Which Wells Fargo Business Credit Card Is Right for You? | Fora Financial
Which Wells Fargo Business Credit Card Is Right for You?
December 11, 2018

Which Wells Fargo Business Credit Card Is Right for You?

Wells Fargo is one of the oldest banks in the United States and has been operating since 1852. in fact, it’s the third largest bank in the nation, with nearly $2 trillion in assets.

Naturally, Wells Fargo has developed a variety of financial products designed for businesses or individual consumers. As a 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 card may make the most sense for your business.

Wells Fargo Business Credit Cards: Explained

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. The card has no annual fee and no spending requirements. Furthermore, 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. 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.

In addition, the 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. 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.

Unlike the Platinum Credit Card, the Business Secured Credit Card includes a $25 annual fee. However, contrary to the previous card, its 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.

In addition, 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 also has an excellent credit history, then you may want to consider applying for the Wells Fargo Business Elite Credit Card. This card can be accesses by up to 200 employees, offers no foreign transaction fees, and doesn’t have additional card fees.

One notable benefit is that businesses that spend more than $25,000 in the first three months will receive a lucrative $1,000 cash back bonus. Although there’s a $75 rewards program fee after the first year, the card does offer you the choice of either 1.5 percent cash back or redeemable points. In many ways, this card is considered to be the “larger” version of the Platinum Credit Card that we reviewed above.

If your business can qualify for this card, you’ll have access to a low interest rate of only 3.99 percent above the prime rate. The card also includes various spending controls, customizable financial reports, and other tools that are desirable for managers.


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!

Fora Financial

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.

Andrew Paniello
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Andrew is an experienced writer with a degree in Finance from the University of Colorado. His primary interests are investing, entrepreneurship, and economics.
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