Wells Fargo Business Credit Card

Thursday, June 14, 2012 at 4:08pm by Site Administrator

Getting a Business Card with Wells Fargo


Every business has different needs, and there are a variety of credit options to help address some of these. Business credit can be used to centralize monthly expenses, which can be especially useful with multiple employees handling expenses. Some businesses with higher cash flow will benefit from cards with higher maximum limits while others can view the higher limits as a cushion for potential emergencies.

Choosing a credit card and provider for your business is a time-consuming process. Some feature lower interest rates, longer introductory periods, no charge on foreign currency exchanges, or rewards programs targeted to different types of business. With so many options available, it is generally worthwhile for owners to select more than one business credit card for use in different situations. A review of business credit options from Wells Fargo bank will provide insight into the assessment of options.


Platinum Credit Option

Businesses with an annual income of up to $2 million are invited to apply for the Wells Fargo Business Platinum card. Because this option is available to newer business, the maximum limit is $50,000. Up to 99 cards can be issued to employees, and each can include a pre-set spending limit. Since each is on the same account, itemization for budgeting and tax purposes is simplified. Wells Fargo takes an extra step to aid in business accounting by providing an online Business Spending Report that is downloadable to financial software.

The interest rate is calculated off a combination of the prime rate and the risk of lending to your business, which is reflected in the credit score. The minimum rate offered to businesses presenting extremely low risk is the prime rate plus the prime rate minus 5.99%. Higher risk businesses will incur this calculated rate plus a maximum of 14.99%. Interest does not begin to accrue until a minimum of 21 days after each purchase, which means prompt payment upon billing may still incur interest charges. Online payment before billing will reduce interest charges and give a small boost to your credit score.


Business Elite Card for Established Businesses

This option is reserved for businesses with an established credit history, which generally means two years or more, and annual revenue in excess of $1 million. There are only a few differences between the Elite and Platinum cards in the basic terms. The interest rate is calculated the same, but the Elite offers a maximum limit up to $100,000 and up to 200 employee cards. It also differs in producing a consolidated bill for all company cards versus the individual card holder billing with Platinum. The grace period on purchases is a little longer at 25 days.


Wells Fargo Special Features and Rewards

Both business credit cards can be customized in appearance. They can carry your business logo or any other image, which allows you the ability to showcase a chosen aspect such as services, products, or your physical location. In the online application process, there will be a prompt to upload your image or choose one from an existing database.

The Wells Fargo Business Card Rewards Program is the same with both cards, but it is optional and requires a $50 annual fee for participation. If your card is used for $5,000 of expenses during the year, this will cover the participation fee. Platinum users will find this fee waived for the first year. The program allows the option of either cash back or points-based rewards. With the cash back option, 1% of all purchases will be credited to the account each quarter. Points accumulate at the rate of a point per dollar, and these may be transferred to cash at the equivalent rate. This rewards program seems lean at first glance, but additional features should increase interest.

Wells Fargo has established the Earn More Mall, which is a collection of hundreds of merchants in one online storefront. Using these merchants can result in a maximum of 16 points earned per dollar as well as discounts. Service providers, including utilities, wireless, insurance and internet, are also partnered with Wells Fargo to earn you extra rewards with regular bill payments. If you have multiple accounts, such as a personal and business account participating in rewards, they can be linked to pool points.

Before choosing any credit card, you’ll need to research the terms of each card for comparison and determine whether the rewards program is useful to your business. With this program, it will suffice to peruse the merchant partners.

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