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Wells Fargo Business Elite Card®

Wells Fargo Business Elite Card®

Get 100,000 Bonus Points

Wells Fargo Business Elite Card®
  • Regular Purchase APR 7.24% variable based on the Prime Rate
  • Balance Transfer APR 7.24% variable based on the Prime Rate
  • Cash Advance APR 23.99% variable based on the Prime Rate
  • Annual Fee $0 for the first year; $125 after that
  • Credit Needed Excellent
  • Processing Network Visa
Best Benefits
  • No annual fee for the first year
  • Up to 200 additional cards at no extra cost
  • Earn 1.5% cash back on every $1 spent
  • Earn 1 point on every $1 spent
  • Get a one-time $1,000 cash bonus or 100,000 bonus points when you spend $25,000 in the first three months from account opening date
Rates & Fees
  • Regular Purchase APR: 7.24% variable based on the Prime Rate
  • Balance Transfer APR: 7.24% variable based on the Prime Rate
  • Balance Transfer Transaction Fee: Varies based on your specific offer
  • Cash Advance APR: 23.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
  • Annual Fee: $0 for the first year; $125 after that
  • Late Payment Penalty Fee: Up to $75
  • Return Payment Penalty Fee: $29
  • Over Limit Penalty Fee: Up to $75
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At a Glance

The Wells Fargo Business Elite Card® offers an exceptional APR and impressive online account controls for medium to large companies with average yearly sales above $1 million. New cardholders can also receive a one-time $1,000 cash back bonus or 100,000 bonus points when they enroll and spend $15,000 in the first three months from opening the account.

Ideal for Those Who:

  • Have a business with over $1 million in yearly sales
  • Have excellent credit and want a tough-to-beat purchase APR
  • Want great spending controls on all employee cards
  • Want a dedicated customer support service

Wells Fargo Business Elite Card Review

The Wells Fargo Business Elite Card is a business rewards card designed for those companies with sales over $1 million per year. While this card offers rewards, however, its principal value lies in the impressive interest rates it boasts, as well as the control it provides businesses over their employees and how they make purchases on the card.

The Wells Fargo Business Elite Card features no annual fee. What makes this card so impressive, however, is its remarkably low APR – which is Prime Rate + 3.99% for those with excellent credit. This rate currently equates to 9.49% APR for purchases. This low rate is among the lowest available for a business card and makes the lack of an introductory 0% APR understandable (and not missed). The card also offers no foreign transaction fees should work take you or your employees far afield.

The other significant benefit of the Wells Fargo Business Elite Card is the exceptional controls it provides businesses over employees who hold the card – and this card allows up to 200 employees to have a card at no additional cost.

Companies that use this card can control the spending limits and usage of the card by employees – right down to when and where they can use and how much they are authorized to spend. Wells Fargo also provides comprehensive spending reports that companies can access online, giving them even more control over their fiscal spending.

While rewards aren’t the main selling point of the Business Elite Card, it does offer a rewards scheme which is decent (although it does require a $75 per year additional fee to enroll). Businesses can earn 1.5% cash back on every dollar spent, with automatic transferring to the account, or another authorized checking or savings account, each quarter.

Rewards points are earned at a rate of 1 point for every dollar spent, with a bonus of 5,000 additional points if the company spends $10,000 or more in a monthly billing period. New customers also get a one-time $1,000 cash back bonus or 100,000 bonus points when they enroll and spend $15,000 in the first three months of opening the account.

Should You Apply for the Wells Fargo Business Elite Card?

While the rewards of the Wells Fargo Business Elite Card® aren’t great for smaller businesses, they prove adequate for those who are bigger spenders. The real value of the card, however, lies in the exceptional APR it offers and the effective account management it provides companies. This value is further enhanced by no annual fee, making it a reliable choice for larger companies.