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Wells Fargo has kept it simple by limiting its business card offerings to three choices. With a universal rewards program across all cards, it’s easier to choose based on the size of your business and what your credit history will allow.
For new business owners and those looking to rebuild a shaky credit history, a secured credit card could be a good option. Using it responsibly and paying on time can help your efforts to build or rehabilitate your business credit score. Although your credit line depends on your security deposit and you face a high APR with the Wells Fargo Business Secured Credit Card, you can still earn rewards while getting your finances on track.
Rebuild your credit score.
The Wells Fargo Business Secured Credit Card is different than other types of business credit cards in that it’s designed for people with poor or no credit. Starting out, your initial credit line may be low, but you could qualify for an upgrade to an unsecured card later on as Wells Fargo periodically monitors your account for positive payments.
Earn rewards with no program fee.
Choose between 1.5% cash back or 1x reward points on every purchase you make. Cash back is automatically credited to your account each quarter, while points can be redeemed for gift cards, merchandise, airline tickets and more. And best of all, you don’t have to pay an annual rewards program fee as long as you enroll when you first open your account.
Bonus reward points.
If you opt to earn reward points, you’ll receive 1,000 bonus points every time your company spends $1,000 on purchases within a monthly billing period.
Credit line up to $25,000.
You could receive a credit line between $500 and $25,000 depending on how much you deposit.
No foreign transaction fees.
Use this card freely when traveling abroad without incurring any fees. Other cards come with fees of up to 3% of each transaction.
Annual fee.
This card is only really suitable for small businesses. You’ll be charged a $25 annual fee per card, with a maximum of 10 cardholders allowed on your account.
Security deposit required up front.
A secured card is only recommended for business owners with no or poor credit who need to improve their score. Your line of credit is usually equal to the size of your deposit.
High APR.
If you don’t pay off your balance on time, purchases come with a variable APR of 16.65%, while cash advances have a variable APR of 25.49%.
Unexpected fees.
Wells Fargo doesn’t disclose what its fees are for late or returned payments, or whether it comes with a penalty APR. To avoid unexpected charges, try to make your minimum payment on time each month.
Best card for intro APR and balance transfers: Wells Fargo Business Platinum Credit Card
Wells Fargo Business Platinum Credit Card
Get a one-time $500 cash back bonus when you enroll in the cash back rewards program and spend $3,000 in the first
3 months
For small business owners with annual sales up to $2 million, the Wells Fargo Business Platinum Credit Card could be a good fit. There are some good welcome offers, including a cashback bonus, an intro APR offer for the first 9 months of card membership and no annual fees. You also have use of the handy Wells Fargo cash management tools and Business Spending Report.
Earn rewards with no program fee.
Choose between earning 1.5% cash back or 1x reward points on everything you buy. Cash back is automatically credited to your account each quarter, while reward points can be redeemed for airline tickets, gift cards, merchandise and more. To avoid paying an annual rewards program fee, make sure you enroll in one of these programs upon account opening.
Signup cashback bonus.
Get a cashback bonus when you enroll in the cashback rewards program and spend $3,000 on purchases in the first 3 months following your account opening.
Bonus reward points.
If you choose the reward points program, you’ll receive 1,000 bonus points every time your company spends $1,000 on purchases in a monthly billing period.
Intro APR on purchases and balance transfers.
For the first 9 months following your account opening, you’ll receive a 0% intro APR on purchases and balance transfers. After that, a variable APR of 12.74% to 22.74% applies.
No annual fee.
This card comes with a $0 annual fee. Plus, you can have up to 99 employee cards on your account at no additional cost.
No foreign transaction fees.
If you or your employees frequently travel outside the country for business, you’ll like that this card comes with no foreign transaction fees. Other cards come with fees of up to 3% of each transaction.
Balance transfer fees.
For every balance transfer, you’ll be charged a fee of $10 or 4% of the transaction, whichever is greater. Also, you can’t transfer balances from any other Wells Fargo accounts.
Unexpected fees.
Wells Fargo doesn’t mention its fees for late payments or returned checks, nor does it disclose whether it comes with a penalty APR. Try to avoid these unexpected charges with timely payments.
Business owners with annual sales over $1 million who often travel outside the country could find the Wells Fargo Business Elite Signature Card appealing. It comes with comprehensive online business support tools to help you manage your company spending, as well as travel insurance and zero foreign transaction fees.
As with all Wells Fargo business cards, you’re entitled to a choice of rewards programs with enticing bonuses whether you opt for cash back or reward points.
More control of employee spending.
With the Wells Fargo Business Elite Signature Card, you have access to a range of more nuanced business tools, including Business Elite Online Reporting. This allows you to analyze spending by category or merchant, track and manage your employee cards and create customized reports.
Earn rewards.
Choose between 1.5% cash back or 1x reward points on all purchases. If you decide to go with the cashback program, your earnings will be automatically credited to your account each quarter. Otherwise, you can redeem your reward points for airline tickets, merchandise, gift cards and more.
Signup cashback bonus.
Get a $1,000 cashback bonus when you enroll in the cashback rewards program and spend $25,000 on purchases in the first 3 months of card membership.
Bonus reward points
If you opt for the reward points program, you’ll receive an extra 5,000 bonus points every time you spend $10,000 on purchases in a monthly billing period.
No annual fee.
Get all of the perks of this card without paying an annual fee. Plus, you can have up to 200 additional cards on your account at no additional cost.
Travel benefits.
The Wells Fargo Business Elite Signature Card comes with travel accident insurance of up to $250,000 per card, travel and emergency assistance services and car rental insurance. Plus, you won’t pay any foreign transaction fees when using this card abroad.
No intro APR.
You won’t get an interest-free period for purchases and balances transfers with this card. However, the card does come with a competitive variable APR of 8.74%. This is low, considering the average credit card APR is around 16%.
Rewards program fee.
Unlike the other two Wells Fargo business cards, the Wells Fargo Business Elite Signature Card has a $75 rewards program fee, which includes all cards on the account. It’s currently waived for the first year, but applies every year after.
Unexpected fees.
Wells Fargo doesn’t mention what it charges for late or returned payments, or whether it has a penalty APR. To avoid unexpected fees, try to make at least your minimum payment on time each month.
How to compare Wells Fargo business credit cards
Each of Wells Fargo’s business cards are tailored for your company’s credit score and the size of your business. Give these factors some thought when searching for the right business card:
Do you have a low credit score? For business owners with poor or no credit, the Wells Fargo Business Secured Credit Card is a good place to start. Although your credit line depends on your security deposit, it offers a chance to improve your credit history while earning rewards.
How often do you travel? If your company travels frequently, you may find the Wells Fargo Business Elite Signature Card beneficial, as it offers travel and rental car insurance, emergency services and no foreign transaction fees.
Does your company want to make a balance transfer? If you want to transfer an existing card balance from a non-Wells Fargo account, the Wells Fargo Business Platinum Credit Card is the only option that offers an intro APR period for balance transfers.
Do you spend over $10,000 a month? If you’re spending five figures every month, then the Wells Fargo Business Elite Signature Card offers the best return in terms of rewards and cash back.
Why choose a Wells Fargo business credit card?
Choice of rewards. All Wells Fargo business cards give you the choice of earning 1x reward points or 1.5% cash back on all purchases.
Bonus reward points. You can earn additional bonus points for every $1 spent at participating Earn More Mall retailers. Plus, you’ll get a 10% bonus when you redeem your points online.
No foreign transaction fees. Wells Fargo business cards don’t charge fees for purchases made overseas or at foreign websites. Other providers typically charge up to 3% per transaction, so this could be a fair amount of savings depending on how much you travel.
Zero liability protection. All cards have built-in protection, which means you won’t be responsible for any unauthorized transactions.
Business tools. All account holders have access to Wells Fargo Business Online, where you can manage spending, payments and transfers online. You can also leverage the Business Spending Report to manage your expenses.
Employee cards. All three cards allow you to add employee cards, but the amount available and costs can vary.
Customize your card. Impress clients with a customized card with Wells Fargo’s Card Design Studio Service.
Overdraft protection. Avoid overdrafts and returned check fees by signing up for the Wells Fargo Business Online service.
Consider a top card from another brand
The Blue Business® Plus Credit Card from American Express
Get rewarded for business as usual. Earn 2x Membership Rewards® points on everyday business purchases such as office supplies or client dinners.
2x applies to the first $50,000 in purchases per year, 1 point per dollar thereafter.
Enjoy the flexibility to put more purchases on the card and earn rewards when you buy above your credit limit*.
You’ve got the power to use your card beyond its credit limit* with Expanded Buying Power.
More buying power for your business means more opportunities to earn points. That’s everyday business with the Blue Business Plus Card.
*The amount you can spend above your credit limit is not unlimited. It adjusts with your use of the card, your payment history, credit record, financial resources known to us, and other factors.
0.0% intro APR on purchases and balance transfers for 12 months from date of account opening, then a variable rate, 14.74%-20.74%, based on your creditworthiness and other factors as determined at the time of account opening.
When it comes to choosing between Wells Fargo credit cards, it’s really the size of your business and credit history that will dictate which is the best fit. The cards all offer the same rewards system, basic business tools and no foreign transaction fees, which many companies will find appealing.
With a universal benefits system across all three cards, businesses with big travel expenses may find other providers offer higher reward returns per dollar.
Wells Fargo doesn’t list these fees on its website, so they could vary depending on the card type.
Times can vary depending on your credit. Wells Fargo offers an application status tracking service, so you’re kept up to date on every step of the process.
Yes. Points expire after three years, so make sure you redeem them in a timely fashion.
The Wells Fargo Business Platinum Credit Card has no annual card fee or annual rewards program fee. Meanwhile, the Wells Fargo Business Elite Signature Card has no annual card fee, but there’s a $75 rewards program fee that’s waived for the first year.
Megan Horner is the credit cards publisher at finder.com. She's passionate about helping you find the best credit cards to meet your financial needs — whether that's earning great rewards or improving your credit score. Previously, she edited and published educational articles on credit cards as an assigning editor at Credit Karma.
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