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Wells Fargo Business Secured Credit Card

  • Regular Purchase APR   17.15% variable based on the Prime Rate
  • Balance Transfer APR  17.15% variable based on the Prime Rate
  • Cash Advance APR  25.99% variable based on the Prime Rate
  • Annual Fee  $25 per card
  • Credit Needed  Poor , No Credit Required
  • Processing Network Mastercard

Best Benefits
  • Perfect for companies with little or no credit history
  • No foreign transaction fees
  • Up to 10 employee cards
  • Earn 1 point on every $1 spent
  • Receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period
Rates & Fees
     Intro Purchase APR: N/A
     Regular Purchase APR: 17.15% variable based on the Prime Rate
     Intro Balance Transfer APR: N/A
     Balance Transfer APR: 17.15% variable based on the Prime Rate
     Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transfer, whichever is greater
     Cash Advance APR: 25.99% variable based on the Prime Rate
     Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
     Penalty APR: N/A
     Annual Fee: $25 per card
     Foreign Transaction Fee: None
     Late Payment Penalty Fee: Up to $50
     Return Payment Penalty Fee: $29
     Over Limit Penalty Fee: None
     Minimum Deposit Required: $500
     Credit Needed: Poor , No Credit Required

 

At a Glance

The Wells Fargo Business Secured Credit Card is a secured business rewards card that offers the choice of 1.5% cash back on every dollar spent or 1 point for every dollar spent. With a $25 annual fee and up to 10 additional employee cards available, it is a good fit for companies looking to establish or jump start their credit score with a partner on whom they can rely.

The Gist

The Wells Fargo Business Secured Credit Card is a secured business Mastercard designed for companies with no credit history or a bad credit score. As with other secured credit cards, this card requires an initial deposit, which also reflects the credit limit available to the cardholder – for the Wells Fargo Business Secured Credit Card the required deposit is between $500 and $25,000.

The card has an annual fee of $25, which is par for the course with other secured business credit cards, and it offers the option of up to 10 additional employee cards at the cost of $25 each. The interest rates with this card are comparable to other cards, and members can expect a typical APR of Prime Rate + 11.90% on all purchases and Prime Rate + 20.74% on cash advances.

Where the Wells Fargo Business Secured Card differs from other secured business cards is that it offers clients the ability to not only earn rewards and cash back, but to do so with no annual fee. Companies can earn a point for every dollar they spend and can get a bonus 1,000 points whenever they spend $1,000 or more in a monthly billing period. Points with the Mastercard Rewards program apply to future travel, gift cards, entertainment, and more.

For businesses that prefer cash back to rewards points, the Wells Fargo Business Secured Credit Card offers the option of 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.

As with other Wells Fargo business options, the Wells Fargo Business Secured Credit Card features a suite of online account management tools, including the ability to monitor employee spending and set spending limits on all applicable cards. Wells Fargo also offers detailed spending reports online, so businesses can always be on top of their finances. In the event of fraud, the card boasts liability protections, meaning cardholders aren’t responsible for unauthorized transactions.

The Wells Fargo Business Secured Credit Card is a solid choice for businesses with poor or no credit history that want a source of credit from a lender they can trust. The addition of a rewards points and cash back scheme is also a nice feature that is sure to entice quite a few companies looking to bolster their credit while keeping an eye on their spending.

Apply for This Card If You:

  • Run a business with little to no credit history, or have had financial issues in the past
  • Want a secured credit card that offers good rewards
  • Like the option of being able to choose your rewards benefits
  • Would like a suite on online account management tools

 

Editorial Disclosure — The opinions expressed on BestCards’ reviews, blogs, and all other content on or relating to the website are solely those of the content’s author. They are not reflective of any card issuer or financial institution and have not been reviewed or approved by these entities unless otherwise noted. Further, BestCards lists credit card offers that are updated daily with information believed to be accurate to the best of our knowledge.

Published: September 5, 2019 12:43 pm

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