Wells Fargo Secured Business Credit Card Review

It can be difficult to grow a business when you have a low credit score. The Wells Fargo Business Secured Credit Card offers a simple way for businesses to rebuild credit while making necessary purchases. Find out here if this secured credit card is the best choice for your business.

Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

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.

Visit Wells Fargo's website

Pricing

Base Features

• $25 annual fee (per card)
• $500-$25,000 spending limit
• Up to 10 employee cards
• Optional enrollment in one of two Wells Fargo Business Card Rewards Program
• Cash back option: 1.5% for every $1 spent on purchases
• Points option: 1 point per $1 spent and a bonus 1,000 points if a business spends at least $1,000 in a monthly billing cycle (redeemable on their rewards site)
• 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 either 1.5% for every dollar spent, or one point for every dollar spent.

Conclusion

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.

Visit Wells Fargo's website
$25 annual fee per card