Last updated on July 18th, 2023
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Wells Fargo Business Secured Credit Card
Wells Fargo Business Secured Credit Card
- 16.65% variable based on the Prime Rate Regular Purchase APR
- 16.65% variable based on the Prime Rate Balance Transfer APR
- 25.49% variable based on the Prime Rate Cash Advance APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 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
- Regular Purchase APR: 16.65% variable based on the Prime Rate
- Balance Transfer APR: 16.65% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transfer, whichever is greater
- Cash Advance APR: 25.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: Up to $50
- Return Payment Penalty Fee: $29
- Minimum Deposit Required: $500
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 one point for every dollar your company spends on purchases – all for no annual fee.
Ideal for Those Who:
- Are a business owner with little to no credit history, or have had financial issues in the past
- Want a secured credit card that offers good reward points when your company spends on everyday purchases
- Like the option of being able to choose your rewards benefits
- Would like a suite on online account management tools
Wells Fargo Business Secured Card Review
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 security deposit, reflecting 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 no annual, which is par for the course with other secured business credit cards, and it offers 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.
Choose Between Rewards Points and Cash Back
One of the great features of the Wells Fargo Business Secured Credit Card is that if offers small businesses the choice of rewards or cash back with every purchase. Few secured credit cards for small businesses offer rewards – let alone the chance to pick which type of rewards earned – all for a $0 annual fee.
Rewards Points Option
The first option businesses have is to earn points through Wells Fargo Rewards. Companies earn one point for every dollar they spend and receive a bonus of 1,000 points whenever they spend $1,000 or more in a monthly billing period. Points in the Wells Fargo Rewards program apply to future travel (including airline tickets), gift cards, entertainment, and more.
Businesses also enjoy an additional 10% points credit when redeeming points online. Rewards are redeemable in increments of $20 or $25 and never expire if the account is open and in good standing.
Cash Back Option
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.
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 are automatically funded to the associated account, there are no worries about cash back expiring or headaches over redemption options.
Other Card Features
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.
Beyond Wells Fargo-centric benefits, the card also enjoys Mastercard business protections, including Zero Fraud Liability, Mastercard Easy Savings rebate access, ID Theft Protection, Global Emergency Services, and more.
Should You Apply for the Wells Fargo Business Secured Card?
The Wells Fargo Business Secured Credit Card is a solid choice for businesses with poor or no credit history who want a credit source from a lender they can trust. The addition of rewards points and cash back schemes 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.
Overall, the card offers exactly what a small business with subprime credit needs – access to credit building resources, valuable rewards points (or cash back), and integrated business management tools through Wells Fargo and Mastercard – all for no annual fee. What’s not to like from a secured card that acts in a way an unsecured card normally would?