Best Wells Fargo Business Credit Cards for 2023
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.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
This article is part of a larger series on Best Small Business Credit Cards.
Editor’s note: This is a recurring post with regularly updated card details.
Wells Fargo offers two business credit cards: one is ideal for those who don’t want an annual fee while the other is best for those with at least $10,000 in monthly expenses. The best Wells Fargo business credit card for you’ll depend on your unique business’ needs, and you can earn either cash back or points rewards. It’s worth noting that Wells Fargo doesn’t report card activities to personal credit bureaus.
Here are the two business credit cards from Wells Fargo:
- Wells Fargo Business Platinum Credit Card: Best for those who want no annual fee and a 0% introductory annual percentage rate (APR).
- Wells Fargo Business Elite Signature Card: Best for those with at least $10,000 in monthly expenses.
Wells Fargo Business Credit Cards for 2023 at a Glance
Best For | Annual Fee | Credit Score Needed | |
|---|---|---|---|
 Wells Fargo Business Platinum Credit Card | Those who want no annual fee and a 0% introductory APR | $0 | Good to Excellent |
 Wells Fargo Business Elite Signature Card | Businesses with at least $10,000 in monthly expenses | $125; waived the first year | Good to Excellent |
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 Elite Signature is part of our list of the best business credit cards that don’t report to personal credit bureaus. 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. 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 in monthly expenses and want up to 99 free employee cards, choose Business Platinum
- $10,000 in monthly expenses and need up to 200 free employee cards, go with Business Elite Signature
2. Introductory Rewards
Consider the Business Platinum 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. If you can spend at least $25,000 in the first three months of card ownership, you’ll benefit more from Business Elite Signature since it offers a $1,000 bonus cash back or 100,000 bonus points.
3. Annual Fee
If you don’t want to pay annual fees, consider Business Platinum 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 Those Who Want No Annual Fee & 0% Introductory APR
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.
When To Get the Wells Fargo Business Platinum Credit Card
Business Platinum is best for business owners wanting to earn fixed-rate rewards without paying 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 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 the 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 after spending 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.
When To Choose Wells Fargo Business Elite Signature Card
The rewards rate of Business Platinum is lower compared to Business Elite Signature. Consider Business Elite Signature if you have more than $10,000 in qualifying purchases, as you can earn 5,000 bonus points monthly. It’s good for those needing up to 200 employee cards, as Business Platinum offers only 99. It also provides Travel Incidental Fee Reimbursement of up to $100 per calendar year, making it a viable option if you travel for business occasionally.
Wells Fargo Business Elite Signature Card: Best for Those With at Least $10,000 in Monthly Expenses
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.
When To Get the Wells Fargo Business Elite Signature Card
Business Elite Signature is an excellent option if you have more than $10,000 monthly expenses. Like Business Platinum, this 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 monthly, making it a great option if your business usually spends this much.
Cardholders earn a $1,000 cash back bonus or 100,000 bonus points after spending $25,000 within the first three months of ownership. It’s also a great option if you frequently travel because it features a travel incidental fee reimbursement of up to $100 per calendar year.
When To Choose Wells Fargo Business Platinum Credit Card
Business Elite Signature doesn’t offer a 0% introductory APR on purchases and balance transfers, whereas Business Platinum does for the first nine months. Also, you may want to consider getting Business Platinum if your monthly expenses are less than $10,000.
If you’re looking for a better offer, check out our roundup of the best cash back business credit cards and best small business credit cards for options.
Bottom Line
Both Wells Fargo Business Platinum Credit Card and Wells Fargo Business Elite Signature Card 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.
