Wells Fargo Business Secured Credit Card Review 2022
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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.
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
- Approval with credit scores below 580
- Your choice of fixed-rate cash back or points rewards
Cons
- Requires a security deposit of at least $500
- Has an annual fee
- 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
- Approval with credit scores below 580
- Your choice of fixed-rate cash back or points rewards
Cons
- Requires a security deposit of at least $500
- Has an annual fee
- 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.
Want to compare the features of one card to another? We’ve made it easy for you to do just that! Simply check off up to three cards on this page to add them to your cart. This will allow you to view the details in a side-by-side comparison.
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 | 10 | 10 |
Introductory Rewards | 0 | 10 |
Security Deposit | 10 | 10 |
Other Fees | 10 | 10 |
Introductory APR | 0 | 5 |
Additional Features | 5 | 5 |
Total Score | 85 | 100 |
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 Small Business Financial Exchange, 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. The credit line is based on the amount of the security deposit.
- 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.
Wells Fargo Business Secured Credit Card Fees
- Introductory APR: None
- Ongoing APR: Prime plus 11.90%
- 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—cash advance APR is the prime rate plus 20.74%
Wells Fargo Business Secured Credit Card Rewards
- 1.5% cash back for every $1 spent on all net spending or 1 point for every $1 spent on net purchases
- 1,000 bonus points when your company spends $1,000 or more in a monthly billing period
- Welcome offer: None
The Wells Fargo Business Secured Credit Card gives you the choice of earning either cash back or rewards points. Cash back can be redeemed each quarter as an automatic statement credit to your account or any eligible checking or savings account.
If you choose to earn rewards points, you can redeem your 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. You can get a 10% point credit when you redeem points online.
Wells Fargo Business Secured Credit Card Features
Purchase Assurance
Eligible items purchased using your Wells Fargo Business Secured Credit Card are covered by purchase assurance if they’re stolen or damaged within the first 90 days of purchase. Wells Fargo will replace, repair, or reimburse you up to $10,000 per item for a maximum of $50,000 per year.
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, like 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 Explained
Pros of Wells Fargo Business Secured Credit Card
- Businesses with low 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.
- Your choice of fixed-rate 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.
- 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.
Cons of Wells Fargo Business Secured Credit Card
- 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.
- 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.
Wells Fargo Business Secured Credit Card Alternatives
Capital One Platinum Secured
The Platinum Secured from Capital One is a no-annual-fee secured business credit card that requires a $49, $99, or $200 refundable minimum security deposit. This is a good alternative if your business cannot afford to make the minimum $500 security deposit required by the Wells Fargo Business Secured Credit Card.
Capital One® Platinum Secured
BEST FOR:
Rebuilding your personal credit
Intro APR
N/A
Regular APR
26.99% Variable
Annual Fee
None
Credit Needed
N/A
- No annual fee, and all the credit building benefits with responsible card use
- Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the three major credit bureaus
- You will get an initial $200 credit line after making a security deposit of $49, $99, or $200
- Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
- Easily manage your account 24/7 with online access, by phone or using our mobile app
- It's a credit card accepted at millions of locations worldwide
Pros
- Receive an initial credit line of $200
- Access higher credit limits after making your first five monthly payments on time
- Pick your own monthly due date and payment method
Cons
- High ongoing APR
- Minimum security deposit of $49, $99 or $200
- No rewards program
- Travel accident insurance: Get travel insurance for a covered loss at no extra charge when you use your credit card to purchase your travel fare.
- Extended warranty protection: You’ll receive additional warranty protection at no charge on eligible purchases.
- Car rental insurance: When you rent a car using your card, you can be covered for damage due to collision or theft.
Intro APR
N/A
Regular APR
26.99% Variable
Annual Fee
None
Credit Needed
N/A
- No annual fee, and all the credit building benefits with responsible card use
- Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the three major credit bureaus
- You will get an initial $200 credit line after making a security deposit of $49, $99, or $200
- Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
- Easily manage your account 24/7 with online access, by phone or using our mobile app
- It's a credit card accepted at millions of locations worldwide
Pros
- Receive an initial credit line of $200
- Access higher credit limits after making your first five monthly payments on time
- Pick your own monthly due date and payment method
Cons
- High ongoing APR
- Minimum security deposit of $49, $99 or $200
- No rewards program
- Travel accident insurance: Get travel insurance for a covered loss at no extra charge when you use your credit card to purchase your travel fare.
- Extended warranty protection: You’ll receive additional warranty protection at no charge on eligible purchases.
- Car rental insurance: When you rent a car using your card, you can be covered for damage due to collision or theft.
OpenSky® Secured Visa Credit Card
While the OpenSky® Secured Visa Credit Card isn’t a business credit card, you can still use this for business-related purchases. Your credit score isn’t part of the approval process because a credit check isn’t required upon application. This is a great option for new business owners who need to build both personal and business credit.
OpenSky® Secured Visa® Credit Card
BEST FOR:
Business owners with a credit score below 580
Intro APR
N/A
Regular APR
17.64% Variable
Annual Fee
$35
Credit Needed
No Credit Check
- No credit check needed to apply—OpenSky® won’t pull your credit so there’s no impact on your credit score.
- You can set your own credit limit by making a refundable deposit ranging from $200 to $3,000.
- OpenSky® reports your activities to credit bureaus including Equifax®, Experian® and TransUnion® to help you build or improve your credit score.
Pros
- No credit check required
- Helps build credit
- Low annual fee
Cons
- No introductory APR
- No rewards
- Requires security deposit
- Email alerts: Set up email alerts as a reminder to make a payment, or when you almost use up your credit limit.
- Automatic payments: You can set up recurring automatic payments to ensure your card is paid on time.
- All benefits of a Visa®: This card comes with all the benefits of a Visa® credit card, including worldwide acceptance and fraud protection.
Intro APR
N/A
Regular APR
17.64% Variable
Annual Fee
$35
Credit Needed
No Credit Check
- No credit check needed to apply—OpenSky® won’t pull your credit so there’s no impact on your credit score.
- You can set your own credit limit by making a refundable deposit ranging from $200 to $3,000.
- OpenSky® reports your activities to credit bureaus including Equifax®, Experian® and TransUnion® to help you build or improve your credit score.
Pros
- No credit check required
- Helps build credit
- Low annual fee
Cons
- No introductory APR
- No rewards
- Requires security deposit
- Email alerts: Set up email alerts as a reminder to make a payment, or when you almost use up your credit limit.
- Automatic payments: You can set up recurring automatic payments to ensure your card is paid on time.
- All benefits of a Visa®: This card comes with all the benefits of a Visa® credit card, including worldwide acceptance and fraud protection.
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.
Capital One® Spark® Cash Select Good Credit
BEST FOR:
Businesses with good credit that want a 0% introductory APR
Intro APR
0%
Regular APR
15.99% to 23.99%
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 such as jump-starting, tire changing, and towing
Intro APR
0%
Regular APR
15.99% to 23.99%
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 such as jump-starting, tire changing, and towing
Bottom Line
The Wells Fargo Business Secured 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, our list of top credit cards can help you find the right one for your business.
