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Wells Fargo Business Elite Card® — November 2018

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A simple credit card for businesses with many employees that lets you earn rewards.

30-second take

  • 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.
Product NameWells Fargo Business Elite Card®
Card TypeVisa
Annual Fee$0
APR (Annual Percentage Rate) for Purchases9.24% variable
Cash Advance Rate25.99% variable
Foreign Transaction FeeNone
Interest Free PeriodUp to 25 days
Minimum Age18 years of age
Welcome OfferGet a one-time $1,000 cash back bonus when you enroll in the cash back rewards program and spend $25,000 in first 3 months.
Reward Value per Dollar1.5% cash back

The basics

The Wells Fargo Business Elite Card® offers the simple rewards-earning credit card to businesses with up to 200 employees. You’ll get free 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?

Reward typeCash backReward points
Once you enrollEarn 1.5% on all of your purchases.Earn 1x points on all of your purchases.
Signup bonusGet $1,000 once you spend $25,000 in your first three months of card membership. Offer valid until December 31, 2018.Get 5,000 bonus points every monthly billing period where you spend more than $10,000.
Redemption optionsRedeem as a statement credit or a deposit to your checking or savings account.Redeem for gift cards, merchandise, airline tickets and more.
Additional perksNoneRedeem your points online and get a 10% bonus.
Earn bonus points or discounts from Earn More Mall retailers.

The perks

  • 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 $25,000 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 in any one monthly billing period.

  • Free 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 that applies to all cards in your account.

  • No foreign transaction fees.

    Use your card freely when traveling abroad without paying foreign transaction fees.

You’ll also like …

  • 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.

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 $75 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.

  • Fees aren’t listed.

    You won’t find fees for late payments, returned payments or cash advances on Wells Fargo’s website.

  • No intro APR period.

    You won’t earn any 0% intro APR period for balance transfers and purchases.

Consider other cards if…

Compare business credit cards

Updated November 18th, 2018
Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
None (Charge Card)
$450
New cardholders can earn 75,000 Membership Rewards® bonus points by spending $10,000 on purchases for the first 50,000 points and then another $10,000 for the next 25,000 points on their new card in the first 3 months.
None (Charge Card)
$0 annual fee for the first year ($250 thereafter)
This charge card gives you the option to pay in full each month or to carry a balance for up to 60 days with no interest.
16.24%, 20.24% or 24.24% variable
$295
Earn Membership Rewards® points after you spend in qualifying purchases on the card within your first months of card membership.
14.24%, 19.24% or 21.24% variable
0% for the first 9 months (then 14.24%, 19.24% or 21.24% variable)
$0
Save on interest with a 0% intro APR on purchases for 9 months; after that your APR will be 14.24% - 21.24% variable.
15.24% to 21.24% variable
0% for the first 12 months (then 15.24% to 21.24% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months.
17.99% to 22.99% variable
$95
80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®.
17.99% to 24.99% variable
$0 annual fee for the first year ($99 thereafter)
75,000 Bonus points after you spend $3,000 on purchases in your first 3 months from your account opening with your Marriott Rewards Premier Business credit card.
24.74% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day.
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5X miles per dollar on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2 miles per dollar on every purchase, every day.
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5 cash back on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
17.99% to 24.99% variable
$0 annual fee for the first year ($95 thereafter)
50,000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open.
17.99% to 24.99% variable
0% for the first 9 months (then 17.99% to 24.99% variable)
$99
Earn 2x points on Southwest® purchases and 1x point on all other purchases. Plus 6,000 anniversary bonus points.
17.99% to 25.99% variable
$0 annual fee for the first year ($99 thereafter)
For a limited time, earn 70,000 American Airlines AAdvantage® bonus miles after making $4,000 in purchases within the first 4 months of account opening.
13.24% to 23.24% variable
0% for the first 9 billing cycles (then 13.24% to 23.24% variable)
$0
Earn up to 3% cash back on business purchases with the Business Advantage Cash Rewards Mastercard® credit card.

Compare up to 4 providers

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®?

  1. Visit a Wells Fargo branch or call 844-807-5060.
  2. 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.
  3. 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.

Bottom line

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

Kliment Dukovski

Kliment Dukovski is a writer who specializes in global financial markets and personal finance, with a focus on credit cards. His main goal is to deliver honest and accurate information to help you make the right financial decision. When he's not writing about finance-related subjects, he writes sci-fi stories.

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