The Wells Fargo Business Platinum offer has been updated to clarify that the signup bonus is:
- $500 -or-
- 50,000 points
Previously the offer was only for $500. This is an important difference because Wells Fargo Rewards points can be worth 1.5 cents a piece (or more) when paired with the Wells Fargo Visa Signature and redeemed towards airfare.
Wells Fargo Business Platinum 50,000 Details
- Signup bonus: $500 cash -or- 50,000 points
- Minimum spend: $
5,000$3,000 in the first 3 months - Earning rate: 1.5% cashback everywhere
- Annual fee: $0
- Interest rate: 0% introductory APR for 9 months
- Offer valid: 01/01/2019 to 03/31/19
Requirements
- It’s a small business card so you need to have a business (sole proprietorships are fine)
- Must have a Wells Fargo checking -or- savings accounts open for one year prior to applying (personal or business)
- Note: This offer is not available if the business already has a Wells Fargo business credit card or had a Wells Fargo business credit card opened or closed in the immediately preceding 12 months
Wells Fargo Rewards Transfers
Points earned on the Business Platinum can be transferred to the Visa Signature card.
See: Why And How: Transferring Wells Fargo Rewards Between Accounts
Uplift with Wells Fargo Visa Signature
If you’re like me, you’ve got a Wells Fargo Visa Signature clanging around that doesn’t get used much. The card used to earn unlimited 5x at gas/grocery/drugstores for the first 6 months.
That’s since been capped to $12,500 in spend the first 6 months. But the card still has 1.5x uplift when redeeming for flights.
If you’ve spent more than $50,000 on the card in a given year it has 1.75x uplift when redeemed for flights.
Wells Fargo Visa Signature Landing Page
So the 50,000 point signup bonus on the Business Platinum becomes worth $750 towards flights. Or $875 if you’ve spent more than $50,000 on the Visa Signature (which would seem unwise given the $12,500 5x cap on the Visa Signature these days).
Bottom Line
I think this is a terrific offer, and it’s good to see the program terms clarified to mention the signup bonus can be worth 50,000 points. It’s been a mystery for the past year since writing this post.
Although the T&Cs say you must have a checking account open for 12 months I was approved for the card with only a Wells Fargo mortgage.
If you got the card a year ago, you’re ineligible for the signup bonus as I read it:
This offer is not available if the business already has a Wells Fargo business credit card or had a Wells Fargo business credit card opened or closed in the immediately preceding 12 months
So if you’re not using the card, it may be time to cancel the old card to reposition for another signup bonus a year from now.