Our Verdict
Are you a business owner who desires a credit card from a bank that has a wide range of availability — both by region and by state? Wells Fargo is one of your best options. Consider this bank if you want a bank that offers both cashback and membership point rewards.
You can also have access to the other benefits the bank offers on its credit card products like a 0% introductory rate for your first 9 months. Other benefits include zero annual fees on your first year on the card and travel incidental fees.
However, be aware that Wells Fargo only has two products to offer for business credit cards. Consider other banks or credit unions if you need a card issuer with multiple options on available products.
Call the following numbers for more enquiries:
+1 973-675-1060, +1 332-214-7366, 1-800-869-3557, 1-800-742-4932.
Wells Fargo
Corporate Headquarters
420 Montgomery Street, San Francisco,
United States.
Phone Number: 1-855-282-6353
Pros
- Mouth-watering welcome bonus
- Zero percentage on interest rate
- Zero annual fee
- Constant customer service
- Zero additional fee
Cons
- Few products
- Good for existing customer
- High rate of interest
- Only good and excellent credit scores
- Zero transparency on qualification procedures
Who This Product Is Best For
Choose Wells Fargo if you are a business owner who:
- Desires a credit card that can serve more than 100 workers. Has a Fico score of 700 plus.
- Wants card with multiple rewards and benefits.
- Wants an issuer that’s available in every state in the country.
- Is already a banking customer with Wells Fargo.
- Desires cards with multiple rewards and bonuses
- Wants a small business preferred issuer
Who This Product Isn't Right For
Don’t settle for this issuer if you are a business owner who:
- Wants an issuer that offers varieties of business credit cards.
- Has a poor personal credit score.
- Doesn’t have an existing relationship with the bank
- Doesn’t like the hike in the interest rate.
- Doesn’t want a small business issuer
- Doesn’t like an issuer with a high interest rate
What This Product Offers
- Wells Fargo Business Platinum Credit Card: Choose this card if your yearly sales are up to $2 million and you want a business card to run your daily expenses conveniently. You can get this card for up to 99 members of your employees. Get access to rewards and benefits like cash back options, reward points, a 0% intro rate, and a zero intro annual fee. In addition, know that the card gives you access to tools to track your business spending. You can access your spending record online.
- Wells Fargo Business Elite Signature Card: Take advantage of this card if you prefer a credit card that can boost your spending management. Understand that you can get this card for up to 200 members of your employees. Choose this card if you want valuable rewards which can be up to $1,000 or 100,000 points. Don’t worry about the interest rate or annual fee in your first year on the card. However, prepare yourself to be paying $125 annually on fees after your introductory year.
Product Details
Wells Fargo Business Platinum Credit Card
Membership rewards: Earn $300 or 30,000 bonus points in your first 3 months when you spend up to $3,000 on the card.
Annual fee: None
APRs: Enjoy zero interest rate for your first 9 months on the card then start paying between 7.99% to 17.99% on purchases. Note that your rate can be up to 20.74 on cash advances.
User capacity: Up to 99
Required credit score: 700 to 749
Wells Fargo Business Elite Signature Card
Membership rewards: Spend $25,000 in your first 3 months and earn a welcome bonus worth $1000 or 100,000 reward points
Annual fee: Zero percentage for your first year. Then, start paying $125 annually
APRs: Enjoy interest rates which can be as low as 3.99% and can be up to 20.74% at its limit.
Users capacity: up to 200 workers
Required credit score: 700 to 749
Where This Product Stands Out
Offers spending management
Get access to tools and tips on how to spend wisely with Wells Fargo’s business credit cards. You can even track your spending record on the bank’s website.
Provide access to numerous users
Note that you can issue a card for your employees between 99 to 200 people. You may even set spending hours for your employees to avoid abuse.
Has low starting APRs
Enjoy a low starting APR on the card. Have access to a rate as low as 7.99% on Wells Fargo Business Platinum Credit Card and 3.99% when you choose Wells Fargo Business Elite Signature Card.
Has wide range availability
Get access to bank services anywhere you are in the United States. Know that the bank doesn’t offer foreign services on any of its business credit cards.
Where This Product Falls Short
Demands Higher credit scores
Forget this product if your credit score is bad. Also, note that Wells Fargo doesn’t offer a credit-building program when it comes to its business credit card.
Has few products
Understand that you can only choose between two products when you consider Wells Fargo as your preferred issuer. If you want a bank with more product options, you can choose American Express.
Favors the bank’s existing customer
Are you already a customer of Wells Fargo? A perfect option for you! Yes, the bank tends to give its existing customers an upper hand provided that you have a good credit history with the bank.
Provides little guidelines on how to Apply or qualify
Don’t expect comprehensive guidelines on how to qualify or apply for the loan. Visit the bank’s branch or call its customer service number to find out accurate details on how you can qualify or apply for its business credit card.
How to Qualify for This Product
Understand that the bank doesn’t provide what can guarantee your approval for its business credit card but the bank tells you what can boost your eligibility. Get the following documents ready:
- Good personal and business credit history.
- Proof of ownership.
- Personal information.
- A guarantor that can surrender 25% of his/her interest.
How to Apply for This Product
Apply for the loan on the phone or visit any of the bank’s nearest branches. Provide the following documents while applying:
- Your business’s annual income
- Your business legal name and address.
- Business tax number or your SSN.
- Business type and structure including the number of owners.
- Your current status with Wells Fargo.
Alternatives to This Product
American Express
Do you prefer an issuer that offers numerous credit card options than Wells Fargo packing with rewards and promotions? Choose Amex business credit cards. You can choose from 14 credit cards on the Amex website compared to Wells that only offers two. Know that Amex charges higher credit cards than Wells Fargo.
U.S. Bank
Choose the U.S. Bank Business Platinum Card if you want a card that offers a balance transfer. With this card, you can move your debts from other cards to this card and pay them off at a lower rate. Nevertheless, watch out for high fee charges on balance transfers.
Petal
Worrying about your credit history? Forget about it if you are making this issuer your choice. Yes, you don’t need a credit score and you can have a credit card at a rate of 17.74% per year.
Capital One
Your annual fee is $39, your rate is 29.99% and late fee is $40, but you can get this card with a credit score as low as 570.
Customer Reviews
Better Business Bureau’s website (BBB) rates Wells Fargo poorly on an F grade despite closing 7,000 complaints with the bureau in the previous years. Also, the bank grabs a poor star rating of 1.07 out of possible 5 stars. However, things turn out differently on Consumer Affairs as the bank has a fair rating of 3.8 stars from 5 after over 4 million verified reviews.
Methodology
We reviewed *this product* based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated *this
product* based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
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