Wells Fargo Business 2021 Secured Credit Card Review



Business credit is difficult to obtain until a business is well established. In most cases, business creators need to build up their personal assets (and credit rating) to get approved for a business line of credit. Entrepreneurs may not want to risk their personal credit for their business – or even not be able to, due to poor credit. The Wells Fargo Business Secure Credit Card is one of the few card options available to small businesses that want to build credit while supplementing their cash flow.

To understand how a secured credit card works, be aware that card providers require some sort of guarantee that you will pay off your outstanding balances. Most credit cards use a credit score as an indicator of how likely you are to pay off your bills. When your credit score is not up to par, something else has to take its place to reduce the risk of the card provider.

Secured credit cards require a refundable cash deposit as a guarantee. The amount you contribute usually becomes your credit limit. If you default on the card balance, the card provider will keep the deposit to cover the outstanding balance. If you handle the secure card responsibly, the card provider will likely report positive activity to the credit bureaus, helping you rebuild your credit. You can even get an increase in the unsecured credit limit and get your deposit back. ZDNet The Wells Fargo Business Secured Credit Card Review provides a detailed overview of the card.


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The Wells Fargo Business Secured Mastercard allows you to create business credit with a proven track record of responsible payments.

A secure business credit card is a great way to build credit for your business, but it has its limits.


  • Build (or restore) your business credit history

  • Credit limit up to $ 25,000

  • Possibility of switching to unsecured credit

  • Payment history is reported to the Small Business Financial Exchange

  • Choose to earn cash or reward points

  • Get 10% more points when redeeming online

  • Up to 10 employee cards available

  • Activity is not reported to consumer credit bureaus, thus protecting your personal credit score

The inconvenients:

  • Requires a down payment of $ 500 to $ 25,000 to secure a similar credit limit

  • No sign-up bonus is available

  • Limited benefits of business credit cards

  • It won’t help you rebuild your personal credit

  • Must be a customer of a Wells Fargo Corporate Bank Account to apply

Wells Fargo Business Secure Credit Card at a Glance

Suppose your business isn’t established enough to qualify for a business card, and you don’t want your personal credit to be affected by business expenses. Then the Wells Fargo Business Card could help get your business started.

Here’s an overview of how the card works:

  • Card type: Secure business credit card

  • Card issuer: Wells Fargo

  • Best for: Small businesses with no credit history

  • Credit line: $ 500 to $ 25,000

  • Awards: Choose between 1.5% cash back or one point for every $ 1 spent plus 1,000 bonus points each billing cycle if you spend at least $ 1,000.

  • How to redeem rewards: Redemption points for travel, gift cards, merchandise and more.

  • Approval bonus: Nothing

  • Annual subscription: Nothing

  • APR: 15%

  • Foreign transaction fees: Nothing

  • Credit score: Not required

  • Employee cards: Up to 10

  • Particularities: Business Spending Reports Available | Pay your bills with your credit card

Features of the Wells Fargo Business Secure Credit Card

A good personal credit score is essential when you need a loan or mortgage. The same goes for your business credit. Having access to lines of credit can be even more essential for your small business to deal with the typical cash flow crises that most business owners face. Wells Fargo is a well-respected small business ally and has developed the Secure Card to help boost business credit.

Who may be eligible for the Wells Fargo Business Secure Credit Card

To qualify for the card, you must have a legally established business. The phase is not as important – your business may be in its early start-up period or it may be long overdue. Wells Fargo business banking services are also required. If you don’t have a Wells Fargo bank or savings account, you’ll need to open one first. Wells Fargo examines your existing banking relationship to make a decision.

How to register

You should apply for the card online – Wells Fargo is no longer accepting branch applications.

You will need to provide:

  • The legal name of the company, the telephone, the address

  • Business tax identification number or social security number

  • Wells Fargo Corporate Account Information

  • Type of company

  • Number of business owners with 25% or more to be listed as guarantors

  • The gross annual turnover of your business

You will also be asked for personal information such as your date of birth, nationality and social security number. However, Wells Fargo will not remove your credit report.

How the Wells Fargo Business Secure Credit Card Works

Once you have applied for the card and obtained approval, you will need to transfer an amount from your current Wells Fargo business bank account to serve as a security deposit for the card’s line of credit. You will not be able to collect the amount until you close the card. It will serve as a backup in case your business does not pay its credit card bill.

You can apply for up to 10 employee cards and use the Wells Fargo Business Secure Credit Card in the same way you would use other credit cards. It’s important to spend wisely and make your payments on time for several reasons. Wells Fargo will report your use to the Small Business Financial Exchange to establish a credit history. Additionally, the bank will periodically review your business accounts and card activity to determine if you qualify for an unsecured business credit card. If you are offered an unsecured credit card, it may take about 30 days to refund your security deposit.


Wells Fargo protects your account in several ways. All cards are equipped with chip technology which reduces the risk of fraud. If you discover unusual activity, the Zero Liability program will reimburse all fraudulent charges, provided they are reported immediately. You can set up expense alerts to complement Wells Fargo’s fraud monitoring of your business accounts to quickly spot suspicious activity.

How to get help

For assistance with the card, you can visit your local branch for assistance. Wells Fargo also provides two phone numbers for additional assistance:

At the end of the line

Small businesses that struggle to establish a credit history independent of that of owners may find the Wells Fargo Business Secured Credit Card beneficial. Use the card strategically – your business may qualify for an unsecured business credit card after a period of on-time payments and responsible spending.

Wells Fargo Business Secured Credit Cards FAQs

What does Wells Fargo examine to make a decision on a secure business card?

According to Wells Fargo, your business’ cash flow, current debts, and existing business banking relationships are the primary factors they use in making a decision. Your personal credit is not withdrawn.

Will the Wells Fargo Business Secure Credit Card help me rebuild my credit?

The card will help you rebuild your business credit, but not your personal credit. Wells Fargo does not use your FICO score to approve you for a business card. Your payment activity and the use of your card are not reported to personal credit bureaus. Rather, the financial institution falls under the Small Business Financial Exchange.

Are there secure alternatives to business cards if I cannot afford a security deposit?

There are several ways to get around the security deposit. You can start with a small deposit and a $ 500 line of credit, for example. Make small purchases and pay your card on time to build a positive balance sheet. Over time, you may be eligible for an increase in your credit limit without having to pay another security deposit.

Or you can apply for a business card that uses your personal credit score to approve you for a card. However, any use will affect your personal credit history, even if it is a business activity.

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