Wells Fargo Business Credit Cards: What You Need to Know
As you search for the right credit card for your business, in addition to looking at the features of different cards themselves, you may also be considering the offers and reputation of the issuing bank. After all, a bank that’s small-business friendly and perhaps even provides products on top of business credit cards could certainly be beneficial—having your bank account, credit card, and merchant services, for example, through one institution would make tracking and managing your finances and payments much easier.
With this in mind, then, you might explore the business credit cards offered by Wells Fargo—a bank known for its wide variety of small business products and resources. What do the Wells Fargo business credit cards have to offer? Is a Wells Fargo small business credit card right for you?
We’re here to help answer those questions.
In this Wells Fargo business credit card review, we’ll break down each of their three credit card options—discussing the card features, offers, and differentiating factors—so that you’ll have all of the information you need to decide which, if any, of these business credit cards is right for you.
The Wells Fargo Business Credit Card Review
- Wells Fargo Business Secured Credit Card
- Wells Fargo Business Platinum Credit Card
- Wells Fargo Elite Business Signature Card
Great For: It's great for businesses with past credit challengesRead Full Review
- New customer offer: Earn 1.5% cash back
- $500 to $25,000 credit line
- No foreign transaction fee
|Welcome offer||Rewards rateon all purchases||Annual fee||Minimum credit|
|1,000 points||1.5% or 1 point||$25||450|
If you’re a business owner with past credit challenges, you’ll likely have to turn to a secured business credit card to work on improving your credit before you can qualify for an unsecured card.
Luckily, the Wells Fargo Secured Business credit card is designed to help you establish or improve your business credit history and allows you to earn rewards while you do so. With this card, like all secured cards, you’ll be required to put down a deposit—depending on how much you put down, you’ll be able to access a $500 to $25,000 line of credit.
However, as we mentioned, you’ll also earn rewards for your spending. You’ll be able to choose between a cash back and a rewards points program, depending on which you prefer. With the cash back option, your Wells Fargo secured business credit card will earn 1.5% cash back on every dollar you spend. On the other hand, if you choose the rewards points option, you’ll earn 1x points per dollar spent, as well as 1,000 bonus points when your spend is $1,000 or more in any monthly billing period.
There will be no spending category requirements or caps with either rewards program on this Wells Fargo business card. If you have the cash back rewards program, your cash back will be redeemed automatically every quarter, either as a credit to your credit card account or eligible Wells Fargo business checking or savings account.
With the points program, you’ll be able to redeem your points for gift cards, merchandise, airline tickets, and more. Plus, you’ll get 10% point credit when you redeem your points online.
This being said, for the Wells Fargo Secured Business credit card, you’ll need to pay a $25 annual fee for each card you have attached to your account. You can add up to 10 employee cards. However, despite this annual fee, there are no foreign transaction fees and you’ll have access to zero liability protection, online spending reports, fraud monitoring, and account alerts.
Plus, as you use this Wells Fargo business credit card and hopefully, spend responsibly, Wells Fargo will periodically review your account to determine if you’re eligible to upgrade to an unsecured business credit card.
Therefore, if you’re looking for a business credit card to improve your credit history while also earning rewards as you spend, this Wells Fargo secured business credit card is going to be one of your best options. It is worth noting, however, that Wells Fargo does not report account activity to consumer credit bureaus, so this secured card will only help you build or improve business credit, not personal credit.
Great For: It's got the power of choice between a $500 cash back sign up bonus and 1.5% ongoing cash back on purchases or 1,000 point sign up bonus and 1X ongoing points on purchases.Read Full Review
- Choose between $500 cash back bonus and 1,000 bonus points
- $0 annual card fee, plus up to 99 employee cards (no additional fee)
|Welcome offerafter spending $5k first 3 months||Rewards rateon all purchases||Annual fee||Minimum credit|
|$500 cash back or 1,000 bonus points||1.5% cash back or 1X points||$0||700|
On the other hand, if you don’t have past credit issues and are simply looking for a credit card for your business expenses, Wells Fargo has options for you as well.
First, there’s the Wells Fargo Business Platinum credit card, which is designed for businesses with annual sales up to $2 million. With this card, you’ll have the opportunity, once again, to choose your rewards program. If you prefer cash back, you’ll earn 1.5% cash back on every dollar you spend. With the rewards points option, on the other hand, you’ll earn 1x points for every dollar spent, as well as receive 1,000 bonus points when you spend $1,000 or more in any monthly billing period.
Moreover, if you spend $3,000 within the first three months after opening your account, you’ll receive $500 cash back or a 50,000-point welcome bonus, depending on the rewards program you choose. Additionally, just like the rewards system with the Wells Fargo secured business credit card, this card automatically credits your account quarterly if you’re earning cash back—and if you’re earning rewards points, you can redeem them for gift cards, airline tickets, merchandise, and more.
On top of these rewards, the Wells Fargo Business Platinum credit card also offers a 0% intro APR period for nine months, meaning you’ll be able to carry a balance interest-free during that time. After the nine months are up, however, an APR will set in at a rate that will depend on your creditworthiness and vary with the market Prime Rate, so you’ll want to be sure to check the issuer’s terms and conditions for the latest APR information.
This being said, there are no annual fees and no foreign transaction fees with this Wells Fargo business card—and you’ll be able to attach up to 99 employee cards to your account with no additional fee. Plus, you’ll have access to Wells Fargo’s cash management tools, spending reports, online banking and bill pay, fraud monitoring, as well as other business tools.
Ultimately, if you’re looking for a straightforward rewards card to manage your business expenses, the Wells Fargo Business Platinum credit card is going to be a great option.
Great For: It's great for businesses with annual sales over $1 million that want rewards, spending controls and dedicated customer service.Read Full Review
- New customer offer: Get $1,000 cash back when you enroll and spend $25,000 in 3 months
- Earn 1.5% cash back or 1X points
|Welcome offerwhen you enroll for $25 and spend $25,000 in first 3 months||Rewards rateon all purchases when you enroll for $75||Annual feefirst year, then $125||Minimum credit|
|$1,000 cash back or 5,000 points||1.5% or 1 point||$0||700|
Finally, the last card option from Wells Fargo is the Business Elite Signature card. Designed for businesses with annual sales of over $1 million, it’s a worthwhile option for business owners looking for high-end rewards and dedicated customer service.
With this Wells Fargo business credit card, you’ll have the same options for earnings rewards—either cash back or points—and you’ll earn at the same rates, 1.5% cash back or 1x points per dollar. However, if you have the rewards points program, you’ll receive 5,000 bonus points when you spend $10,000 or more in any monthly billing period.
Additionally, with the Business Elite Signature card, you’ll be able to access a welcome bonus of $1,000 cash back or 100,000 bonus points if you spend $15,000 within the first three months with the card.
Moreover, unlike the two Wells Fargo business cards we previously discussed, the Elite Signature card will include some luxury perks. You’ll receive travel incidental fee reimbursement, up to $100 per year, as well as Visa travel discounts and hotel benefits, Visa signature concierge service, and additional travel protection.
This being said, although Wells Fargo waives the annual fee for the first year of membership, after that, you’ll pay a $125 annual fee. You will, however, have no foreign transaction fees and you can add up to 200 employee cards for no extra cost. On top of all this, the Elite Signature Wells Fargo business credit card also includes purchase protections, cash management tools, access to the Business Elite Online Reporting platform, as well as access to the dedicated Elite card customer service team.
Therefore, if you’re looking for a luxury business credit card that can offer travel perks, protections, and financial tools—plus, dedicated customer service—on top of an ongoing rewards program, the Wells Fargo Elite Signature is going to be the option for you.
Get a Wells Fargo Business Credit Card If:
So, considering everything we’ve discussed with the three different Wells Fargo business cards, you may be wondering why you should choose Wells Fargo over any other credit card issuer. Ultimately, you may choose a Wells Fargo business credit card if:
- You need a secured business credit card to build or improve your business credit.
- You want to choose between a cash back and points rewards system.
- You want a flat-rate rewards business credit card without limits or category restrictions.
- You’re looking for a business credit card with a small business-friendly bank that includes financial tools with their accounts.
- You want a luxury card with extended travel protections and dedicated customer service.
- You already have a Wells Fargo business checking or savings account.
Skip These Wells Fargo Business Credit Cards If:
On the other hand, a Wells Fargo small business credit card will not be right for everyone. Therefore, you might explore other options if:
- You don’t want a one-size-fits-all rewards program.
- You want a card with tiered rewards that offer a higher-earning potential.
- You’d like a card with a longer 0% intro APR period.
- You’d like to earn travel-specific rewards.
- You’d prefer a card co-branded with a retailer where you spend frequently.
- You need a secured card that can help you rebuild personal credit.
Choosing the Right Wells Fargo Business Credit Card for You
At the end of the day, considering all of the features and benefits of the three Wells Fargo business credit cards, it’s very possible that one is the right fit for your business. However, if you’re left wondering, “What is the best Wells Fargo business credit card,” the answer largely depends on your specific business and what you need.
For example, if you have had credit challenges in the past and need to rebuild, then the Wells Fargo secured business credit card is going to be your best option. On the other hand, if you simply need a rewards-earning card to use for business expenses, the Wells Fargo Platinum business credit card will be your top choice.
Ultimately, whether you’re comparing the Wells Fargo business cards or considering other options, you’ll want to first and foremost decide what you’re looking for and what matters most to your business. You’ll want to think about factors such as annual fee, 0% intro APR, rewards structure, rewards type, foreign transaction fees, employee cards, additional perks—essentially, anything your business values in a credit card.
By going through this process, you’ll have a set of qualifications to compare any business credit card to. Then, you’ll be able to use these requirements to narrow down your options and finally, choose the business credit card—Wells Fargo or otherwise—that’s right for your business.
Randa Kriss is a senior staff writer at Fundera.
At Fundera, Randa specializes in reviewing small business products, software, and services. Randa has written hundreds of reviews across a wide swath of business topics including ecommerce, merchant services, accounting, credit cards, bank accounts, loan products, and payroll and human resources solutions.