Which Wells Fargo Business Credit Card Is Right for You?
Naturally, Wells Fargo has developed a variety of financial products designed for businesses or individual consumers. As a small business owner, this may be one of the first places you look when applying for a new credit card.
In this post, we’ll review Wells Fargo’s business cards and provide information on which credit card may make the most sense for your business.
What Are the Wells Fargo Business Credit Card Options?
1. Wells Fargo Business Platinum Credit Card
The Wells Fargo Business Platinum Credit Card is designed for businesses that make less than $2 million in sales per year and want to better manage their expenses. Typically, if you own a small business, this should be the first Wells Fargo card that you consider.
Fees: The card has no annual fee or annual rewards program fee. In addition, getting additional employee cards is free.
Benefits: There’s no spending requirements with this card, and you’ll have the option to choose whether your business receives cash back or reward points. Benefits of this card include the possibility of receiving a $500 cash back bonus, up to 1.5 percent cash back on net purchases, or the ability to redeem your accumulated points online.
Employee Cards: If you have employees that need cards, you can receive up to 99 of them. As mentioned above, there’s no fee for additional cards.
Interest Rates: The interest rate for this card will depend on your business’ specific credit history. Businesses with an established credit history pay 7.99 percent above the prime rate, while businesses with a limited credit history pay up to 17.99 percent above the prime rate.
Additional Details: This card offers easy online payment options, various security features, and a 21-day grace period. If your business is relatively small and hoping to minimize annual fees, this may be the card for you.
2. Wells Fargo Business Secured Credit Card
The Wells Fargo Business Secured Credit Card is ideal for individuals hoping to “jump start” their business or rebuild a less than perfect credit history.
Fees: Unlike the Platinum Credit Card, the Business Secured Credit Card includes a $25 annual fee. However, there’s no annual fee for their reward program.
Benefits: With this card, your business will have access to $500 to $25,000 worth of credit. The card also offers free foreign transactions, up to 1.5 percent cash back, and various sources of liability protection.
Employee Cards: If you’d like to have extra employee cards, you can have up to 10, but each has a $25 annual fee.
Interest Rates: Unlike the previous card, this card’s interest rate is guaranteed to be 11.90 percent above the prime rate, so if your business has a relatively weak credit score, this may be the superior option.
Additional Details: Unlike other Wells Fargo cards, there’s no sign-up bonus.
It’s important to note that if you’re able to continually make payments and demonstrate financial responsibility, Wells Fargo will eventually upgrade you to have an unsecured line of credit.
3. Wells Fargo Business Elite Card
If your business is relatively large (making more than $1 million in sales per year) and has an excellent credit history, then you may want to consider applying for the Wells Fargo Business Elite Credit Card.
Fees: The Wells Fargo Business Elite Card has no foreign transaction fees, annual fees, or additional card fees. However, there’s a $75 rewards program fee after the first 12 months.
Benefits: One notable benefit is that businesses that spend more than $25,000 in the first three months will receive a lucrative $1,000 in bonus points. Although there’s a $75 rewards program fee after the first 12 months, the credit card offers you the choice of either 1.5 percent cash back or redeemable points. In many ways, this card is the “larger” version of the Platinum Credit Card that we reviewed above.
Employee Cards: This card can be accessed by up to 200 employees and as previously mentioned, doesn’t have additional card fees.
Interest Rates: If your small business can qualify for this card, you’ll have access to a low interest rate of only 3.99 percent above the prime rate.
Additional Details: This card includes various spending controls, customizable financial reports, and other tools that are desirable for managers.
Conclusion: Is a Wells Fargo Business Credit Card Right for You?
Although there are many different credit card providers for your business to choose from, Wells Fargo is generally considered to be one of the more reasonable options. The card that makes the most sense for you will depend on the size of your business and your current credit situation, but we suggest taking time to weigh your options!
If you have a Wells Fargo Business Credit Card, tell us about your experience in the comment section below!
Editor’s Note: This post was updated for accuracy and comprehensiveness in April 2019.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.