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Wells Fargo Business Secured Card Review: Business Credit Card Option for Owners With Limited Credit

Review Updated
Brittney Myers
By: Brittney Myers
Brittney Myers
Brittney Myers
Writer

Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.

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Our Credit Cards Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Offer status

Information about the Wells Fargo Business Secured Credit Card was collected independently by The Ascent and offer details may be out of date.

A big part of getting a small business credit card is the credit check -- the personal credit check. If your personal credit isn't good, you may have a hard time getting credit cards for your business. The Wells Fargo Business Secured Credit Card is one of the few card options for business owners with poor or limited credit. Its security deposit requirement allows for flexible credit qualifications. It also comes with purchase rewards and no annual fee. Read our full Wells Fargo Business Secured Credit Card review for all the details.

Ratings Methodology

Wells Fargo Business Secured Credit Card

Wells Fargo Business Secured Credit Card
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: New/Rebuilding Under(579)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

New/Rebuilding Under(579)

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

15.15%, Variable

Rewards Circle with letter I in it. Earn 1.5% cash back on qualifying purchases or earn 1 point on every $1 spent and receive 1,000 bonus points every billing cycle when you spend at least $1,000 on qualifying purchases.

1.5% cash back or 1 point per dollar spent

Annual Fee

None

Welcome Offer

N/A

    • Purchase rewards
    • No annual fee
    • No foreign transaction fees
    • Good credit not required
    • Potential upgrade to unsecured card
    • Must have Wells Fargo account
    • Deposit required
    • Cash Back option: Earn 1.5% cash back on qualifying purchases
    • Reward Points option: Earn 1 point on every $1 spent and receive 1,000 bonus points every billing cycle when you spend at least $1,000 on qualifying purchases
    • $500 to $25,000 credit line
    • Zero Liability protection
    • No annual fee

Full Wells Fargo Business Secured Card review

This credit card is a good fit for: Business owners with limited credit history who want to build credit and earn rewards.

Top perks

This card offers a lot of perks for a secured card.

Choose cash back or rewards points

Often, cardholders with limited credit have to choose between building credit and earning rewards. The Wells Fargo Business Secured Credit Card lets you do both. Moreover, you can choose how you earn rewards.

You can earn cash back or rewards points (cash back is generally simpler to redeem, while points offer more flexibility). If you choose cash back, you earn 1.5% cash back on unlimited purchases. Your cash back is automatically redeemed each quarter. Options include a statement credit, as well as a deposit to your associated Wells Fargo checking or savings account.

If you choose rewards points, you earn one point per dollar on unlimited purchases. Plus, you receive a bonus of 1,000 points for every billing period in which you spend $1,000 or more on your card. Rewards points can be redeemed for gift cards, merchandise, travel, and more. Cardholders also receive a 10% points credit when redeeming online.

Learn more: Best Cash Back Credit Cards

No annual fee

The Wells Fargo Business Secured Credit Card has no annual card fee. Since you already have to fork over a deposit, this is a valuable perk that can help you save a little each year. It's also nice that the $0 annual fee extends to employee cards. You can get up to 10 employee cards for free, with no card fees. You get access to spending reports to keep an eye on team expenses.

No foreign transaction fee

One of the more surprising perks of the Wells Fargo Business Secured Credit Card is that it doesn't charge foreign transaction fees. This is most commonly a perk of travel rewards credit cards, so it's a nice bonus for a secured card.

Foreign transaction fees are typically charged on any transaction in a foreign currency (anything other than U.S. dollars). They can also be charged for purchases that route through foreign banks, such as when you buy from an overseas supplier. These fees can add up quickly for businesses that operate internationally, so it's nice to find a credit card with no foreign transaction fees.

Good credit not required for approval

Arguably the most important perk of the Wells Fargo Business Secured Credit Card is that you don't need to have good credit to get approved. Most business credit cards require good to excellent personal credit. Others require established business credit. The Wells Fargo Business Secured Credit Card requires neither. This card is open to businesses -- and their owners -- with limited credit, as well as those who may have had credit challenges in the past.

Potential to upgrade to an unsecured card

Although it can be a challenge to put down a deposit to open and maintain a Wells Fargo Business Secured Credit Card, that challenge can pay off. Wells Fargo periodically evaluates your card account and credit history to check on your progress. You could eventually become eligible for an automatic upgrade to an unsecured business credit card account. If Wells Fargo upgrades your account, you receive a full refund of your deposit.

It's worth noting that there's no set timeline for an upgrade, nor is there a guarantee that you'll become eligible.

If you're ready for an unsecured card, take a look at our picks for the best credit cards to see what's out there.

Alternatives to consider

If you want an unsecured card: If your credit is in at least the fair range, the Capital One Spark 1% Classic Card may be a good option. It is an unsecured card that doesn't require a deposit. The card earns unlimited cash back and has no annual fee.

If you don't want a personal guarantee: The Brex Card is a corporate credit card that doesn't require a personal credit check or personal guarantee. It earns up to 8x points per dollar on eligible purchases and has no annual fee. However, sole proprietors and unincorporated partnerships are not eligible for a Brex Card.

Read more: Best Rewards Credit Cards

As of Jun. 18, 2024
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Wells Fargo Business Secured Credit Card

Capital One Spark 1% Classic Card

Brex Card
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
= Fair
= Poor
Rating image, 3.75 out of 5 stars.
3.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Read Review
Read Review

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: New/Rebuilding Under(579)

New/Rebuilding Under(579)

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Fair/New to Credit Under(669)

Fair/New to Credit Under(669)

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)

Good/Excellent (670-850)

Welcome Offer:

N/A

Welcome Offer:

N/A

Welcome Offer:

N/A

Rewards Program: Circle with letter I in it. Earn 1.5% cash back on qualifying purchases or earn 1 point on every $1 spent and receive 1,000 bonus points every billing cycle when you spend at least $1,000 on qualifying purchases.

1.5% cash back or 1 point per dollar spent

Rewards Program:

1% cash back

Rewards Program: Circle with letter I in it. 8x points on rideshare, 5x points on Brex travel, 4x points on restaurants, 3x points on recurring software, 1x points on other purchases

1x -8x points

Intro APR:

Purchases: N/A

Balance Transfers: N/A

Intro APR:

Purchases: N/A

Balance Transfers: N/A

Intro APR:

Purchases: N/A

Balance Transfers: N/A

Regular APR:

15.15%, Variable

Regular APR:

29.99%, variable

Regular APR:

N/A

Annual Fee:

None

Annual Fee:

$0

Annual Fee:

N/A

Highlights:

  • Cash Back option: Earn 1.5% cash back on qualifying purchases
  • Reward Points option: Earn 1 point on every $1 spent and receive 1,000 bonus points every billing cycle when you spend at least $1,000 on qualifying purchases
  • $500 to $25,000 credit line
  • Zero Liability protection
  • No annual fee

Highlights:

  • Earn unlimited 1% cash back for your business on every purchase, everywhere, no limits or category restrictions. Plus, earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
  • No annual fee
  • Build and strengthen credit for your business by using this credit card responsibly
  • $0 Fraud Liability if your card is lost or stolen
  • Free employee cards, which also earn unlimited 1% cash back on purchases
  • Rewards won't expire for the life of the account, and you can redeem your cash back for any amount
  • No foreign transaction fees

Highlights:

  • No annual fees
  • No personal guarantee required
  • Flexible card limits based on your company’s cash flow
  • Generous rewards for Brex Exclusive users
  • No foreign transaction fees
Show More Arrow graphic to expand and collapse content Show Less Arrow graphic to expand and collapse content

The Capital One Spark 1% Classic Card is unavailable on The Ascent. All information was collected independently and not reviewed for accuracy or provided by the credit card issuer. Some items may be out of date.

What could be improved

The drawbacks for this card should be carefully considered before applying.

Must have an eligible Wells Fargo business bank account

Pretty much all credit cards require you to have a checking account to open a card. Most of the time, that account doesn't have to be with the credit card issuer. Not in this case. The Wells Fargo Business Secured Credit Card specifically requires that applicants have an eligible Wells Fargo business checking or savings account. The funds for the deposit to open your Wells Fargo Business Secured Credit Card must come from this account.

Eligible bank accounts include:

  • Additional Navigate Business Checking®
  • Analyzed Business Checking
  • Initiate Business Checking®
  • Navigate Business Checking®
  • Optimize Business Checking®
  • Business Platinum Savings
  • Business Market Rate Savings

Refundable security deposit required

As a secured credit card, the Wells Fargo Business Secured Credit Card requires a security deposit to open and maintain your account. If you can't afford the deposit -- and do without that money while your account is open -- don't open a Wells Fargo Business Secured Credit Card account.

Your credit limit is equal to the size of your deposit. The minimum deposit is $500, and the maximum is $25,000.

The deposit is fully refundable if you:

  • Close your credit card account in good standing (i.e., with a $0 balance)

OR

  • Your account is upgraded by Wells Fargo to an unsecured credit card

In either case, your entire deposit is refunded. If you default on your card, you forfeit that deposit. The card company closes your account and uses the deposit to cover any outstanding balance and associated fees.

Suggested credit score

As a secured credit card, the Wells Fargo Business Secured Credit Card doesn't have minimum credit score requirements. It is specifically designed for businesses that have limited credit history or past credit challenges.

Essentially, the security deposit gives Wells Fargo assurance that it won't lose money if you default on your card, so the bank can be more lenient about who gets a Wells Fargo Business Secured Credit Card.

See more: Best Business Credit Cards

The Wells Fargo Business Secured Card is right for you if:

The Wells Fargo Business Secured Credit Card is a solid pick if you want to build credit for your business and can put down a deposit. It offers a high deposit limit (which can mean a high spending limit), as well as purchase rewards and no annual fee. The potential to graduate to an unsecured card is also a nice perk. However, if you can't manage the deposit, you may need to check out other options. Our list of credit card reviews is a good place to explore other cards.

Learn more: Best Wells Fargo Credit Cards

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.