Rmerchant Reviews of Wells Fargo Credit Card Processing
Wells Fargo Business organisation Secured Credit Card Overview
Wells Fargo Business organization Secured Credit Menu provides a manner for concern owners with either low credit scores or no credit history to obtain a credit card. Considering this is a secured card, yous'll have to place down a security deposit. While this might seem unfortunate at first, you lot'll be able to build up credit and become into the addiction of paying off a monthly residue. This will assist your business in the long term.
This card also offers a way to earn rewards — something that isn't exactly common when it comes to secured cards. It additionally provides an option to request extra cards for your employees, as well every bit a few standard credit carte benefits.
Information technology's also worth noting that this is one of the few secured cards designed specifically for businesses. If you want to consider other secured options, y'all'll likely demand to go with a personal credit card for your business.
To get the full breakdown on this carte du jour, keep reading below!
Wells Fargo Business Secured Credit Carte du jour At A Glance
Eligibility
Wells Fargo designed this carte with credit-building in listen. Equally such, yous should be fine to apply if you have a poor credit score (in the 500s or lower) or don't have a credit history. If you are unsure of your credit score, y'all tin can find out by visiting 1 of these free sites.
Information technology's also worth noting that you'll want to make sure you have money set aside for your security deposit. Wells Fargo requires a minimum deposit of $500, and so yous'll need to at least have that much bachelor when you apply.
Rewards & Fees
Rating: Fair
This card includes a unique feature where you get to pick which type of rewards scheme yous want. When you enroll, you'll be able to select between receiving cash back or earning reward points for purchases.
If you select cash back, y'all'll nab one.five% back for every dollar spent on purchases with the card. This is a very reasonable rate for a secured card, especially because information technology'southward focused on credit-building. Frequently, cards targeted at users building credit don't offer any rewards.
If reward points are more your thing, yous'll collect one point for every dollar y'all spend with the bill of fare. Afterward your company reaches $1,000 spent in a monthly billing period, you lot'll likewise rack up an additional 1,000 bonus points. This means that if your company will regularly spend betwixt $ane,000 and $2,000 per month with this card, you could collect rewards at a faster clip via points. Otherwise, y'all'll mostly exist improve off going with cash back.
Those who choose the points option will also accept access to Wells Fargo's Earn More Mall program. This program will enable you to earn boosted points or discounts when you buy from select retailers, both in-shop and online. Yous can earn up to ten% in rewards when you make a purchase from an eligible retailer.
For April, Wells Fargo has set this card to the prime charge per unit plus 11.ninety% on purchases. Note that because the prime rate is variable, your April may fluctuate over time. There is no introductory rate for new accounts.
While Wells Fargo advertises that their rewards programme has no fees, there is a general annual fee of $25 per bill of fare. In some cases, you lot may also have to pay a fee for rest transfers, although Wells Fargo doesn't disembalm rates prior to approving. Cash advances require a 4% fee (with a $10 minimum charge). On the plus side, this carte du jour has no foreign transaction fee, which is beneficial if you lot travel overseas for business.
Similar with virtually secured cards, you'll besides be required to make a security deposit. Your credit line will equal the amount you pay. Wells Fargo requires a minimum eolith of $500 and allows up to $25,000. Periodically, Wells Fargo volition check to see if you lot can qualify for an unsecured carte du jour, allowing you to proceeds access to potentially better rewards while no longer needing to worry about a security deposit.
Redeeming Rewards
Rating: Good
If you choose cash dorsum, you'll receive your rewards in the course of an account credit or a deposit to your eligible checking or savings account every quarter.
For reward points earners, points can be redeemed for souvenir cards, merchandise, airline tickets, and more than. If you lot redeem through Wells Fargo's online portal, your points will be worth an extra 10%.
Other Benefits
Rating: Off-white
Additional features included with the Wells Fargo Business Secured Credit Card include the ability to add upwards to ten employee cards. However, do annotation that each carte du jour added volition cost an additional $25 annually, and then you'll want to request more cards only if they are necessary.
Other benefits come in the form of standard credit card features, such as a zero liability program and purchase balls for stolen items. You'll as well exist able to access and manage spending reports, payments, and transfers via Wells Fargo's online portal.
Final Verdict
Is the Wells Fargo Business organisation Secured Credit Carte right for your business organisation? Y'all might want to employ for this card if:
- You need a secured menu because you lack a credit history or a loftier enough credit score to apply for an unsecured carte du jour.
- You lot desire a customizable rewards scheme that fits with your spending habits.
- Yous travel abroad and desire to avoid foreign transaction fees.
On the other hand, you might want to pass if:
- Your credit score is loftier enough that you tin apply for cards with better rewards and lower fees.
- Y'all need multiple cards for employees and want to avoid the almanac per carte fee.
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Source: https://www.merchantmaverick.com/reviews/wells-fargo-business-secured-credit-card-review/
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