If you need a business credit card and you don’t have great credit, we think the Wells Fargo Business Secured Credit Card is your best option.
Like the name says, this Wells Fargo card is a secured Mastercard, which means you’ll have to offer a security deposit. Your credit limit will depend on how much you deposit, but it can be as low as $500 or as high as $25,0000.
But that’s all standard stuff. What really sets the Wells Fargo Business Secured Credit Card are the low fees and interest rate and the relatively robust rewards. Wells Fargo offers the lowest interest rate of any credit card on this list (currently 15.15%) and it doesn’t charge an annual fee, making this an affordable credit option. You even get 10 free employee cards.
And like we said, it has good rewards. You can choose between cash back or points rewards. If you go for the cash back, you get a perfectly respectable flat rate of 1.5% per $1 you spend, while the points earn you a little less, at 1 point per $1). You can even earn bonus points anytime you spend at least $1,000 in a billing cycle.
Those low rates and competitive rewards make the Wells Fargo Business Secured Credit Card competitive even with many unsecured cards for good credit. But it does have a lower credit limit and rewards rate than many unsecured cards, so we do recommend upgrading from this card when you can.
But as long as you need a card for bad credit, the Wells Fargo Business Secured Credit Card offers a great option, thanks to low fees, decent rewards, and credit building capabilities.