The Wells Fargo Platinum Visa® Card provides a nice 0% introductory APR for those who need to transfer a balance or make a large purchase. For consumers working on eliminating debt and saving money this card can be more valuable than any rewards program offered with other credit cards. (See also: Best Credit Cards with 0% APR for Purchases)
How This Card Works
Get a 0% introductory APR on purchases and balance transfers for 18 months. After that, a variable APR of 16.15%-25.99% will apply. In addition, there is an introductory balance transfer fee offer of 3% or $5, whichever is greater for 18 months. After that, the balance transfer fee will be up to 5% for each balance transfer with a minimum of $5.
Other Benefits
Overdraft protection. If you link your credit card to your bank account, you can protect yourself against overdrafts and bounced checks with overdraft protection. This feature will transfer the amount needed to the credit card to cover the overdraft so you won’t be charged fees for insufficient funds.
Cellular phone protection. This card also protects your cell phone against damage or theft when you use the card to make your cell phone payments. The protection is subject to a $25 deductible per claim and a maximum of two claims per 12-month period, up to a maximum benefit of $600 per occurrence and $1,200 per 12-month period.
Costs
- $0 Annual Fee
- 16.15%-25.99% Variable APR (0% Intro APR on purchases and balance transfers for the first 18 months)
- 5% Balance Transfer Fee (3% Introductory Balance Transfer Fee for 18 months)
- 3% Foreign Transaction Fee
Considerations
No extra benefits. This card is designed to help consumers pay down credit card debt without paying interest and can help you to save hundreds of dollars. However, because the focus is on eliminating debt, there aren’t any extra benefits or rewards opportunities. If you typically pay your balance in full each month, and you don’t have any balances on other cards to pay down, you can earn valuable rewards with other credit cards. (See also: Best Cash Back Credit Cards)
Foreign transaction fee. Because of the foreign transaction fee, this card is not ideal for foreign purchases. If you frequently travel abroad, you should instead use a card with no foreign transaction fee. (See also: Best Cards with No Foreign Transaction Fees)
Who This Card Is Best For
This card is best if you need to transfer a balance from a credit card with a high APR and can pay it down within the 15-month period. You can also save money on interest if you need to make a large purchase right away.
