Wells Fargo Business Secured Credit Card Review
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 no longer available. See our roundups of the leading secured business credit cards and best small business credit cards for a card that fits the bill.
Wells Fargo Business Secured Credit Card is an excellent option for businesses that need to establish or improve their credit. This secured business credit card offers credit lines of $500 to $25,000, depending on the amount of your 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 over another, select 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 | 25 |
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
- Those 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.
- Those 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.
- Those 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.
If this isn’t the card for you, then check out our recommended alternatives below.
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.
- Phone: Call (800) 225-5935 to process your credit card payment
- 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: This 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: This unique feature allows you to customize the design of your Wells Fargo Business Secured 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.
Wells Fargo Business Secured Credit Card Alternatives
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card
Business Advantage Unlimited Cash Rewards Secured Credit Card
BEST FOR:
Those who cannot qualify for unsecured business credit cards
Intro APR
None
Regular APR
26.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- No annual fee
- Unlimited rewards
- Builds business credit
Cons
- Security deposit is required
- No sign-up bonus
- No 0% Intro APR
- Cash flow management tools
- Travel and emergency services
- Online and mobile access
- Balance Connect™ for overdraft protection
- Zero liability protection
Intro APR
None
Regular APR
26.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- No annual fee
- Unlimited rewards
- Builds business credit
Cons
- Security deposit is required
- No sign-up bonus
- No 0% Intro APR
- Cash flow management tools
- Travel and emergency services
- Online and mobile access
- Balance Connect™ for overdraft protection
- Zero liability protection
- Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card is best if you want a secured business credit card that lets you earn cash back rewards on all purchases
- Offers unlimited 1.5% cash back on all purchases, regardless of spending categories
- Doesn’t charge annual fees
- Is our best secured business credit card and best business credit cards for bad credit
Wells Fargo Business Platinum Credit Card
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 Platinum Credit Card is a viable option if you want a card under Wells Fargo that has a 0% introductory period
- Offers a 0% introductory period for the first nine billing cycles
- Lets you sign up for the Wells Fargo Business Rewards program for free and choose between cash back or points as your preferred rewards program
- Is one of our leading small business credit cards, 0% APR business credit cards, and business credit cards for the self-employed
Chase Ink Business Unlimited®
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
17.49% - 23.49% Variable
Annual Fee
$0
Credit Needed
Good - Excellent
- BEST OFFER EVER: Earn $900 bonus cash back after you spend $6,000 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 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
17.49% - 23.49% Variable
Annual Fee
$0
Credit Needed
Good - Excellent
- BEST OFFER EVER: Earn $900 bonus cash back after you spend $6,000 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 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 Unlimited® is a great alternative if you want fixed-rate cash back rewards, regardless of the spending category
- Offers unlimited 1.5% cash back on all business-related purchases
- Has a 0% introductory APR on purchases for the first 12 billing cycles
- Is our best overall small business credit card and best business credit card for new businesses with no credit history
For more options, visit our Credit Card Marketplace and see our list of the best secured business credit cards and best small business credit cards.
Bottom Line
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.
