Posted by William Charles on January 7, 2018
Credit Card Review

Published on January 7th, 2018 | by William Charles

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Wells Fargo Business Platinum Credit Card Review – $500 Sign Up Bonus & $1.5% Cash Back On All Purchases

Update 01/07/18. When I originally posted this, the $500 bonus was targeted. But there is now a public bonus so we are reposting and have updated the site.

A few days ago reader @RobertDwyer tagged me in a post on Twitter, he had received an offer of $500 after $5,000 in spend on the Wells Fargo Business Platinum Credit Card. The offer is now available to everybody because of that the card itself is worth a short review in case others are targeted either now or in the future.

 

Card Basics

  • No annual fee
  • Card earns:
    • 1.5% for every $1 spent if you choose cash option
    • 1 point per $1 spent if choose point option. Point option also gives you 1,000 bonus points when you spend $1,000 in any monthly billing period. You get a 10% bonus when you redeem points online
  • Credit limit of up to $50,000
  • There is also a rewards fee, but that seems to always be waived under some sort of promotion
  • Sign up bonus of $500 after $5,000 in spend within the first three months. Please note to receive this you must select the cash back option!
    • This offer is not available if the business already has a Wells Fargo business credit card or had a Wells Fargo business credit card opened or closed in the immediately preceding 12 months
    • The $500 Cash Back bonus will be automatically credited within three to five months after the spend requirement is met
  • 0% introductory rate for nine months
  • This card is not reported on your personal credit report, so it won’t affect your Chase 5/24 status.
  • You can’t apply for this card online unless you have a checking account that has been opened for at least 12 months. Not sure if you can open in branch with the bonus or not.

 

How Much Are Points Worth?

You can see what you can redeem points for here, unfortunately it doesn’t show how many points are required. Robert did get this small sample:

Best value is 25,000 points for a ticket up to $400. That works out to be 1.6¢ per point.

Our Verdict

With the points earning card you could effectively earn 2x points per $1 spent if you spent exactly $1,000 each month. That would be worth up to 3.2¢ per $1 spent when redeeming for $400 in airfare and you could earn almost enough points every year. Seems like you can also transfer points from your personal cards to this card. Unfortunately you can’t get the sign up bonus when you do that and I suspect most people are much more interested in that.

Seems like a nice and juicy bonus and it looks like business cards aren’t on the same timeline as personal cards when it comes to sign up bonuses (this one says you’re not eligible if you’ve signed up with any other business card in the last 12 months and personal cards are on a 16 month timeline). I guess that maybe getting this card would make you ineligible for a personal card in the next 16 months, but I would be somewhat surprised if that is the case. Once we have some more datapoints I’ll add this to the best credit card bonuses. There is another the Wells Fargo Business Elite card that offers a sign up bonus of $1,000 but that requires over $1 million in sales.

Update: When applying there is no question asking if you want the cash back option. You have to do the following:

  • Click Yes I want to Enroll in the Wells Fargo Business Card Rewards Program
  • Click cashback program

 



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123 Comments on "Wells Fargo Business Platinum Credit Card Review – $500 Sign Up Bonus & $1.5% Cash Back On All Purchases"

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Jason
Jason

I didn’t see any language in the Terms that this is a target offer…
https://www.wellsfargo.com/biz/business-credit/credit-cards/platinum-card/

Shawn
Shawn

I agree I looked throughout the application and couldn’t find anything stating it.

Irshad
Irshad

Can some body please confirm if this is a targeted offer or not? The link seems like it’s not targeted.

Doc. Any comments?

Sam Simon

I applied for the card 2 days ago using Robert’s links. I’ll update how it works out for me, but the app went to pending, and doesn’t show up anywhere online. Documenting it on the blog, and will try to update here as well.

tennis9z9
tennis9z9

Clicking through, you have to have had an active Wells Fargo checking or savings account for a year to apply through that link.

Tom
Tom

After hitting Apply Now, they ask If you’ve been a WF checking/savings account holder for at least a year on the next page. If you click NO, it won’t let you apply online and tells you to go into Branch.

Rob
Rob

If you go to Wells Fargo’s website and browse to the business card applications, you can see the offer listed there.

Blue
Blue

$500 plus 9 months of free float for bank account offers on a non-reporting biz card? Wow.

Was going to get the World Propel but I think this is what I really want.

Shawn
Shawn

Do Wells Fargo Business cards count towards 5/24?

daeofcal
daeofcal

They do not.
I got this with the cash back option for no HP and 9 month 0% APR, back when the $300 checking business bonus first went live. The rep was actually encouraging me to take advantage of the free 9-month loan. I’m guessing the 0% is not attached with this offer, otherwise I would think this is a much better deal than the CIC.

Blue
Blue

0 APR is attached, actually.

Monday I’m going to sign up for a business account plus this.

Only thing I am wondering is if I should go for the Propel World before or after the biz signup.

Sam
Sam

Be very careful. It says in the terms that you have to select Cash Back as your rewards option for the $500 bonus. This means you cannot do the rewards point route detailed at the end of this post b/c you either select cash back or rewards points AFAIK.

Steve tx
Steve tx

I opened this account (sadly no bonus) along with the $300 business checking bonus. In branch there was no hard pull, but the free float and non-reporting nature is nice. I need to talk my wife into opening this and the biz checking bonus.

Ken
Ken

No HP for a credit card application? Are you sure about that?

Blue
Blue

I’m wondering if it is like Amex where if you have an existing CC with them they’re OK with just their soft pull information.

Ken
Ken

Maybe, but I’ve never heard that with WF. Even the banker said there would be a hard pull for the credit card. Of course, they also said it would be a HP for the checking account which wasn’t the case.

esdot
esdot

Like daeofcal, I also was told in December that I could get this card without a hard pull, based on the soft pull done for the business checking account. Banker gave me a date by which I could go to any branch and apply without hard pull.

daeofcal
daeofcal

I did not have any other accounts with WF prior to signing up for the business checking.

At the time of the signup, the WF rep said I was pre-approved for the Biz Plat. I asked and re-asked about the hard pull, and he said no. There was no WF HP on any of the bureaus. I would suggest asking if you’re pre-approved, but you probably won’t have to, because you’re going to get signed up for that along with 6 other accounts, whether you know it or not! j/k 😉

Steve tx
Steve tx

Yes, check the comments from the original biz checking bonus for many similar datapoints, but YMMV.

Superchurn
Superchurn

can confirm. got it along with the $300 bonus as well, and rep swore no HP, and I confirmed. its really true

Irshad
Irshad

When did you open the account? This promotion Says Jan 1 to March 31. Did you open during non-promotion period?

Irshad
Irshad

When did you open the account? The link says offer valid Jan 1 March 31.

Lisa
Lisa

Which credit bereau does WF business card app check?

Dave
Dave

they pulled TU for me last year for a personal cc

Max
Max

Experian

Blue
Blue

THIS is VERY interesting:

“If you are logged into your business rewards account, you can transfer points into this account from a consumer credit account but if you wish to transfer points out of your business rewards account to a consumer credit account in order to complete a redemption, you will need to login to your consumer credit account at mywellsfargorewards.com or call the Consumer Rewards Service Center at 1-877-517-1358.”

https://www.wellsfargo.com/biz/help/faqs/credit-card-rewards/

Shawn
Shawn

Be careful. It says in the terms “Must sign up for the cash back option.” There is a choice b/t rewards and cash back, and I believe for this offer we have to choose the cash back option, meaning no rewards points.

Blue
Blue

Ah, good catch!

Dave
Dave

Is the one bonus per 16mo rule applied to business cards, or are they separate?

Credit
Credit

What’s up with January Uber credit for Amex platinum?

They have not posted yet.

Usernamechuck
Usernamechuck

Mine posted double

Credit
Credit

Sounds like you got mine then.

Just mail me a check

rfclub
rfclub

dont think it is targeted. i can find the offer in small business card public page in wellsfargo.com

rfclub
rfclub

and there is another card for $1000 bonus for spending $25000

irshad
irshad

It doesnt seem like you can apply for this elite card online. it says “find a banker”.

Irshad
Irshad

I just tried opening the account online. You cannot open the account if your checking account is not open for at least 12 months. So this is only for people with existing wells fargo relationship.

Jeff G
Jeff G

Same for me

Shane
Shane

Does the 1 bonus per 15 month rule apply to WellsFargo Business cards?

CM

> There is also a rewards fee, but that seems to always be waived under some sort of promotion

I don’t think there’s ever a rewards fee for this SMB card; the fee appears to be reserved for the more corporate version of it (the one that currently comes with a 1k bonus!).

BTW, I just opened the 300 biz account in branch a week ago, but there were no such offers at that time. If I go back now to a branch, would there still be no HP for this card, or how does it work?

steve
steve

applied and got a message to sign and fax a personal guarentee form.

rfclub
rfclub

got the same email.

but it is saying it is for “additional borrower”.
I am the only borrower, so i don’t think i need to fax it.

further more, I dont know where to find a copy of the form.

steve
steve

ah, didn’t notice that. FYI the fax number is on the bottom of page one of the document if you need it.

Lisa
Lisa

Do you have a WF checking for > 12 months?

troy
troy

doc, this isnt targeted?

Ryan
Ryan

Do you have to have a business checking account or will a regular checking account suffice???

Charles DoC Fan
Charles DoC Fan

I have a personal checking account and it took my application. I haven’t received “full” approval yet. – All it gave me was a reference number when I completed my application. I clicked on an “Application Status” link in my Email and it says “Conditionally Approved.”

Stats 780 Credit score. $85K personal Income. Have had personal checking account and credit card with WF for a couple years.

Note : Not sure if a coincedence, but I could not access online banking for several minutes after applying.

Charles DoC Fan
Charles DoC Fan

It looks like I got a hard pull to my Experian Report. – See my application details above. Listed as an inquiry for an “installment loan”

Perhaps because I have a personal rather than business checking.

Anyone else have data points?

Ryan
Ryan

Thank you!

Tom
Tom

How sensitive is WF to MS? If I meet the $5k min spend only buying VGC’s at grocery store and CVS, will I get my bonus? Will my account get shut down? I read that WF shut down accounts of people “abusing” their 5% cashback card promotion.

MSer
MSer

I bought vgc for personal card and it didn’t count towards min spend for bonus. Had to make legit spend to earn bonus. It was mentioned in T&Cs as not being eligible but in past years it didn’t matter, so looks like they’ve caught on.

tribesman55
tribesman55

When did you sign up for your card and what card was it? I find it difficult to believe their system is advanced enough to distinguish between purchases.

Tom
Tom

Does WF have Level 3 data? Where did you buy the VGC’s? Was it Simon Mall or somewhere more obvious or grocery stores/pharmacies? Thanks

LC
LC

Anyone sign up for this with a wells fargo checking account less than a year and get approved?

tribesman55
tribesman55

You can’t the system won’t let you

Lisa
Lisa

Do either personal or business checking count?

dizzy
dizzy

If I got denied for WF Propel, is it likely I will also get denied for this? Income and score (@ the time like 710) were part of reasons (also # inq)

NB: Have a biz account open 3 months. Was about to close it but would reconsider for this offer.

PS- The new comments look awful! Please bring back the old ones, it’s a lot easier to read.

dizzy
dizzy

Nev minds just read comment above. Have had been a customer for >1 yr but cancelled the personal after opened biz.

Justin
Justin

I got a WF personal card in the last 16 months. Am I still eligible for this?

Leo
Leo

Applied online despite of the fact I was a WF customer for only 345 days.will see

JT
JT

What happened?

Daniel
Daniel

Got this card with my business checking bonus in early December since there was no hard pull. Has anyone had success in asking Wells Fargo to match their current offer for customers like myself?

Tony
Tony

I too got the checking bonus mid December and accepted the card 2nd of Jan. I dont see a hard pull. I did ask if I could be matched for this offer but they said there was no way to apply it to an existing account, needs to be done at application stage. Would too like to know if anyone is successful at matching it.

Daniel
Daniel

Just did the same with same results. The Rep really tried, got his supervisor involved as well. They could not seem to find a way to attach the offer to a current account. Felt good about the $300 business checking bonus, but am wishing I’d have waited on getting that card now!

tribesman55
tribesman55

I just got an email saying I could check my application status and it says I am conditionally approved.

simon
simon

i applied the credit card 1 hour ago for my business(used SSN), and got a hard pull for installment loan type by WF and no decision yet. i put in 10k as limit, will update result later

tribesman55
tribesman55

Looks like I was approved, mine updated with account reqs complete and new account/number generated created.

simon
simon

30 minutes after applied online, i received email saying i can checking on status, log on and saw conditionally approved for 5k (applied 10k) pending some other verification by WF, though no any tasks or papers requested from me. i did not send in the so called faxed item 2 pages. mu “business”, i put income 10k per year. my score is 785 FYI.

simon
simon

received my new business platinum card for 5k limit today from wells fargo, i did not choose reward when applied on 1/8, so i will send in the little flyer back to them to indicate i choose 1.5% cash back instead point. can not find the 500 new offer bonus anywhere in the terms though even though i never had a business card from WF. will see

Roger
Roger

My last Wells Fargo business account(sole proprietor) was closed Oct 2017. I opened Business account today with $25 . I also got preapproved for Business credit card .
https://www.doctorofcredit.com/wells-fargo-business-platinum-credit-card-review-targeted-bonuses-500/

The banker did talk about my account being closed and asked me if I had a business license. I danced around both issues as I had no license! Keeping fingers crossed to getting $300 bus checkin bonus. Thanks Doc.

Charles DoC Fan
Charles DoC Fan

After the above warnings, I Was confused at end of ap as to whether I should check: “Yes I want to Enroll in the Wells Fargo Business Card Rewards Program”

A: Yes, once you select it you will be given reward and cashback options. Choose one of the cash options.

tribesman55
tribesman55

I chose cashback deposited to my business checking account.

Lynn
Lynn

I just completed the application. Thanks. There was no question asking whether I wanted cash back. There was a question asking if I wanted rewards, so I did not check that box. Does that mean that by default, I will be getting the cash back bonus (presuming I meet the requirements)? THANKS.

simon
simon

i did the same thing due to confusion/warning from OP comment, i did NOT check the box or choose join the reward program, i may have to call after account set up to clarify or ask wells fargo to add that cash back option for me if i had to choose, of course, i will blame them purposely misleading or confuse me during application if something wrong later.

irshad
irshad

I am in the exact similar situation. I did not click that rewards enrollment option.
Did you get any feedback from WF? I just left an email to them and lets see what they say.

tribesman55
tribesman55

You needed to check the box and choose cash back as statement credit or cash back deposit into your business checking account.

irshad
irshad

So does it mean that not choosing the option will invalidate the bonus chance? I also got approved for 5K and I left that option open. I was not aware that clicking on that option will give me choices. I ended up leaving it blank as it said rewards and I wanted cashback.

Lynn
Lynn

Due to the confusion with the application, I just called the phone number given for the application. The rep said we have to join the rewards program to get the cash back. I give up understanding how this cash bonus works. Maybe I need more coffee. lol.

John
John

Can I buy Gift of College gift cards to satisfy the purchase requirements for the bonus?

Christopher
Christopher

Anyone know if this card offers Price Protection in any way? I can’t access a guide to benefits. I assume the answer is no.

tribesman55
tribesman55

Card showed up in my WellsFargo online profile. Don’t see any bonus tracker though like the Propel World had.

TWoK
TWoK

How many days did that take?

tribesman55
tribesman55

About a day. My wife applied on 1/9 and was approved and put into account created/card mailed out status a day later.

TWoK
TWoK

Very odd, mine shows “Welcome packet & materials mailed” but nothing in my account 36 hours later. I guess I’ll just keep waiting.

TWoK
TWoK

So I am conditionally approved with a $10,000 limit. My checking account has not been opened a year, but I have either had a Wells Fargo checking or credit card account for several years all thanks to churning, so answering “Yes” to has your checking account been open a year or more might not be checked. Good luck.

Doc_Liker
Doc_Liker

I applied last night and it went in to review I believe, got application has been received after submitting the application. Post that I didn’t get any email from WF for checking application status etc., when I tried to check application status on my own it asks for some 8 digit access which I wasn’t provided. Can I assume my application got denied? I logged in to my WF online banking and don’t see any new CC popping up.

Charles
Charles

Same thing happened to me on Propel last month and I ended up being approved. Call the WF check your status line DoC provides for applications.

Lynn
Lynn

WF will not give final approval without a business license., so there you go. My county does not require one based on my specifics, but Wells does.

rfclub
rfclub

not so true. mine already in “account created” status.

Charles
Charles

You applied for this and this is what happened? Or was that a previous experience?

rfclub
rfclub

I applied this offer

Blue
Blue

Not generally true. The banker I met with today did emphasize the importance of being a sole proprietorship, however.

dave
dave

I applied for this card 4 days ago, and outside of a standard e-mail that they got my application, I haven’t heard anything. I have had a wells fargo account for a while. Dreading rejection letter in mail…

rfclub
rfclub

applied last Saturday. got a call today asking to fax copy of ssn card and green card. already having a personal and business account with wells fargo. but they are less than a year. but there was a closed checking account for more than 1 year.

Charles
Charles

I did the WF Business $300 Sole Prop last week of Dec. Just got an offer for this card in the mail that says “you have been approved for the Wells Fargo Business Platinum Card Account….”. There is a link to apply with a reservation number. However, when I go to the link and put in the reservation number, I don’t see anything about the bonus (basically because it is bypassing that landing page DoC lists above). Curious if anyone else has received the same offer. Almost makes me want to call in, but the letter says to Visit a Branch or apply online. Also, terms on the back of the letter do not mention the $500 at all….

Blue
Blue

This is currently kind of an insane deal. Went into WF today with a $300 code for business checking and a printout of this offer. Super nice guy signed me up for both. Here’s the thing–if you already have a relationship with WF through a bank account you can be preapproved for this with NO hard pull.

I then asked the guy if he could put in a Propel World app for me 40/$3k and he could. That did generate a hard on Equifax, a CRA I had no CC apps on in the last two years. Not sure status of that yet.

But it was a good day.

Blue
Blue

Oh, and for the record, I have a personal checking account that’s been open 5 months.

JohnJ
JohnJ

I’ve had a personal checking account with Wells Fargo for so long, it was still called Wachovia Bank back then! On Dec 30 2017 I opened a WF Business Checking account for my LLC via the bonus offer on DoC (and got the $300 bonus on Jan. 8). When the banker opened my Business Checking account he made no mention of this Wells Fargo Business Platinum Credit Card. Because I was one of the very last customers in that branch before they closed for the day/year I’m hoping it slipped his mind. I think I am going to go back to the branch tomorrow and ask him if I can get this. At this stage I don’t even care if I get a $500 sign-up bonus or points or 1.5% cashback on the thing, if they can give me this business credit card without a hard pull on my personal credit, it’s going to be a very happy 2018 for me 🙂

Wish me luck…

Fred herbert
Fred herbert

So this is no longer a targeted offer ? It says in description no bonus unless targeted ?

TomT
TomT

All you need is a checking OR savings account with Wells Fargo for 12 months.

“Are you a Wells Fargo customer with a checking or savings account that’s been open for at least one year?”

I keep a joint savings account open with a measly $300 balance to avoid monthly service fees, so my wife and I each can qualify for any Wells Fargo credit card.

MoreSun
MoreSun

“You can’t apply for this card online unless you have a checking account that has been opened for at least 12 months….” Not true anymore under certain circumstances. I had a personal account opened Jan 2017 closed Feb 2017 and another (trying for another bonus, did not get it) opened May 2017 closed July 2017. I had no WF credit cards or accounts when I brought the $300 business checking offer into branch this morning and opened the account. I went with my ebay “business”, said rev about 1.5K-2K expected when she asked. She never asked for my personal income. There was a part where I signed approving a business credit check. At the end of my banking app she said if I wanted it I had been approved for a WF Biz Platinum credit card with a 10K credit limit and a bonus offer of spend 5K in 3 months get $500 cash back. I took it. She did mention I had to enroll in the cashback program to get the promotion. The cash back will be sent to my biz bank account (wonder if that will generate a 1099 like the bonus will? she also offered to have it as a statement credit and said I could change it online if I wanted). FWIW the docs listed a $50 AF for the cashback program but the banker said the $50 fee is waived for the first year. I had no intention of getting this credit card and it wasn’t on my radar at all, now I need to figure out how to meet this extra 5K spend on top of the others I’m meeting. Time to get creative…
-And there was no hard pull

gabe
gabe

I was told that if you apply in the branch the 1 year law does not apply. Yet to go to the branch and check..

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