MoneyGeek’s Take

Wells Fargo Business Secured Credit Card Review

Small business owners with little to no credit or who’ve had credit challenges and need a credit card for everyday business expenses should consider a Wells Fargo Business Secured Credit Card. The card offers flexible and competitive rewards and is especially beneficial if you have existing Wells Fargo checking and/or savings accounts.

By Doug Milnes, CFA

Reviewed by Alene Laney

Updated: October 22, 2024

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Wells Fargo Business Secured Credit Card

Rates & Fees

REVIEW & APPLY

On Issuer's Site

Rewards Rate

Earn 1.5% cash back or 1 point per $1 spent and 1,...

APR

15.15% Variable

Annual Fee

Poor – Excellent

Min. Security Deposit

$500

Recommended Credit

670-850 (Good to Excellent)

PROS
- No annual fees
- No foreign transaction fees
- Available for businesses with little or no credit history
- Credit line up to $25,000
- Earn cash back or reward points
- Possibility of upgrading to an unsecured card
CONS
- Bonus points come with a spend-based requirement
- Redemption fees apply if you redeem points for airline tickets
- No annual or foreign transaction fees
- Credit line of $500 to $25,000
- Can apply with less-than-perfect creditworthiness
- Earn 1.5% cash back on eligible purchases if you choose the cash back option
- The reward points option comes with 1 point per dollar, and an additional 1,000 points if you spend $1,000 on purchases each billing cycle
- May redeem points for airline tickets through wellsfargo.com/businessrewards or the Business Rewards Service Center
- Need to pay a $24 fee each time you redeem points for airline tickets
- Get up to 10 employee cards
- Zero liability protection
- Access to online spending reports

WHY TRUST OUR REVIEWS

MoneyGeek’s credit card rating methodology follows a data-driven and unbiased process to create comprehensive reviews and head-to-head comparisons of over 106 credit cards. We do this by gathering data from the Consumer Finance Protection Bureau’s database, standardizing data points for easy comparison, estimating average spend profiles, determining long-term value and regularly conducting data reviews and re-ranking.

Businesses with little or no credit can have difficulty getting approved for a credit card. The Wells Fargo Business Secured Credit Card is a solid option in these cases, especially if you’re already a Wells Fargo client and are looking to establish or rebuild credit with the bank. Over time and with responsible use, cardholders may be able to upgrade to an unsecured business credit card.

In addition, the Wells Fargo Business Secured Credit Card allows you to choose either cash back or points rewards and has excellent security features, including fraud monitoring, overdraft protection and zero liability protection.

Wells Fargo Business Secured Credit Card Overview

The Wells Fargo Business Secured Credit Card allows you to choose between its cash back or rewards points programs and the form in which you redeem your rewards.

Quick Take

Get up to 10 employee cards
Opportunity to upgrade to an unsecured business credit card with responsible use over time
No annual rewards program fee
No required spending categories or caps
Earn 1.5% cash back on qualifying purchases
Earn 1 point on every $1 spent and receive 1,000 bonus points every billing cycle when you spend at least $1,000 on qualifying purchases
Receive your cash back automatically as a credit to your card account or to your eligible checking or savings account each quarter
Earn 1 point for every $1 spent on qualifying purchases
Get 1,000 bonus points when your company spends $1,000 or more in any monthly billing period.
Redeem points for gift cards, merchandise, airline tickets and more
Get a 10% points credit when you redeem points online
Manage spending, payments, and transfers online with Wells Fargo Business Online.
Manage your expenses through Wells Fargo Business Online, a report that allows you to monitor spending patterns, set monthly goals and automatically organizes your business card transactions into spending categories.
Pay bills directly with your card
Pay your credit card bill automatically with automatic payments
Overdraft and returned check fee protection
Showcase your business with the card design studio service
Zero Liability protection means you'll be fully reimbursed for unauthorized purchases made with your Business Secured Credit Card and reported promptly.
Alerts notify you of available credit and account activity, and chip technology adds another layer of protection against fraud
Fraud monitoring of your business accounts

Important Card Details

MoneyGeek gives you a rundown of the Wells Fargo Business Secured Credit Card’s benefits, fees and interest rates to help you decide if this card is suited to your company’s needs.

The table below shows the cash back and rewards rates, APRs, fees, and other data included in the fine print to give you a clear picture of how this card stacks up against others.

Regular APR

This card carries a variable APR of 15.15%. This interest rate is considered fairly high compared to other credit cards.

Cash Advance APR and Fee

The Wells Fargo Business Secured Credit Card offers easy access to cash through its cash advance feature. However, this comes at a cost. On top of a very steep cash advance APR of 20.74% + 3.5% Wells Fargo prime rate, there is also a cash advance fee of either 4% or $10 (whichever is higher), which is capped at $175.

Additional Benefits

The Wells Fargo Business Secured Credit Card has additional features and benefits, including:

Top-notch security features: This card has added security features to give you peace of mind. Aside from zero liability protection, you also receive notifications about account activity and available credit and fraud monitoring for all your business accounts. The card also uses chip technology, another layer of protection against fraud.
Overdraft protection: You have the option to link your Wells Fargo Business Secured Card to your Wells Fargo business checking account to cover insufficient funds/overdrafts.
Card design studio service: Wells Fargo offers cardholders the opportunity to showcase their businesses by customizing their credit card design. You can choose your company logo or an image that promotes your business. You may also add a tagline or your company’s name.

How the Wells Fargo Business Secured Credit Card Compares To Other Cards

The Wells Fargo Business Secured Credit Card is just one of many top-rated business credit cards in 2022. The Wells Fargo Business Secured Credit Card remains a good option, especially if you’re working to build a solid credit history with Wells Fargo. How this card compares with other cards, however, depends on your specific needs.

Below is a head-to-head comparison between the Wells Fargo Business Secured Credit Card and the Wells Fargo Business Platinum Credit Card.

How the Wells Fargo Business Secured Credit Card Compares

Wells Fargo Business Secured Credit Card

Annual fee: $0
Choose your rewards: Cash back (1.5%) or Rewards points (1 point for every $1)
Purchase APR: 15.15% variable
Welcome bonus: None
Best for: Businesses with little to no credit or past credit challenges that want to establish or rebuilt credit with Wells Fargo, while enjoying flexible and competitive rewards

Wells Fargo Business Platinum Credit Card

Annual fee: $0
Choose your rewards: Cash back (1.5%) or Rewards points (1 point for every $1)
Purchase APR: anywhere from 3.5% Wells Fargo prime rate + 7.99% to 3.5% Wells Fargo prime rate + 17.99%
Welcome bonus: One-time $300 cash back bonus or 30,000 bonus points when you select a Business Card Rewards Program and spend $3,000 in the first three months
**Best for:**Businesses with annual sales up to $2 million that want to enjoy flexible rewards, cash management tools and comparatively lower APRs

Frequently Asked Questions

What is the average credit score needed to get approved for a Wells Fargo Business Secured Credit Card?

The Wells Fargo Business Secured Credit Card is targeted to small businesses with little or no credit or with a history of late or missed payments. Even those with low credit scores can get approved. But generally speaking, it helps to have a credit score of at least 670.

Does Wells Fargo Business Secured Credit Card report to all three credit bureaus?

Wells Fargo doesn’t report your Wells Fargo Business Secured Credit Card payments or monthly usage to consumer credit bureaus.

Is the Wells Fargo Business Secured Credit Card application process lengthy? Can you prequalify?

You may apply for a Wells Fargo Business Secured Credit Card online or by phone at 1-866-669-0779. Once your application is processed and approved, you will receive your card (or cards) within seven to 10 business days.

What information is needed to apply for a Wells Fargo Business Secured Credit Card?

To apply for a Wells Fargo Business Secured Credit Card, have the following information ready:

Legal business name, address, and phone number
Date business was first established (this is the date the business originally opened, even if it was under different ownership.)
Business tax identification or Social Security number
Ownership type
Number of owners
Gross annual revenue
A Wells Fargo checking or savings account that has been open for at least one year

Also, at least one business owner/guarantor must indicate they have authority and control and must provide the following:

Name, address, and phone number
Social Security number or Individual Taxpayer Identification Number (ITIN)
Date of birth
Citizenship

Does Wells Fargo Business Secured Credit Card have good customer service or satisfaction?

Wells Fargo provides 24/7 customer service through its hotline. According to the J.D. Power 2021 U.S. Credit Card Satisfaction Survey, Wells Fargo ranks eighth out of 11 national providers, with a score of 791, which is below the segment average of 809. This means Wells Fargo provides slightly lesser quality customer service than its competitors.

Does the Wells Fargo Business Secured Credit Card have a mobile app or the option to pay or manage your account online?

Yes, it does. You can make your monthly payments and manage your account online or through the mobile app.

Does the Wells Fargo Business Secured Credit Card raise credit limits automatically or charge for limit increases?

Wells Fargo will periodically review your account. With responsible use, you may request a credit limit increase or an upgrade to an unsecured business credit card. Note, however, that approval is not guaranteed.

Does Wells Fargo Business Secured Credit Card offer the option to freeze your credit/account or have other security features?

You may temporarily freeze your credit card by logging in to mobile or online banking, and report suspected fraud through the Wells Fargo website. The card also features zero fraud liability.

Does Wells Fargo offer other credit cards besides Wells Fargo Business Secured Credit Card?

Wells Fargo has two other business credit card offerings: the Wells Fargo Business Platinum Credit Card and the Wells Fargo Elite Signature Card.

About Doug Milnes, CFA

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.

Read Full Bio »

sources

Consumer Finance Protection Bureau. "Credit Card Agreement Database." Accessed April 12, 2022.
J.D. Power. "U.S. Credit Card Satisfaction Survey." Accessed April 12, 2022.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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