Our Verdict
When it comes to business credit cards, Chase outshines Wells Fargo with its exceptional offerings. Here’s why Chase’s business credit cards are better choice for you:
- Variety of Cards: Chase offers an impressive variety of business credit cards, giving you the freedom to choose based on your preferences. Whether you’re after travel rewards, cash back, or meeting business expenses, Chase has the perfect card for you.
- Generous Welcome Bonuses: Chase knows how to welcome its cardholders with open arms! Its welcome bonuses are more generous than Wells Fargo’s, and you can score big, like 60,000 points after spending $4,000 in the first 3 months with the Chase Sapphire Preferred® Card.
- Incredible Travel Rewards: If you love to travel, Chase’s Ultimate Rewards® program is your best friend. Redeem your points for travel through Chase’s portal or transfer them to Chase’s airline and hotel partners for endless possibilities.
- Branches and ATMs Galore: Chase has an extensive network of branches and ATMs with 4,700 branches and 16,000 ATMs in the United States. Making it easier for you to manage your business finances and perform transactions hassle-free.
While Wells Fargo does have some advantages, like lower annual fees and more introductory APR offers, Chase’s strengths truly shine. Besides, customer service matters, and Wells Fargo takes pride in its reputation for excellent customer support.
Bear in mind that your choice depends on your specific business needs and spending habits. Both Chase and Wells Fargo offer a variety of business credit cards with different rewards programs, fees, and benefits. It’s important to compare the features of each card and choose the one that aligns with your business goals.
Why Choose Chase Business Credit Cards
Who Chase Business Credit Card
Consider a Chase business credit card if you:
- Need to separate business expenses from personal expenses to simplify accounting and track expenses
- Plan to make significant purchases within the first few months after opening a new business
- Need additional employee cards with customizable spending limits and tracking features
- Want the flexibility of carrying a balance or paying in full each month
- Want access to additional features and benefits, such as travel insurance and purchase protection
- Require access to your account through a large branch and ATM network nationwide.
Who Chase Business Credit Card Is Not Right For
Look for alternative options if you:
- Seek a business credit card with exceptionally low annual fees, as Chase cards may have varying fees based on the card’s benefits
- Require a card with a specific focus like exclusively cash back or travel rewards, as Chase offers a wide variety of cards with different rewards options
- Are specifically looking for a business credit card with a reputation for superior customer service, as customer service experiences may differ across banks
- Need a card that offers a longer introductory APR period for balance transfers or purchases
- Prefer a card with no foreign transaction fees if you plan to conduct business internationally.
Why Choose Wells Fargo Business Credit Cards
Who Wells Fargo Business Credit Card Is Not Best For
When looking for a business credit card to start or expand your business, the Wells Fargo Business credit card can be an excellent choice if you:
- Seek extensive rewards options and the ability to earn bonus points on spending of certain categories
- Prefer a card with no annual fee or one with a low introductory APR
- Want a credit card that offers unlimited cash rewards and does not charge an annual fee
- Need to track expenses and manage cash flow with tools like expenses management and account alerts
- Want access to additional features and benefits, such as overdraft protection and merchant services.
Who Wells Fargo Business Credit Card Is Not Right For
Wells Fargo Business credit card may not be the best option for you if you:
- Prefer to earn a substantial and consistent cashback reward, as Wells Fargo has a tiered rewards program that requires significant spending to earn higher cashback rates
- Seek a business credit card with a wide variety of rewards and benefits, as Wells Fargo’s offerings may be more limited compared to other banks.
- Want a card with lower fees for cash advances or balance transfers
- Require a credit card with a focus on travel rewards, as Wells Fargo’s travel rewards program may not be as extensive as other issuers
- Value a local or regional bank with a strong presence in Alaska, Hawaii, Idaho, Maine, Mississippi, Montana, New Hampshire, North Dakota, South Dakota, and Vermont.
Chase vs Wells Fargo Business Credit Cards: Main Differences
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Chase vs Wells Fargo Business Credit Cards: Standout Features
Chase Business Credit Cards
- Offers diverse rewards programs, catering to your business needs. Whether you prioritize cash back, travel rewards, or points, Chase has a card to suit your preferences and maximize your benefits.
- Allows you to redeem rewards for cash back, travel bookings, gift cards, or merchandise, providing ample options to use your rewards effectively.
- Offers a range of business management tools and features to help streamline financial operations.
- Offers valuable travel benefits, such as travel insurance, airport lounge access, and no foreign transaction fees.
- Implements advanced security features, including fraud monitoring and chip-enabled technology, to protect businesses from unauthorized transactions and potential financial losses.
Wells Fargo Business Credit Cards
- Provides flexible rewards programs, allowing you to choose between cash back, merchant-funded discounts, points, or travel rewards.
- Issues free employee cards with customizable spending limits and monitors employee spending.
- Offers fraud protection to ensure that you are not responsible for unauthorized purchases.
- Allows you to easily manage your expenses by using online tools like transaction categorization and receipts uploads.
- Provides introductory offers, like it’s APR on balance transfers or purchases for a limited time.
Chase vs Wells Fargo Business Credit Cards: Savings Accounts
Winner: It’s a tie! Both Chase and Wells Fargo offer excellent savings accounts with competitive interest rates. Chase Savings and Wells Fargo Way2Save® savings accounts, which both have a monthly service fee of $5 or under if you meet certain requirements. While the two accounts have similar features, the Way2Save® account offers a higher APY of 0.15% compared to Chase’s 0.01%.
In terms of waiving the monthly fee, both accounts require a daily balance of $300 or more, automatic transfers from your linked checking account, and options for overdraft protection. However, the Way2Save® account also offers the Save As You Go® feature, which automatically transfers $1 from checking into the savings account each time you swipe your debit card. Overall, Wells Fargo might be the better option for young adults aged 18 to 24 due to the flexibility of the age requirement for waiving the monthly service fee and the Save As You Go® feature.
Chase vs Wells Fargo Business Credit Cards: Checking Accounts
When it comes to comparing Chase and Wells Fargo’s checking accounts, the numbers seem to favor Chase. Although both banks offer popular accounts like Chase Total Checking® and Wells Fargo Everyday Checking, it’s important to note that Chase has a slightly higher monthly maintenance fee at $12 compared to Wells Fargo’s $10. However, both banks offer fee waivers with direct deposits of $500 or more. But, Wells Fargo requires a lower daily balance of $500 compared to Chase’s $1,500 for avoiding fees. In terms of basic accounts, Chase Secure Banking℠ is a better option, offering free money orders and cashier’s checks, while Wells Fargo charges $5 for money orders and $10 for cashier’s checks. Finally, for interest-bearing checking accounts, Chase again comes out ahead as it provides more options to avoid fees with lower balance requirements. So, if you’re looking for a checking account with added benefits, lower fees, and more flexibility in maintaining a balance, Chase’s checking accounts seem to be the better option.
Pros and Cons of Chase Business Credit Cards
- Pros
- Builds credit and establishes financial stability for your business.
- Offers a wide range of business credit cards, including cashback cards, and travel rewards cards.
- Provides various perks and benefits, such as purchase protection, insurance coverage, and travel perks.
- Provides additional tools and services, such as fraud protection and account alerts, to help businesses protect against fraudulent activity.
- Enables easy expense tracking and management through detailed transaction reports and account tools.
- Cons
- Comes with annual fees and other charges affecting your overall costs
- Includes foreign transaction fees for some business credit cards
- Requires higher credit score for certain premium business credit cards
- Attracts unauthorized charges and potential financial loss if there’s an abuse by the employees.
Pros and Cons of Wells Fargo Business Credit Cards
- Pros
- Provides cashback rewards on eligible purchases, which can help your business save money
- Offers introductory 0% APR periods on purchases and balance transfers, which can provide flexibility in managing cash flow
- Provides free employee cards with customizable spending limits, making it easier to manage expenses
- Offers fraud protection and zero liability for unauthorized purchases, providing peace of mind.
- Cons
- Requires a personal guarantee from the business owner, which could impact personal credit.
- Charges an annual fee for some credit card options, which may not be cost-effective for smaller businesses.
- Incurs higher interest rates after the introductory period ends, which could result in higher costs if balances are not paid in full.
- Requires a good credit score to qualify for the best credit card options, which may not be accessible to all businesses.
Chase vs Wells Fargo Business Credit Cards: Customer Reviews
According to customer reviews on Trustpilot, Wells Fargo edges out Wells Chase. Trustpilot shows that Chase has a rating of 1.3 stars out of 5, whereas Wells Fargo has a rating of 1.7 stars out of 5. Furthermore, ConsumerAffairs also shows a higher rating for Wells Fargo at 3.6 out of 5, compared to Chase’s rating of 1.2 out of 5. While these are certainly useful sources of information, it is important to remember that reviews can be subjective and personal experiences may vary. Therefore, it is always advisable to read customer feedback from multiple sources before making a decision on a bank.
Chase and Wells Fargo Business Credit Cards Competitors
American Express Business Credit Cards
Check out American Express business credit cards for flexible rewards and exclusive business-centric perks including cashback, travel rewards, and points programs. Enjoy expense management tools to track and categorize your business expenses.
Bank of America Business Credit Cards
Discover Bank of America business credit cards with rewards, competitive APRs, and options tailored to your industry. Enjoy cashback rewards on eligible purchases and bonus rewards for certain categories such as gas stations, office supply stores, and restaurants.
CitiBusiness Credit Cards
Consider Citi business credit cards for their wide range of rewards, travel benefits, and global acceptance. Get access to free employee cards with customizable controls and alerts for spending limits and fraud protection.
Pro Tips
- Consider your spending habits
- Check out the rewards and welcome bonuses
- Look into the annual fees
- Review the APR
- Read the terms and conditions
- Use your business credit card for your business expenses
- Pay you bill on time and in full monthly
Recap
In the comparison of Chase vs. Wells Fargo business credit cards, both banks offer competitive options, but with distinct strengths. Chase excels in generous rewards, travel benefits, and a wide variety of card options, while Wells Fargo stands out with no annual fees, 0% APR introductory offers, and straightforward cash rewards. Consider Chase if you prioritize robust rewards and travel perks, and Wells Fargo if you prefer no annual fees and straightforward cash back. Carefully evaluate each bank’s standout features to choose the best fit for your business needs and preferences.
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