Wells Fargo Business Secured Credit Card Review


As of August 2022, the Wells Fargo Business Secured Credit Card is no longer available.

Complete Wells Fargo Business Secured Credit Card Review


  • Flexible reward structure

  • No foreign transaction fees

The inconvenients

  • Annual fees apply to each card issued

  • Minimal benefits

  • Your credit must be secured

The benefits explained

  • Flexible reward structure: With the Wells Fargo Business Secured Card, you can choose the rewards structure that works best for you. You can earn 1.5% cash back on every purchase you make or earn one point per dollar spent, with each point worth up to a penny each, depending on how you choose to redeem them. If you opt for the rewards points option, you’ll get 1,000 bonus points if you spend $1,000 or more in a billing period.
  • No foreign transaction fees: Not all secure cards offer this feature, which is useful if you travel abroad for work or do business with foreign suppliers. Where it is not uncommon for all foreign currency credit card transactions to be subject to fees of up to 3%, the Wells Fargo Business Secured Card does not charge foreign transaction fees.

Disadvantages Explained

  • Minimal benefits: While it’s not uncommon for a secure business card to have little benefit, the Wells Fargo Business Secured is lighter than some competitors.
  • Your credit limit must be secured: If you are unfamiliar with how this type of card works, the Wells Fargo Business Secured, like most secure cards, requires you to place a security deposit on your account which acts as your credit limit. This of course serves to limit the amount you can use the card, especially at first (if you use the card responsibly, the limit can later be increased to exceed the deposit.) You can deposit anywhere between $500 and $25,000.

The Wells Fargo Business Secured Card is designed exclusively for business owners with little or no credit history, or who are rebuilding business credit that has been damaged. Wells Fargo will report payment activity and card usage to the Small Business Financial Exchange, helping to establish or improve your business credit score.

Over time, responsible card use should allow you to later qualify for unsecured business credit cards. Indeed, Wells Fargo says it periodically reviews unsecured card accounts to assess their eligibility for an upgrade to an unsecured business card.

This card is also a good option in a simple card that offers rewards on your everyday business expenses. You will earn a fixed reward rate on every purchase you make. Over time, you can create rewards and redeem them for cashback, merchandise, plane tickets, and more.

Reward Earnings Details

The Wells Fargo Business Secured Card lets you choose between cash back and rewards points. With the first option, you’ll earn 1.5% cash back on every purchase you make. If you opt for rewards points, you will get 1 point per dollar spent on each purchase. And if you spend at least $1,000 during a monthly billing period, you’ll get 1,000 bonus points.

Reward Redemption Details

If you choose the cash back structure, your cash back can be redeemed for statement credits or deposits into a Wells-Fargo checking or savings account. But you have to wait longer to receive these rewards than with some competing cards.

If you decide to use rewards points, you have several redemption options, including gift cards. For travel, you can redeem points to purchase flights.

When you redeem points online, you get 10% points credit. For example, if you had 20,000 points and used them online, you would actually have 22,000 points to use. Due to the 10% bonus, opting for rewards points can give you more value than if you decide to use cash rewards.

How to maximize your rewards

To get the most out of Wells Fargo Business Secured, use the card every time you make a purchase for your business. You’ll earn 1.5% cash back or one point per dollar spent.

If you typically only spend about $1,000 each month on business expenses, it probably makes sense to opt for rewards points instead of cash back and charge expenses up to that amount to this card because it will would earn an effective rate of return of more than 1.5%. Loading $1,000 or more per month on the card entitles you to a bonus of 1,000 points. It’s also best to redeem your points online, as you get 10% points credit.

To see how these numbers pan out, consider this example. Let’s say you spent $12,000 a year on your business, spending $1,000 each month. If you opt for cash back, you will get $180 cash back.

If you spent the same amount but earned reward points instead, you’ll get 12,000 points, for a maximum value of $120. You’ll also get 1,000 bonus points for every month you spend $1,000 or more, giving you an extra 12,000 points. You now have 24,000 points. Redeem these points online for a 10% points credit, and you’d have a total of 26,400 points, which could offer a value of up to $264.

By opting for rewards points instead of cash back, you could receive up to $84 in additional value. However, if you’re spending a lot more than $1,000 per month, the 1.5% cash back option would probably be the best reward option.

Standard Benefits

  • Zero Liability Protection
  • Business Expense Report

Cardholder experience

Wells Fargo ranks near the bottom of the pack in JD Power’s Small Business Credit Card Customer Satisfaction Study. In its 2021 survey, Wells Fargo scored below average, receiving 791 out of 1,000 for its business service.

General customer service is available Monday through Saturday from 7:00 a.m. to 11:00 p.m. and Sunday from 9:00 a.m. to 10:00 p.m. Eastern Time. You can contact customer support through their online platform or by calling 1-800-225-5935.

Security functions

The Wells Fargo Business Secured Card has some basic security features that are standard for business cards. It includes account alerts and fraud monitoring.

Our opinion

If you’re a small business owner looking to establish credit for your business, the Wells Fargo Business Secured Card offers a decent solution. Its rewards program lets you earn cash or rewards points, and using the card responsibly, staying within your credit limit and making payments on time can help you eventually qualify for a unsecured card.

Although Wells Fargo Business Secured charges an annual fee per card and offers no benefits to speak of, it does not impose any foreign transaction fees, which is a plus when traveling abroad for work. or that you order from foreign suppliers in their local currency.

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