Wells Fargo Business Platinum Credit Card review 2021

Wells Fargo is well-known as a bank that’s friendly to small businesses. It offers business cards for companies at all operating levels. The Business Platinum card is available to business owners who already have a banking relationship with the financial institution and would like to integrate a credit line for added cash flow.

Our Wells Fargo Business Platinum 2021 review weighs the card’s main features to help you determine whether it’s worth a spot in your wallet. 

At a glance

Wells Fargo business banking customers may find the Business Platinum a good option for capital expenditures. The card comes with no annual fee and the ability to earn rewards on business spending.

Business credit cards are similar to personal cards, except for a few extra features that simplify expense management. 

Here are some of the main features of the Wells Fargo Business Platinum Credit Card:

  • Card Type: Business Mastercard

  • Card Issuer: Wells Fargo

  • Best for: Business owners who already have an account with Wells Fargo

  • Credit Line: Starting at $2,500, based on credit score

  • Rewards: Choose from one point for every $1 spent with a quarterly bonus of 1,000 points after spending $1,000 or pick 1.5% cashback.

  • How to redeem rewards: Trade points for travel, gift cards and merchandise. Cashback is applied automatically towards your statement balance or transferred quarterly to your linked Wells Fargo account.

  • Approval bonus: When you spend $3,000 in the first three months after approval, receive a $300 cashback bonus if you choose cash-back rewards or 30,000 bonus points for picking the points program.

  • Annual fee: None

  • APR: 11.24% – 21.24% variable APR

  • Foreign transaction fees: None

  • Credit score: Good to excellent

  • Employee cards: Unlimited at no charge

  • Special features: Pay company bills with the credit card, and Business spending reports are available through the online portal

Pros and Cons

There are many details to consider when choosing a business credit card. Here’s a quick overview of the Wells Fargo Business Platinum Credit Card’s strengths and weaknesses to help you make an informed decision. 


  • No annual, employee card or foreign transaction fees

  • Your choice of cashback or points

  • Get 10% more points during online redemption

  • A lucrative bonus of $300 or 30,000 points

  • Automatic cashback redemptions transferred to your bank account or applied as statement credits


  • Reports late payments or high spending to your personal credit file

  • It does not help build your business credit

  • Only available to Wells Fargo business banking customers


Unless your small business is well established with credit lines from select stores or vendors, it’s probably difficult to get a credit card that’s secured solely using your company’s financials. Wells Fargo allows business banking customers with good personal credit the opportunity to apply for the Wells Fargo Business Platinum Credit Card. 

Who may qualify for the Wells Fargo Business Platinum Credit Card

Before you can even apply, you’ll need to have a Wells Fargo business bank account. If you don’t have one already, you could open one first by visiting your local branch or signing up online. 

Once your company has a banking relationship with Wells Fargo, you’ll need to show you have a legally established business. Some examples of allowable businesses can be one in the early stages of a sole-proprietorship, a gig worker doing deliveries part-time, or an incorporated company. Regardless of the company’s structure, you’ll need to provide a tax identification number and personal information on all the business partners involved. 

How to apply

Wells Fargo welcomes you to apply at a local branch or online. Before you get started, make sure you have an existing Wells Fargo business banking account and the following information:

  • The legal business name, phone, address

  • Date the business was established

  • Business tax identification number

  • Your Social Security number

  • Your date of birth

  • Wells Fargo business bank account information

  • Business ownership type

  • Number of business owners with 25% ownership or greater

  • Household income amount for all business owners listed

  • Your company’s gross annual revenue

Wells Fargo will pull your personal credit report to make a decision and report your payment and usage history to the consumer credit bureaus. Any card-related activity could affect your personal credit score, even if it’s business-related. For example, maxing out the card’s limit or making late payments could negatively impact your personal credit score.

How the Wells Fargo Business Platinum Card Credit Card works

If you’re approved for the card, Wells Fargo will send you a card in the mail. The bank does not issue credit cards directly from the bank branch. Depending on the type of rewards program you choose, you’ll start earning points that can be redeemed for travel and merchandise or cash back rewards that you can receive back as cash or credit card statement credits.

If you didn’t request employee cards during the application process, you could order them at any time by contacting Wells Fargo at 1-800-225-5935. You can provide employees with card account access in four ways:

  • Assigning view-only access to your online account for up to 25 users

  • If they already have online access, they can request access through the Wells Fargo portal in “Account Settings” by adding an account.

  • Call 1-800-956-4442 to request access to their card account.

  • Employees without a Wells Fargo account can visit a branch location to request online access.


Wells Fargo provides several security features. Mastercard Identity Check may require you to enter a texted one-time passcode for select purchases. You can set up alerts based on a number of transactions and/or amounts. For employees who will be traveling internationally, Wells Fargo suggests they call 1-800-642-4720 in advance to set a travel alert to prevent Wells Fargo from freezing purchases made overseas. 

How to get support

Wells Fargo offers support at a branch near you. In addition, you could reach customer service at 1-800-225-5935.

Bottom line

Having the Wells Fargo Business Platinum Credit Card that’s dedicated solely for your company spending has its advantages. Separating your personal from business expenses gets you in the habit as your company grows. You’ll be able to give staff their own credit cards and assign employees account access to manage the card and run spending reports. Best of all, you can earn cashback or points on your purchases. 

Wells Fargo Business Platinum Credit Card FAQ

Will the Wells Fargo Business Platinum Card Credit Card help me rebuild my credit?

Wells Fargo reports your business usage to the consumer credit bureaus, which could help you boost your credit score. However, you’ll need to have a good credit score to get approved for the card, making it difficult to use the card to rebuild credit if you have a fair to average score.

Does Wells Fargo have business credit cards for poor credit?

If you have below-average credit, the Wells Fargo Secured Business Credit Card may be an ideal alternative. It doesn’t rely on your personal credit as a guarantee. You’ll need to pay a security deposit that will become your card’s credit limit instead. Best of all, your usage and payment history will be reported to the Small Business Financial Exchange to help you build your company’s credit.

How does a cash rewards business card work?

A cash rewards business credit card will award you a certain percentage of cashback for every purchase. In the case of the Wells Fargo Business Platinum Credit Card, you’ll earn 1.5% back. This means that qualifying purchases amounting to $1,000 will accrue $15. When you’re ready to redeem the reward, you could apply it to your credit card balance, order a transfer to your bank account, request a check or buy a gift card.