Rating: 5 Stars
Bottom Line:
Build Business Credit and Earn Cash Back or Points
Card Details
| Regular APR: | Prime + 11.90% (Variable) |
| Intro APR (Purchases): | Not Stated |
| Intro APR (Balance transfers): | Not Stated |
| Rewards Rate: | Earn 1.5% cash back on every $1 spent or earn 1 point on every $1 spent |
| Credit Needed: | (580-669) Average/Fair/Limited/No |
| Annual Fee: | $25 |
| Card Brand: | Mastercard |
*See online credit card application for details on the terms and conditions.
Offer Highlights
- Click APPLY NOW to apply online
- Great for businesses with little to no business credit history or past credit challenges
- Cash Back option: Earn 1.5% cash back on every $1 spent
- Reward Points option: Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period
- $0 annual rewards program fee
- $500 to $25,000 credit line
- $25 annual fee per card
- Up to 10 employee cards
- Get 10% point credit when you redeem points online
- Earn extra bonus points or discounts from Earn More Mall? retailers
Is Wells Fargo Business Secured Credit Card worth it?
Wells Fargo Business Secured is a solid card for people looking to build business credit and earn rewards in the form of cash back or points. Wells Fargo reports your payment and usage behavior to the Small Business Financial Exchange, which leases that data to companies that will use it to determine your creditworthiness.
A deposit of $500 is required to open the account, and an additional minimum deposit of $500 is required for each additional credit card issued on the credit card account. Monthly payments are not reported to the credit bureaus directly, so Wells Fargo Business Secured will not build your personal credit.
As for the value of the card itself, cardholders receive 1.5% cash back on every $1 spent or earn 1 point on every $1 spent. You can choose whether you want points or cash back. While cash back is the most flexible redemption option, there are some benefits to the points program. For example, you get a 10% point credit when you redeem points online. You also earn extra bonus points or discounts from Earn More Mall? retailers, such as 3 points per $1 at Staples, 2 points per $1 at Expedia, and 10 points per dollar at 24 hour Fitness.
To redeem for travel through Wells Fargo Rewards, standard airfare starts at 25,000 points for a domestic round-trip flight on any major airline. This is conservatively a 1.5 cent per point value, which is good for any type of standard redemption, including travel. When booking travel online at wellsfargorewards.com, you can pay with rewards Points, cash or a combination of both, which is a nice feature not shared by every rewards program.
If you choose to opt for cash back instead of points, you receive your cash back automatically as a credit to your statement or to your eligible checking or savings account each quarter: March, June, September, and December. Typically, 12-18 months of on-time payments will allow you to build credit to the point of getting an unsecured card; however, Wells Fargo does not specify a time period that they may upgrade you to one of their unsecured cards.
In any case, if you?re looking to build business credit and earn rewards in the form of cash back or points, Wells Fargo Business Secured is a great card for you.
Pros
- Build your business credit
- No foreign transaction fee
- Lower than average APR
Cons
- Minimum security deposit of $500 per card
- Up to 10 employee cards available but at a cost of $25 per card
- Cannot redeem travel rewards online, must call Wells Fargo Go Far Rewards customer service
Why 5 Stars?
Regular APR
5 Stars
Intro APR
4 Stars
Fees
4 Stars
Perks
5 Stars
Overall
5 Stars
Fees
| Foreign Transaction Fee | None |
| Balance Transfer Fee | Not Stated |
| Cash Advance Fee | Prime + 20.74% |
| Penalty APR | None |
Benefits
$0 Fraud Liability
Editorial Note: This content is not provided by the issuer. Any opinion, analyses, reviews, or recommendations expressed on this page are those of the author?s alone, and may not have been reviewed, approved or otherwise endorsed by the issuer.
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