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

Update 5/17/22: Reader IS250 tells us that the $500 offer is back in Wells Fargo branches with a $3,000 spend requirement. Online the offer is still down at $300.

Card Basics

Direct link to card

  • 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

Post history:

  • Update 1/1/21: Deal has been reduced to $300 instead of $500.
  • Update 7/7/20: Extended until December 31st, 2002. Spend is $5,000 instead of $3,000.
  • Update 12/2/19: Deal has been extended until 06/30/2020. Some people have been having issues with conditionally approval.
  • Update 10/1/19: Deal has been extended until December 31st, 2019.
  • Update 7/2/19: Extended until September 30th, 2019.
  • Update 4/1/19: Available again until June 30th, 2019. Looks like this will just be an ongoing offer now. Spend requirement has been reduced back to $3,000.
  • Update 1/1/19: Available again until March 31st, 2019. Minimum spend requirement is now only $3,000 instead of $5,000.
  • Now valid until December 31st, 2018.
  • Update 07/05/18: Deal is back and valid until  9/30/18. Hat tip to reader Steve.
  • 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.


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quickposter (@guest_1618945)
May 16, 2023 13:22

I applied for this card at the beginning of April and got declined, however I didn’t get a letter until last week. When I called into WF reconsideration they said that the card is discontinued as of last weekend and that they are rolling out 2 new business cards. The Business Elite Signature card is also apparently discontinued.

mothman69 (@guest_1500326)
December 2, 2022 07:08

I haven’t used this card since meeting the SUB spend requirements back in May of this year, but recently there was some fraudulent activity on 11/2 for $2 at Amazon that I wasn’t even notified about. WF apparently automatically declined it and reversed the charge without contacting me. Another fraudulent charge occurred on 12/1 for $2 at Amazon and it was automatically declined, but this time I was notified with a fraud detection email. I called WF to confirm the transactions were not authorized and they will be sending a new card.

The only place I have ever used this card at is Hanscom FCU for online account funding. So I’m guessing either WF or the Hanscom FCU payment processor has been compromised somehow because my card has been tucked away for the past 6 months.

fdic (@guest_1499060)
November 30, 2022 19:26

Don the personal and business card both count towards the Wells Fargo’s one card in 6 month rule?

Tikky (@guest_1427609)
August 18, 2022 15:05

FYI, if you select the cashback option it’s not at end of month/statement cycle.

* Receive your cash back automatically as a statement credit to your account or to your eligible Wells Fargo checking or savings account each quarter (March, June, September and December).


Joey (@guest_1409437)
July 15, 2022 09:51

Does anyone know if there’s some grace period after the 90 days? My last purchase posted on day 91 (if account opening is day 1).

DW (@guest_1408399)
July 13, 2022 12:40

TL/DR: WF Biz Platinum points are worth 1.5x when redeemed toward travel through Wells Fargo travel portal, even without the personal legacy Signature Visa.

P2 and I both got this with a soft pull while opening biz checking accts for the $1,500 bonus. We both chose point options when signing up. After receiving points, I noticed that you get 1.5x value on your points when you book travel through Wells Fargo travel portal. To be clear, neither I nor P2 have the legacy Signature Visa credit card that offers the 1.5x value on Wells Fargo travel portal. We also received welcome mail confirming that 50,000 points is worth $750 in travel. However, I only have ~34,000 points and I still get 1.5x value when booking travel through their portal. So points option can be even more valuable now. I have since called to get me added onto P2’s account so that I can transfer P2’s points to my account for easier redemptions, which was an easy phone call.

asteroid (@guest_1401687)
June 28, 2022 20:26

Wondering has anyone used this business WF card successfully for bank funding? TIA!

DW (@guest_1408396)
July 13, 2022 12:33

I did, $2k funding.

Benjamin P
Benjamin P (@guest_1423945)
August 12, 2022 00:29

Do you mean funding other checking accounts with this credit card?

patoot (@guest_1397454)
June 18, 2022 12:08

How do you know what purchases code as? I don’t see anything that tells me.

Wayne (@guest_1397456)
June 18, 2022 12:15

patoot All of my purchases counted. From food, alcohol, hotels, sports, cable, gas, you name it. If I charged it, it counted. I received my bonus after the 2nd month closed out.

Alex (@guest_1393816)
June 11, 2022 11:29

Wondering if anyone else noticed that 200,000 points can be redeemed for $2500 (and of course you’d get 20,000 back via online redemption). Pretty challenging to get to the 200k mark even with the 1000 point monthly bonus. Can points from another Wells Fargo card be combined? Points earned on this card expire after 5 years and if trying to earn optimally you’d only earn 24k per year (spending exactly $1000 per month).

Uki (@guest_1385560)
May 26, 2022 07:01

I went to Las Vegas NV location, only $300 offer was available, I did not apply for that one