3 Reasons I'm Not Applying for Wells Fargo's 2% Cash Rewards Business Credit Card -- Yet

The new Signify Business Cash℠ Card by Wells Fargo might be one of the best business credit cards -- but I don't want it. This business credit card offers 2% unlimited cash rewards on purchases made for your business, a $0 annual fee, and $500 cash rewards if you spend at least $5,000 in the first 3 months (see rates and fees). But even with all those worthwhile features and perks, I would rather get a different business credit card.

If you want 2% cash rewards on all your business spending, Signify Business Cash℠ Card by Wells Fargo could be a great choice. This is truly a competitive cash rewards business credit card, with no category restrictions or spending caps. But let's look at a few reasons I'm not convinced to apply for this card -- and which business credit card you might want to get instead.

1. 2% cash rewards is good, but I want travel rewards

Signify Business Cash℠ Card by Wells Fargo offers 2% unlimited cash rewards. This is really impressive, especially for a business credit card with a $0 annual fee.

But I don't want cash rewards from my credit cards. I want travel rewards instead. One thing I love about my Chase Sapphire Preferred® Card is that the reward points are actually worth more when you redeem them for travel -- every point is worth 25% more for booking travel with Chase. It feels fun to get this extra "upside" on every percentage of every credit card swipe.

The Ink Business Preferred® Credit Card works the same way -- your Chase Ultimate Rewards points are worth 25% more when used to book travel. And as a Chase Ultimate Rewards member, you can move points from some Chase business credit cards to your other Chase cards. This makes it easier to rack up the most possible points and get the most travel value from your Chase credit cards -- business and personal.

Signify Business Cash℠ Card by Wells Fargo doesn't offer all this extra excitement and travel-booking power. Earning 2% cash rewards is good! But travel, to me, is worth more than money.

2. No annual fee, but the travel perks are not premium

Signify Business Cash℠ Card by Wells Fargo doesn't charge an annual fee. For many business credit card customers, no annual fee might be an attractive perk.

But along with that $0 annual fee, you get some rather lackluster travel perks. For example, Signify Business Cash℠ Card by Wells Fargo gives you a free membership for Priority Pass^TM airport lounges, but you still have to pay for the actual lounge visits. This card offers some basic supplemental rental car insurance coverage, but no free travel insurance like some of the best travel credit cards.

For me, part of the fun of having a rewards credit card is using all the extra perks. Some of the other best business credit cards offer more comprehensive travel protections and elite travel benefits like free airport lounge access.

As a business owner, your time is valuable. Do you really want to spend hours on the phone with customer service if your luggage gets lost or your rental car gets damaged? Or do you just want to get on with your day while knowing that it's covered by your credit card's travel benefits?

And even if you never need rental car insurance or trip cancellation coverage, being the boss means sometimes you get to treat yourself to a few nice perks and upgrades in your travel experience. If you can afford a higher annual fee, it can be worth splurging on a premium business credit card.

3. Travel reward redemptions are uncertain

The Signify Business Cash℠ Card by Wells Fargo website says you can use the card's cash rewards for booking travel, but it's not clear exactly how. Is there a Wells Fargo travel booking portal, like Chase Travel? Is redeeming your Signify Business Cash℠ Card by Wells Fargo rewards for travel a better deal than just using cash?

Also, Wells Fargo recently announced a new capability for its consumer credit card customers to transfer points to participating travel transfer partners. This is an exciting development because it would make Wells Fargo's rewards credit cards more in line with Chase Sapphire or American Express, where you can transfer your credit card points to hotels and airlines.

But based on the announcements we've seen so far from Wells Fargo, it's not clear if, or when, Signify Business Cash℠ Card by Wells Fargo rewards can be used for points transfers to travel partners. If Wells Fargo reward points could be used for booking travel and transferring to frequent flyer programs like Chase Sapphire cards, I'd be more interested in the Signify Business Cash℠ Card by Wells Fargo card. But if not, Chase Sapphire cards feel like a better deal to me -- for my business and personal credit cards.

Bottom line

With the new Signify Business Cash℠ Card by Wells Fargo, Wells Fargo has created an impressive cash rewards business credit card. If you want no annual fee and 2% unlimited cash rewards from your business spending, this card could be right for you.

But if you want a business credit card that's more focused on travel with more comprehensive travel protections, extra value for travel redemptions, and higher-end travel perks, it might be worth paying an annual fee for one of the more premium business credit cards.