What is the average credit score needed to get approved for a Wells Fargo Business Secured Credit Card?

The Wells Fargo Business Secured Credit Card is targeted to small businesses with little or no credit or with a history of late or missed payments. Even those with low credit scores can get approved. But generally speaking, it helps to have a credit score of at least 670.

Does Wells Fargo Business Secured Credit Card report to all three credit bureaus?

Wells Fargo doesn’t report your Wells Fargo Business Secured Credit Card payments or monthly usage to consumer credit bureaus.

Is the Wells Fargo Business Secured Credit Card application process lengthy? Can you prequalify?

You may apply for a Wells Fargo Business Secured Credit Card online or by phone at 1-866-669-0779. Once your application is processed and approved, you will receive your card (or cards) within seven to 10 business days.

What information is needed to apply for a Wells Fargo Business Secured Credit Card?

To apply for a Wells Fargo Business Secured Credit Card, have the following information ready: - Legal business name, address, and phone number - Date business was first established (this is the date the business originally opened, even if it was under different ownership.) - Business tax identification or Social Security number - Ownership type - Number of owners - Gross annual revenue - A Wells Fargo checking or savings account that has been open for at least one year Also, at least one business owner/guarantor must indicate they have authority and control and must provide the following: - Name, address, and phone number - Social Security number or Individual Taxpayer Identification Number (ITIN) - Date of birth - Citizenship

Does Wells Fargo Business Secured Credit Card have good customer service or satisfaction?

Wells Fargo provides 24/7 customer service through its hotline. According to the J.D. Power 2021 U.S. Credit Card Satisfaction Survey , Wells Fargo ranks eighth out of 11 national providers, with a score of 791, which is below the segment average of 809. This means Wells Fargo provides slightly lesser quality customer service than its competitors.

Does the Wells Fargo Business Secured Credit Card have a mobile app or the option to pay or manage your account online?

Yes, it does. You can make your monthly payments and manage your account online or through the mobile app.

Does the Wells Fargo Business Secured Credit Card raise credit limits automatically or charge for limit increases?

Wells Fargo will periodically review your account. With responsible use, you may [request a credit limit increase](https://www.moneygeek.com/credit-cards/advice/increase-credit-limit-with-wells-fargo/) or an upgrade to an unsecured business credit card. Note, however, that approval is not guaranteed.

Does Wells Fargo Business Secured Credit Card offer the option to freeze your credit/account or have other security features?

You may temporarily freeze your credit card by logging in to mobile or online banking, and report suspected fraud through the Wells Fargo website. The card also features zero fraud liability.

Does Wells Fargo offer other credit cards besides Wells Fargo Business Secured Credit Card?

Wells Fargo has two other business credit card offerings: the Wells Fargo Business Platinum Credit Card and the Wells Fargo Elite Signature Card.

MoneyGeek’s Take

Wells Fargo Business Secured Credit Card Review

Small business owners with little to no credit or who’ve had credit challenges and need a credit card for everyday business expenses should consider a Wells Fargo Business Secured Credit Card. The card offers flexible and competitive rewards and is especially beneficial if you have existing Wells Fargo checking and/or savings accounts.

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The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

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.

Card Details to Know Up Front

Bonus, Fee or Feature
Has or Not
Has Annual Fee
Security Deposit Required
Has Rewarding Welcome Offer
Has APR Offer
Has Balance Transfer Fee
Has Cash Advance Fee

Click to see this card’s rates, fees and how they compare to other cards in our dataset.

OUR REVIEW AT A GLANCE

Credit Card Details at a Glance
Pros & Cons Explained
Bonuses & Rewards Explained
Our Verdict: Is This Card for You?

Wells Fargo Business Secured Credit Card at a Glance

This card makes sense for existing Wells Fargo business clients. Although it has a high APR, it also has attractive cashback and rewards rates, so you still stand to gain from this card if you pay your balances in full every month. Cardmembers also benefit from not having to pay annual or foreign transaction fees.

Wells Fargo Business Secured Credit Card
An ideal choice for new businesses with no established credit and businesses with past credit challenges who want to establish or rebuild credit.
- Poor – ExcellentRecommended Credit
- $0Annual Fee
- 1.5% Cash BackRewards Rate
- 15.15% (variable)APR
Pros
Choose between cash bank or rewards points
Zero liability protection
No annual fee
$500 to $25,000 credit line
No foreign transaction fee
Spending reports available online

Cons Cash advance or balance transfer fees may apply Security deposit equal to your credit line is required Relatively high APR Needs to be linked to a Wells Fargo business checking or savings account
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
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.

Pros & Cons Explained

In this Wells Fargo Business Secured Credit Card review, MoneyGeek outlines the benefits and drawbacks of having this card as a tool in your wallet. Weigh the pros and cons against your business requirements to see if this is your best option.

Pros

Benefits
Description
Choose between cash back and rewards points
This card gives you the flexibility to select cash back or points rewards.
Zero Liability protection
Cardholders are fully reimbursed for any unauthorized purchases, and the bank tracks and reports suspicious transactions promptly.
No annual fee
You won’t pay any annual fees during the card’s lifetime. Note, however, that most credit card issuers offer this benefit.
No foreign transaction fee
Unlike most credit cards, the Wells Fargo Business Secured Credit Card doesn’t charge a foreign transaction fee for purchases outside of the United States. This perk could save you hundreds of dollars on your next business trip abroad.
Spending reports available online
Watch your budget, monitor and manage your spending, and set monthly goals using Wells Fargo’s business spending report. This feature allows you to organize your business card transactions into spending categories automatically.

Cons

Drawbacks
Description
Cash advance or balance transfer fees may apply
Cash advances and balance transfers are charged a 4% fee, with a minimum of $10 and a maximum of $175. Cash advances are also charged a 3.5% Wells Fargo prime rate plus 20.74% APR.
Security deposit equal to your credit line is required
With a secured credit card, you need to offer collateral. Wells Fargo will require you to deposit an amount equal to your desired credit limit. Depending on your security deposit, you may get a credit line ranging from $500 to $25,000.
Relatively high APR
This card comes with a comparatively high APR. The interest on purchases is 11.90% and 20.74% on cash advances, plus an additional Wells Fargo prime rate charge. The prime rate fluctuates but is currently 3.50%.

LOOKING FOR THE BEST CREDIT CARDS OF 2022?

The Wells Fargo Business Secured Credit Card is just one option for businesses. Review our picks for the best business credit card offers of 2022 and our guide for determining whether a business credit card is right for you.

Bonuses & Rewards Explained

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.

Wells Fargo Business Secured Business Card cash back option

With the cash back option, you earn 1.5% on qualifying purchases for the life of the account. Cash back is credited quarterly (March, June, September, and December) to your Wells Fargo business credit card account or an eligible business checking or savings account. There is no cap on the cash back you can earn.

Wells Fargo Business Secured Business Card Rewards points option

With the points option, you earn one point for every dollar spent on qualifying purchases for the life of the account, up to 1,000 points per quarter. Your total company spending must be a minimum of $1,000 in qualifying purchases to earn points each billing cycle. You get a 10% points credit when you redeem your points online.

Flexibility in redeeming your rewards points

Redeem your accumulated rewards in cash, gift cards, merchandise, air travel, hotels, car rentals and cruises.

Other Features Explained

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

Card Feature
Description
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.

MONEYGEEK QUICK TIP

If you’re enrolled in multiple Wells Fargo rewards programs, you can link the accounts and combine accumulated points to redeem your rewards faster.

Keep in mind that the cash back option has no cap, while the rewards points option has a cap of 1,000 bonus points per company per month.

Understanding the Fine Print

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.

Card Feature
Amount or Rate
APR
15.15% (variable)
Annual Fee
$0
Min. Security Deposit
Not Required
Balance Transfer Fee
Unspecified
Balance Transfer APR
Unspecified
Late Fees
$25 / $39 / $50
Cash Advance Fee
4%
Cash Advance APR
Unspecified
Foreign Transaction Fee
None

Regular APR
This card carries an APR of 11.90% plus the 3.5% Wells Fargo prime rate. This interest rate is considered fairly high compared to other credit cards.
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.

WHERE TO FIND THIS INFORMATION?

Always be mindful of a credit card’s APR and associated fees to avoid unnecessary charges. You will find this important information on your most recent billing statements and on Wells Fargo’s website and mobile app. You can also check out the credit card agreement database maintained by the Consumer Financial Protection Bureau (CFPB).

Who Should & Shouldn’t Consider Wells Fargo Business Secured Credit Card?

Other Considerations for Wells Fargo Business Secured Credit Card

MoneyGeek outlines a few essential factors to consider before applying for a Wells Fargo Business Secured Credit Card. Below we suggest several primary considerations, whether you plan to make this your first card or consider it as an additional line of credit.

Things to Consider if This Will Be Your First or Only Credit Card

If you’re planning to make the Wells Fargo Business Secured Credit Card your first or only credit card, your businesses will have the opportunity to build or rebuild its credit history with Wells Fargo. The card also allows you to link up to 10 employee cards, enabling you to manage multiple accounts online.

Since this card carries a high APR, you should set up automatic payments to avoid missing due dates. If you won’t be paying your balance in full every month, consider other card options.

Things to Consider if This Will Be an Additional Card in Your Wallet

Cardholders get the most out of this card by pairing it with other Wells Fargo Business Rewards accounts. This allows you to combine points across multiple accounts and redeem rewards faster. Business owners who travel frequently can also pair this with other existing cards that provide additional travel benefits.

WHY TRUST OUR REVIEWS:

MoneyGeek’s credit card rating methodology follows a data-driven and unbiased process to create comprehensive reviews and head-to-head comparisons of over 106 credit cards. We do this by gathering data from the Consumer Finance Protection Bureau’s database, standardizing data points for easy comparison, estimating average spend profiles, determining long-term value and regularly conducting data reviews and re-ranking.

How 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.

Quick Comparison of Wells Fargo Business Secured Credit Card

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: 3.5% Wells Fargo Prime Rate + 11.90%
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

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

Other Helpful Decision-Making Q&As

You may find MoneyGeek’s answers to several frequently asked questions about the Wells Fargo Business Secured useful.

Still not sure about this card? Consider these options.

If you are still undecided as to whether this card fits your business needs, take a look at our top picks for business credit cards. Our business credit card advice and resources can help guide you in making an informed decision. You might also want to check if a business line of credit is a better match for your needs than a business credit card.

Learn more about credit cards in general

sources

Consumer Finance Protection Bureau. "Credit Card Agreement Database." Accessed April 12, 2022.
J.D. Power. "U.S. Credit Card Satisfaction Survey." Accessed April 12, 2022.
Wells Fargo. "Wells Fargo Business Secured Credit Card." Accessed April 12, 2022.
Wells Fargo. "Wells Fargo Business Platinum Credit Card." Accessed April 12, 2022.

*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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