Wells Fargo Business Elite Signature Card
A simple credit card for businesses with many employees that lets you earn rewards.
finder.com’s rating: 4.3 / 5
- Get this card if you have a large number of employees and want better control over their spending.
- Pick something else if you want higher cash back on specific purchase categories.
- Apply with an excellent credit score.
Up to 1.5%
for the first year ($125 thereafter)
Purchase APR (variable)
|Annual fee||$0 intro annual fee for the first year ($125 thereafter)|
|Welcome offer||$500 or 50,000 bonus points when you enroll in the rewards program and spend $15,000 in first 3 months|
|Rewards||1.5% cash back or 1x points on all purchases, plus 5,000 points after spending $10,000 or more in any monthly billing period|
|Purchase APR||7.24% variable|
|Balance transfer APR||N/A|
|Minimum Credit Score||740|
Kliment Dukovski is a credit cards and investments writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
The Wells Fargo Business Elite Signature Card is designed for companies with up to 200 employees and with more than $1 million in annual sales. There’s no annual fee for the first year, but you’ll pay a $125 every year after that. This covers the main cardholder and up to 200 employee cards. If you fear that 200 cards are hard to keep track of, don’t worry. You get access to online reporting tools to easily manage and control your employee spending.
Depending on your spending patterns and needs, you can enroll in the Wells Fargo rewards progam and choose to earn either 1.5 cash back on all purchases or 1x points on all purchases with an additional 5,000 bonus points every time you spend $10,000 or more in a billing cycle.
What’s more, you get to earn a signup bonus of either a $500 cash or 50,000 points — worth around $500 — when you spend $15,000 within your first 3 months when you open your account. For a company with many employees and more than $1 million in annual sales, clearing the signup bonus should be a breeze.
The only drawback is that you don’t get a 0% intro APR period on purchases or balance transfers. But if you don’t mind that, and if you want a solid rewards credit card for your growing company, the Wells Fargo Business Elite Signature Card should definitely be on your radar.
How to apply for the Wells Fargo Business Elite Card®?
- Visit a Wells Fargo branch or call 844-807-5060.
- Submit any necessary business information, including your business’s name, address, financial information and federal tax ID. You’ll also need to submit personal information such as your name, date of birth, Social Security number and home address.
- Wait for a decision from Wells Fargo.
How long will it take to get my Wells Fargo Business Elite Card®?
Upon approval, your card should arrive within seven to 10 business days. Any additional cards that are requested when you apply will also arrive, but they’ll be in separate envelopes.
- Earn rewards. You must enroll when you apply for the card to earn either 1.5% cash back or 1x points on all of your purchases.
- Signup bonus. Your bonus will depend on your choice of cash back or points. For cash back, you can earn a $1,000 statement credit after you spend $15,000 on purchases in the first 3 months following your account opening — an offer that’s valid until March 31, 2020. Or earn 5,000 points once you spend $10,000 on purchases in any one monthly billing period.
- Employee cards. Get up to 200 employee cards without paying a fee.
- No annual fee. You won’t pay any fee to own the card. However, if you want to earn rewards, you’ll have to pay an annual enrollment fee of $125 starting the second year that will cover all cards on the account.
- No foreign transaction fees. Use your card freely when traveling abroad without paying foreign transaction fees.
- Spending controls. Set up versatile spending controls for all of your employee cards. For example, you can set specific dollar limits and restrict spending to business hours only. You can also limit which types of purchases your employees can make, such as printing, copying or equipment rentals.
- Business reporting. Get access to your employee spending once you enroll. Analyze by category and merchant to get a clear view of where your company spends most. This can help you get better deals with merchants that you’re a regular customer with.
- Card design. Customize your card design to show your logo or any other image that represents your business.
- Billing options. Set up individual cardmember billing or consolidated billing.
- Purchase protection. Get zero liability protection, hard-to-counterfeit chip technology, fraud monitoring and alerts, Visa purchase security and extended warranty.
Which business rewards should I choose?
|Reward type||Cash back||Reward points|
|Once you enroll||Earn 1.5% on all of your purchases.||Earn 1x points on all of your purchases.|
|Signup bonus||Get $500 once you spend $15,000 on purchases in your first three months of card membership.||Get 5,000 bonus points every monthly billing period where you spend more than $10,000 on purchases.|
|Redemption options||Redeem as a statement credit or a deposit to your checking or savings account.||Redeem for gift cards, merchandise, airline tickets and more.|
|Additional perks||None||Redeem your points online and get a 10% bonus.|
Earn bonus points or discounts from Earn More Mall retailers.
What to watch out for
- Rewards enrollment fee. The rewards program is optional. If you want to earn either cash back or reward points, you’ll pay a $125 annual fee starting from the second year. The enrollment fee covers all of your company credit cards.
- High entry threshold. Wells Fargo aims this card at businesses with more than $1 million in annual sales.
- Signup bonus eligibility.You won’t be eligible to earn the signup bonus if you already have another Wells Fargo business credit card, or if you ‘ve opened or closed one within the last 12 months from when you apply. Also, if you transferred or upgraded from existing Wells Fargo business credit cards, you won’t be able to earn the bonus.
- No intro APR period. You won’t earn any 0% intro APR period for balance transfers and purchases.
What should I know before I apply?
To apply for the card, you’ll have to visit a Wells Fargo branch. You can locate one by visiting the Wells Fargo website.
What credit score do I need?
You’ll need to have an excellent credit score and more than $1 million in sales annually.
Compare business credit cards
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
What size business is the Wells Fargo Business Elite Card® good for?
The card is aimed at businesses with more than $1 million in annual sales and, ideally, with a large number of employees. This could make it hard for smaller companies to obtain the card. But if you can’t reach the entry minimum, there are similar cards that could serve your business better.
However, if you do make more than $1 million annually, you’ll likely find this card to be more than useful. You’ll get industry-leading online reporting and spending control tools that can help you analyze where you spend most, and you can easily optimize your expenses and save money in the long run.
Wells Fargo Business Elite Signature Card reviews and complaints.
As of August 2021, the Better Business Bureau has given Wells Fargo an NR rating, though Wells Fargo is not accredited. This poor rating is likely attributed to their prior unethical practices and the following legal issues the company has faced as a result.
On the positive side, a number of customers who wanted to build their credit with Wells Fargo business cards claim they managed to do so.
I got the card. Now what?
- Get the Wells Fargo mobile app. Use the mobile app to track your spending, make payments, deposit funds and more.
- Enroll in business rewards. To earn cash back or reward points and to get the additional bonuses, enroll in either of the rewards programs. Note that you’ll need to pay an annual renewal fee.
- Enroll in Business Elite Online Reporting. Download the enrollment application form from the Wells Fargo website. Once you print and complete the form, fax it to 877-531-8803.
- Set spending controls for your employees. Set controls on your employee cards based on time of the day, dollar amount or the type of spending.
- Set up automatic payments. Call 800-231-5511 to enroll in automatic payments, or log in to your online account and set it up from there. If your credit limit is more than $100,000, you’ll have to pay your entire balance in full every month.
- Customer service. Call Wells Fargo Business Elite dedicated customer service at 800-231-5511 for any questions you may have, or to set up spending controls.
The Wells Fargo Business Elite Card® could be an ideal choice for businesses with a large number of employees and with more than $1 million in sales annually. You’ll get to earn cash back or rewards points, and you’ll get one of the best business reporting tools to help you manage your business and optimize your expenses.
But if you‘re not sure this is the card for your business, compare other business credit cards to find the right one for your financial needs.
Frequently asked questions
Credit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our team evaluates credit cards to determine their value against similar cards on the market.
We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.