Wells Fargo Business Secured Credit Card (2022)

Accepted Credit Scores

Bad Credit

$500

One-Time FeesSee Terms

Annual Fees$0

Monthly Fee$0

16.65% (V)

Earn 1.5% cash back for every $1 spent on net purchases. Enrollment in the cash back rewards program is required.

Collect your cash back automatically as a credit to your account or to your eligible checking or savings account each quarter.

Wells Fargo Business Secured Credit Card Pros & Cons

No membership fees

No foreign fee

Qualify with bad credit

No rewards bonus

Requires security deposit

cash advance fee4% (min $10)
cash advance APR25.49% (V)
foreign transaction fee0%
smart chipYes, chip-and-signature
max late fee$50
max overlimit fee$0
max penalty APRSee Terms

$500 to $25,000 credit line based on the amount you deposit. Up to 10 cards can be issued with no additional fee.

The Bank may hold collateral for up to 30 days following account closure in order to cover transactions that may be posted to the credit card account after it is closed.

Your account will periodically be reviewed for an opportunity to upgrade to an unsecured business credit card.

Manage spending, payments, and transfers online with Wells Fargo Business Online®.

Manage your expenses using the Business Spending Report.

Keep your business protected with Zero Liability Program, Rapid Alerts, Fraud monitoring and Purchase Assurance®.

Can't find what you are looking for? Submit your question about Wells Fargo Business Secured Credit Card to our community. Editorial and user-generated content is not provided, reviewed or endorsed by the issuer of this card.

Which credit bureaus do you report to? And do you report using my EIN business number?

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Mark Lacouague

@markl_170

For me is reported to my EIN, not my SSN. Just bear in mind that odds are you will never "graduate" from this card. If you ever want the money back you put in for the card you will have to close your account and open another.

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How can I pre-qualify for the Wells Fargo Business Secured card?

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Peter Fox, WalletHub Analyst

@PeterFox

You cannot pre-qualify for the Wells Fargo Business Secured card.

An actual application will be required, but don't worry too much about the hard inquiry. The score effects will be minimal.

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Is a Wells Fargo checking account needed for the Wells Fargo Business Secured Card?

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Marshall Smith

@smithm_3

A Wells Fargo checking account is not needed for the Wells Fargo Business Secured Card.

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How can I get a Wells Fargo Business Secured card credit limit increase?

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Does Wells Fargo Business Secured report to the business credit bureaus?

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thom Fotenberg, WalletHub Credit Card Analyst

@thom.f

The Wells Fargo Business Secured reports to the business bureaus. It's actually the only secured business credit card that reports to D&B.

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What's the maximum amount I can deposit on the Wells Fargo Business Secured card?

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Dianna Tyler

@dianna_tyler

The maximum amount you can deposit on a Wells Fargo Business Secured card is $25,000. The minimum is $500.

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How much is the starting Wells Fargo Business Secured card credit limit?

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James bronzz, WalletHub Analyst

@jbronz

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How can I apply for the Wells Fargo Business Secured card in branch?

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Ronnie King

@ronnie_king

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Does the Wells Fargo Business Secured card do a hard pull?

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Lisa Cahill, Credit Cards Moderator

@lisacahill

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Share your insights and review the Wells Fargo Business Secured Credit Card

Jen G

@small_biz_owner

4 Star Rating

My card just graduated this month! I had actually been on here recently reading through reviews trying to get an idea of how long it would take and was feeling very discouraged by how many people mention they're still waiting. I was actually really surprised that I was getting an upgrade from what others said considering I only just started working on my personal 7 months ago. I've never been a fan of the whole credit system and avoided credit cards. (I'm in my mid 30s now in case anyone's interested.) My small business and discovering having credit for it matters is the only reason I started working on my personal credit, also starting with a secured credit card (through another bank). I finally got personal fico credit scores about a month ago (731, 715, 720) and an upgrade and credit increase on my personal card. I don't know if that has anything to do with why Wells Fargo also graduated my business secured card with them, but figured it might be worth mentioning. (I wasn't offered an increase on my business limit by the way, only graduation.) My business also recently established a Paydex score of 80, with all risk scores being either low or low-moderate on D&B and 80 on Experian Business, but can't find my business through Equifax for whatever reason. Please note my business's credit was established through Net30 accounts with a few other businesses, not the credit card which does NOT report to business credit bureaus despite what some websites falsely claim.

I'm giving 4 stars instead of 5 because of how ridiculously hard it is to get much information about anything when calling their credit department. My banker at the branch who helped me set up all my accounts is great though.

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seamushaney

@seamushaney

1 Star Rating

Worst card ever I applied 2 months ago told I was approved and I’m still waiting for an account to be set up
I call the 1800 # no answers I send emails daily no reply I walk into the bank they can’t help me they just tell me I’m approved

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Robert Slocum

@slocumdesign

1 Star Rating

I've had this card now for almost 3 years. It has been on autopilot the entire time as far as payments - perfect payment history. I've put somewhere between 3 and 4 hundred thousand in revenue through my associated LLC checking account. I have decent credit on my personal side - and I have the same whopping 500 dollar credit line on this piece of junk. Completely useless. I have never received an offer to upgrade, I have approached Wellsfargo personally about it, and they ran my business credit check and denied me based on my lack of business credit history - (exactly what this card was for the last three years.....) This is not the proper way to build true business credit. So let me get this straight, I gave Wells fargo a loan, allowed them to charge me interest on my own money for the sole purpose of building a credit history, and after years i'm finding it difficult to find any reporting of any credit history at all. It's certainly not on my SSN, and I can't find evidence of it on my EIN. Now as I historically understand it, it would look bad on my credit to close the account. Yet there is an annual fee. Bad business decision. In fact, walking in to Wells Fargo is a bad business decision. Unless it just makes you feel good to have a piece of plastic in your wallet that "looks" like a credit card I suggest you avoid this trap.

Oh! one thing I have found it useful for. If I need to make a purchase from a sketchy vendor, or site, where i'm leary of giving my check card associated to my bank account I use this card, because I know Wells Fargo will never ever raise the limit, or extend me any grace on this card. That vendor has no access to any real money.

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Samuel Trevino

@samuelt_28

Thanks, I was considering this but now I'm not.

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powerhousefinancials

@powerhousefinancials

Thank you so very much. I know Wells Fargo has a very bad reputation when it comes down to mortgage lending. I was hoping that their credit card was somewhat different.

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dmsheldon22

@dmsheldon22

This is a secured credit card. If you want to increase your limit, then you need to provide an additional deposit. You obviously only gave them $500 initially. You can give them up to $25,000 and your limit will be increased accordingly.

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Mark Lacouague

@markl_170

1 Star Rating

Verified Customer

Odds are you will never "graduate" from this card. That is information I finally got straight from the mouth of a Well Fargo rep. I had a credit score of nearly 800 for most of my adult life. But went thru a hard time that impacted my credit. After starting a new business I signed up for a Wells Fargo Business Secured Credit Card in order to get things rolling again. As far as everything else is concerned this card is just fine. Good terms, etc. However I was told after a year of good standing with the card I would be "graduated" to a unsecured line of credit. Well it's now been over 2 years that I have had the card. I've run right around $250,000 thru this card in that 2 years and NEVER carried a balance let alone EVER been late. At this point I have other lines of credit and don't even need this line anymore. But at this point purely out of principal I called, fighting to have my card graduated. After about an hour on the phone talking with 3 different people, a customer service rep finally told me that it is "very rare" for anyone to "graduate" from this card. Obviously Well Fargo has no interest in moving on from their tactics of trying to open as many accounts as possible, even if it means lying to their good customers. I'm a small business owner with 6 Wells Fargo accounts. ALL have ALWAYS been in perfect standing! No if's and's or but's about it. I'll be closing my secured accounts, the business and personal account I have, and it will probably ding my credit for a while. But I'm not going to continue to let Wells Fargo see any profits from my credit card purchases and I am seriously considering closing all my other Wells Fargo accounts just on principal of them refusing to do the right thing. I played by the rules the Well Fargo put forth when I got the card and they don't hold up their end of the bargain.

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Kyle Ervin

@kyle_ervin_52

5 Star Rating

I needed a way to help get my credit score up and was the perfect fit for the Wells Fargo Business Secured Credit Card. The low minimum deposit made it possible for me to get on track towards building my credit up. I have had no issues thus far and the fees are very reasonable.

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nate

@97dman

1 Star Rating

Hi I’ve had this card for a year and three months...first off if you have stumbled upon this review consider yourself warned and lucky. This credit card is so stressful worth your time money and aggravation.
Fist off its a secured credit card which means you need to send in a deposit and that will be your credit line. I’m not going to go through the whole painful process, but ill give you my experience. one it did help me build my credit. Two it takes at least 10 DAYS!!!!!!for them to post a payment. Their WORST CUSTOMER SERVICE IN THE WORLD!

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Julie Curts

@whodatjuliec

5 Star Rating

I initially got this Wells Fargo secured business credit card when I started my nanny business. I made the decision to go with Wells Fargo security card because I had a bank account with Wells Fargo. Previously, I had been married and had to file bankruptcy when I divorced . I faced many troubles when I was starting my small business. I will be grateful to Wells Fargo and the secured business card because I was able to build my credit up from virtually nothing.My credit score went up and I was able to pursue other ventures, but this was my start. My initial investment was $5000. I would recommend this to anybody who is looking to start a small business and may have some past financial mistakes.

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