Who Is This Credit Card Best For?
Is turning their passion into a money-making venture See more cards
Diligently searches for the best products and delights in a good bargain See more cards
Prioritizes sticking to their budget while buying what they want and need See more cards
Hits the road often, whether for work or play See more cards
Whether you have a limited business credit history or past credit challenges, the Wells Fargo Business Secured Credit Card is designed to give you an entryway into the world of business credit. If you’re looking for a higher credit limit and the ability to earn rewards or cash back on your business expenses, this card may be right for you, even with the annual fee.
The rewards are appealing whether you prefer simple 1.5% cash back, or seek more flexible points for flights, merchandise, or gift cards.
Path to unsecured credit
Rewards while you rebuild
High credit line
Annual fee on additional cards
- Path to unsecured credit: Wells Fargo will review your account periodically to see if you qualify to upgrade to an unsecured business credit card. Though there is no set time for this will happen, the surest way to become eligible is by managing your account well. Wells Fargo will also look at other factors including your credit score, payment history, and ratio of credit card usage to credit limit.
- Rewards while you rebuild: While some card issuers reserve rewards programs for higher tier credit customers, Wells Fargo Business Secured Credit Card users get to enjoy that privilege right away—and the rewards are in line with some entry-level unsecured cards.
- High credit line: To open this card, you must make a minimum opening deposit of $500 in your Wells Fargo collateral savings account. You may make additional deposits (in $100 increments) up to $25,000 to increase the limit, which gives you more flexibility as a business owner with changing expenses.
- Annual fee on additional cards: While most secured cards have an annual fee, you’ll have to pay one for each additional employee card you request.
Earning Points & Rewards
With this card, you can choose to join one of two programs. The Wells Fargo Business Card Rewards Cash Back Program gives you 1.5% cash back on every dollar spent and pays your earnings quarterly. There is no limit on how much cash back you can earn.
If you go with the Wells Fargo Business Card Rewards Points Program, you’ll earn 1 point for every dollar spent, but you can also get 1,000 bonus points in months that you spend $1,000 or more. You can earn extra bonus points or discounts when you shop with participating retailers via the Wells Fargo Earn More Mall and a 10% bonus point credit when redeeming online.
Whichever option you choose, the fact that you get rewards makes this card valuable, as most secured cards (business or personal) don’t provide rewards.
If you choose the cash back option, Wells Fargo will automatically apply your cash-back balance to your account or an eligible business checking or savings account.
If you choose the rewards option, your rewards points are worth 1 cent per point, which is The Balance’s minimum requirement for a rewards card to be worth using. Gift card options include restaurants, department stores, movie theaters, and more.
Here are some examples of how you can use the points you get from the rewards option (you’ll notice that the points values vary):
- $50 Wells Fargo Visa gift card costs 6,500 points
- $100 retail or dining gift card costs 10,000 points
- $200 account credit or check costs 20,000 points
- $300 hotel gift card costs 30,000 points
You can also redeem points for air travel, which starts at 25,000 points for a domestic round-trip flight on any major airline. Or, choose to use your points to get a discounted air ticket, too.
Wells Fargo will assess a $24 redemption fee for each airline ticket rewards redemption, and you must buy tickets through the Wells Fargo Rewards Service Center or online at wellsfargorewards.com.
How to Get the Most Out of This Card
Although the opportunity to earn cash back or rewards is great, remember that this card is designed to help you build (or rebuild) business credit. Wells Fargo reports your activity to the Small Business Financial Exchange, which gathers small-business payment data. Your main focus should be on using the card responsibly and paying on time each month.
To maximize the card’s positive effect on your credit, keep tabs on your credit utilization. This metric reflects the amount of available credit you are using. It’s important to your credit score and your eligibility to upgrade. Keep it below 30%, if possible.
If you are running a balance every month, don’t worry about rewards or cash back. The amount you pay in interest can easily exceed whatever you earn in rewards.
However, if you’re absolutely certain you can clear your balance every month, charge your regular expenses to the card to earn rewards on them. Consider getting extra cards for employees ($25 each) so you can earn more as a group.
For those who opt for rewards instead of cash back, spending $1,000 in a month will activate a 1,000-point bonus. Lastly, explore redemption options carefully to squeeze the most value out of your points.
If you start with a low credit limit, paying off your balance daily ensures you have enough spending power to maximize your rewards.
Wells Fargo was eighth out of 11 credit card issuers in J.D. Power’s 2020 customer satisfaction survey. The bank’s mobile app received a “below average” rating from J.D. Power’s 2020 U.S. Banking Mobile App Satisfaction Study, finishing 10th.
Cardholders can manage their business expenses using the Business Spending Report tool, and can use Wells Fargo Business Online or the Wells Fargo app to manage their account. For questions or concerns, you can call 800-225-5935 Mon–Sat: 7 am–11 pm, Sun: 9 am–10 pm Eastern Time. Wells Fargo does not offer online chat support for its business customers.
Wells Fargo offers standard security features you’ve come to expect from credit cards, including fraud monitoring, account activity alerts, zero fraud liability, and chip technology.
Fees to Watch Out For
Most of the fees are standard for secured cards, but watch out for the $25 annual fee for every extra card you get. That can add up if you want to give multiple employees cards to use so you can maximize your points earnings. If you plan on getting multiple cards for your team, there are other options that do not charge an additional fee for employee cards.