If you have a Wells Fargo Platinum card, is it worthwhile to get the Wells Fargo Active Cash card as well? Show
Last updated Dec. 19, 2022 | By Ben Walker, CEPF | Edited By Melinda Sineriz  FinanceBuzz is reader-supported. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies. Note: The Wells Fargo Platinum Visa® Card is not currently available from the issuer. If you are interested in a similar Wells Fargo card, check out the Wells Fargo Reflect® Card. Or for the full list of the best cards available, check out our picks for the best balance transfer cards. The Wells Fargo Platinum Visa® Card was an excellent balance transfer card, but it doesn’t have much in the way of additional benefits. If you’re looking for simple rewards, the Wells Fargo Active Cash® Card might be a good addition to your wallet. In this Wells Fargo Platinum vs. Active Cash review, we consider the benefits of both cards so you can make an informed decision about whether to apply for the Wells Fargo Active Cash Card. In this article
Wells Fargo Platinum vs. Wells Fargo Active CashThe Wells Fargo Platinum is a classic balance transfer card that had introductory APR offers for purchases and qualifying balance transfers but without any rewards or a welcome bonus. The Wells Fargo Active Cash provides intro APR offers for purchases and qualifying balance transfers as well as additional benefits. This includes an excellent rewards rate, a generous welcome offer, and Visa Signature benefits. Check out this table for a quick comparison of the primary benefits of both cards. Consider the typical credit score requirements and any applicable fees. Wells Fargo Platinum Visa® Card Wells Fargo Active Cash® Card Card typeBalance transferCash backCredit card issuerWells FargoWells FargoCredit card networkVisaVisaAnnual fee$0$0Welcome bonusLong introductory APR period for purchases and balance transfers$200 cash rewards bonus after spending $1,000 in the first 3 monthsEarning rateNoneEarn 2% cash rewards on purchasesRedemption methodsNone
0% intro APR on purchases for18 months, then 16.49% to 24.49% (variable) APR* *These APRs were up to date in October, 2021 when this card was discontinued. They vary with the U.S. Prime Rate and are most likely higher today. 0% intro APR for 15 months from account opening on qualifying balance transfers, then 19.24%, 24.24%, or 29.24% variable APR0% intro APR on purchases for 15 months from account opening, then 19.24%, 24.24%, or 29.24% variable APR Travel perks
What both cards excel atThe Wells Fargo Platinum is considered a balance transfer credit card, whereas the Wells Fargo Active Cash is considered a cashback credit card. Despite finding themselves in different card categories, both products share many similarities.
5 important differences between Wells Fargo Platinum and Wells Fargo Active CashThe Wells Fargo Platinum and Active Cash have plenty of benefits. But it’s easier to see where either option might be better if you compare their differences. 1. Welcome bonusRewards credit cards often provide opportunities for new cardholders to receive a welcome bonus, sometimes also called a welcome offer. This typically involves spending a certain amount of money on the card in the first few months after opening your card account — and then receiving rewards for your efforts. This could be an easy way to earn bonus rewards on purchases you likely were already planning on making. But not every credit card provides a welcome offer. The Wells Fargo Platinum didn’t typically offer any sort of welcome bonus. The Wells Fargo Active Cash offers $200 after spending $1,000 in the first 3 months. Check out our Wells Fargo Active Cash review to learn more about this card. 2. Cash rewardsLet’s say you qualify for a new rewards card and successfully earn its welcome bonus. Is there any reason to continue using your card? It depends on the card, but many rewards cards offer points, miles, or cash back for making purchases. Using your card to earn rewards on everyday purchases could be an excellent way to help reduce your overall spending. The Wells Fargo Platinum isn’t part of the Wells Fargo Rewards program and doesn’t offer any rewards in bonus categories. The Wells Fargo Active Cash allows you to earn 2% cash rewards on purchases. 3. Redemption optionsEarning rewards sounds nice, but what can you do with those rewards? If the available redemption options on a card don’t seem like the right fit, it might make sense to consider other cards. Because the Wells Fargo Platinum doesn’t offer any rewards for purchases, it doesn’t have any redemption options. The Wells Fargo Active Cash offers these redemption options:
This is a wide variety of available options that should cover a lot of bases. From statement credits to travel, the Wells Fargo Active Cash offers many options that typically prove useful. 4. Introductory APR termsThe Wells Fargo Platinum Card had a 0% intro APR offer that differed from the one currently available with the Active Cash Card. The Wells Fargo Platinum offered a 0% intro APR on qualifying balance transfers for 18 months, then 16.49% to 24.49% (variable) APR. It also offered 0% intro APR on purchases for 18 months, then 16.49% to 24.49% (variable) APR. It has a balance transfer fee of $5 or 3%, whichever is greater for first 120 days; after that, $5 or 5%, whichever is greater. (APRs and fees were accurate as of October 2021.) The Wells Fargo Active Cash offers 0% intro APR for 15 months from account opening on qualifying balance transfers, then 19.24%, 24.24%, or 29.24% variable APR. For purchases, it offers 0% intro APR for 15 months from account opening, then 19.24%, 24.24%, or 29.24% variable APR. It has a balance transfer fee of 3% for 120 days from account opening, then up to 5%; min: $5. As you can see, the Wells Fargo Platinum has the longer intro APR offers. But because this card is no longer available for applications, consider the Wells Fargo Reflect as an alternative option. This card offers 0% intro APR for up to 21 months from account opening on qualifying balance transfers, then 17.24% - 29.24% variable APR. For purchases, it’s 0% intro APR for up to 21 months from account opening, then 17.24% - 29.24% variable APR. It has a balance transfer fee of 3% for 120 days from account opening, then up to 5%; min: $5. Read our Wells Fargo Reflect Card review for more card details. 5. Additional benefitsLooking past any applicable welcome offers or earning rates, it’s important to consider additional card benefits. Both of these cards offer cell phone protection and roadside dispatch, but that’s about where the Wells Fargo Platinum benefits end. The Wells Fargo Active Cash also offers these Visa Signature benefits:
These benefits might not offer value to everyone, but they could be useful in different situations. Because the Wells Fargo Active Cash simply has more benefits than the Wells Fargo Platinum, it’s likely the better card in this aspect. Should you apply for the Wells Fargo Active Cash Card?You might want to apply for the Wells Fargo Active Cash if:
If you have the Wells Fargo Platinum Card and also want to take advantage of cash rewards, the Active Cash Card could be a good fit. Check out our list of Wells Fargo credit cards for more top offers. FAQsWhether the Wells Fargo Active Cash card is hard to get depends on your credit score. This card typically requires a good or excellent score to qualify, which is at least a 670 on the FICO scoring model. There’s no official credit limit on the Wells Fargo Active Cash Card. However, it’s not uncommon for credit limits on this card to range from around $1,000 to $10,000 or more. You can request a credit limit increase by contacting Wells Fargo at 1-800-642-4720. Requesting a credit limit increase could result in a hard inquiry on your credit report. The Wells Fargo Platinum Card may have been worth it if you qualified and needed a balance transfer card. But since this card is no longer available for applications, consider the Wells Fargo Reflect Card instead. It’s another Wells Fargo card that offers 0% intro APR offers on qualifying balance transfers and purchases. Bottom lineThe Wells Fargo Active Cash Card could be a good addition to your wallet. If you’re still on the fence about which card might complement your Wells Fargo Platinum, check out our review of the Wells Fargo Reflect vs. Wells Fargo Active Cash for more insights. If these cards don’t align with your typical spending habits or financial goals, consider other credit card offers from major card issuers. Visit our dedicated page to compare credit cards and see which one might make sense for you. How do I qualify for a Wells Fargo Platinum card?You'll need good to excellent credit to qualify for the Wells Fargo Platinum card. This is usually defined as a credit score of 690 or better. Issuers also take into account your income, debts and other information.
Is a platinum card Good Wells Fargo?The Wells Fargo Platinum credit card is a very good credit card for people with good credit or better who want a long-lasting 0% introductory APR and a $0 annual fee. Wells Fargo Platinum offers 0% for 18 months on new purchases and 0% for 18 months on qualifying balance transfers – both months longer than average.
What's the limit on Wells Fargo Platinum Card?Wells Fargo credit card limits aren't particularly high; the minimum credit limit offered is $1,000, though some cardholders have reported receiving starting spending limits as high as $14,000.
What does it mean when you have a platinum credit card?Meanwhile, a platinum credit card is typically a provider's top-tier rewards credit card that comes with benefits that you normally wouldn't find on a standard or gold card. These cards typically have higher interest rates and are thus geared toward individuals who are able to pay off their balance in full each month.
|
What is a platinum card wells fargo
Related Posts
Copyright © 2024 en.idkuu.com Inc.
