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.

Advertising & Editorial DisclosureLast Updated: 10/29/2022
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Last Updated: 10/29/2022

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

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 – ExcellentCredit Needed
    • $0Annual Fee
    • 1.5% Cash BackRewards Rate
    • 11.90%APR

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.


  • Benefits
  • 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.


  • Drawbacks
  • 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%.
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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
  • 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.
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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
  • Annual Fee
  • Min. Security Deposit
    Not Required
  • Balance Transfer Fee
  • Balance Transfer APR
  • This is an icon

    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.

  • This is an icon

    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.

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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.

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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

*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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