Wells Fargo Business Secured Card

Andrew Reyes
A person in business attire shopping on their laptop while holding a credit card.
  • Annual percentage rate (APR): Prime rate plus 11.90%.
  • Purchase intro APR: None.
  • Rewards: 1.5% cash back, 1 point per $1 spent.
  • Annual fee: $25.
  • Late fee: $25 to $50.
  • Credit score: Bad to Fair (300-670).
  • Compare cards here.

Table of Contents


  • Cash-back or rewards: When you activate your Wells Fargo Business Secured Credit Card, you can choose to enroll in the cash-back or rewards points program. With the cash-back program, you earn 1.5% cash back on every dollar you spend, which is credited to your account balance. If you choose the rewards point program, you earn one point for every dollar you spend on eligible purchases. These points can be cashed in for gift cards, merchandise, cash, hotel stays, airfare, cruises, or car rentals.
  • Credit building: Whether you’ve just established a new business or you’ve made some financial errors that have negatively affected your business’s creditworthiness, the Wells Fargo Business Secured Credit Card can help you build your credit. As a secured card, it’s easy to follow responsible borrowing habits, which can increase your score and help you build a positive credit history.
  • Business protection: Your credit card comes with advanced chip technology to prevent fraud or misuse. Zero liability fraud protection also comes standard with the Wells Fargo Business Secured Card and if you report fraudulent activity to the bank promptly, you’re reimbursed for erroneous charges. You can also set up alerts to let you know about new account activity.

Secured Credit Cards


  • No bonus offers: Some credit cards have introductory offers that provide additional bonus points, cash back, or waived fees. While the Wells Fargo Business Secured Credit Card doesn’t provide any offers to new cardholders, it does have a generous reward program, which isn’t commonplace with most secured cards.
  • Additional fees: In addition to the $25 annual fee, you’re responsible for a deposit of at least $500 for your credit limit. If your account has an overdraft advance up to $50, you’re charged $12.50 and you’ll pay a $20 fee if the advance is more than $50. If you make a late payment, you’ll pay $25 to $50, depending on how many times you’ve paid late in the past and your current account balance. There are no foreign transaction fees associated with the card.
  • Capped credit limit: Since it’s a secured card, the credit limit that’s available to your business is capped at the security deposit you have available. For example, if you’ve only provided a $1,000 deposit for the card, the maximum credit you have available is $1,000. If you want a higher credit limit, you’ll need to provide a higher deposit.

What Can You Expect From the Wells Fargo Business Secured Card?

When you apply for the Wells Fargo Business Secured Credit Card, the bank pulls your credit report. However, even with little to no credit history or a poor credit score, you may still be approved for the card. As an account holder, you have access to several benefits.

Wells Fargo Online Account

You can set up an online account with Wells Fargo and sign in to make payments or review your recent transactions. You may also choose to set up automatic payments so you’re never late paying off your balance.

Through your online account, you can access your business spending report. This report shows you how your card balance was spent in the previous statement so you can review your most popular spending categories and financial trends within your business.

Free Additional Cards

You’re eligible to request up to 10 additional cards linked to your account for free. If you have employees who need access to the account, they can use these cards to make business-related purchases. The eligible purchases made on these additional cards count toward your cash-back or rewards points.

Potentially High Credit Limit

Your credit limit is determined by the amount you provide as a security deposit. You can choose to deposit $500 to $25,000, depending on the line of credit your business needs to begin building credit history. Once you’ve proven you’re a responsible borrower, you may be eligible to upgrade to an unsecured card with Wells Fargo, which doesn’t require a security deposit.

Who Should Get the Wells Fargo Business Secured Card?

The Wells Fargo Business Secured Credit Card is best for business owners who need to increase their credit score or begin building credit history for their business. Card applicants should be prepared to pay an annual fee and provide a security deposit to set their credit limit. There are steep late fees but the card is associated with a rewards program and offers additional employee cards for free.

Compare other business credit cards and learn more here.

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