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There is a new $500 cash back signup bonus available on the Wells Fargo Business Platinum — though that bonus is only available if you choose the cash back rewards structure. This is a nice signup bonus if you’re looking for cash back — or this card may alternatively be interesting if you have a large balance of Wells Fargo rewards points. Read on for some brief analysis.
- Get $500 cash back bonus when you spend $5,000 in the first 3 months if you choose the cash back option at account opening (note there is no signup bonus if you choose to earn points instead)
- Find a direct link to this offer on our Best Offers page.
Key Card Details
These details depend on whether you choose to earn cash back or earn points. The signup bonus only applies if you choose cash back.
Cash back rewards:
- Earn 1.5% cash back everywhere
- No annual fee
- No foreign transaction fees
- Signup bonus is not available if you already have a Wells Fargo business credit card or have opened or closes a Wells Fargo business credit card in the past 12 months
- Signup bonus is valid on sign-ups through 3/31/18 (though could be pulled early at any time)
- Earn 1 point per dollar everywhere
- Earn 1,000 bonus points if you spend $1,000 or more in a statement period
- Points can be redeemed for merchandise, gift cards, airline tickets and more
- Earn a 10% bonus when you redeem points online
This card appears built to be confusing: there is one card with two different rewards programs at play here. The rewards system you choose will depend upon whether you’re after the signup bonus or increased value from an existing stash of Wells Fargo Rewards points. Note that either way, you must have a Wells Fargo checking or savings account that has been open for at least 12 months in order to apply online.
The $500 signup bonus only applies if you choose cash back rewards at account opening. If you do, this card will be a nice one for the signup bonus ($500 that can be redeemed as a statement credit or deposited directly into your Wells Fargo checking or savings account), but at 1.5% cash back it’ll be weak for everyday spending.
On the other hand, if you choose points, your value on everyday spending may be better than 1.5%. Points don’t have a fixed value; according to a screen grab provided to Doctor of Credit, points can be worth up to about 1.6 cents each toward airfare (though this is based on finding a domestic coach ticket within the 48 contiguous states that costs exactly $400). Additionally, you earn an extra 1,000 points if you spend $1,000 or more in a billing period — increasing your everyday earnings to 2x if you spend exactly $1,000 in a billing period. Additionally, according to this page, it looks like it is possible to combine points from Wells Fargo personal cards with points earned on this card, increasing your redemption rate if you’re able to book near the sweet spots on their chart. That fact might sway some to forgo the signup bonus if they have accumulated a large number of Wells Fargo rewards points.
At the end of the day, the value of the signup bonus will probably be greater for most people. After meeting the minimum spend, you should have $575 total ($500 bonus + 1.5% cash back), which is a nice return on the spend. For everyday business spend, there are more rewarding cards on the market. However, since this is a business card, it isn’t reported on your personal credit report — meaning that this is a relatively easy $575 that won’t affect your Chase 5/24 count if you’re trying to get or stay under that threshold.
H/T: Doctor of Credit