Wells Fargo Business Platinum 2021 Credit Card Review



Wells Fargo is well known as a small business friendly bank. It offers business cards for businesses at all levels of operations. The Business Platinum Card is available for business owners who already have a banking relationship with the financial institution and want to incorporate a line of credit for additional cash flow.

Our Wells Fargo Business Platinum 2021 review assesses the card’s key features to help you determine if it’s worth a place in your wallet.

Wells Fargo Business Platinum Credit Card at a Glance

Wells Fargo business banking customers may find Business Platinum a good option for capital spending. The card is offered at no annual fee and allows you to earn rewards on business expenses.

Business credit cards are similar to personal cards, except for a few additional features that simplify expense management.

Here are some of the main features of the Wells Fargo Business Platinum credit card:

  • Card type: Business Mastercard

  • Card issuer: Wells Fargo

  • Best for: Business owners who already have an account with Wells Fargo

  • Credit line: From $ 2,500, depending on credit score

  • Awards: Choose from one point for every dollar spent with a quarterly 1,000 point bonus after spending $ 1,000 or choose 1.5% cash back.

  • How to redeem rewards: Redemption points for travel, gift cards and merchandise. Cash Back is automatically applied to your statement balance or transferred quarterly to your linked Wells Fargo account.

  • Approval bonus: When you spend $ 3,000 in the first three months of approval, receive a bonus of $ 300 if you choose cash back or 30,000 bonus points for choosing the points program.

  • Annual subscription: Nothing

  • APR: 11.24% – 21.24% variable APR

  • Foreign transaction fees: Nothing

  • Credit score: Good to excellent

  • Employee cards: Unlimited free of charge

  • Particularities: Pay business bills with credit card, and business expense reports are available through the online portal

Advantages and disadvantages

There are many details that should be taken into account when choosing a business credit card. Here’s a quick overview of the strengths and weaknesses of the Wells Fargo Business Platinum credit card to help you make an informed decision.


  • No annual fees, employee card or foreign transaction

  • Your choice of cash back or points

  • Get 10% more points when redeeming online

  • A lucrative bonus of $ 300 or 30,000 points

  • Automatic cashback redemptions transferred to your bank account or applied as statement credits

The inconvenients:

  • Reports late payments or high expenses to your personal credit report

  • It doesn’t help build your business credit

  • Only available to Wells Fargo Commercial Banking customers


Unless your small business is well established with lines of credit from certain stores or vendors, it’s likely difficult to get a secure credit card using just your business financials. Wells Fargo allows corporate banking customers with good personal credit to apply for the Wells Fargo Business Platinum credit card.

Who may be eligible for the Wells Fargo Business Platinum Credit Card

Before you can even apply, you must have a Wells Fargo business bank account. If you don’t already have one, you can open one first by visiting your local branch or registering online.

Once your business has a banking relationship with Wells Fargo, you will need to prove that you have a legally established business. Some examples of licensed businesses might be an early stage business, a part-time worker making deliveries, or an incorporated company. Regardless of the business structure, you will need to provide a tax identification number and personal information on all business partners involved.

How to register

Wells Fargo invites you to apply at a local branch or online. Before you begin, make sure you have a Wells Fargo business bank account and the following information:

  • The legal name of the company, the telephone number, the address

  • Date of establishment of the company

  • Business tax identification number

  • Your social security number

  • Your date of birth

  • Wells Fargo Company Bank Account Information

  • Type of business ownership

  • Number of business owners with 25% or more ownership

  • Household income amount for all listed business owners

  • The gross annual turnover of your business

Wells Fargo will pull your personal credit report to make a decision and report your payment and usage history to the consumer credit bureaus. Any activity related to the card could affect your personal credit score, even if it is business related. For example, maxing out the card limit or making late payments could negatively impact your personal credit score.

How the Wells Fargo Business Platinum Card works

If you are approved for the card, Wells Fargo will mail you a card. The bank does not issue credit cards directly from the bank branch. Depending on the type of rewards program you choose, you will start to accumulate points that can be redeemed for travel and merchandise or cash back rewards that you can redeem as cash or credits on your credit card statement. credit.

If you did not request employee cards during the application process, you can order them at any time by contacting Wells Fargo at 1-800-225-5935. You can provide employees with card account access in four ways:

  • Grant read-only access to your online account for up to 25 users

  • If they already have online access, they can request access through the Wells Fargo Portal in “Account Settings” by adding an account.

  • Call 1-800-956-4442 to request access to their card account.

  • Employees without a Wells Fargo account can visit a branch to request online access.


Wells Fargo offers several security features. Mastercard Identity Control may require you to enter a one-time access code via SMS for certain purchases. You can configure alerts based on a number of transactions and / or amounts. For employees who will be traveling overseas, Wells Fargo suggests they call 1-800-642-4720 ahead of time to set a travel alert to prevent Wells Fargo from freezing overseas purchases. .

How to get help

Wells Fargo offers assistance at a branch near you. In addition, you can reach customer service at 1-800-225-5935.

At the end of the line

Having the Wells Fargo Business Platinum credit card that is dedicated solely to your business expenses has its benefits. Separating your personal and business expenses gets you used to it as your business grows. You will be able to give staff their own credit cards and assign employees access to the account to manage the card and generate expense reports. Better yet, you can earn cashback or points on your purchases.

Wells Fargo Business Platinum Credit Card FAQs

Will the Wells Fargo Business Platinum Card credit card help me rebuild my credit?

Wells Fargo reports your commercial use to the consumer credit bureaus, which could help you increase your credit score. However, you will need a good credit score to get the card approved, which makes it difficult to use the card to replenish credit if you have a fair to medium score.

Does Wells Fargo have business credit cards for bad credit?

If your credit is below average, the Wells Fargo Business Secured Credit Card may be an ideal alternative. It does not rely on your personal credit as collateral. You will need to pay a security deposit which will become the credit limit on your card. Better yet, your usage and payment history will be reported to the Small Business Financial Exchange to help you build your business credit.

How does a cash rewards business card work?

A business credit card with cash rewards will give you a certain percentage of cash back with every purchase. In the case of the Wells Fargo Business Platinum credit card, you will get back 1.5%. This means that qualifying purchases in the amount of $ 1,000 will accumulate $ 15. When you’re ready to use the reward, you can apply it to your credit card balance, order a transfer to your bank account, request a check, or purchase a gift card.



About Author

Leave A Reply