Wells Fargo Business Secured Credit Card review | finder.com

Wells Fargo Business Secured Credit Card review – February 2019

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Wells Fargo Business Secured Credit Card

If you’re looking to establish or rebuild your business credit score, this card may be an option.

30-second take

  • Get this card if you have little-to-no business credit history, or if you want to rebuild your business credit score.
  • Pick something else if you want higher cashback rewards on all purchases or an intro APR on purchases and balance transfers.
  • Apply even if you have poor credit history or none at all.
Product NameWells Fargo Business Secured Credit Card
Card TypeMastercard
Annual Fee$25
APR (Annual Percentage Rate) for Purchases17.4% variable
Introductory Purchase APR


Introductory Balance Transfer APR


Cash Advance Rate26.24% variable
Foreign Transaction FeeNone
Cash Advance FeeNone
Interest Free PeriodUp to 21 days
Additional Cardholder Fee$25
Minimum Age18 years of age
Welcome OfferGet 1,000 bonus points when your company spends $1,000 on purchases in any monthly billing period.
RewardsEarn 1.5% cash back on all purchases
Base Rewards1.5% cash back
Rewards Points ExpirationNever

The basics

Wells Fargo Business Secured Credit Card is aimed at businesses that have no credit history or those that want to rebuild their credit score. Since this is a secured card, you’ll need to make a deposit between $500 and $25,000 to use as a line of credit. This deposit doesn’t earn interest.

After a while, you may be able to upgrade to an unsecured card if you pay your balance in full every billing cycle. Making timely payments of the full amount also helps you build your business’s credit score. Wells Fargo doesn’t give a specific time frame for when you might be upgraded to an unsecured card, but notes that it will periodically review your account and your recent credit history to see if you qualify.

You can choose to enroll in the Wells Fargo Business Secured Credit Card Program and can select between cash back or reward points:

  • Cash back. Earn 1.5% cash back per $1 spent on purchases. You’ll automatically receive the cash back as credit to your account or to your checking or savings account each quarter.
  • Reward points. Earn 1 reward point per $1 spent on purchases, plus an additional 1,000 points whenever you spend $1,000 in a month. You can redeem your points for gift cards, merchandise, airline tickets and more.

Our pick for business cash back

Ink Business Unlimited℠ Credit Card

  • Earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase made for your business
  • 0% introductory APR for 12 months on purchases and balance transfers
  • Employee cards at no additional cost
  • No annual fee
Read less
Read more

How much should you put down as a deposit?

If you plan to put down $25,000 as a deposit for your credit line but your monthly expenses aren’t as high as that, you may want to think again. Let’s look at what would happen if you put this amount in a high-yield savings account instead.

Take Synchrony Bank’s high-yield savings account that offers 1.65% APY. If you put $25,000 in this account instead, your money would earn $412 in a year. A great way to avoid these missed earnings is to deposit enough money on your credit card to pay for your monthly purchasing needs and then save the rest in a high-yield savings account.

The perks

  • Rewards program.

    When you open an account, you can enroll in the Wells Fargo Business Card Rewards® Program and select one of two bonus programs:

  • Cash back. Earn 1.5% per $1 spent on purchases.
  • Reward points. Earn 1 point per $1 spent on purchases, plus 1,000 points every month you spend $1,000 or more.
  • Establish or rebuild your credit score.

    You don’t need to have a credit history to apply for the Wells Fargo Business Secured Credit Card. This will allow you to build your business credit score or to rebuild your own if you’ve had credit difficulties in the past. Keep in mind that you’ll need to deposit funds in order to use them as a credit line, and these funds don’t collect interest.

You’ll also like

  • Online banking.

    You can manage payments, spending, transfers and expenses through your online account.

  • Zero liability protection.

    This is a built-in feature to make sure you won’t be liable for any unauthorized transactions.

  • 0% foreign transaction fees.

    Don’t hesitate to use this card abroad, as it doesn’t have any foreign transaction fees.

  • Customize your card design.

    With Wells Fargo Card Design Studio®, you can design your own cards by using your company logo or a photo that promotes your business.

What to watch out for

  • No intro purchase APR.

    The Wells Fargo Business Secured Credit Card has no intro APR on purchases, meaning you start with an APR of 17.4% + prime rate right off the bat.

  • Most fees aren’t listed.

    Late payment, returned check and similar fees aren’t given outright.

Top 3 business credit cards from Wells Fargo

Consider other cards if…

  • You want a balance transfer card.

    If you’re looking for a similar secured card that requires little-to-no credit history or allows a low business credit score, you can check out BBVA Compass Secured Visa® Business Credit Card. It has a variable APR of 17.74% on balance transfers, but no intro period.

  • You want higher cashback rewards.

    Business Advantage Cash Rewards Mastercard® credit card by Bank of America may be a better choice for your business if you have good credit and spend a significant amount on gas or office supplies. You can earn 3% cash back at gas stations and office supply stores up to $250,000 annually and 1% after that, 2% cash back at restaurants and 1% on all other purchases.

  • You want an intro APR on purchases.

    The Blue Business℠ Plus Credit Card from American Express offers a intro APR on purchases and balance transfers for the first , and an APR of 17.4% after that. Keep in mind that to successfully apply for this card, you should probably have a high credit score.

Best business credit cards with easy approval

Compare business credit cards

Updated February 20th, 2019
Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
18.24% to 23.24% variable


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®
15.49% to 21.49% variable
0% for the first 12 months (then 15.49% to 21.49% variable)
$500 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening
15.49% to 21.49% variable
0% for the first 12 months (then 15.49% to 21.49% variable)
$500 bonus cash back after you spend $3,000 in the first 3 months
None (Charge Card)


The first corporate card for startups. No personal liability or security deposit needed, meaning your personal credit score won't be affected.
17.99% to 25.99% variable


$0 annual fee for the first year ($99 thereafter)
70,000 AAdvantage® miles after making $4,000 in purchases in first 4 months of account opening
None (Charge Card)


Earn 50,000 points after spending $10,000 in the first 3 months. Plus earn 25,000 bonus points after spending an additional $10,000 in the same timeframe.

Compare up to 4 providers

What size business is the Wells Fargo Business Secured Credit Card good for?

This card is best suited for small businesses that have no credit history or for businesses that want to rebuild their credit score.

What should I know before I apply?

Since this is a secured card, you can apply for the Wells Fargo Business Secured Credit Card even if you don’t have a credit history or have a bad credit score.

You’ll have to provide information about yourself and your business when you apply, including:

  • Business name and address
  • Date when business was established
  • Federal Tax ID, also known as Employment Identification Number (EIN)
  • Ownership type
  • Number of owners
  • Annual revenue
  • Business owner’s personal information

Information that Wells Fargo will take into consideration when processing your application:

  • Credit experience and payment history
  • Cash flow and existing credit obligations
  • Current relationship with Wells Fargo

How to apply for the Wells Fargo Business Secured Credit Card?

  1. Go to the Wells Fargo website.
  2. Click Small Business in the top navigation bar.
  3. Hover over Loans and Credit, and then select Business Credit Cards.
  4. Scroll down to the Wells Fargo Business Secured Credit Card and click Apply Now.
  5. To apply online, you’ll need to have one applicant who is a Wells Fargo Online customer, otherwise you’ll need to make an appointment at a Wells Fargo branch.
  6. Complete the application form with all the required information on your business and the employee who will receive the card.
  7. Review your application and submit it.
    Wells Fargo Business Secured step 1

How long will it take to get my Wells Fargo Business Secured Credit Card?

Upon approval, you’ll get your Wells Fargo Business Secured Credit Card in 7 to 10 days via mail.

I got the card. Now what?

  • Enroll in the optional Wells Fargo Business Rewards® Program. In case you didn’t apply for the rewards program during your application process, you can do so by calling 1-800-225-5935. You can choose between earning reward points or cash back on all your purchases.
  • Use the online management tools. Once you get the card, you can sign in to your Wells Fargo Business Online account and manage your payments, spending or transactions.
  • Set up automatic payments. You can pay your credit card bill with automatic payments using Wells Fargo Business Online. Alternatively, you can enroll for the automatic payments by calling 1-800-225-5935.
  • Contact customer service. For general banking questions, you can call Wells Fargo at 1-800-225-5935. For online banking and bill payment issues, you can call customer support at 1-800-956-4442.

Bottom line

Don’t let a lack of a business credit history or bad credit stop you from getting a business credit card. The Wells Fargo Business Secured Credit Card may be a solution to your business’s credit needs.

Before you apply, compare business credit card providers to find the best card that suits your needs.

Frequently asked questions

Images: wellsfargo.com

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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