The Wells Fargo Business Platinum Credit Card has an introductory offer of: $500 bonus cash or 50,000 bonus points (it will depend on the rewards program you apply for) whenever your company spends at least $3,000 in the first 3 months. The value of at least 50k points will be worth about $750 if you use them for traveling. This is an excellent bonus offer for a business card with no annual fees attached.
With this card you will be able to gain 1.5% cash back rate for each $1 used for qualifying purchases. However, if your company normally spends more than $1,000 in a monthly billing cycle, you would only be able receive 1,000 bonus points at a time.
If you are seeking a low priced business credit card with a good value, using this card offers you a few options. This offer will be able to give you cash back or rewards points that will give you standard benefits for business and traveling.
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Wells Fargo Business Platinum Card Quick Facts
|Bonus Available||Receive a one-time $500 cash back bonus or 50,000 bonus points when signing up for the Business Card Rewards Program and make a minimum of $3,000 for expenses in the first 3 months of opening your account.|
|Bonus Value||$500 (cash option) OR $750 (points option)|
|Ongoing Rewards/Benefits||Cash back option: Gain 1.5% cash back for each $1 used for qualifying expenses.
Rewards points option. Get 1 point for each $1 used for daily expenses. Earn 1,000 bonus points when a minimum of $1,000 is spent in a monthly billing period. Gain 10% point credit if you go online to redeem your points.
Up to 99 employee cards at no extra cost.
|Foreign Transaction Fees?||No|
*If interested see our list of Wells Fargo Bank bonuses for Checking & Savings accounts.*
- Welcome bonus
- Choice of cash back or points rewards
- Free employee cards
- Business tools
- No foreign transaction fees
Good-Excellent credit needed to qualify
Editor’s Alternate Pick
The Ink Business UnlimitedSM Credit Card offers $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening.
You'll earn an unlimited 1.5% cash back on every purchase made for your business and you'll receive employee cards at no additional cost.
This card carries no annual fee and you'll have the opportunity to take advantage of a 0% introductory APR for 12 months on purchases
$500 Cash Back or 50,000 Bonus Points Offer
This welcome offer will depend on if you chose the cash rewards or if you would prefer the rewards points system instead.
To receive cash back, you will have to build up $500 statement credits after charging your card with a minimum of $3,000 in the first 3 months of having your account open. To receive points, you will have to build up 50,000 bonus points after charging your card with the equivalent amount at the same time period.
You must sign up for a Business Card Rewards Program to be able to qualify for cash or bonus points.
Here are some ideas on meeting the spending requirements:
|• Plastiq: Plastiq allows you to pay for expenses that you generally won’t be able to with your card like rent, tuition, auto lease, mortgage payment, and more. There’s a 2.5% processing fee for using your credit card. However, this’ll be worth the card bonus you’ll get. There’s also a referral program where you can earn “Fee-Free Dollars” to use towards processing fees. See our Plastiq review.|
|• Fund Checking accounts with your card: Many banks will allow you to fund the opening deposit with a credit card. Consider opening Checking accounts that also offer a sign-up bonus. This way, you can work towards bonuses from two different sources. Big banks like Chase, HSBC, Huntington, and TD Bank have great offers and allow credit card funding. You can generally fund anywhere from $50 to $1,000 towards the opening deposit with a credit card, depending on the bank.|
|• Buy gift cards: Consider buying gift cards with your credit card that you can then spend later at your leisure. Individual merchant cards (restaurants, gas stations, supermarkets, etc.) generally don’t have purchase fees, so this is a plus. On the other hand, American Express and Visa gift cards will have purchase fees. Amazon gift cards are a great idea as you can shop for almost anything there with no purchase fees either. Unfortunately, Citi credit cards tend to code gift card purchases as Cash Advances and there’ll be a fee. Call in to customer service and lower your Cash Advance limit to $0 before purchasing gift cards. You can also buy discounted gift cards as well from Raise or find gift cards on eBay.|
|• Everyday spending & bills: Always using your credit card for everyday spending, such as for dining, gas, groceries, etc. You can also use your credit card to pay for things like insurance bills, property taxes and income taxes. However, you’ll have to consider the convenience fees.|
Redeeming Your Business Platinum Rewards
Depending on which program you choose will show you which redemption options you will presented with.
Cash back redemptions is self explanatory. You’ll be able to get your rewards immediately as a:
- Credit to your statement, or
- To an eligible checking or savings account each quarter (March, June, September and December)
Points redemptions has a few more options that can be used towards:
- Travel (flights, hotel stays, cruises, car rentals and activities)
- Name-brand merchandise
- Cash back
- Gift cards
To receive the best value for your points it’s best to redeem them for traveling. When you redeem them for flights, the value will vary on the route information (flight time, destination, flight class, etc) The valuation for this will typically be valued as 1.5 cents for each point received. In other words, 50k points will be worth about $750 for traveling fees.
Wells Fargo Business Platinum Card Top Features
Gain 1,000 bonus points when your company has made at least $1,000 in a monthly billing period.
Receive a 10% point credit when you go online to redeem your points.
Get extra bonus points or discounts from Earn More Mall retailers.
Make use of the perks such as:
- Up to 99 employee cards at no extra cost
- Wells Fargo Business Online – manage spending, payments and transfers online
- Business spending report – manage your expenses
- Paying bills online
- Automatic payments
- Overdraft protection
- Choose between consolidated billing or individual cardholder billing
- Showcase your business with Card Design Studio
Buy things overseas without having to stress about any foreign transaction fees with the Wells Fargo Business Platinum credit card.
Using the Wells Fargo Business Platinum Credit Card, companies will be able to gain rewards as cash back or rewards points. Whichever you choose, there aren’t any limits to the amount your business expenses can gain.
However, if you are okay with using your rewards to their full potential with traveling, then using the rewards points would be a better choice. Using the cash back option, it would be easier and more convenient to use.
If your company spends a decent amount of money on certain options such as: dining, gas, traveling, see their competitors below.
(Visit Wells Fargo for more information)
What’s the Competition?
There are some of the Wells Fargo Business Platinum credit card’s top competitors listed below.
The Chase Ink Business CashSM Card offers $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening.
You'll earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year, 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year, & % cash back on all other card purchases with no limit to the amount you can earn.
This card comes with no annual fee. You'll be able to take advantage of employee cards at no additional cost & the 0% introductory APR for 12 months on purchases.
The Capital One® Spark® Miles Select for Business offers a one-time bonus of 20,000 miles once you spend $3,000 on purchases within 3 months from account opening.
You can earn 1.5 miles per $1 on every purchase. Your miles won't expire for the life of the account, and there are no categories to limit where or what you buy.
There is no annual fee or foreign transaction fees to worry about making this card a viable option for business travel.
The Chase Ink Business PreferredSM Card offers 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,250 toward travel when redeemed through Chase Ultimate Rewards®.
You'll earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year; 1 point per $1 on all other purchases - with no limit to the amount you can earn. Furthermore, points are worth 25% more when you redeem for travel through Chase Ultimate Rewards.
This card does come with a $95 annual fee but does not have any foreign transaction fees.
The Capital One® Spark® Cash for Business offers a one-time $500 cash bonus once you spend $4,500 on purchases within 3 months from account opening.
You're able to earn an unlimited 2% cash back could mean thousands of dollars each year going back into your business. Use Spark Cash across all your business spend, with no categories to limit your purchasing.
This card does come with a $95 annual fee, however, there is a $0 intro annual fee for the first year.
The American Express® Gold Card offers 35,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 3 months.
You'll have the opportunity to earn 4X Membership Rewards® points when you dine at restaurants worldwide & at U.S. supermarkets (on up to $25,000 per year in purchases, then 1X); 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
This card has an annual fee of $250 with no foreign transaction fees. Some benefits including earning up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub, Seamless, The Cheesecake Factory, Ruth's Chris Steak House, Boxed, and participating Shake Shack locations. This can be an annual savings of up to $120. In addition, a $100 Airline Fee Credit: up to $100 in statement credits per calendar year for incidental fees at one selected qualifying airline.
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