MoneyGeek’s Take

Wells Fargo Business Secured Credit Card Review

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ByDoug Milnes, CFA
Reviewed byAlene Laney
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ByDoug Milnes, CFA
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Reviewed byAlene Laney
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Updated: June 12, 2024

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Wells Fargo Business Secured Credit Card

Rewards RateEarn 1.5% cash back or 1 point per $1 spent and 1,...
APR15.15% Variable
Annual FeePoor – Excellent
Min. Security Deposit$500
Recommended Credit (670 – 850) Good to Excellent
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Businesses with little or no credit can have difficulty getting approved for a credit card. The Wells Fargo Business Secured Credit Card is a solid option in these cases, especially if you’re already a Wells Fargo client and are looking to establish or rebuild credit with the bank. Over time and with responsible use, cardholders may be able to upgrade to an unsecured business credit card.

In addition, the Wells Fargo Business Secured Credit Card allows you to choose either cash back or points rewards and has excellent security features, including fraud monitoring, overdraft protection and zero liability protection.

Wells Fargo Business Secured Credit Card Overview

The Wells Fargo Business Secured Credit Card allows you to choose between its cash back or rewards points programs and the form in which you redeem your rewards.

Quick Take

  • Get up to 10 employee cards
  • Opportunity to upgrade to an unsecured business credit card with responsible use over time
  • No annual rewards program fee
  • No required spending categories or caps
  • Earn 1.5% cash back on qualifying purchases
  • Earn 1 point on every $1 spent and receive 1,000 bonus points every billing cycle when you spend at least $1,000 on qualifying purchases
  • Receive your cash back automatically as a credit to your card account or to your eligible checking or savings account each quarter
  • Earn 1 point for every $1 spent on qualifying purchases
  • Get 1,000 bonus points when your company spends $1,000 or more in any monthly billing period.
  • Redeem points for gift cards, merchandise, airline tickets and more
  • Get a 10% points credit when you redeem points online
  • Manage spending, payments, and transfers online with Wells Fargo Business Online.
  • Manage your expenses through Wells Fargo Business Online, a report that allows you to monitor spending patterns, set monthly goals and automatically organizes your business card transactions into spending categories.
  • Pay bills directly with your card
  • Pay your credit card bill automatically with automatic payments
  • Overdraft and returned check fee protection
  • Showcase your business with the card design studio service
  • Zero Liability protection means you'll be fully reimbursed for unauthorized purchases made with your Business Secured Credit Card and reported promptly.
  • Alerts notify you of available credit and account activity, and chip technology adds another layer of protection against fraud
  • Fraud monitoring of your business accounts

Important Card Details

MoneyGeek gives you a rundown of the Wells Fargo Business Secured Credit Card’s benefits, fees and interest rates to help you decide if this card is suited to your company’s needs.

The table below shows the cash back and rewards rates, APRs, fees, and other data included in the fine print to give you a clear picture of how this card stacks up against others.

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    Regular APR

    This card carries a variable APR of 15.15%. This interest rate is considered fairly high compared to other credit cards.

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    Cash Advance APR and Fee

    The Wells Fargo Business Secured Credit Card offers easy access to cash through its cash advance feature. However, this comes at a cost. On top of a very steep cash advance APR of 20.74% + 3.5% Wells Fargo prime rate, there is also a cash advance fee of either 4% or $10 (whichever is higher), which is capped at $175.

Additional Benefits

The Wells Fargo Business Secured Credit Card has additional features and benefits, including:

  • Top-notch security features: This card has added security features to give you peace of mind. Aside from zero liability protection, you also receive notifications about account activity and available credit and fraud monitoring for all your business accounts. The card also uses chip technology, another layer of protection against fraud.
  • Overdraft protection: You have the option to link your Wells Fargo Business Secured Card to your Wells Fargo business checking account to cover insufficient funds/overdrafts.
  • Card design studio service: Wells Fargo offers cardholders the opportunity to showcase their businesses by customizing their credit card design. You can choose your company logo or an image that promotes your business. You may also add a tagline or your company’s name.

How the Wells Fargo Business Secured Credit Card Compares To Other Cards

The Wells Fargo Business Secured Credit Card is just one of many top-rated business credit cards in 2022. The Wells Fargo Business Secured Credit Card remains a good option, especially if you’re working to build a solid credit history with Wells Fargo. How this card compares with other cards, however, depends on your specific needs.

Below is a head-to-head comparison between the Wells Fargo Business Secured Credit Card and the Wells Fargo Business Platinum Credit Card.

How the Wells Fargo Business Secured Credit Card Compares

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Wells Fargo Business Secured Credit Card

  • Annual fee: $0
  • Choose your rewards: Cash back (1.5%) or Rewards points (1 point for every $1)
  • Purchase APR: 15.15% variable
  • Welcome bonus: None
  • Best for: Businesses with little to no credit or past credit challenges that want to establish or rebuilt credit with Wells Fargo, while enjoying flexible and competitive rewards
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Wells Fargo Business Platinum Credit Card

  • Annual fee: $0
  • Choose your rewards: Cash back (1.5%) or Rewards points (1 point for every $1)
  • Purchase APR: anywhere from 3.5% Wells Fargo prime rate + 7.99% to 3.5% Wells Fargo prime rate + 17.99%
  • Welcome bonus: One-time $300 cash back bonus or 30,000 bonus points when you select a Business Card Rewards Program and spend $3,000 in the first three months
  • **Best for:**Businesses with annual sales up to $2 million that want to enjoy flexible rewards, cash management tools and comparatively lower APRs

Frequently Asked Questions

What is the average credit score needed to get approved for a Wells Fargo Business Secured Credit Card?
Does Wells Fargo Business Secured Credit Card report to all three credit bureaus?
Is the Wells Fargo Business Secured Credit Card application process lengthy? Can you prequalify?
What information is needed to apply for a Wells Fargo Business Secured Credit Card?
Does Wells Fargo Business Secured Credit Card have good customer service or satisfaction?
Does the Wells Fargo Business Secured Credit Card have a mobile app or the option to pay or manage your account online?
Does the Wells Fargo Business Secured Credit Card raise credit limits automatically or charge for limit increases?
Does Wells Fargo Business Secured Credit Card offer the option to freeze your credit/account or have other security features?
Does Wells Fargo offer other credit cards besides Wells Fargo Business Secured Credit Card?

About Doug Milnes, CFA


Doug Milnes, CFA headshot

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.


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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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