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Wells Fargo Business Secured Credit CardWells Fargo Business Secured Credit Card Compare this card
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Recommended credit scoreCompare to other cardsMoneyGeek’s Take 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 Last Updated: 10/29/2022 On This Page 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 at a GlanceThis 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.
Pros & Cons ExplainedIn 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
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Bonuses & Rewards ExplainedThe 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. 1 Wells Fargo Business Secured Business Card cash back optionWith 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. 2 Wells Fargo Business Secured Business Card Rewards points optionWith 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. 3 Flexibility in redeeming your rewards pointsRedeem your accumulated rewards in cash, gift cards, merchandise, air travel, hotels, car rentals and cruises. Other Features ExplainedThe Wells Fargo Business Secured Credit Card has additional features and benefits, including:
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 PrintMoneyGeek 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.
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?Loading... Loading... Other Considerations for Wells Fargo Business Secured Credit CardMoneyGeek 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 CardIf 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 WalletCardholders 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 CardsThe 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
Wells Fargo Business Platinum Credit Card
Other Helpful Decision-Making Q&AsYou may find MoneyGeek’s answers to several frequently asked questions about the Wells Fargo Business Secured useful. Learn more about credit cards in generalExplore Topics Find Your Best sources
*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. Did Wells Fargo discontinue secured credit card?The Wells Fargo Secured Card is no longer available. For another option, check out the Discover it® Secured Credit Card.
Can you get a secured credit card in a business name?For entrepreneurs with bad credit, a secured business credit card is a good steppingstone to a more traditional small-business credit card. Secured cards require a cash security deposit, which usually dictates the size of the credit line.
Can you open a secured credit card Wells Fargo?Consider a secured credit card or loan as you work to build your credit history. While Wells Fargo does not offer these products, some financial institutions may offer secured credit card or secured loan options, which may be an alternative to help build your credit history when used responsibly.
Does Wells Fargo do a hard pull for business credit card?Do Wells Fargo Business Credit Cards do a hard pull? Yes, the Wells Fargo business credit cards will do a hard pull. You will need a credit score of at least 700 to get a Wells Fargo business credit card, with the exception of the Wells Fargo Business Secured, which is available to applicants with bad credit.
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