A business credit card can make it easier to manage finances, cover gaps in cash flow, and even earn some rewards and perks along the way. When your business credit card links directly to your business checking or savings account, it can be more beneficial.

For Wells Fargo customers, that may mean applying for the Wells Fargo Business Platinum Credit Card, one of three business credit cards currently offered by the financial institution.

There are some definite perks that make this card a good choice for select business owners, particularly those who have an existing relationship with Wells Fargo or plan to begin one in the near future. However, if it rewards you after, you may want to consider some other business cards, many of which offer higher earning potential.

Card Review Details

The Wells Fargo Business Platinum Credit Card was designed to accommodate the needs of business owners with annual sales up to $2 million. There are no annual fees or foreign transaction fees, making this card a low-risk addition to your wallet, even if you don’t plan on using it regularly.

In addition to a rewards program, which we’ll get to shortly, there are numerous financial management features that can make this card appealing. For Wells Fargo banking customers, this includes the ability to manage spending, bill pay, transfers, and credit card activity all from Wells Fargo Business Online.

In addition, when linked to your Wells Fargo banking account, the Business Platinum Credit Card can also protect against overdraft and returned check fees. That’s a benefit that you may not always find if you don’t select a bank offered business credit card.

Cardholders can also take advantage of free employee cards for up to 99 employees, zero liability protections, account alerts, fraud monitoring, and Purchase Assurance, which provides coverage against theft for eligible items that were purchased using the Wells Fargo Business Platinum credit card.

Finally, at least when it comes to non-rewards related benefits, is access to the Card Design Studio. With this feature, you can customize your business credit cards with the image, logo, or tagline of your choosing.  

On to the rewards program.

Though the Wells Fargo Business Platinum Credit Card rewards program isn’t specifically competitive, it is unique. Most business rewards credit cards fall into one of three categories: miles, points, or cash back rewards.

The Wells Fargo Business Platinum card, however, rolls two options into one, giving cardholders the freedom to choose between the Cash Back or Rewards Points programs.

Cash Back rewards

The Cash Back option entitles cardholders to cash back on every dollar spent. If you select this option, there’s no need to choose how to redeem your rewards or worry about conversion ratios.  Your flat cashback earnings will be credited to your card account or deposited into your banking account once a quarter (March, June, September, and December.)

If you choose the Cash Back option and you’re a new cardmember, you can also take advantage of the $500 cash back welcome offer. All you have to do is use the card to make $3,000 in purchases within the first three months of opening the account.

Rewards Points

If you prefer the flexibility of points, you can earn 1 point per every dollar spent. That may sound like a downgrade when compared to the 1.5% Cash Back option, but you can also earn an additional 1,000 points each month you use the ard to make $1,000 in purchases.

Points can be redeemed for airline tickets, merchandise, gift cards, and more. However, it’s worth noting that points that are to be used for tickets must be redeemed through the Rewards Service Center and a $24 fee will be assessed.

What is the meaning of “platinum credit card”?

In the credit card world, “platinum” usually refers to credit cards that offer more rewards, additional benefits, and higher credit limits. What that looks like, however, depends on the credit card company.

Typically, the platinum credit card option is reserved for applicants with excellent credit, and that sentiment remains true when it comes to the Wells Fargo Business Platinum credit card.

Keep in mind, however, that in some cases, platinum cards don’t represent the top of the hierarchy. Some companies offer cards that are considered to have more benefits or are more exclusive than their platinum products. This is the case for the Wells Fargo Business Elite Credit Card, which carries additional benefits and is designed specifically for business owners who have an annual revenue of $1 million or more.

What is the best credit card from Wells Fargo

Though there are certain credit cards that carry more benefits than others, the “best credit card” is often the one that most closely meets your business needs. If considering a Wells Fargo business credit card, it’s important to evaluate it as it relates to your business.

For instance, the Wells Fargo Business Secured Credit Card does not carry as many perks as the Wells Fargo Business Platinum or Elite cards, but for business owners with poor credit, it’s the best card available.

Conversely, the Wells Fargo Business Elite Credit Card may offer more valuable rewards and enhanced spending controls for up to 200 employee cards, but it’s not an option for businesses that have less than $1 million in annual revenue.  

The best credit card from Wells Fargo, or from any other card provider, is the one that fits your unique needs, credit history, and rewards preferences. As such, it’s important to thoroughly review the cards available to you. You can continue your search for the perfect credit card in our marketplace.

What is the best business credit card?

The best business credit card will always be the one that fits your needs, but there are a few things to consider in your search. The following questions can help you narrow your choices and increase the likelihood that you’ll find the best card for your business:

What’s your credit score?  

Your personal credit score often plays a primary role in approval and interest rates. An excellent score will make it easier to the card with the most benefits and lowest interest rates, while a poor credit score may limit your options.

How do you plan on using the card?

Are you looking for a card to use every day or do you need one to finance a large purchase? If your answer is the latter, and you have good to excellent credit, you’ll likely want to keep an eye out for a card that has a 0% intro APR.

Do you plan on using it for travel expenses? Office supplies? Dining? There are numerous rewards cards designed to help you earn the most for spending in those specific categories.

Are you loyal to a hotel chain or airline? You may even find that a co-branded card is the best option.

What type of rewards program do you prefer?

Typically, you’ll need to choose between one of three types of rewards programs: points, cash back, or miles.  

When it comes to redemptions, points often offer flexibility (e.g., gift cards, travel, merchandise), while miles are typically most valuable for business owners with frequent travel needs. Cashback, on the other hand, is typically considered the straightforward easy way to keep track of and redeem awards, though it may not offer the same level of discounts and perks when it comes to redemption.

What types of fees are associated with each card?

Once you’ve narrowed down your options, you’ll need to determine if there are any associated fees. For example, some business credit cards have extremely high annual fees while others are fee free.  

If you plan to use your card for international purchases, you’ll also want to take into consideration any international or foreign transaction fees.

Are there any welcome offers or promotions?

Many cards, particularly business credit cards that offer a rewards program, entice new cardmembers through welcome offers. This may mean a 0% intro APR offer or a significant amount of points when you meet specific spending requirements within the first few months of opening an account.

If everything else is equal and you’re still not sure what card to pick, the welcome offer may be a great way to break the tie.

Can a business get a secured credit card?

Yes, businesses, just like consumers, can get secured credit cards.  If you have poor credit or haven’t yet established credit, a secured credit card may be able to help you improve or build your score.

*All information about the Wells Fargo Business Platinum Credit Card credit card has been collected independently by Nav. This card is not currently available through Nav. To see what business credit cards are available, please visit the Nav Credit Card Marketplace.