Need the perfect Wells Fargo business credit card for your needs? Dive in and explore the top options: Wells Fargo Business Platinum Credit Card, Wells Fargo Business Secured Credit Card, and Wells Fargo Business Elite Signature Card.
Read on to learn how to choose the right one based on your business size, rewards preferences, annual fee tolerance, financing needs, and desired benefits. Get ready to maximize your rewards and benefits – make your business shine!
1. Wells Fargo Business Platinum Credit Card
2. Wells Fargo Business Secured Credit Card
3. Wells Fargo Business Elite Signature Card
What to Watch Out For
Pro Tips
Recap
1. Wells Fargo Business Platinum Credit Card
Wells Fargo Business Platinum Credit Card is your top choice for a business credit card. It offers no annual fees, a versatile rewards structure with cash back or points, and a generous welcome bonus. With additional benefits like free employee cards and overdraft protection, this card is a powerful tool for boosting your business’s success. Don’t miss out on this opportunity – choose Wells Fargo Business Platinum Credit Card today!
Pros
- Offers no annual fee, including no employee cards and foreign transaction fees.
- Provides a flexible rewards structure with a choice between cash back and points, along with bonus points for certain spending thresholds.
- Includes 0% introductory APR on purchases and balance transfers.
- Provides a generous welcome bonus for new cardholders.
Cons
- Offers limited benefits beyond the rewards program, lacks travel insurance and purchase protection.
- Requires high spending to earn bonus points, which may not be feasible for your small business.
- Annual Fee: None (No-annual-fee card)
- Welcome Bonus: Earn a one-time $300 cash-back bonus or 30,000 bonus points when you spend $3,000 in the first three months after you open your account.
- Rewards Structure:
- Choose between 1.5% cash back on all purchases or 1 point on every dollar you spend.
- Receive 1,000 bonus points for monthly spending of $1,000 or more.
- Get a 10% points bonus when you redeem rewards online.
- Introductory APR:
- Enjoy a 0% introductory APR on purchases and balance transfers for 270 days.
- After the introductory period, a variable APR of 15.99%-25.99% applies.
- Balance Transfer Fee: 4% (Minimum $10; No Maximum).
- Additional Benefits:
- Free employee cards
- $0 fraud liability
- Overdraft protection
- Expenditure records
- No foreign transaction fees
2. Wells Fargo Business Secured Credit Card
Choose the Wells Fargo Business Secured Credit Card if you want flexibility in rewards – cash back or points – for your business. It’s a perfect match for your business if you have no credit or bad credit. It helps you rebuild your credit profile through a secured credit limit. Pay no foreign transaction fees and add convenience to your international transactions!
Pros
- Offers a flexible rewards structure that allows you to choose between cash back or points rewards.
- Provides bonus points for eligible expenses in any billing period.
- Requests no international transaction fees
Cons
- Requires an annual fee on every card you acquire, which potentially becomes costly with multiple employee cards.
- Offers minimal benefits beyond the rewards program, lacking features like travel insurance, purchase protection, or extended warranty.
- Mandates a secured credit limit through a deposit, with a minimum and maximum deposit requirement, which doesn’t earn interest and is only refundable when you close your account and fully pay your balance.
- Target Audience: Businesses with zero credit or poor credit
- Credit Limit: Security deposit, which acts as the credit limit,
- Minimum Security Deposit: $500
- Maximum Security Deposit: $25,000.
- Deposit Interest: The security deposit does not earn any interest.
- Refundable Deposit: Refundable only after account closure with zero balance.
- Rewards Option 1: 1.5% cash back on every purchase
- Rewards Option 2: 1 point on every dollar of expenditure, redeemable up to a cent apiece depending on your redemption choices.
- Bonus Points: Opt for reward points and get 1,000 bonus points on $1,000 worth of purchases and higher in a 30-day billing cycle.
- Foreign Transaction Fees: Foreign transaction fees are not applicable.
- Annual Fee: $25 annual fee per card
- Additional Benefits:
- Automatic bill payments
- Overdraft coverage
- Virtual bill payments
- Custom card design
- No-cost employee cards
3. Wells Fargo Business Elite Signature Card
Experience ultimate flexibility with a choice between cash back or points on every dollar purchase you make. Travel with confidence, as this card offers travel insurance, no foreign transaction fees, and reimbursement for travel incidental fees.
Enjoy the convenience of custom travel assistance through the Visa Signature Concierge service. Additionally, manage your accounts effortlessly with free employee cards, expense reports, overdraft safety, and online banking. Just keep in mind the $125 annual fee after the first year and the high spending requirement to qualify for the welcome bonus.
Pros
- Offers adaptable benefits: Choose between 1.5% cash back or 1 point per dollar.
- Provides travel benefits: including travel insurance, no global transaction fees, and travel incidental fee reimbursement.
- Access to Visa Signature Concierge service for travel assistance.
- Free employee cards (up to 200) and expense reports for account management.
Cons
- Has a $125 annual fee after the first year.
- Requires high spending for the welcome bonus: $25,000 in the first three months.
- Rewards Options: Choose between 1.5% cash back on every dollar you spend or 1 Wells Fargo point per dollar of expenses (worth one cent apiece).
- Bonus Opportunity:
- Spend $10,000+ monthly to earn a bonus of 5,000 points, matching the cash-back rate
- Earn a 10% points bonus for online reward redemption.
- Travel Benefits: Includes travel insurance, no foreign transaction fees, and up to $100 per calendar year per company in travel incidental fee reimbursement.
- Visa Signature Concierge Service: Access to custom travel assistance through Visa Signature Concierge service
- Account Management Tools: Enjoy free employee cards (up to 200), expense reports, online banking, and overdraft safety.
- Annual Fee: A $125 annual fee applies after the first year.
- Welcome Bonus Requirement: To earn the one-time $1,000 cash-back bonus or 100,000 bonus points, you need to spend $25,000 in the first three months of account opening.
What to Watch Out For
- Consider Your Business Size and Revenue: Match the right card to your needs. If your annual sales are up to $2 million, go for the Wells Fargo Business Platinum Credit Card. For businesses exceeding $1 million in sales, the Wells Fargo Business Elite Signature Card fits best. If you need to build credit, opt for the Wells Fargo Business Secured Credit Card.
- Choose Your Preferred Reward Structure: Take control of your rewards! Decide between cash back and points. Cashback is straightforward, while points offer flexibility. Meet spending thresholds or enroll in the rewards program for bonus points or cash back.
- Assess Your Annual Fee Tolerance: Weigh benefits against costs. The Wells Fargo Business Platinum Credit Card has no annual fee, whereas the Wells Fargo Business Elite Signature Card charges $125 after the first year. The Wells Fargo Business Secured Credit Card carries a $25 annual fee per card.
- Analyze Your Financing Needs: Mind the APRs! If you carry or transfer balances, compare APRs. Wells Fargo Business Platinum Credit Card offers a 0% introductory APR for 9 months, then a variable APR of 15.99% – 25.99%.
- Wells Fargo Business Elite Signature Card offers a variable APR of prime + 7.99%. Wells Fargo Business Secured Credit Card’s variable APR is prime + 11.90%.
- Consider Travel and Other Benefits: Enhance convenience and security. Wells Fargo Business Platinum Credit Card offers free employee cards, zero fraud liability, overdraft protection, spending reports, and no foreign transaction fees.
Wells Fargo Business Elite Signature Card includes all these benefits, plus travel insurance, travel incidental fee reimbursement, Visa Signature Concierge service, and up to 200 free employee cards.
Wells Fargo Business Secured Credit Card also provides free employee cards, zero fraud liability, overdraft protection, spending reports, and no foreign transaction fees.
Remember, choosing the right Wells Fargo business credit card is crucial for maximizing benefits and rewards. Take your time, consider these factors, and select the card that perfectly aligns with your business needs.
Pro Tips
- Know Your Sales: Match your sales with the right card. For up to $2 million in sales, go for Wells Fargo Business Platinum Credit Card. For over $1 million in sales, choose Wells Fargo Business Elite Signature Card. To build credit, consider Wells Fargo Business Secured Credit Card.
- Pick Your Rewards: Decide between cash back or points. Business Platinum offers 1.5% cash back or 1 point per dollar. Elite Signature provides travel benefits too.
- Consider Fees: Business Platinum has no annual fee. Elite Signature charges $125 after the first year. Secured credit card has a $25 annual fee per card.
- Check APR: Evaluate APR for financing needs. Business Platinum has a 0% intro APR for 9 months, then 15.99% – 25.99% variable. Elite Signature has prime + 7.99% variable. Secured Credit Card has prime + 11.90%.
- Explore Benefits: Compare Additional Benefits – Business Platinum has free employee cards, zero fraud liability, overdraft protection, spending reports, and no foreign transaction fees. Elite Signature adds travel insurance, reimbursement, Visa Signature Concierge service, and up to 200 free employee cards. Secured Credit Card offers similar benefits without extensive coverage.
Recap
Choosing the best Wells Fargo business credit card starts with considering your sales volume and selecting the card that matches your business size. Decide whether cash back or points rewards suit your preferences and weigh the benefits against the annual fees. Mind the APRs for your financing needs. Also, explore the additional perks, such as travel benefits and account management tools, to enhance your card’s utility. By keeping these tips in mind, you are well-equipped to make a wise decision and get the most out of your Wells Fargo business credit card.
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