Wells Fargo Business Secured Credit Card vs. Wells Fargo Business Platinum Credit Card vs. Wells Fargo Business Elite Card®: Three options for your business

Young business woman trying to choose the best Wells Fargo business cardImage: Young business woman trying to choose the best Wells Fargo business card

In a Nutshell

There are currently three Wells Fargo business credit cards to choose from. Because the cards offer many of the same features, you’ll have to check the details closely to figure out which one could be the best fit for you.
Louis DeNicola is a personal finance writer and has written for American Express and Discover. Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted.
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If you’re already a Wells Fargo customer and you have a business, then a Wells Fargo business credit card might make managing your business’s finances easier.

But you’ll want to compare card features and benefits closely before applying. In the arena of business credit cards, Wells Fargo offers three that may appeal to you. There’s a secured card, which could be a good option if your credit isn’t so great. The Wells Fargo Business Platinum Credit Card might be better for qualifying applicants with a small- or medium-size business. And for larger businesses, the Wells Fargo Business Elite Card® may work best.


At a glance: Wells Fargo Business Secured Credit Card vs. Wells Fargo Business Platinum Credit Card vs. Wells Fargo Business Elite Card®

  Wells Fargo Business Secured Credit Card Wells Fargo Business Platinum Credit Card Wells Fargo Business Elite Card®
Annual fee $0 $0 $0 first year (then $125)
Sign-up bonus None $300 cash back bonus or 30,000 bonus points when you select a Business Card Rewards Program and spend $3,000 on purchases within three months of opening your account $500 cash back bonus or 50,000 bonus points when you spend $15,000 on purchases within three months of opening your account
Rewards

Enroll in Wells Fargo Business Card Rewards® and choose 1.5% cash back for every $1 spent on purchases or 1 point per $1 spent on purchases, plus (if you go the reward points route) 1,000 bonus points if your company spends $1,000 on purchases during a monthly billing period

Enroll in Wells Fargo Business Card Rewards® and choose 1.5% cash back for every $1 spent on purchases or 1 point per $1 spent on purchases, plus (if you go the reward points route) 1,000 bonus points if your company spends $1,000 on purchases during a monthly billing period

Enroll in Wells Fargo Business Card Rewards® and choose 1.5% cash back for every $1 spent on purchases or 1 point per $1 spent on purchases, plus (if you go the reward points route) 5,000 bonus points if your company spends $10,000 on purchases during a monthly billing period

Variable APR for purchases* Prime rate + 11.90% Prime rate + 7.99%–17.99% Prime rate + 3.99%
Employee cards Up to 10 employee cards Up to 99 employee cards Up to 200 employee cards

*Wells Fargo doesn’t provide variable purchase APR until after you’ve applied. Consider applying for a different card if you’re looking for more transparency.


  1. Best sign-up bonus
  2. Best rewards value
  3. Best card benefits
  4. Best annual fee
  5. What to consider when applying for a business credit card
  6. Bottom line

Best sign-up bonus

With the Wells Fargo Business Platinum Credit Card, the sign-up bonus is $300 cash back (or 30,000 bonus points), and for the Wells Fargo Business Elite Card® it’s $500 cash back (or 50,000 bonus points). But there’s a pretty big difference in the purchase requirements for each card in order to earn that cash back.

While you have to spend $3,000 on purchases in the first three months of account opening to get the Wells Fargo Business Platinum Credit Card’s $300 cash back bonus (or 30,000 bonus points), the Wells Fargo Business Elite Card® requires $15,000 in purchases during that same time period to earn its $500 cash back bonus (or 50,000 bonus points). The best option probably depends on how much money your business usually spends.

The Wells Fargo Business Secured Credit Card is the odd card out — it doesn’t offer a sign-up bonus.

Best rewards value

With all three cards, you can decide between earning cash back, rewards points or not enrolling in a rewards program at all. And there’s no cap to how much cash back or rewards points you can earn.

Cash back

If you choose the cash back option, the cash rewards will be automatically credited to your account quarterly. If you have an eligible business checking or savings account, you can have your cash back deposited there instead of credited to your card.

Rewards points

The rewards program is a little more complicated.

If you have the Wells Fargo Business Secured Credit Card or Wells Fargo Business Platinum Credit Card, you can earn one point for each $1 you spend on purchases, plus an additional 1,000 bonus points during each monthly billing period that your business spends at least $1,000 on purchases.

With the Wells Fargo Business Elite Card®, you can earn 1 point for every $1 spent on purchases and you can get an extra 5,000 bonus points if you spend at least $10,000 on purchases during a monthly billing period.

The rewards points value can vary depending on how you redeem the rewards. For example, you can redeem points for cash back or gift cards, but select gift cards offer a 5% discount. You can also redeem points for travel or merchandise, with the value depending on the current price of the product or service. Additionally, you can receive 10% of your redeemed points back if you make the redemption online.

You can learn more about the rewards program, review rewards redemption options and find links to program specifics on the program overview page.

Heads up!

Beware of the fine print when you choose your rewards. For example, your rewards points will expire on Nov. 30, three years after the year in which you earned the points. And points are redeemed on a first-in, first-out basis. So as you earn your points, the oldest will be redeemed first. If you let older points accumulate while you’re trying to earn enough to reach a redemption goal (say for a big travel reward), keep those dates in mind.

Also, there can be fees associated with certain redemptions. For example, there’s a fee if you redeem your points for an airline ticket.

Best card benefits

The three cards offer similar cardholder benefits, but there are some differences to consider.

Your credit is one factor. If you’re new to credit, building credit or rebuilding credit, a secured business card may a better option.

Business owners who need more than 99 employee cards or expect to regularly carry a balance may benefit from the lower variable purchase APR on the Wells Fargo Business Elite Card®. But if you don’t need those benefits, consider whether the Wells Fargo Business Platinum Credit Card could be a better fit for your business.

What to consider when applying for a business credit card

A business credit card is for just that — business. If your business doesn’t have established credit, your personal credit may be used instead. That means the card’s activity might show up on your personal credit reports, and falling behind on payments could hurt your personal credit.

On the other hand, managing your card well could help build your business credit. Remember to use the same good habits you have with a personal credit card, like paying your bill on time and in full each month.


Bottom line

There are many business credit cards to choose from. Comparing all your options before applying can help ensure you get a great business credit card for your business.

Beginning solopreneurs or freelancers may also want to consider business vs. personal cards. While business cards may offer employee cards or business-expense tracking tools that aren’t available with personal cards, personal cards may offer more-appealing rewards programs and might be the only option for those just starting out. Just remember to keep personal expenses and business expenses separate.

Ultimately, which card is right for you is a very personal choice, so be sure to do your homework first!


About the author: Louis DeNicola is a personal finance writer and has written for American Express, Discover and Nova Credit. In addition to being a contributing writer at Credit Karma, you can find his w… Read more.