Wells Fargo Business Secured Credit Card Review 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.
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.
The Wells Fargo Business Secured Credit Card is an excellent option for businesses that need to establish or improve their credit. This business credit card offers credit lines of $500 to $25,000, depending on the amount of security deposit. Wells Fargo reports your payment and usage behavior to the Small Business Financial Exchange (SBFE), helping you build business credit.
If you wish to compare one card to another, choose a maximum of three cards on this page and click Add to compare to view the details in a side-by-side comparison.
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 We Evaluate Business Secured Credit Cards
When grading business secured credit cards like the Wells Fargo Business Secured Credit Card, we consider the annual fee and ongoing annual percentage rates (APRs) first. Then we look at the card’s rewards, security deposit requirements, introductory APR, and any other fees.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Annual Fee | 25 | 25 |
Ongoing APR | 25 | 5 |
Ongoing Rewards | 7 | 10 |
Introductory Rewards | 0 | 10 |
Security Deposit | 10 | 10 |
Other Fees | 10 | 10 |
Introductory APR | 0 | 5 |
Additional Features | 3 | 5 |
Total Score | 80 | 100 |
Also, if you prefer another credit card from Wells Fargo, check out our review of the best Wells Fargo credit cards. You may also want to take a look at our list of the best small business credit cards to find other options.
Who the Wells Fargo Business Secured Credit Card Is Best For
- Businesses with little to no credit history or low credit score: Wells Fargo reports payments and usage to the SBFE, helping businesses build or improve their business credit.
- Business owners with cash reserves of $500 to $25,000: The Wells Fargo Business Secured Credit Card requires a cash security deposit of $500 to $25,000, which is based on the amount of funds that are deposited as security in a collateral account.
- Business owners who cannot qualify for unsecured business credit cards: Just like a regular business credit card, the Wells Fargo Secured Business Credit Card can be used to pay for business expenses, control employee spending, and build credit. It also helps you to qualify for an unsecured small business credit card in the future. Hence, it’s no surprise that this is our top pick for the best business credit cards for bad credit.
Wells Fargo Business Secured Credit Card Fees
- Introductory APR: None
- Ongoing APR: Prime rate + 11.90%
- Cash advance APR: Prime rate + 20.74%
- Annual fee: None
- Balance transfer fee: Varies per account
- Foreign transaction fee: None
- Cash advance fee: 4% or $10, whichever is greater, with a maximum of $175
Wells Fargo Business Secured Credit Card Rewards
While the Wells Fargo Business Secured Credit Card doesn’t have any welcome offers, this business credit card has two different types of rewards for business owners: cash back option and reward points option.
Cash Back Option
- 1.5% on qualifying purchases (purchases minus returns and credits, excluding balance transfers, cash advances, SUPERCHECKSTM and welcome check transactions, or any fees or interests that are posted on your account)
- Receive your cash back automatically as a statement credit to either your account or your eligible savings or checking account each quarter―March, June, September, and December
- Those that were earned to your primary business credit card account from employee credit cards in March, June, September, and December cycles won’t be credited until the next quarterly rewards distribution cycle
Reward Points Option
- Earn 1 point on every dollar spent and receive 1,000 points every billing cycle after spending at least $1,000 on qualifying purchases
- Can redeem points for gift cards, merchandise, airline tickets, and more
- When you redeem points for airline tickets, you’ll need to pay a redemption fee of $24
- Can get a 10% points credit when you redeem points online
How To Make Payments on the Wells Fargo Business Secured Credit Card
For cardholders’ Current Payment Due, Wells Fargo offers the option to pay the full balance or extend payments over time. The following are payment options cardholders can choose from:
- Online: Send a transfer through Wells Fargo Business Online® from either an active Wells Fargo Account or Business Bill Pay.
- Via call: Call (800) 225-5935 to process your credit card payment
- Via mail: Send your payment to the following address:
Payment Remittance Center
PO Box 77033
Minneapolis, MN 55480-7773
Wells Fargo Business Secured Credit Card Features
Overdraft Protection
Wells Fargo offers Overdraft Protection that lets you link up to two eligible accounts―one savings and one credit―to your checking account. Depending on your account terms, an Overdraft Protection advance fee may be charged to your account each day that an Overdraft Protection advance is made, and its fees may vary based on the amount of advance.
Periodic Credit Reviews
Wells Fargo will review your account and recent credit history periodically to see if you qualify for an upgrade to an unsecured business credit card. There’s no preset time for when you might qualify. Your eligibility to upgrade to an unsecured card depends on many factors, such as your payment history, credit score, and credit utilization ratio.
Design Studio
Wells Fargo offers a unique feature that allows you to customize the design of your Wells Fargo business credit card by uploading an image that represents your business. You can use your business logo or a photo of your storefront or product line, and this image will appear on your secured business credit card.
Business Spending Report
Wells Fargo allows you to manage your expenses using its Business Spending Report, which is available through Wells Fargo Business Online®. This report allows you to monitor spending patterns and set monthly goals. It also organizes your business card transactions automatically into spending categories, making it easier to identify where you spend the most.
Pros & Cons of the Wells Fargo Business Secured Credit Card
| PROS | CONS |
|---|---|
| Businesses with low or bad credit scores can qualify: The Wells Fargo Business Secured Credit Card is a great option for businesses with credit scores of 580 or lower. Consider this card if you need to establish or rebuild your business credit. | Requires a security deposit of at least $500: This credit card is a secured credit card, which means you need to have a security deposit to qualify. The Wells Fargo Business Secured Credit Card requires at least a $500 deposit. |
| Your choice of cash back or reward points: With the Wells Fargo Business Secured Credit Card, you can choose which type of rewards you’ll earn. You can either earn a fixed-rate cash back reward, which will be credited to your card or deposit account automatically, or reward points, which you can redeem for items such as gift cards, merchandise, and airline tickets. | Credit limit will be based on the security deposit: With the Wells Fargo Business Secured Credit Card, your credit limit will be based on the amount of your security deposit. This means that you need to deposit more (up to $25,000) if you need a higher credit limit. This may be a disadvantage if you don’t have extra funds to put into a security deposit. |
| No annual fee: You can take advantage of the rewards program and build your business credit with the Wells Fargo Business Secured Credit Card without having to pay an annual fee. | |
Wells Fargo Business Secured Credit Card Alternatives
Union Bank® Business Secured Visa® Credit Card
If you have a bad credit score but want a low regular APR, you may want to consider the Union Bank® Business Secured Visa® Credit Card as it offers 14.24% regular APR. In addition, this card also allows you to choose your credit limit between $500 to $25,000 based on how much you put in your security deposit. It should be noted that this business credit card charges an annual fee of $30. Nevertheless, this card is one of the top picks for business credit cards for bad credit.
Union Bank® Business Secured Visa® Credit Card
Intro APR
None
Regular APR
16.24% variable for purchases and balance transfers
Annual Fee
$30
Credit Needed
Bad to Excellent
- Grow your company with a secured credit limit of up to $25,000.
- With a low $30 annual fee, keep your company’s money at work where it matters most.
Pros
- Low annual fee
- Owners with bad credit can apply
- Fixed ongoing APR
Cons
- With security deposit
- No interest-free financing option
- No rewards for new and existing cardholders
- High balance transfer and cash advance fees
- Mobile access: Enjoy 24/7 access to mobile site to allow you to access your account wherever and whenever safely and securely
- Swipe smarter: This card features advanced technology for enhanced safety and protection against fraud
- Customized account alerts: Tailor your banking experience to include customized account alerts keeping you updated and informed
- Auto rental collision damage: You’re covered for damage due to collision or theft
- Zero fraud liability: You won’t be held responsible for unauthorized charges made with your account or account information
Intro APR
None
Regular APR
16.24% variable for purchases and balance transfers
Annual Fee
$30
Credit Needed
Bad to Excellent
- Grow your company with a secured credit limit of up to $25,000.
- With a low $30 annual fee, keep your company’s money at work where it matters most.
Pros
- Low annual fee
- Owners with bad credit can apply
- Fixed ongoing APR
Cons
- With security deposit
- No interest-free financing option
- No rewards for new and existing cardholders
- High balance transfer and cash advance fees
- Mobile access: Enjoy 24/7 access to mobile site to allow you to access your account wherever and whenever safely and securely
- Swipe smarter: This card features advanced technology for enhanced safety and protection against fraud
- Customized account alerts: Tailor your banking experience to include customized account alerts keeping you updated and informed
- Auto rental collision damage: You’re covered for damage due to collision or theft
- Zero fraud liability: You won’t be held responsible for unauthorized charges made with your account or account information
Capital One® Spark® Cash Select Good Credit
The Capital One® Spark® Cash Select Good Credit is a good alternative if you have a credit score that’s high enough to qualify for this card. This business credit card offers fixed-rate cash back, no annual fee, and an introductory 0% APR for 12 months. While this business credit card doesn’t charge fees for balance transfers and foreign transactions, it has a slightly higher minimum regular APR than the Wells Fargo Business Secured Credit Card at 15.99%. It’s one of our top picks for the best business credit cards for the self-employed.
Capital One® Spark® Cash Select Good Credit
BEST FOR:
Businesses with good credit that want a 0% introductory APR
Intro APR
0%
Regular APR
15.49% to 23.49%
Annual Fee
$0
Credit Needed
Good
- Earn unlimited 1.5% cash back for your business on every purchase, everywhere, no limits or category restrictions.
- Enjoy a $0 annual fee in addition to the big rewards and cash bonus you can earn.
Pros
- No annual fee
- Ability to finance purchases with 0% APR for 12 months
- Free employee cards
Cons
- 0% APR doesn’t apply to balance transfers
- No sign-up bonus
- Cash back rewards aren’t competitive
- $0 foreign transaction fee: No foreign transaction fees on purchases made outside of the United States
- $0 fraud liability: Advance emergency replacement for lost and stolen card plus a cash advance
- Roadside assistance: Services like jump-starting, tire changing, and towing
Intro APR
0%
Regular APR
15.49% to 23.49%
Annual Fee
$0
Credit Needed
Good
- Earn unlimited 1.5% cash back for your business on every purchase, everywhere, no limits or category restrictions.
- Enjoy a $0 annual fee in addition to the big rewards and cash bonus you can earn.
Pros
- No annual fee
- Ability to finance purchases with 0% APR for 12 months
- Free employee cards
Cons
- 0% APR doesn’t apply to balance transfers
- No sign-up bonus
- Cash back rewards aren’t competitive
- $0 foreign transaction fee: No foreign transaction fees on purchases made outside of the United States
- $0 fraud liability: Advance emergency replacement for lost and stolen card plus a cash advance
- Roadside assistance: Services like jump-starting, tire changing, and towing
Chase Ink Business Unlimited®
If you wish to have an excellent cash back credit card that doesn’t charge annual fees, then you may want to consider getting the Chase Ink Business Unlimited®. Aside from offering a fixed-rate rewards system, this business credit card also offers an introductory APR of 0% for the first 12 months after account opening, and a low regular APR of 13.49%—making this well suited for new business owners. With all of these features, this business credit card is our top pick for the best business credit card for new businesses with no credit history and the best overall small business credit card.
Ink Business Unlimited® 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:
Pocketing 1.5% cash back on every single purchase
Intro APR
0% Intro APR on Purchases
Regular APR
15.49% - 21.49% Variable
Annual Fee
$0
Credit Needed
- Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase made for your business
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
- With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- 0% introductory APR for 12 months on purchases
Pros
- 0% introductory APR on purchases
- Unlimited cash back rewards on all purchases
Cons
- Introductory APR period doesn’t apply to balance transfers
- 5% balance transfer fee
- Charges foreign transaction fees
- Requires excellent credit to qualify
- 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 US 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
15.49% - 21.49% Variable
Annual Fee
$0
Credit Needed
Good, Excellent
- Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase made for your business
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
- With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- 0% introductory APR for 12 months on purchases
Pros
- 0% introductory APR on purchases
- Unlimited cash back rewards on all purchases
Cons
- Introductory APR period doesn’t apply to balance transfers
- 5% balance transfer fee
- Charges foreign transaction fees
- Requires excellent credit to qualify
- 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 US 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
Bottom Line
The Wells Fargo Business Secured Credit Card is best for business owners who need to build or improve their business credit while earning fixed-rate cash back or rewards points for all spending. While it helps build business credit by reporting to the SBFE, Wells Fargo doesn’t report payment and usage activities to consumer credit bureaus. Therefore, it won’t help build or improve personal credit. If this isn’t the right card for you, visit our Credit Card Marketplace to find the right one for your business.
