Best Wells Fargo Business Credit Cards for 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Benilyn has over a decade of experience as a banking officer. Her expertise is featured throughout Fit Small Business in personal finance, credit card, and real estate investing content.
This article is part of a larger series on Best Small Business Credit Cards.
Wells Fargo offers three types of business credit cards: one for companies with many employees, one with no annual fee, and one for building credit. The best Wells Fargo business credit card for you will depend on your unique business’s needs, and you can choose to earn either cash back or points rewards. It’s worth noting that Wells Fargo doesn’t report card activities to personal credit bureaus.
To see how these cards stack up against others we reviewed on our site, click Add to Compare on a card below and select up to two additional cards for comparison.
Wells Fargo Business Platinum Credit Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Those with a Wells Fargo checking or savings account that has been open for at least one year
Intro APR
0%
Regular APR
Prime + 7.99% to Prime + 17.99% on purchases
Annual Fee
$0
Credit Needed
Good to Excellent
- Get a one-time $300 cash back bonus or 30,000 bonus points when you enroll in the Business Card Rewards Program and spend $3,000 in the first three months of account open date
- Earn 1.5% cash back on every $1 spent
- Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period
- No annual card fee, plus up to 99 employee cards (no additional fee)
- Cash management tools
- Spending reports available online
- Online banking and bill payment options
Pros
- Cardholders can choose between cash back or points in earning rewards
- With an interest-free financing period for the first nine billing cycles
- Can create up to 99 employee cards at no additional cost
Cons
- Cash back rewards are distributed on a quarterly basis
- You’ll need a Wells Fargo checking or savings account that has been open for at least one year to qualify
- Travel and emergency assistance services: Available for Visa cardholders 24 hours a day, 365 days a year. Specific services and their details can be found here.
- Extended warranty protection: Warranty coverages can be doubled up to one additional year on eligible warranties of three years or fewer.
- Employee cards: You can create up to 99 employee cards at no additional cost
- Zero liability protection and fraud monitoring: Can be fully reimbursed for unauthorized purchases or ATM transactions. In addition, Wells Fargo proactively monitors your business accounts to prevent fraudulent use of your card.
Intro APR
0%
Regular APR
Prime + 7.99% to Prime + 17.99% on purchases
Annual Fee
$0
Credit Needed
Good to Excellent
- Get a one-time $300 cash back bonus or 30,000 bonus points when you enroll in the Business Card Rewards Program and spend $3,000 in the first three months of account open date
- Earn 1.5% cash back on every $1 spent
- Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period
- No annual card fee, plus up to 99 employee cards (no additional fee)
- Cash management tools
- Spending reports available online
- Online banking and bill payment options
Pros
- Cardholders can choose between cash back or points in earning rewards
- With an interest-free financing period for the first nine billing cycles
- Can create up to 99 employee cards at no additional cost
Cons
- Cash back rewards are distributed on a quarterly basis
- You’ll need a Wells Fargo checking or savings account that has been open for at least one year to qualify
- Travel and emergency assistance services: Available for Visa cardholders 24 hours a day, 365 days a year. Specific services and their details can be found here.
- Extended warranty protection: Warranty coverages can be doubled up to one additional year on eligible warranties of three years or fewer.
- Employee cards: You can create up to 99 employee cards at no additional cost
- Zero liability protection and fraud monitoring: Can be fully reimbursed for unauthorized purchases or ATM transactions. In addition, Wells Fargo proactively monitors your business accounts to prevent fraudulent use of your card.
Wells Fargo Business Elite SignatureCard®
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Businesses with over $1 million in annual sales
Intro APR
N/A
Regular APR
Prime + 3.99% on purchases
Annual Fee
$125 annual fee, waived the first year
Credit Needed
Excellent
- Get a one-time $1,000 cash back bonus or 100,000 bonus points when you enroll in the Business Elite Card Rewards Program and spend $15,000 in the first three months of account open date; $75 annual rewards program fee waived for the first year
- Earn 1.5% cash back on every $1 spent
- Earn 1 point on every $1 spent and receive 5,000 bonus points when your company spend is $10,000 or more in any monthly billing period
- No foreign transaction fee
- Up to 200 employee cards
- Bill payment options
- Online Business reporting tool
- $0 additional card fee
Pros
- Low ongoing APR
- Up to 200 free employee cards
- Spending controls
Cons
- No introductory APR
- Offers no bonus category rewards
- Cannot apply online
- Spending controls: Set transaction limits, time limits, and spending category restrictions on any employee card.
- Business Elite online reporting: Review and track business analytics and spending habits conveniently.
- Auto rental collision damage waiver: Receive coverage for stolen or damaged rental vehicles, when you waive the rental car merchant’s insurance, up to the cash value of the vehicle.
- Purchase security: Get items repaired or replaced that were damaged or stolen within 90 days of purchase, or get reimbursed for the value of the item, up to $10,000 per claim and $50,000 per year.
- Extended warranty protection: Visa will double the length of warranty protection offered by the manufacturer, up to one year, for warranties of three years or less.
- Travel and emergency assistance: The cardholders, their spouse, and dependents get free access to emergency, medical, travel, and legal assistance 24 hours a day.
Intro APR
N/A
Regular APR
Prime + 3.99% on purchases
Annual Fee
$125 annual fee, waived the first year
Credit Needed
Excellent
- Get a one-time $1,000 cash back bonus or 100,000 bonus points when you enroll in the Business Elite Card Rewards Program and spend $15,000 in the first three months of account open date; $75 annual rewards program fee waived for the first year
- Earn 1.5% cash back on every $1 spent
- Earn 1 point on every $1 spent and receive 5,000 bonus points when your company spend is $10,000 or more in any monthly billing period
- No foreign transaction fee
- Up to 200 employee cards
- Bill payment options
- Online Business reporting tool
- $0 additional card fee
Pros
- Low ongoing APR
- Up to 200 free employee cards
- Spending controls
Cons
- No introductory APR
- Offers no bonus category rewards
- Cannot apply online
- Spending controls: Set transaction limits, time limits, and spending category restrictions on any employee card.
- Business Elite online reporting: Review and track business analytics and spending habits conveniently.
- Auto rental collision damage waiver: Receive coverage for stolen or damaged rental vehicles, when you waive the rental car merchant’s insurance, up to the cash value of the vehicle.
- Purchase security: Get items repaired or replaced that were damaged or stolen within 90 days of purchase, or get reimbursed for the value of the item, up to $10,000 per claim and $50,000 per year.
- Extended warranty protection: Visa will double the length of warranty protection offered by the manufacturer, up to one year, for warranties of three years or less.
- Travel and emergency assistance: The cardholders, their spouse, and dependents get free access to emergency, medical, travel, and legal assistance 24 hours a day.
Wells Fargo Business Secured Credit Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Business owners with poor credit
Intro APR
N/A
Regular APR
Prime + 11.90% on purchases
Annual Fee
None
Credit Needed
N/A
- Cash Back option:
Earn 1.5% cash back on every $1 spent - Reward Points option:
Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period - $0 annual rewards program fee
- $500 to $25,000 credit line
- Zero liability protection
Pros
- Businesses with low or bad credit scores can qualify
- Your choice of fixed-rate cash back or points rewards
- No annual fee
Cons
- Requires a security deposit of at least $500
- Credit limit will be based on the security deposit
- Purchase assurance: Wells Fargo will repair, replace, or reimburse you for items that are damaged or stolen within 90 days of purchase.
- Design studio: Include a personal image or business design on your credit card.
Intro APR
N/A
Regular APR
Prime + 11.90% on purchases
Annual Fee
None
Credit Needed
N/A
- Cash Back option:
Earn 1.5% cash back on every $1 spent - Reward Points option:
Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period - $0 annual rewards program fee
- $500 to $25,000 credit line
- Zero liability protection
Pros
- Businesses with low or bad credit scores can qualify
- Your choice of fixed-rate cash back or points rewards
- No annual fee
Cons
- Requires a security deposit of at least $500
- Credit limit will be based on the security deposit
- Purchase assurance: Wells Fargo will repair, replace, or reimburse you for items that are damaged or stolen within 90 days of purchase.
- Design studio: Include a personal image or business design on your credit card.
How To Choose the Right Wells Fargo Business Credit Card
Wells Fargo doesn’t report your credit card and payment transactions to consumer credit bureaus, making its cards excellent options if you prefer that your personal credit won’t be affected by your business-related financial transactions. Its Business Platinum and Secured cards are on our list of the best business credit cards that don’t report to personal credit bureaus. However, note that all Wells Fargo’s cards offer fixed-rate, flexible rewards options, allowing you to choose between earning cash back or points.
Here are important factors to consider when deciding which Wells Fargo credit card is right for your business.
1. Credit Qualification
Your credit qualification will primarily determine whether you can be approved for any of the two Wells Fargo unsecured business credit cards. If you still need to establish or rebuild your business credit and cannot qualify for an unsecured business card, the Business Secured card is the most suitable option.
2. Business Expenses & Number of Employees
Two of the most important factors to consider when choosing which Wells Fargo business credit card is best for you are your business expenses and the number of employee cards you’ll need.
For businesses with:
- At least $1,000 monthly expenses and that want up to 99 free employee cards, choose Business Platinum
- At least $1,000 monthly expenses and looking for up to 10 free employee cards, opt for Business Secured
- More than $10,000 monthly expenses and that need up to 200 free employee cards, go with Business Elite Signature
3. Introductory Rewards
Consider the Business Platinum card if your business needs an interest-free financing period. It’s also an excellent option if you can spend no more than $3,000 within three months of opening an account, as this lets you earn $300 bonus cash back or 30,000 bonus points. However, if you can spend at least $25,000 in three months, you’ll benefit more from Business Elite Signature since it offers a $1,000 bonus cash back or 100,000 bonus points.
4. Annual Fee
If you don’t want to pay annual fees, consider either the Business Platinum or Business Secured card because Business Elite Signature cardholders are charged a $125 annual fee, although it’s waived for the first year. For other options, check out our top-recommended business cards with no annual fee.
Wells Fargo Business Platinum Credit Card: Best for Zero Annual Fee & 0% Introductory APR
Who the Wells Fargo Business Platinum Credit Card Is Best For?
Wells Fargo’s Business Platinum credit card is best for business owners wanting to earn fixed-rate rewards without having to pay an annual fee. It offers a 0% introductory APR on purchases and balance transfers for the first nine months after opening an account. You can also earn a sign-up bonus of $300 cash back or 30,000 points after spending at least $3,000 within the first three months.
What’s more, you have an option to earn either 1.5% cash back or 1x point per dollar on all purchases. If you choose to earn points, you’ll receive 1,000 bonus points every billing cycle that you spend at least $1,000. The card is a revolving credit option for everyday business expenses that’s ideal for businesses needing up to 99 employee cards. If you need more than that, you may benefit more from Business Elite Signature.
Why We Like the Wells Fargo Business Platinum Credit Card
- $0 annual fee: It charges no annual fee while letting you earn unlimited cash back or points rewards for all business-related purchases.
- 0% introductory APR: You can enjoy interest-free financing on purchases and balance transfers for the first nine months after opening an account.
- No foreign transaction fee: It doesn’t charge foreign transaction fees on purchases made outside of the United States.
- Sign-up bonus: You can earn a one-time bonus of $300 or 30,000 points after you spend at least $3,000 within the first three months after opening an account.
- Cash back or points reward option: You can choose your preferred form of rewards—either cash back or points. You can earn a fixed 1.5% cash back or 1x point per dollar on qualifying purchases.
- Bonus points: If you choose to earn points, you’ll receive 1,000 bonus points every billing cycle if you spend $1,000 or more in a month.
- Up to 99 free employee cards: You can have up to 99 employee cards at no additional cost, making this an ideal option if you have employees.
What’s Missing From the Wells Fargo Business Platinum Credit Card
The Wells Fargo Business Platinum Credit Card doesn’t offer monthly bonus rewards if you choose to earn cash back instead of points. Also, it lacks a travel incident fee reimbursement feature―Business Elite Signature offers this―and its 0% introductory APR period, which is only nine months, is shorter compared to most other small business credit cards. If you’re looking for a longer 0% introductory rate period, consider any of the best 0% APR business credit cards.
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Wells Fargo Business Elite Signature Card: Best for Businesses With Up To 200 Employees
Who the Wells Fargo Business Elite Signature Card Is Best For?
The Wells Fargo Business Elite Signature card is an excellent option for businesses needing up to 200 employee cards because you can get these at no additional cost. It’s also a great option if you travel frequently because it features a travel incidental fee reimbursement of up to $100 per calendar year. It is also best for businesses wanting to earn either cash back or points rewards as cardholders earn a $1,000 cash back bonus or 100,000 bonus points after spending $25,000 within the first three months of ownership.
Like Business Platinum, this card allows you to choose from earning either 1.5% cash back or 1x point per dollar on all eligible purchases. If you choose to earn points rewards, you’ll receive 5,000 bonus points when you spend $10,000 or more in a month, making it a great option if your business usually spends this much per month. If your monthly expenses are less than $10,000, Business Platinum may be more valuable.
Why We Like the Wells Fargo Business Elite Signature Card
- No foreign transaction fee: You can make purchases made outside of the US using your card and enjoy zero foreign transaction fees.
- Sign-up bonus: You can earn a one-time bonus of $1,000 or 100,000 points after you meet the spending requirements.
- Cash back or points reward option: You can choose your preferred form of rewards—either cash back or points. It offers a fixed 1.5% cash back or 1x point per dollar on all qualifying purchases.
- Bonus points: If you choose to earn points, you’ll get 5,000 bonus points every billing cycle if you spend at least $10,000 in a month.
- Up to 200 free employee cards: You can have up to 200 employee cards at no additional cost, making this an excellent alternative if you need that number of free employee cards.
- Travel incident fee reimbursement: You can get up to $100 travel incident fee reimbursement per calendar year, per company.
What’s Missing From the Wells Fargo Business Elite Signature Card
The Wells Fargo Business Elite Signature Card doesn’t offer 0% introductory APR on both purchases and balance transfers. It also lacks monthly bonus rewards if you choose to earn cash back. In addition, unlike the other two Wells Fargo cards on this list, it charges an annual fee of $125, though it’s waived for the first year. For a card that charges annual fees, the cash back rate of 1.5% is quite small compared to other cash back business credit cards. If you’re looking for a better offer, check out our roundup of the best cash back business credit cards for more options.
Wells Fargo Business Secured Credit Card: Best for Building Business Credit
Who the Wells Fargo Business Secured Credit Card Is Best For?
The Wells Fargo Business Secured credit card is best for businesses needing to establish or rebuild their business credit. If you have a low credit score and don’t qualify for an unsecured business card, this is your best choice—all you need is to make a security deposit that ranges from $500 to $25,000. Wells Fargo helps you build business credit by reporting your payment and usage behavior to the Small Business Financial Exchange (SBFE), the credit bureau for businesses.
This card is our top choice for both best secured business credit cards and best business credit cards for bad credit. It comes with no annual fee and offers flexible rewards options—either cash back or points-based rewards. If you choose to earn points rewards, you’ll receive 1,000 bonus points when you spend $1,000 or more in a month. However, if you can qualify for an unsecured business credit card, it’s best to consider either the Business Elite Signature or Business Platinum card.
Why We Like the Wells Fargo Business Secured Credit Card
- $0 annual fee: With no annual fee, you can minimize your credit cost while earning unlimited rewards for all business-related purchases and building your business credit.
- No foreign transaction fee: It’s a great choice if you make purchases outside the US because it doesn’t charge foreign transaction fees.
- Cash back or points reward option: You can choose your preferred form of rewards—either cash back or points. You can earn a fixed 1.5% cash back or one point per dollar on qualifying purchases.
- Up to 10 free employee cards: You can have up to 10 employee cards at no additional cost.
- Helps build credit: Wells Fargo reports your payment and usage behavior to the SBFE, helping you build business credit.
What’s Missing From the Wells Fargo Business Secured Credit Card
Similar to Business Elite Signature, the Wells Fargo Business Secured Credit Card doesn’t offer introductory interest-free financing. It also lacks a sign-up bonus when you meet a spending requirement—and this is unlike the two other Wells Fargo business credit cards we listed. While it can help you build business credit, it cannot help improve your personal credit score because Wells Fargo doesn’t report your credit activities to the consumer credit bureaus.
Bottom Line
All Wells Fargo business credit cards offer a 1.5% cash back or 1x point per dollar reward, but each carries different annual fees, introductory and ongoing APRs, and bonus rewards. The best Wells Fargo business credit card for your business depends on your needs and circumstances. If these cards aren’t the right fit, visit our Credit Card Marketplace and read our guide to the best small business credit cards to find options.
