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Wells Fargo Business Elite Card®

BestCards Team

| Last updated on December 11th, 2023


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Wells Fargo Business Elite Credit Card Review

The Wells Fargo Business Elite Card is a business rewards card designed for companies with over $1 million annually. 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.

Earn Cash Back or Rewards Points

The Wells Fargo Business Elite Signature Card is like some other Wells Fargo small business credit cards in that it provides companies with the choice of cash back or rewards points on every purchase.

Earn Cash Back Option

The first option businesses have is to earn 1.5% cash back on every dollar spent, which compares favorably to similar cards and makes it a wise choice for small-to-medium-sized companies looking to save money.

Cash back rewards are redeemed automatically to the cardholder account, an eligible checking or savings account each quarter, and cash back disbursement occurring in March, June, September, and December. Since the rewards fund to the associated account automatically, there are no worries about cash back expiring or headaches over redemption options.

Reward Points Option

The second option for companies is earning points through Wells Fargo Rewards. Companies earn one point for every dollar they spend and receive 5,000 bonus points when the company spends $10,000 or more in any monthly billing period. Reward points in the Wells Fargo Rewards program apply to future travel, gift cards, entertainment, and more. Rewards are redeemable in increments of $20 or $25 and never expire if the account is open and in good standing.

Introductory Bonus

The Wells Fargo Business Elite Card comes with a premium sign-up bonus to match its premium annual fee of $125 (which Wells Fargo waives for the first year). New accounts earn a unique, one-time, cash back or points bonus when meeting minimum spend requirements in the first three months from account opening.

This bonus is either $1000 cash back or 100,000 Wells Fargo Rewards points after spending $25,000 in the first three months of the account open date. This bonus has a cash back value of approximately 3.3% back, an exceptional value given the modest spend (after all, the card is designed for companies with significant cash flow).

Should You Apply for the Wells Fargo Reflect Card?

The Wells Fargo Reflect isn’t the flashiest credit card on the market, but it does provide everything you need in a balance transfer or low APR credit card. The introductory APR period with the card is stellar – with 18 months rising to an industry-leading 21 months subject to making payments on time each month. This lengthy period applies to both purchases and balance transfers, making the card ideal for anyone with a significant balance they need to pay down or planning on making a sizeable purchase within the next year.

The Reflect might not offer cash back, but the card more than makes up for it with that 0% APR. Plus, cardholders looking for savings can always scout the Wells Fargo Deals on offer (or even check out BestCards Membership and use the card to stack rewards).

Ultimately, a card like the Reflect isn’t about rewards. It is about paying down existing credit card balances and operating as a payment tool designed to finance larger purchases. In this task, the card performs not only admirably – but excellently. Wells Fargo has sought to rebrand their credit card portfolio – and the Reflect is a shining example of what can happen when the focus is placed on substance – and not style.

Exceptional APR

However, what makes this card so impressive is its remarkably low APR – which is Prime Rate + 3.99% for those with excellent credit. 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).

Travel Benefits

The Business Elite Card also provides the types of travel-friendly perks companies expect when sending employees out for business. First and foremost, the card offers a $100 travel incidentals fee reimbursement every year. This credit helps offset unexpected charges made with the card, including excess baggage fees, in-flight Wi-Fi, and other costs.

The card also features no foreign transaction fees and Visa Signature specific travel perks, such as:

  • Roadside Dispatch
  • Lost Luggage Reimbursement
  • Travel Accident Insurance
  • Auto Rental Collision Damage Waiver
  • Visa Travel and Emergency Assistance Services
  • Access to the Visa Signature Luxury Hotels Collection

Business Spending Controls

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 it 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.

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 impressive for those who are much bigger spenders. However, the real value of the card lies in the exceptional APR it offers and the effective account management it provides companies. This value is further enhanced by no annual fee for the first year, decent travel perks, and 200 complimentary employee cards – making it a reliable choice for larger companies.


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