1. Wells Fargo Business Secured Credit Card

The Wells Fargo Business Secured Credit Card is geared towards business owners looking to jump start their business and establish or rebuild business credit. The card gives business owners the opportunity to earn decent rewards for purchases on everyday expenses, such as office supplies and online payments, with no spending category restrictions.

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The Good

  • Options for Poor and/or Young Credit
  • Reward Options
  • Low Annual Fee
  • Fraud Protection
  • Online Spending Reports

Options for Poor and/or Young Credit

Businesses with little to no credit history or past credit challenges that may not be accepted for other business credit cards can be approved for the Wells Fargo Business Secured Credit Card. Credit lines range from $500 to $25,000 depending on the amount deposited.

Reward Options

The Wells Fargo Business Secured Credit Card allows business owners to choose which type of rewards they would like to receive as a result of using their card. The card offers a cash back rewards program or a reward points program for cardholders to select from.

With the cash back program, cardholders can earn 1.5 percent cash back for every dollar spent on their Wells Fargo Business Secured Credit Card. Cash back can be received automatically as a credit to the account or to an eligible checking or savings account each quarter.

With the reward points program, business owners can earn one point for every dollar spent on purchases. When the company spends $1,000 or more in any monthly billing period, the cardholder receives 1,000 bonus points. Points can be redeemed for gift cards, merchandise, airline tickets, and more. Cardholders who redeem points online will receive an extra 10 percent point credit.

With both of these reward programs, there is no rewards program fee, required spending categories, or caps.

Low Annual Fee

At $25, the annual fee for the Wells Fargo Business Secured Credit Card is relatively low compared to annual fees charged by many other business credit cards.

Fraud Protection

The Wells Fargo Business Secured Credit Card offers protection from fraud through alerts, chip technology, and fraud monitoring. The card also offers purchase assurance to provide coverage against theft and a zero liability program to reimburse cardholders for unauthorized purchases that are promptly reported.

Online Spending Reports

Wells Fargo Business Secured cardholders can receive a business spending report and manage spending, expenses, payments, and transfers online. Business owners can also pay bills online and set up auto payments for their credit card bill.

The Bad

  • No Introductory Offers
  • Fees for Additional Cards

No Introductory Offers

Unlike some other business credit cards, the Wells Fargo Business Secured Credit Card does not offer any sign-up benefits, such as a welcome bonus offer or a lower introductory APR.

Fees for Additional Cards

For each additional Wells Fargo Business Secured Credit Card added to an account, an additional annual fee of $25 is charged. Up to 10 cards can be issued on one account.

The Bottom Line

The Wells Fargo Business Secured Credit Card offers attractive features, including cash back and points reward options, low annual fees, fraud protection, and online spending reports. Although there are no special introductory benefits, the card is a solid option for business owners who need to build or improve their credit.

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