Wells Fargo Business Elite Signature Card® Review for 2023
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This article is part of a larger series on Best Small Business Credit Cards.
The Wells Fargo Business Elite Signature Card® is an excellent option if you want to earn either cash back or points-based rewards. It’s best for companies with monthly expenses of $10,000 or more because it offers bonus points after reaching this threshold. It has additional features like spending controls, cash management tools, and online reporting tools.
To see how this card stacks up against others we have reviewed on our site, click Add to Compare on the card below and select up to two additional cards for comparison.
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.
How We Evaluate Cash Back Business Credit Cards
When grading cash back business credit cards like the Wells Fargo Business Elite Signature Card®, we give the most consideration to the card’s ongoing rewards. We also look at introductory rewards and consider the card’s annual fee, additional features, and introductory and ongoing annual percentage rates (APRs).
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Ongoing Rewards | 20 | 30 |
Introductory Rewards | 20 | 20 |
Additional Features | 15 | 15 |
Annual Fee | 12 | 15 |
Introductory APR | 0 | 10 |
Ongoing APR | 10 | 10 |
Total Score | 77 | 100 |
Who the Wells Fargo Business Elite Signature Card® Is Best For
- Businesses with annual sales of over $1 million: To be eligible for this credit card, your business must have annual sales/revenue of at least $1 million.
- Business owners that want fixed rewards for all purchases: The card offers fixed-rate rewards points or cash back on all business-related purchases, regardless of spending categories.
- Businesses spending $10,000 or more monthly: You’ll receive 5,000 bonus points when your company spends at least $10,000 in qualifying purchases within a month.
See our recommended alternatives below if this card does not meet your business’s needs.
Wells Fargo Business Elite Signature Card® Fees
APR
- Introductory APR: None
- Ongoing APR on purchases and balance transfers: Prime rate plus 3.99%
- Cash advance APR: Prime rate plus 20.74%
Fees
- Annual: $125, waived the first year
- Balance transfer: Varies per account
- Foreign transaction: None
- Cash advance: 4% or $10, whichever is greater
- Late charge:
- $25 for balances up to $100
- $39 for balances from $100 to $5,000
- $75 for balances of more than $5,000
- Overlimit: 1.5% of the overlimit amount or a minimum of $39 but should not exceed $75
- Returned payment: None
- Overdraft protection advance (for those with Wells Fargo deposit accounts): None
- Wire transfer/Quasi cash: 4% or $10, whichever is greater
How To Make Payments on the Wells Fargo Business Elite Signature Card®
- Online: Send a transfer through Wells Fargo Business Online from either an active Wells Fargo Account or Business Bill Pay
- Phone: Call (800) 231-5511 to process your credit card payment
- Mail: Send your payment to the following address:
Elite Card Payment Center
PO Box 77066
Minneapolis, MN 55480-7766
Wells Fargo Business Elite Signature Card® Additional Features
Travel Protection
- Travel accident insurance: You’re covered up to $250,000 per card.
- Trip cancelation/interruption, including weather: Get reimbursed for canceled and interrupted trips for up to $2,500 per ticket.
- Trip delay reimbursement: If trips are delayed, you can get reimbursed up to $300 per ticket.
- Lost luggage coverage: The cardholder can get up to $3,000 worth of reimbursement per trip.
- Travel and emergency assistance services: Wells Fargo offers a variety of emergency services to cardholders while traveling. These services include medical and legal referral assistance, ticket replacement, transportation assistance, lost luggage locator service, language translation assistance, and valuable document delivery arrangements.
- Auto rental insurance: You’ll receive protection and coverage for collision and theft when you rent a car.
Purchase Protection
- Zero liability protection: You’ll be fully reimbursed for unauthorized purchases or ATM transactions made with this card, and those transactions will be reported promptly.
- Chip-enabled technology: All Wells Fargo cards come with chip technology to provide an added layer of security and protection.
- Alerts: Cardholders get timely business credit card alerts via email or text through Wells Fargo Business Online. There’s no need to sign up on the website to activate this service, which, of note, may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates will apply.
- Fraud monitoring: Wells Fargo proactively monitors your business accounts to prevent fraudulent use of your cards.
- Visa purchase security: This enables you to replace or repair eligible purchases or to receive reimbursements for any lost, stolen, or accidentally damaged items.
- Visa extended warranty protection: This lets you extend manufacturer warranties of up to an additional year on items you purchased.
Cash Management
- Business Elite Online Reporting®: This is an exclusive service for Wells Fargo Business Elite Signature Card owners to help monitor financial transaction patterns and analyze business spending.
- Cash management tools: These let you manage spending, payments, and transfers online. They also allow you to pay your bills automatically and avoid overdrafts.
Pros & Cons of the Wells Fargo Business Elite Signature Card®
| PROS | CONS |
|---|---|
| Low ongoing APR equivalent to the prime rate plus 3.99% | No introductory APR |
| Up to 200 free employee cards for free | No monthly bonus rewards if you choose to earn cash back |
| Earn 5,000 bonus points if you spend at least $10,000 in a month | Only accepts business owners with excellent credit and businesses with over $1 million in annual sales |
| No online application; call its hotline at (844) 807-5060 to schedule an appointment | |
Wells Fargo Business Elite Signature Card® Alternatives
Capital One® Spark Miles® for Business
Capital One® Spark® Miles for Business
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:
Unlimited 2x miles with every swipe
Intro APR
N/A
Regular APR
25.24% (Variable)
Annual Fee
$0 intro for first year; $95 after that
Credit Needed
Excellent, Good
- Introductory reward worth $500 in travel after you spend $4,500 within the first three months
- 2x miles per $1 spent
- Issue employee cards for free
Pros
- No foreign transaction fees
- TSA PreCheck® or Global Entry application fee credit
Cons
- You’ll pay an annual fee after the first year
- Doesn’t offer interest-free financing
- Airport security screening reimbursement: Either a $100 statement credit for Global Entry or an $85 statement credit for TSA PreCheck® once every four years.
- Purchase assurance: Most purchases made entirely with your card are covered if damaged or stolen within 90 days from the date of purchase. Coverage is limited to $10,000 per claim and $50,000 per cardholder account per 12-month period.
- Extended warranty coverage: Doubles the original warranty time period and duplicates the coverage of the original manufacturer’s warranty up to a maximum of 12 months on most items you purchase.
- Travel medical emergency assistance: Provide referrals to medical services if you have a medical emergency while traveling. You’re covered if you’re 100 or more miles away from home and from the day you leave until midnight of the 60th day of your trip, or the day you return to your city of residence, whichever is sooner.
Intro APR
N/A
Regular APR
25.24% (Variable)
Annual Fee
$0 intro for first year; $95 after that
Credit Needed
Excellent, Good
- Introductory reward worth $500 in travel after you spend $4,500 within the first three months
- 2x miles per $1 spent
- Issue employee cards for free
Pros
- No foreign transaction fees
- TSA PreCheck® or Global Entry application fee credit
Cons
- You’ll pay an annual fee after the first year
- Doesn’t offer interest-free financing
- Airport security screening reimbursement: Either a $100 statement credit for Global Entry or an $85 statement credit for TSA PreCheck® once every four years.
- Purchase assurance: Most purchases made entirely with your card are covered if damaged or stolen within 90 days from the date of purchase. Coverage is limited to $10,000 per claim and $50,000 per cardholder account per 12-month period.
- Extended warranty coverage: Doubles the original warranty time period and duplicates the coverage of the original manufacturer’s warranty up to a maximum of 12 months on most items you purchase.
- Travel medical emergency assistance: Provide referrals to medical services if you have a medical emergency while traveling. You’re covered if you’re 100 or more miles away from home and from the day you leave until midnight of the 60th day of your trip, or the day you return to your city of residence, whichever is sooner.
- Capital One® Spark® Miles for Business is a great option if you need a travel credit card with a low annual fee of $95, which is waived for the first year
- Offers unlimited 2x miles on every business-related purchase, which is slightly higher than the rewards offered by the Wells Fargo Business Elite Signature Card®
- Is our best business credit card for miles and one of our leading credit cards for nonprofits
American Express Business Platinum Card®
The Business Platinum Card® from American Express
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:
Gaining access to unrivaled travel rewards and luxury travel perks like airport lounge access
Intro APR
N/A
Regular APR
18.99% - 26.99% Variable
Annual Fee
$695
Credit Needed
Good, Excellent
- Welcome Offer: Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with your Card within the first 3 months of Card Membership.
- Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com, and 1X points for each dollar you spend on eligible purchases.
- Earn 1.5X points (that’s an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
- Unlock over $1,000 in value per year for statement credits on select purchases, including tech, recruiting and wireless with the Business Platinum Card.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Card or any of the Additional Cards on your Platinum Card account.
- $189 CLEAR® Credit: CLEAR® uses biometrics to assign you a touchless ID, allowing you to move faster through security at select airports and stadiums across the U.S. You can cover the cost of a CLEAR membership with up to $189 in statement credits per calendar year after you pay for CLEAR with your Business Platinum Card®.
- The American Express Global Lounge Collection® can provide an escape at the airport. With more than 1,400 airport lounges across 140 countries and counting, you have more lounge location options than any other credit card on the market as of 9/2021.
- $695 Annual Fee.
- Terms Apply.
Pros
- Premium travel rewards
- Free access to more than 1,300 airport lounges worldwide
- No foreign transaction fees
Cons
- Balance is due in full monthly
- High annual fee
- American Express lounges: Free access to American Express’ network of Centurion lounges located in slightly less than a dozen United States airports.
- Other airport lounges: Priority Pass Select membership, which gets you free access to more than 1,300 lounges worldwide for you and two guests.
- Airport screening: Either a $100 statement credit for Global Entry every four years or an $85 statement credit for TSA PreCheck® once every 4 1/2 years.
- Travel credit: Up to $200 annual statement credit toward air travel expenses like baggage fees and inflight food and drink.
- Rental status: Elite status at a number of car rental agencies.
- Free Wi-Fi: 10 annual free Gogo inflight Wi-Fi passes.
- Rebate for redeemed points: 35% points rebate if you book a business or first-class flight, up to 500,000 bonus points per calendar year.
- Dell statement credit: Up to $400 in statement credits annually for Dell purchases.
Intro APR
N/A
Regular APR
18.99% - 26.99% Variable
Annual Fee
$695
Credit Needed
Good, Excellent
- Welcome Offer: Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with your Card within the first 3 months of Card Membership.
- Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com, and 1X points for each dollar you spend on eligible purchases.
- Earn 1.5X points (that’s an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
- Unlock over $1,000 in value per year for statement credits on select purchases, including tech, recruiting and wireless with the Business Platinum Card.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Card or any of the Additional Cards on your Platinum Card account.
- $189 CLEAR® Credit: CLEAR® uses biometrics to assign you a touchless ID, allowing you to move faster through security at select airports and stadiums across the U.S. You can cover the cost of a CLEAR membership with up to $189 in statement credits per calendar year after you pay for CLEAR with your Business Platinum Card®.
- The American Express Global Lounge Collection® can provide an escape at the airport. With more than 1,400 airport lounges across 140 countries and counting, you have more lounge location options than any other credit card on the market as of 9/2021.
- $695 Annual Fee.
- Terms Apply.
Pros
- Premium travel rewards
- Free access to more than 1,300 airport lounges worldwide
- No foreign transaction fees
Cons
- Balance is due in full monthly
- High annual fee
- American Express lounges: Free access to American Express’ network of Centurion lounges located in slightly less than a dozen United States airports.
- Other airport lounges: Priority Pass Select membership, which gets you free access to more than 1,300 lounges worldwide for you and two guests.
- Airport screening: Either a $100 statement credit for Global Entry every four years or an $85 statement credit for TSA PreCheck® once every 4 1/2 years.
- Travel credit: Up to $200 annual statement credit toward air travel expenses like baggage fees and inflight food and drink.
- Rental status: Elite status at a number of car rental agencies.
- Free Wi-Fi: 10 annual free Gogo inflight Wi-Fi passes.
- Rebate for redeemed points: 35% points rebate if you book a business or first-class flight, up to 500,000 bonus points per calendar year.
- Dell statement credit: Up to $400 in statement credits annually for Dell purchases.
- American Express Business Platinum Card® may be a better option if you travel frequently
- Provides travel perks and premium rewards points on travel and hotel bookings
- Offers over $1,000 in statement credits for qualifying purchases, including purchases with Dell, Indeed, Adobe, and wireless telephone services
- Is our best business credit card with airport lounge access and one of our top-recommended business credit card for miles and high-limit business credit cards
Chase Ink Business Cash®
Ink Business Cash® 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:
Office-based businesses that want top cash back rewards
Intro APR
0% Intro APR on Purchases
Regular APR
17.74% - 23.74% Variable
Annual Fee
$0
Credit Needed
Good - Excellent
- Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
- Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
- Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases
- Round-the-clock monitoring for unusual credit card purchases
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- 0% introductory APR for 12 months on purchases
- Member FDIC
Pros
- Top rewards for office supply spending
- Introductory APR on purchases
- Cash sign-up bonus
Cons
- 0% APR doesn’t apply to balance transfers
- High balance transfer fee of 5%
- Designed mainly for office-oriented companies
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes. It provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the United States and abroad.
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year.
- Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of three years or less.
Intro APR
0% Intro APR on Purchases
Regular APR
17.74% - 23.74% Variable
Annual Fee
$0
Credit Needed
Good - Excellent
- Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
- Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
- Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases
- Round-the-clock monitoring for unusual credit card purchases
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- 0% introductory APR for 12 months on purchases
- Member FDIC
Pros
- Top rewards for office supply spending
- Introductory APR on purchases
- Cash sign-up bonus
Cons
- 0% APR doesn’t apply to balance transfers
- High balance transfer fee of 5%
- Designed mainly for office-oriented companies
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes. It provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the United States and abroad.
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year.
- Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of three years or less.
- Chase Ink Business Cash® is a good alternative for office-based businesses
- Offers 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year
- Comes with 0% introductory APR on purchases for the first 12 months after opening an account
- Has no annual fee
- Is our best credit card for nonprofits and one of our leading fuel cards for small businesses and sole proprietorship business credit cards
If you’re considering another credit card from Wells Fargo, check out our review of the best Wells Fargo business cards. You may also want to read our guide to the best small business credit cards to find more options.
Bottom Line
The Wells Fargo Business Elite Signature Card® is best for business owners wanting to earn fixed-rate cash back or point-based rewards for all business-related purchases. It offers up to 200 free additional employee cards and other business perks. It’s important to note that your business needs to earn more than $1 million per year and you must have excellent credit to qualify.
