Wells Fargo Business Secured Credit Card

A Wells Fargo business checking or savings account must be open prior to applying for the Wells Fargo Business Secured Card. Upon approval, your funds will be transferred from the deposit account to fund the credit line.

Eligible business checking accounts

Existing and new customers

• Additional Navigate Business Checking^®
• Analyzed Business Checking
• Initiate Business Checking^®
• Navigate Business Checking^®
• Optimize Business Checking^®

Existing and new customers

• Business Platinum Savings
• Business Market Rate Savings

• $500 to $25,000 credit line based on the amount of funds deposited by you as security in a collateral account.
• Use your card for everyday business expenses, such as office supplies and online payments.
• As with any credit card, you’ll need to make monthly payments.

Fees

• No annual fee.
• No foreign transaction fees.
• Cash advance or balance transfer fees may apply – see your customer agreement for details upon approval.

Interest rates

• Prime + 11.90% on purchases
• Prime + 20.74% on cash advances
• Grace period of up to 25 days on purchases

Customer Agreement

Things you need to know about building business credit with Wells Fargo:

• Wells Fargo reports your payment and usage behavior to the Small Business Financial Exchange.
• Payment and usage activity of the Wells Fargo Business Secured card is not reported to the consumer credit bureaus, therefore it will not help build or rebuild personal credit history.
• Make monthly payments on time, every time. Paying late or missing a payment can hurt your business credit.
• Pay more than the minimum each month if you can. When you pay less than the balance, your balance accrues interest, which must be paid along with the principal balance.
• Keep your balance low, but use your card and pay on time in order to help build business credit.
  • Stay within your credit limit.
  • Only charge what you can afford to pay back.

We'll periodically review your account and recent credit history for an opportunity to upgrade to an unsecured business credit card. You may become eligible with responsible use over time:

• Whether and when you upgrade to an unsecured business credit card depends on a number of factors, including how you manage your Business Secured Credit Card account, other accounts, and other factors such as FICO^® Credit Score, payment history and ratio of credit card usage to credit limit.
• There is no preset time frame for when you may get an upgrade into an unsecured business credit card. The upgrade is not offered automatically or guaranteed, regardless of how long the account has been open.
• The Bank may hold collateral for up to 30 days following account closure in order to cover transactions that may be posted to the credit card account after it is closed.

Choose between Cash Back or Rewards Points

• No annual rewards program fee.^,
• No required spending categories or caps.

Reward Points

• Earn 1 point for every $1 spent on qualifying purchases.
• Get 1,000 bonus points when your company spends $1,000 or more in any monthly billing period.
• Redeem points for gift cards, merchandise, airline tickets and more.
• Get a 10% points credit when you redeem points online.

Take advantage of:

• Manage spending, payments, and transfers online with Wells Fargo Business Online^®.
• Manage your expenses using Business Spending Report, available through Wells Fargo Business Online^®. This report allows you to monitor spending patterns and set monthly goals. Plus, it automatically organizes your business card transactions into spending categories.
• Pay bills direct with your card. More on bill payment.
• Pay your credit card bill automatically with automatic payments.
• Help avoid fees with Overdraft Protection.
• Showcase your business with the Card Design Studio^® service.

Keep your business protected:

Zero Liability protection: You'll be fully reimbursed for unauthorized purchases that are made with your Business Secured Credit Card and reported promptly.
Alerts notify you about available credit and account activity.
Chip technology adds another layer of protection against fraud.
Fraud monitoring monitors your business accounts.