Wells Fargo Platinum card review: Intriguingly low interest, but it’s time to upgrade

The Wells Fargo Reflect is the issuer’s new-and-improved balance transfer card. In fact, it’s one of the best cards available if you’re looking for breathing room to pay off upcoming purchases or a transferred balance. The Reflect card packs a 0 percent intro APR on purchases and qualifying balance transfers for an impressive 21 months (then 17.49%, 23.99%, or 29.24% Variable APR; balance transfers must be completed within the first 120 days, 5 percent balance transfer fee; minimum $5), plus the same Wells Fargo benefits as the Platinum card.

Balance transfer cards tend to offer little to no value once their intro APR periods end, but the Citi Double Cash® Card is an excellent solution. It earns up to 2 percent cash back on all purchases — 1 percent when you purchase, plus 1 percent when you pay — and grants an impressive 0 percent intro APR on balance transfers for 18 months (then 18.49% - 28.49% (Variable); transfers must be completed within the first four months). Although this is a shorter intro APR offer, it packs in extra long-term value that other balance transfer cards may lack.

The primary factor in a balance transfer or low-interest card’s rating is the quality of its introductory APR offer and ongoing APR. This includes both the introductory rate itself and the length of the intro APR on both balance transfers and new purchases. 

For cards designed primarily for balance transfers, the intro APR offer on balance transfers has the largest impact on overall score. The quality of these cards’ intro APR on new purchases is also considered, but holds less weight than the intro APR on balance transfers. 

For general low-interest cards, the intro APR offer on new purchases has the largest impact on overall score, followed by the ongoing APR and intro APR offer on balance transfers. This weighting assumes cardholders considering a card in this category will prioritize payment flexibility on new purchases or may need to carry a balance long term, whereas cardholders trying to pay off debt will opt for a dedicated balance transfer card.

The cards that score the highest in these categories tend to offer long 0-percent intro APRs on both balance transfers and new purchases as well as a lower-than-average low-end APR. 

Along with evaluating each card’s intro APR offers, we score balance transfer and low-interest cards based on their fees. 

Of primary importance is a card’s balance transfer fee, since this can play a large role in the total cost of a balance transfer. We rate each card’s balance transfer fee based on how it stacks up against the fee you’ll find on competing cards. 

While this fee carries less weight when we assess general low-interest cards than dedicated balance transfer cards, it still factors into our evaluation since cardholders may decide to transfer debt to a low-interest card even if it offers no intro APR or an intro APR higher than 0 percent.

And while a lower balance transfer fee could save you more overall than a few extra months of 0-percent intro APR, this fee carries less weight in our scoring system than a card’s introductory APR and intro APR period. This is because many users prioritize getting as much time as possible to pay off debt while avoiding interest. 

Our ratings also factor in the presence of annual, foreign transaction, cash advance and late payment fees, along with penalty APRs. Annual fees are weighted most heavily since these are the only “unavoidable” fees in the list and tend to be less common on dedicated balance transfer and low-interest credit cards.

While getting a generous intro APR offer and low ongoing APR are likely to be the biggest priorities for someone looking for a low-interest or balance transfer card, we also consider how much value a card can offer after its intro APR comes to an end. 

Balance transfer and low-interest cards receive a higher rating if they also include an ongoing rewards program or unique and valuable perks. Such features make a card more useful long term and make it less likely you’ll need to apply for a new card (and temporarily hurt your credit score) after you pay off debt.

No, the Wells Fargo Platinum card doesn’t earn rewards. Granted, most cards that provide long 0 percent intro APR periods don’t earn rewards, so this isn’t an exceptional drawback. However, the lack of a rewards program means that Wells Fargo Platinum doesn’t offer much long-term value after the intro APR offers expire.

The Wells Fargo Platinum is a Visa card, meaning it can be used almost anywhere credit cards are accepted. It also carries several network benefits beyond Wells Fargo’s signature cellphone protection, including handy features like travel and emergency assistance services, 24/7 roadside dispatch and auto rental collision damage waiver coverage.