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Wells Fargo Business Secured Credit Card review: Earn business rewards with no credit or bad credit

 /  2 min
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Snapshot

3.5

Bankrate rating
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Rating: 3.5 stars out of 5

Bottom line

The Wells Fargo Business Secured Credit Card is a decent option for businesses with no credit or bad credit that can use the card to earn rewards while potentially building or rebuilding their business credit scores.

Wells Fargo Business Secured Credit Card

Wells Fargo Business Secured Credit Card

Recommended credit score:(670 - 850)

Intro offer

N/A

Rewards Rate

1 Point - 1.5%

Annual fee

$0

Regular APR

Prime + 11.90% on purchases

3.5

Bankrate score

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Bankrate insight

As of September 2022, Wells Fargo has discontinued the Wells Fargo Business Secured Card. The only business card Wells Fargo currently offers is the Wells Fargo Signify Business Cash℠ Card*, which is an unsecured card, so we recommend you consider other business secured cards instead. 

Wells Fargo Business Secured Credit Card overview

Opening a new business credit card can be challenging for businesses with no credit or bad credit. One benefit of the Wells Fargo Business Secured Credit Card was that it was made available to any business, even those with a history of late or missed payments.

This card stood out from competitors thanks to a flexible rewards program, no annual fee and its relatively high credit limit (if you had the funds to deposit). Since this was a secured credit card, business owners had to deposit funds as collateral (between $500 and $25,000). This card was an excellent choice for business owners who had struggled to get approved for a business credit card or who wanted to build business credit while earning rewards.

  • Credit Card With Dollar Sign Icon

    Rewards

    • 1.5 percent cash back or 1 point per $1 spent and 1,000 bonus points for spending $1,000 each month

    Expert Appraisal: Typical

  • Rewards Icon

    Welcome offer

    • None

    Expert Appraisal: Weak

  • Credit Card Search Icon

    Rates and fees

    • No annual fee
    • No foreign transaction fee
    • 15.15 percent APR
    • Late payment fee: up to $50
    • Returned payment fee: $29
    • Cash advance APR: 23.99 percent 

    Expert Appraisal: Unimpressive

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    Other cardholder perks

    • Flexible credit limits
    • Overdraft protection
    • Business credit building

    Expert Appraisal: Typical

Alternatives to the Wells Fargo Business Secured

Even though the Wells Fargo Business Secured is no longer on the market, there are other options available that offer comparable rewards rates or credit-building opportunities. 

Image of Wells Fargo Business Secured Credit Card

Wells Fargo Business Secured Credit Card

Annual fee

$0

Intro offer

N/A

Rewards rate

1 Point - 1.5%
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Recommended Credit Score

Good to Excellent (670 – 850)
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Image of Business Advantage Unlimited Cash Rewards Secured Business Credit Card

Business Advantage Unlimited Cash Rewards Secured Business Credit Card

Annual fee

$0

Intro offer

N/A

Rewards rate

1.5%
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Recommended Credit Score

N/A
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Image of Valley Visa® Secured Business Credit Card

Valley Visa® Secured Business Credit Card

Bankrate Score
Rating: 0 stars out of 5
0.0

Annual fee

$0

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

N/A
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Bankrate’s take: Business Secured's closure is a loss to the secured business card market

Compared to other business secured credit cards for bad credit and no credit, the Wells Fargo Business Secured card was a great choice; discontinuing the card leaves a gap in the market for businesses that have limited credit options or that are looking to build their credit. While alternatives like the Business Advantage Unlimited Cash Rewards Secured Card and Valley Bank Visa still exist, business owners should carefully consider each alternative to determine which card best meets their needs.

All information about the Wells Fargo Business Secured Credit Card, Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card and Valley Bank Visa® Secured Business Credit Card has been collected independently by Bankrate.com and has not been reviewed or approved by the issuer.

How we rated this card

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50+
cards rated
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700+
data points considered
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10
spending categories analyzed
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40+
perks evaluated

Our proprietary card rating system takes into account a mix of factors when scoring business credit cards, including each card’s rewards rate, estimated annual earnings, welcome bonus value, APR, fees, perks and more.

We analyzed over 50 of the most popular business credit cards and scored each based on how its key features stacked up compared to those of other cards in its category.

Here are some of the key factors that gave this card its score:

Written by
Re'Dreyona Walker
Associate Editor, Credit Cards
Re'Dreyona Walker is an editor for Bankrate and CreditCards.com, focusing on product guides and reviews. As a personal finance expert, she is dedicated to providing honest product reviews as well as in-depth, comprehensive guides to assist readers in building credit and finding the best credit cards for their needs.
Edited by Senior Editor, Credit Cards

* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.