Wells Fargo Business Elite Card®

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Last updated on August 3rd, 2021

Wells Fargo Business Elite Card®

Get 50,000 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 $500 cash bonus or 50,000 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 $500 cash back bonus or 50,000 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 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.

Sign-Up 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 $500 cash back or 50,000 Wells Fargo Rewards points after spending $15,000 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).

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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