Summary


Secured credit cards help businesses with little to no credit rebuild their financial footing. Unlike unsecured credit cards, secured credit cards require a security deposit prior to application. This deposit acts as the business’ line of credit.

The Wells Fargo Business Secured Credit Card stands out from its competitors because of the additional benefits cardholders can access while building their credit. Although this card carries an annual fee and does not offer sign-up bonuses, it does provide businesses an opportunity to grow and upgrade to an unsecured Wells Fargo credit card.

Who is this Credit Card right for?

The Wells Fargo Business Secured Credit Card is good for businesses that need help establishing and rebuilding their credit history.

Sign up for a Secured Business Credit Card
$25 annual fee (per card); Prime Rate + 11.90% APR on purchases; Prime Rate + 20.74% on cash advances

Pros

  • Available to businesses with low credit
  • No foreign transaction fee
  • Optional rewards program
  • Ability to upgrade to an unsecured credit card

Cons

  • $25 annual fee per card
  • No sign-up bonuses or introductory APR periods
  • Limited line of credit

Wells Fargo Business Secured Credit Card Alternative

Capital One Spark Cash offers the highest unlimited cash-back rate among major business credit card providers, with fees low enough to give you some breathing room.

Capital One Spark Cash: No annual fee for the first year, $95 every subsequent year

Read our Capital One Spark Cash review

Pricing


Base Features

  • $25 annual fee (per card)
  • $500-$25,000 spending limit
  • Up to 10 employee cards
  • Optional enrollment in Wells Fargo Business Card Rewards Program
    • 1 point per $1 spent
    • Bonus 1,000 points if a business spends at least $1,000 in a monthly billing cycle
  • Access to Wells Fargo online banking
  • Access to My Spending Report for expense tracking
  • Automatic payments
  • Overdraft protection
  • Zero Liability Protection

Ratings


Value - 3.5/5

The Wells Fargo Business Secured Credit Card doesn’t skimp on the fees. The $25 annual fee is per employee card, meaning five employee cards will cost $125 per year. The late penalties and overdraft fees can also accumulate and unhinge your budget. So while this card may be a good choice for businesses with low credit, it may not be the best decision for businesses with low funds.

Customer Service - 4/5

Our customer service experience with Wells Fargo was acceptable. The representative we spoke to was friendly and willing to answer our questions.

Unlike some other credit card companies, Wells Fargo does not have a dedicated 24/7 customer service line. If businesses are traveling or require service outside of office hours, they may find themselves out of luck.

Ease of Use - 4/5

We like the simplicity of the Wells Fargo Business Secured Credit Card -- businesses make a deposit and that deposit becomes their line of credit.

That being said, Wells Fargo doesn’t make upgrading from this card easy. Upgrades never happen automatically, and there is no guarantee that good credit standing will allow you to upgrade to an unsecured card.

Included Features - 4/5

Secured credit cards are not known for their robust rewards programs which makes Wells Fargo a stand-out in the marketplace. Business card holders are eligible for enrollment in the Wells Fargo Business Rewards Program at no additional cost. This program offers one point for every dollar spent.

Conclusion


For businesses that need a simple way to build their credit, the Wells Fargo Business Secured Credit Card is a great choice. While not the most lucrative or cost-effective choice on the market, this card provides a simple way to finance a growing business.

Who is this Credit Card right for?

The Wells Fargo Business Secured Credit Card is good for businesses that need help establishing and rebuilding their credit history.

Sign up for a Secured Business Credit Card
$25 annual fee (per card); Prime Rate + 11.90% APR on purchases; Prime Rate + 20.74% on cash advances

Wells Fargo Business Secured Credit Card Alternative

Capital One Spark Cash offers the highest unlimited cash-back rate among major business credit card providers, with fees low enough to give you some breathing room.

Capital One Spark Cash: No annual fee for the first year, $95 every subsequent year

Read our Capital One Spark Cash review