If you are looking for credit cards that offer rewards in a range of interest rates that are also long-term in nature, Wells Fargo Platinum is one of the better cards to consider. It offers a low interest rate of just 2.9%, and the long-term commitment of over six years with only a one percent annual percentage rate will make this card well suited to anyone's needs. You will be able to take advantage of special incentives and rewards programs that make this card worth its value.
With that being said, you might have a difficult time finding a card with a lower introductory APR than the Wells Fargo Platinum. The card offers an introductory 0.9% interest rate on purchases for up to eighteen months with an additional 0.9% on all qualifying balance transfers for up to sixty days. This can make it seem like a great value because you get a great introductory rate and a large portion of your bill is already paid with a low interest rate. And since fees for balance transfers are relatively low, you should not see much of a difference in your payments compared with other cards that might offer lower rates but offer no or little incentives.
The one area that the Wells Fargo Platinum excels is the incentives and rewards programs. You can earn up to three reward points for every dollar you charge to your account. Some of these are free gasoline, kitchen supplies, home repair tips, dining out and travel miles. These rewards add up fast, which means that even after making your monthly payment, you could be saving a lot more money than you are now. In addition, with the long-term commitment you made to repay your loan on a regular basis, you will continue to build your savings account, which means even after the introductory and should be well worth the switch to this new card.
If the rewards and the long-term commitment do not make up for the cost of the Platinum, then the low interest rate may be enough to sway you. For many people, they will find that the low interest rate is worth the added expense of transferring their balances from another card to the Wells Fargo Platinum because they save so much money on interest charges over the course of their mortgage. Even if you are only paying interest on one or two purchases during the entire eighteen months you have with the loan, you are still saving money. And as long as you do not exceed your credit limit, Wells Fargo has you covered in this area as well.
With that said, there are still some negatives to consider as well. Like with most other credit cards, there is a one time set up fee and a twenty-four month revolving balance transfer fee. Both of these can be paid in full. Then you have to decide if you want to pay the additional fees just to add the extra convenience of having a cash advance paid on your credit account. In the end, only you will know how often you use your Wells Fargo Platinum but once you start using it you might just find that you are pleasantly surprised.
The overall positives far outweigh the negatives of transferring your balances from a traditional credit card to a Wells Fargo Platinum savings account. Most consumers would agree that it is easier to make a purchase when you don't have to worry about paying interest. And given that there is an intro APR credit card fee and twenty-four month rotating balance transfer fee, it is easy to see why many consumers would benefit from making a big purchase using their new Wells Fargo Platinum card. Plus, with the low interest rate, you will be able to pay off your balance much faster than you could with a traditional card. Now, if only all credit cards had a zero percent introductory rate.
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