These are some important things to remember if you're interested in applying for a secure business credit card. You'll need to transfer the amount from your current business bank account. This money is not used for the credit card until the card is paid off, and it is your backup if you can't pay it.
Wells Fargo Business Credit Card
The Wells Fargo Business Secured Credit Card can be a good choice if you are looking for a business credit card. There is no annual fee and there are no foreign transaction fees. You have the option of automatic payments, or overdraft protection. The card's rewards and features are also flexible.
This card can help you build a strong credit history for your business. This card does away with a FICO score. Also, it doesn't report to personal credit bureaus. But, it reports to Small Business Financial Exchange. Additionally, the account allows you to open it with a $500 cash deposit. You also have access to a $500 credit limit. Once you've established a good track record, you may be able to increase your credit limit.
One of the many benefits this business credit card has is the ease-of-use online account management. Cardholders with the Wells Fargo Business Secured Credit Card can access multiple accounts from one spot. The high interest rate means that it should only be used for purchases and not to pay balance payments.
Wells Fargo Business Secured Visa Credit Card
Business owners have many advantages to this credit card. The card does not have an annual fee and no foreign transaction fees. It also has a number of convenient benefits, including autopay and online account management, overdraft protection, and fraud monitoring. Another perk is $0 fraud liability, but these aren't the only ones to consider.
The card's purchase assurance guarantee means that, if you purchase something and it breaks within the first six months, Wells Fargo will repair or replace it free of charge. However, you will have to keep in mind that, in addition to this guarantee, the bank will periodically review your account and recent credit history. It depends on many factors such as your payment record, credit history, and payment history whether you are eligible to apply for an unsecured business credit.
Rewards programs are another thing to look for in business credit cards. The rewards program is not as generous as those offered by other cards, but it does offer rewards. One point is awarded for every dollar spent by applicants who have excellent credit. A card that offers cash back or points is best for those with a smaller credit profile.
Wells Fargo Secured Visa Credit Card
You might consider the Wells Fargo Secured Visa Credit Card if you are looking for a card that does not require a high score. The card has low annual fees and good rates. This card is not a reward card. However, it does offer a 0% intro interest rate balance transfer offer for the first 12 months. It offers auto rental collision damage insurance as well as reports to multiple credit bureaus. It doesn't offer cash back or rewards programs. However, the company charges a 5% balance transfer charge and a $3 foreign transaction fee.
The company regularly reviews accounts and checks recent credit history. The company also offers "Secured Business Cards", which is an interesting feature. You can upload an image of your business to this credit card. You can upload a logo, a photo of your storefront or even a product line. The image will be displayed on your card once it is uploaded.