What is the best credit card to apply for the first time at Wells Fargo: Even people with bad credit can apply for the Business Secured Credit Card at Wells Fargo, which is the best credit card to get for the first time. In this sense, when you apply for the card and make the minimum opening deposit ($ 500), you will be granted a credit limit up to $25,000 based on the amount you deposit. Furthermore, the Business Secured Credit Card charges a $25 annual fee.
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Wells Fargo Business Secured Credit Card best for?
Whether you prefer to receive a simple 1.5% cash back or want to exchange your points for gift cards, flights or merchandise, the rewards are appealing.
| Pros | Cons |
|---|---|
| Home to unsecured credit. You receive rewards while (re) building your credit. High credit line. |
Annual fee for each additional card. |
Welcome to the world of unsecured credit. If you qualify for an unsecured business credit card, Wells Fargo will review your account periodically. You are most likely to be eligible for this in the future if you manage your account well. In addition to your credit score, Wells Fargo will examine your payment history and your relationship with your credit limit.
While you (re)build your credit, you receive rewards. The Wells Fargo Business Secured Credit Card allows rewards to be accessed immediately, unlike other cards which reserve those privileges for those with the best credit. There is no question that these rewards compare well with some of the entry-level unsecured cards.
It is a high credit line. To get this card, you need to open a Wells Fargo deposit account with a minimum opening deposit of $500. Adding extra deposits (in $100 increments) up to $ 25,000 will allow you to increase your limit and be more flexible with changing expenses as a business owner.
Additional cards are subject to an annual fee. There will be a fee for each additional secured card you request, despite the fact that most secured cards have an annual fee.
How to apply for the Wells Fargo Business Secured credit card?
- Visit the Wells Fargo website.
- Click “Small Business” in the top menu.
- Select “Business Credit Cards” from the list under “Loans and Credit.”
- Click “Apply Now” under Wells Fargo Business Secured Credit Card .
- If you do not have a Wells Fargo Online account, you will need to visit a bank branch to complete the process.
- Complete the application form with all the required information if everything works out well.
- Next, review and submit your application.
How long will it take to get my Wells Fargo Business Secured credit card?
I have the card, and now what?
- Enrol in Wells Fargo Business Rewards®: By calling 1-800-225-5935, you can apply for the rewards program if you did not do so during the application process. Rewards points can be earned on every purchase or you can get cash back.
- Manage your rewards points online: With Wells Fargo Business Online, you can manage payments, expenses, and transactions as soon as you receive the card.
- Schedule automatic payments: Using Wells Fargo Business Online, you can make automatic payments on your credit card bill. In addition to enrolling in automatic payments, you can also call 1-800-225-5935.
- Customer service is available at 1-800-225-5935: Wells Fargo can be reached at 1-800-225-5935 for general questions. If you have questions about Wells Fargo online banking, bill payment, or regarding replacement of card you can contact customer service at 1-800-956-4442.
Wells Fargo Business Secured Credit Card: Earning Points and Rewards
This card offers two ways for you to earn rewards.
First of all, you can earn 1.5% cash back on every dollar you spend through our cash back program, and we pay your earnings quarterly. You can also win as much money as you want.
The next benefit is our reward points program, which allows you to accumulate 1 point for every $1 you spend – with the option of accumulating 1,000 bonus points if you spend $1000 or more in the month. In addition, the Wells Fargo Earn More Mall enables customers to earn bonus points and get additional discounts while shopping at participating merchants. Finally, when you redeem your points online, you will receive a 10% bonus
No matter which option you choose, earning rewards makes this card an excellent choice since most secured cards (personal or business) don’t provide this service.
Redeeming Wells Fargo Business Secured Rewards
Your Wells Fargo account or your business checking or savings account will be automatically credited with your cash back balance if you choose the cash back option.
Each point will be worth 1 cent if you choose the rewards option. You can purchase gift cards at restaurants, department stores, movie theatre’s, and more.
The following are some examples of how you can utilize the points you earn from the rewards option (you will notice that the value of the points differs):
- A $ 50 Visa gift card from Wells Fargo can be purchased with 6,500 points.
- The gift card costs $100 when purchased with 10,000 points.
- A $200 credit or check will net you $20,000 in gift cards.
- Get $300 in hotel gift cards with 30,000 points.
The first round-trip domestic flight on any airline costs 25,000 points. Your points can also be used to get discounted tickets.
You must purchase your airline tickets through the Wells Fargo Rewards Service Centre at wellsfargorewards.com or by visiting the Wells Fargo Rewards Service Centre in person. Wells Fargo charges a redemption fee of $ 24 per redemption.
How to get the most out of this card
Even though this card offers the opportunity to win cash or rewards, you should remember that it also provides the opportunity to build (or rebuild) business credit. As a result, Wells Fargo reports the information to the Small Business Financial Exchange, which collects payment data from small businesses. Thus, your main objective should be to responsibly use your credit card and pay it on time each month.
Keep a careful eye on your credit utilization ratio to maximize the benefits of this card. It is an influential factor in determining your credit score and eligibility for better financial products. Thus, if at all possible, we recommend keeping your utilization ratio below 30%.
Depending on how much interest you pay, the benefits of carrying a balance might not be worth much if you carry a balance each month.
In that case, if you are certain that you can pay your balance each month, you can use the card for your daily expenses. This will naturally lead to more rewards. Consider giving each employee a $25 employee card so they can earn more as a group.
If you choose rewards instead of cash back, spending $1,000 in a month will reward you with 1,000 points. In order to get the most out of your points, explore your redemption options carefully.
Last but not least, if you have a low credit limit you can maximize your rewards by paying your balance daily.
Keep Reading: How to request a replacement Wells Fargo card?
Customer’s customer service experience
JD Power’s 2019 customer satisfaction survey ranks Wells Fargo ninth out of 11 credit card issuers.
JD Power’s 2019 US Banking Mobile App Satisfaction Study rated the bank’s mobile app “Near Average,” placing it 12th out of 21 banks.
Wells Fargo Business Online and the Wells Fargo app can be used to manage an account and manage business expenses. If you have questions or concerns, you can call 800-225-5935 anytime, as you are available 24 hours a day. For its business customers, Wells Fargo does not offer online chat support.
Safety features
In addition to fraud monitoring, account activity alerts, zero fraud liability, and chip technology, Wells Fargo’s credit cards all come with the standard security features of large banks.
Rates that you must take into account
The fees on this card are pretty standard for similar products. However, pay attention to the annual fee of $25 per additional card in case you decide to give cards to more employees. This will enable you to maximize the points gained. The following options are available if you are interested in getting several cards for your work team without having to pay an extra fee for each extra card.
Comparison with other cards
Capital One® Spark® Classic for Business vs. Wells Fargo Business Secured Credit Card
- Quotas annually: Wells Fargo Business Secured credit cards charge an annual fee of $25, while Capital One Spark Classic business credit cards charge no annual fee.
- Reward points: If you choose to earn one point for every dollar you spend, you’ll earn 1.5% on unlimited purchases with the Wells Fargo Business Secured Credit Card. When you use the points option, you will earn 1,000 bonus points for every 1,000 you spend on the card in a month. In the case of the Capital One Spark Classic for Business, its holders receive 1% cash back on every purchase.
- Voucher for registration: There is no sign-up bonus with either card.
- Benefits: You can access Wells Fargo Business Online, Business Spending Report, and Card Design Studio with the Wells Fargo Business Secured Credit Card. With a Wells Fargo business checking account, you will also receive overdraft protection. You’ll get benefits like car rental collision damage waiver, purchase security, extended warranties, and travel and emergency assistance with the Capital One Spark Classic for Business.
Business Secured Credit Card from Wells Fargo vs. Capital One secured Mastercard®
- Annual quota: There is an annual fee of $ 25 per card with a maximum of 10 additional cards for the Wells Fargo Business Secured credit card. There is no annual fee for the Capital One Secured Mastercard.
- Rewards: With the Wells Fargo Business Secured Credit Card, you can choose to earn 1.5% for every dollar spent on unlimited purchases or 1% for every dollar spent. With the points option, your company will earn 1,000 bonus points for every $1,000 spent with the card every month. A rewards program is not available with the Capital One Secured Mastercard.
- Sign-up bonus: Neither card offers a welcome bonus.
- Benefits: You can build or replace your credit with both cards. Benefits of the Wells Fargo Business Secured Credit Card include access to Wells Fargo Business Online, the Business Expense Report, and the Card Design Studio. If you link your card to a Wells Fargo business checking account, you will also receive overdraft protection. MasterCard Platinum Mastercard benefits are available to Capital One Secured Mastercard holders, including emergency and travel assistance services, emergency cards, fraud coverage and extended warranty protection.
Other Credit Cards from Wells Fargo
The benefit of having both a bank account and a credit card is that you can redeem your rewards in increments of $20 at any Wells Fargo ATM. This means you can get your cash back rewards whenever you want, a feature no other bank offers.
The Wells Fargo credit card also offers cell phone coverage of up to $600 with a $25 deductible, as well as loyalty bonuses. You can find a Wells Fargo card that fits your spending habits and preferences, even if you don’t bank with them. Here are the top five Wells Fargo credit cards.
keep Reading: How to open a Wells Fargo account online
Propel American Express Card by Wells Fargo
A Wells Fargo Amex credit card with a great design and decent rewards rate. Each dollar you spend at US gas stations, US restaurants, and all other purchases earns you three points. Checking and savings account holders at Wells Fargo earn more in each category, and all cardholders receive discounts on airlines, cruises, and select hotels. You can also check your FICO score with the Wells Fargo Propel card if you download the bank’s mobile app.
- Those with a Wells Fargo checking or savings account, or those who spend a lot at gas stations and restaurants. You will earn a 10% bonus on base reward rates if you belong to the latter group.
- The APR is 0% for the first 15 months after opening an account, then a variable rate of 13.24% to 25.24% per year thereafter
- No annual fee
Wells Fargo Cash Wise Visa Cards
You can earn 1.5% cash back on all purchases with this card, and you do not have to activate any categories. As an added bonus, you will earn 1.8% cash back on purchases made with Apple Pay or Android Pay for the first year you have the card. Cash rewards won’t expire as long as your account is open.
- Ideal for: Individuals who have diverse spending habits and don’t limit themselves to only a few categories of retailers, as well as those who don’t spend a lot on their credit cards.
- After opening an account, there is a 0% APR for the first 15 months, followed by a variable rate of 13.24% to 25.24 % per year
- There is no annual fee.
Wells Fargo Visa Signature Card
Although there are no Wells Fargo credit cards co-branded with airlines or hotels, this is a good option for those on the go. You’ll receive automatic lost luggage reimbursement and trip cancellation protection along with earning five points per dollar spent on grocery, drug, and gas purchases during the first six months of your account.
After the promotional period, you’ll earn one point per dollar spent on all purchases. Additionally, you’ll receive a bonus when you redeem your points for airfare. To give you an idea of the value exchange, 30,000 points are worth $450 in airfare or $300 in cash.
- Ideal for: Those who travel frequently and would benefit from the travel rewards bonus, which is one of the product’s best features. If you redeem your points for airfare, you’ll earn a 50% bonus.
- After opening an account, the APR is 0% for the first 15 months, then a variable APR of 12.4% to 26.24% thereafter
- No annual fee
Wells Fargo Platinum Card
This is a simple credit card, but it’s a good option for those without excellent credit who wish to improve their credit rating. There are no points or cash back rewards, but the introductory APR is great, so use this card to pay for big-ticket items or large balances. Through Wells Fargo’s My Money Map, cardholders have access to money management, budgeting and spending tools, as well as free access to their FICO scores.
- This card is best for those who are looking to build their credit responsibly or who want to use a credit card to pay off a large purchase or balance.
- Following the first 15 months of opening an account, the APR will range from 15.4% to 25.24% per year
- No annual fee
Wells Fargo Cash Back College Card
There are many credit cards for college students, but this one is good for those with Wells Fargo checking or savings accounts, as well as those who don’t have an account, but want a card that’s easy to use. Free.
Earn rewards with the Wells Fargo Cash Back College Card. After you open an account, you’ll earn 3% cash back on grocery, drug, and gas purchases, and 1% on everything else. Most college students frequently shop in these categories, so you’ll rack up rewards quickly. Following that period, you’ll earn 1% cash back on all purchases. A low introductory APR and flexible points redemption make this card a nice bonus.
- A good option for college students who want to build their credit or who need another way to pay for expenses while in school.
- APR: 0% for the first six months, then variable 11.4% to 21.4% per year thereafter
- No annual fee
It might take some more days while you request a well Fargo credit card replacement, due to today’s scenario, people are working from home, but trust me wells Fargo has wonderful team of representative that are ready to help customer as soon as possible, once you have requested the well Fargo credit card replacement, wait for the response.
