The Wells Fargo Business Platinum Card $500 bonus is back. It’s available until the end of September.
Bonus & Requirements
- Get a one-time $500 cash back bonus when you enroll in the cash back rewards program and spend $5,000 in first three months. Offer valid 7/01/18 to 9/30/18.
- Earn 1.5% cash back
- 0% introductory rate for nine months
- No foreign transaction fee
- No Annual Fee
- 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
- Must have a checking account for at least 12 months
The Wells Fargo Business Platinum Credit Card has a strange setup. It can earn either cash back or points. To get the $500 bonus you have to enroll in cashback. After that you will earn 1.5% cash back on all your purchases.
If you want to keep the card long term then points are the better option. Remember, you do not get the signup bonus if you select points. There’s a few requirements to maximize the value of points, but you could get up to 3.2 cents per point.
The card earns 1 point per dollar. But you get 1,000 bonus points when you spend $1,000 in a monthly billing period. That makes it 2X everywhere if you spend exactly $1,000 every month. The redemption value for each option is not stated, but there’s an option to use 25,000 points for one trip coach standard airfare of up to $400 in the 48 contiguous United States. That’s a maximum value of 1.6 cents pe point and 3.2X everywhere.
$500 is a pretty good bonus for a new credit card, but make sure you have the means to spend $5,000 in the first three months. Not everyone will be able to apply, since you need to have a Wells Fargo checking account for at least 12 months prior. On the plus side though this is a business card and it will not count towards your 5/24 status.
The points earning system is interesting, but i’m guessing most people will be looking at the signup bonus.