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Kliment Dukovski is a writer for finder.com, working on credit cards, money transfers, home loans and more. He aims to deliver honest and accurate information to help you make the right financial decisions. Before joining Finder, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies. When he's not writing about finance-related subjects, he writes sci-fi.
The Wells Fargo Business Elite Signature Card offers the simple rewards-earning credit card to businesses with up to 200 employees. You’ll get access to online reporting tools to better manage and control your employee spending and — if you decide to enroll in the reward program — you’ll earn either cash back or reward points.
Which business rewards should I choose?
Once you enroll
Earn 1.5% on all of your purchases.
Earn 1x points on all of your purchases.
Get $1,000 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.
Redeem as a statement credit or a deposit to your checking or savings account.
Redeem for gift cards, merchandise, airline tickets and more.
Redeem your points online and get a 10% bonus. Earn bonus points or discounts from Earn More Mall retailers.
Another business cashback card
American Express® Blue Business Cash Card
Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
Just remember, 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% intro APR on purchases and balance transfers for 12 months, then a variable rate, 15.24%, 18.24%, or 21.24%, based on your creditworthiness and other factors as determined at the time of account opening.
You must enroll when you apply for the card to earn either 1.5% cash back or 1x points on all of your purchases.
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 December 31, 2018. Or earn 5,000 points once you spend $10,000 on purchases in any one monthly billing period.
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.
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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.
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.
Customize your card design to show your logo or any other image that represents your business.
Set up individual cardmember billing or consolidated billing.
Get zero liability protection, hard-to-counterfeit chip technology, fraud monitoring and alerts, Visa purchase security and extended warranty.
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.
Compare business credit cards
Updated September 19th, 2019
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.
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.
What do customers say about the Wells Fargo Business Elite Card®?
The Better Business Bureau is yet to accredit and rate Wells Fargo. Most user complaints revolve around the bank’s customer service, as well as with hidden fees. Some customers complained about getting low credit lines across a variety of Wells Fargo personal credit cards, but this isn’t the case with everyone.
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.
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.
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.
No. The card has no annual fee if you don’t opt into a rewards program and you can get up to 200 employee cards included.
Yes. You can earn two types of bonuses, depending on your choice of rewards.
If you opt in for cash back rewards, you’ll earn a $1,000 bonus once you spend $15,000 on purchases in the first 3 months of card membership. This offer is valid until December 31, 2018.
If you opt in for reward points, you’ll earn 5,000 bonus points every month you spend more than $10,000 on purchases.
If you enroll in cash back rewards, you’ll receive your earnings automatically as a statement credit or as a deposit to your savings or checking account each quarter.
If you enroll in reward points, you can redeem your earnings as gift cards, merchandise, airline tickets and more through the Wells Fargo business card rewards site.
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