The interest rates and fees of Wells Fargo Platinum cards are pretty standard. They are not that dissimilar from other credit cards or even most traditional charge cards. The one area where they can be a little bit more special is when it comes to transferring points to other reward programs. Here are some tips on how you can make the most of your rewards.
-If you have a lot of open credit card accounts, then you are well on your way to having a lot of accumulated interest. In most cases, that means fees and penalties to pay. That is exactly what your Wells Fargo Platinum introductory APR offer will do. So, that is why the Wells Fargo Platinum maximum credit line is at least $1000 for eligible applicants.
-When opening up a new account with Wells Fargo, you can also take advantage of the introductory 0% interest rate offer. This can be good, especially if you already have a large balance to pay off. But remember that this can come to an end. If you want to avoid having to pay fees and penalties, you are best advised to pay off your balance before the introductory period is over. That way, you will have enough credit to qualify for a low interest rate.
-In addition to getting high credit limits, you also get cash backs. These cash backs are given for just about any purchase you make using your card. For example, you can earn rewards for gas purchases and almost every other non-gas purchase you make. So, cash back becomes one of the major advantages of choosing the Wells Fargo Platinum card over any other out there. There are, however, a few drawbacks to this rewards program as well. Namely, there are only a limited amount of cash back for purchases made within the first 30 days of opening your account, and for balance transfers, fees and penalties might apply.
-Quit cashing checks. Yes, it is still possible to cash a check when you have a Wells Fargo Platinum account. You can choose to do this in two ways: by writing the check yourself or by having someone else do it for you. Either way, you will still earn the reward points and have the option of making future purchases, which will earn you even more rewards.
-A one time fee is charged for any balance transfer fee, you decide to take advantage of. You have to pay this fee no matter what. This is a one time fee regardless of the number of months you have been paying off your account. This is not the case for most other credit cards. For example, balance transfer fees on many cards are waived after six months, while the same applies to annual fees to open your account. If you have the Wells Fargo Platinum Card, you won't find this out until you try to make a purchase.
-No balance transfer fees. Even if you incur balance transfers within 120 days of your account opening, you will still get no balance transfer fees. Some cards offer free balance transfers within six months of account opening, while others require you to pay an annual fee. The Wells Fargo Platinum Card is the only card that offers this benefit. Other credit cards make this impossible. In addition, other credit cards offer other benefits, such as rewards, which you won't get unless you pay an additional fee.
-No balance transfer fees when you make new purchases. Balance transfers made within the first three months of your account opening are free, but you must pay an additional fee. If you make purchases in the fourth month of your account opening, you will be charged an introductory rate. You will also have to pay a transaction fee for any transfers that are made in the last twelve months of your card's life.
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