The Weissenberg effect, or rod-climbing phenomenon, occurs in non-Newtonian fluids where the fluid interface ascends along a rotating rod. Despite its prominence, theoretical insights into this phenomenon remain limited. In earlier work, Joseph & Fosdick (1973, Arch. Rat. Mech. Anal. vol. 49, pp. 321–380) employed domain perturbation methods for second-order fluids to determine the equilibrium interface height by expanding solutions based on the rotation speed. In this work, we investigate the time-dependent interface height through asymptotic analysis with dimensionless variables and equations using the Giesekus model. We begin by neglecting inertia to focus on the interaction between gravity, viscoelasticity and surface tension. In the small-deformation scenario, the governing equations indicate the presence of a boundary layer in time, where the interface rises rapidly over a short time scale before gradually approaching a steady state. By employing a stretched time variable, we derive the transient velocity field and corresponding interface shape on this short time scale, and recover the steady-state shape on a longer time scale. In contrast to the work of Joseph and Fosdick, which used the method of successive approximations to determine the steady shape of the interface, we explicitly derive the interface shape for both steady and transient cases. Subsequently, we reintroduce small but finite inertial effects to investigate their interaction with viscoelasticity, and propose a criterion for determining the conditions under which rod climbing occurs. Through numerical computations, we obtain the transient interface shapes, highlighting the interplay between time-dependent viscoelastic and inertial effects.