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How to Get Wells Fargo Business Secured Credit Card

ByGraham Last Updated

Wells Fargo is an American multinational financial services company that started operating in 1852. Its headquarters are in San Francisco, California, and have other offices all over the United States. Statistics show that it is the fourth-largest bank by market capitalization in the world. Moreover, it emerges the fourth largest bank in the US as far as the total assets are concerned. The bank offers various products, including the wells Fargo business secured credit card which is a useful card for payment of goods and services.

In 2015, Wells Fargo was the largest bank by market capitalization in the United States. However, it lagged behind JP Morgan the following year of 2015 due to numerous scandals involving the creation of over 2 million fake accounts. Other allegations included manipulation of accounts by the company’s employees. The following year, 2017, Wells Fargo fell behind Bank of America to take the third position by bank deposits. Later on, in 2018, it took the fourth position after Citigroup in terms of total assets. It still holds the position up to today.

Apart from participating in the banking sector, the company also offers insurance services as well as providing various financial services. For today, this article is going to talk about how to get a secured credit card from Wells Fargo. Our discussion will major specifically on the Wells Fargo Business Secured Credit Card. You might have realized that every bank offers various payment cards, including credit, debit, and prepaid cards. Prepaid cards are almost the same as debit cards, although a prepaid card does not require a bank account.

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How can I use the Wells Fargo Business Secured Credit Card?

Wells Fargo Business Secured Credit Card

Like any other credit card, Wells Fargo Business Secured Credit Card will help you in many ways. With the card, you can do the following things.

i) Send money to other people

Using the Wells Fargo Business Secured Credit Card, you can send money to someone else of the same bank using their account number as the recipient accounts. Moreover, you can transfer money using routing number and account number to someone else of a different bank.

ii) Withdraw cash from ATM

The credit card can be useful when you need cash. You can use the card to withdraw money at ATM points that accept the card.

iii) You can shop online or in-store using the card.

The plastic you see can be handy if you want to shop. At in-stores, you can swipe to pay. Moreover, you can pay online when purchasing goods and services. The card usually has a credit limit of between $500 to $25,000 depending on the amount you deposit.

iv) Receive money

Remember that, for you to get the card, you must have a bank account. You can receive money from other people using the account. Note that using the card requires you to make monthly payments of the amount of money you spend.

Why is Wells Fargo Business Secured Credit Card a good option?

Wells Fargo Business Secured Credit Card is suitable in various circumstances. For instance, the card is ideal for the following.

i. For jump-starting your business enterprise

If you are starting your business, the card is handy, as you can use it to purchase essential business items.

ii. For establishing or even rebuilding business credit

If you are new in credit usage and just beginning business life, using Wells Fargo Business Secured Credit Card card can help you build your credit. Moreover, if you have got bad credit, you can use the card to come up again. If you are looking for a credit card with a 5000 limit with bad credit, then I think the Wells Fargo card can do.

iii. Suitable for businesses with little to no business credit history

Since you have to deposit to use the card, it follows that it does not require your credit history. Your deposit is secure.

iv. Good for businesses with past credit challenges

If you had started a business before and landed into lousy credit, you could restart again with Wells Fargo Business Secured Credit Card.

What are the fees and rates Of Wells Fargo Business Secured Credit Card?

There are various fees and rates associated with the card whereby, before applying for the card, you should note them. For instance, the card charges an annual fee of $25 per card. A single person can apply for up to 10 cards.

There are no foreign transaction fees with the card. So you can transact with various business people around the world. Transfer money to other people’s credit or debit accounts just as you can transfer money from one debit card to another. Moreover, cash advance or balance transfer fees may apply.

Interest rates also apply for this card. For Prime+, you pay 11.90% interest on purchases. For prime+, prepare to part with 20.74% interest on cash advances. The good thing with the card is that you can get a grace period of up to 25 days on all purchases.

Does the card have any rewards?

Yes. The card has several rewards that can be of great help to you. The rewards do not attract an annual fee. Again, there are no spending categories or caps.

You will earn 1.5% for every $1 you spent on net purchases. You will be able to receive the cashback as a credit to your credit account or checking account or even to your savings account automatically each quarter of the year. It means that you receive the cashback in March, June, September, and December.

Again, you will be able to get 1 point for $1 you spent on net purchases. If your company spends $1000 or more, you will automatically receive 1000 points in a month. You can redeem the points with gift cards, merchandise, airline tickets, and many others. Interestingly, you get 10% point credit when you redeem your points. If you shop at Earn More Mall retailers, you will earn bonus points or discounts.

Is Wells Fargo Business Secured Credit Card fraud free?

The card has high security against fraud. You will have a zero liability program with this card. If you lose the card, you will not be liable for any unauthorized purchases made with it. You will get reimbursement so long as you report the incident to Wells Fargo’s customer care desk.

Again, you will always get alerts to notify you about the available credit as well as all account activities. Furthermore, the chip technology adds another level of protection against any fraud incidences. Moreover, the company monitors your business accounts against fraud.

How do I get the card?

You have to apply for the card so that you can get it. Unlike the unsecured credit card that allows you to open a bank account with no deposit required, the Wells Fargo Business Secured Credit Card requires you to deposit between 500 to $25,000. The credit limit depends on the amount you deposit.

Moreover, you must be 18 years and above and have a valid identity document. You also need a Legal business name, address, and phone number. Also, provide the date you started the business, the business tax identification or Social Security number, the type of ownership, the number of owners, and the gross annual income.

The card requires all applicants to be US citizens. Again, one applicant has to be a Wells Fargo online customer if you own the business as many people. Remember that you have to open an account before getting the card. A checking or savings account will be okay.

The guarantor who has more authority in the business must provide name, address, phone number, Social Security number, date of birth, and citizenship. It is important to note that each member with 25% or more interest in the business must provide the percentage of ownership and the gross annual income.

Upon adhering to all the requirements, your application goes through very fast. You can start paying your suppliers using the card by just sending money to their bank accounts. You can also send money to someone without a bank account as long as they have a prepaid card.

Why choose Wells Fargo Business Secured Credit Card?

There are several reasons why you should choose the card. These include the following.

  • Protection from fraud. The card has high protection against fraud. If it happens, you are not liable.
  • Mobile app. Use a mobile app to deposit checks, pay bills, and so on without having to visit the bank or ATM. You have to download the app from the Google play store or App store.
  • Various rewards that accompany the card usage.
  • You can switch on and off your cards online.
  • You can send and receive money.
  • Purchase goods and services using a digital wallet.
  • Biometric authentication. Also, use your fingerprint or facial features to authenticate transactions.

Bottom Line

Wells Fargo Business Secured Credit Card serves as a good option for business people. Although you need to make some deposit, it is worth it because Wells Fargo will not bother to ask you about your credit history. Benefits such as fraud protection, mobile banking, and rewards are enough reasons why it is suitable for your business. Furthermore, as you increase your credit scores, you will be able to apply for a loan and grow your business.

Graham