Wells Fargo Business Secured Credit Card Review

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For business owners who need to establish or rebuild their credit, the Wells Fargo Business Secured Credit Card can give you a jumpstart. Even better, while you’re improving your business credit file, you get to pick your rewards: unlimited cash back or Wells Fargo Rewards Points.

Wells Fargo Business Secured Credit Card

Overall Rating
Wells Fargo Business Secured Credit Card
Recommended Credit
Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Poor - Excellent
Regular APR (%) 15.15% variable
Annual Fee $0
Rewards Earning Rate Earn 1.5% cash back or earn 1X point and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period.
Cash Advance APR (%) 23.99%
Cash Advance Fee 4%, min, $10, max $175
Ratings Breakdown
for Interest
for Fees
for Rewards
for Credit

Who Is This Credit Card Best For?

  • Avatar for Entrepreneur Persona
    Is turning their passion into a money-making venture See more cards
  • Avatar for Deal Seeker Persona
    Diligently searches for the best products and delights in a good bargain See more cards
    Deal Seeker
  • Avatar for Savvy Saver Persona
    Prioritizes sticking to their budget while buying what they want and need See more cards
    Savvy Saver
  • Avatar for Road Warrior Persona
    Hits the road often, whether for work or play See more cards
    Road Warrior

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

  • Low customer satisfaction rating with J.D. Power.

  • 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.

Earning Points and 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.

Redeeming 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.

Customer Experience

Wells Fargo was eighth out of 11 credit card issuers in J.D. Power’s 2021 customer satisfaction survey. The bank’s mobile app received a “below average” rating from J.D. Power’s 2021 U.S. Banking Mobile App Satisfaction Study, finishing 6th.

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.

Security Features 

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.

Next Steps
For Wells Fargo Business Secured Credit Card
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See how this card stacks up to the competition
Wells Fargo Business Secured Credit Card
overall rating
Recommended Credit
Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Poor - Excellent
Regular APR (%) 15.15% variable
Annual Fee $0
Rewards Earning Rate Earn 1.5% cash back or earn 1X point and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period.
Our Methodology
At The Balance, we are dedicated to giving you unbiased, comprehensive credit card reviews. To do this, we collect data on hundreds of cards and score more than 55 features that affect your finances.
  • Our Reviews Are Always Impartial: No one can influence which cards we review, the way we present them to you, or the ratings they receive. The scores and reviews come directly from the data we collect and our editorial expertise, and we focus on three areas:
  • How Much Does It Cost? With credit card debt at an all-time high, we believe you should know the cost of carrying a balance. Because of that, we give regular purchase APRs significant weight in overall scores, and cards receive low marks if they have an array of pricey fees.
  • What Are the Rewards Worth? Cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely. To simplify the problem, we built a system that fairly compares rewards and gives them a dollar value. We do this by looking at the ways you can earn and use rewards, which includes evaluating Americans’ typical spending habits and analyzing common travel patterns.
  • Does It Make Your Life Easier? Our scoring system favors cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting customer service. Finally, we give preference to credit cards that have several tools for dealing with fraudulent charges.
  • For every review on The Balance, we hold the credit cards to these standards, and we set the bar high. While we recognize the appeal of splashy features like six-digit sign-up bonuses, our approach ensures that credit cards with the best combination of value, affordability, and accessibility receive the highest scores. See our full methodology for more details.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Experian. "What Is a Credit Utilization Rate?" Accessed Dec. 26, 2021.

  2. J.D. Power. "2021 Credit Card Satisfaction Study." Accessed Dec. 26, 2021.

  3. J.D. Power. "2020 U.S. Banking and Credit Mobile App Studies." Accessed January 24, 2021.