • Expense Management Tools: Wells Fargo offers robust online tools that may give it an edge in helping manage business spending.
  • Cellular Telephone Protection: This is a benefit not commonly offered by other business cards, providing an added layer of security for a vital business tool.
  • No Foreign Transaction Fees: Many cards charge extra for transactions outside the U.S., whereas the Wells Fargo Business Platinum does not.

The comparison reveals that the Wells Fargo Business Platinum Credit Card holds strong with competitive rewards, flexible earning options, and practical business benefits. Depending on your spending habits and business requirements, it may offer a more suitable package over other cards known for higher rewards in specific categories.

Conclusion

The Wells Fargo Business Platinum Credit Card is an excellent choice for small to medium-sized business owners seeking a no-annual-fee card that offers valuable rewards and features tailored to business needs. With its flexible rewards program, substantial welcome bonus, and range of protective benefits, it caters well to a variety of spending patterns and business models. Its additional financial management tools further support owners in controlling and overseeing business expenses. Ideal for entrepreneurs who value simplicity and cost-effectiveness, the card’s benefits can contribute to the overall success and growth of a business.

Frequently Asked Questions

How do business credit cards affect my personal credit score? Business credit cards can impact your personal credit score if the card issuer reports account activity to consumer credit bureaus. It’s important to maintain on-time payments to avoid negative effects on your credit.

Can I get a business credit card for a startup? Yes, even startups are eligible for business credit cards. However, credit approval may be based on the owner’s personal credit history and scores if the business has limited or no credit history.

What information do I need to apply for a business credit card? Typically, you’ll need your business name, address, type of business, tax identification number or social security number, annual business revenue, and information about your role in the company.

Can I earn rewards points for employee spending on additional cards? Yes, employee spending on additional cards linked to the business credit card account usually accrues rewards points for the main account holder.

Are business credit card rewards taxable? Generally, rewards and cash back from business credit cards are considered discounts rather than taxable income. Consult with a tax professional to understand how rewards may affect your business taxes.

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