Wells Fargo is often considered one of the leading brands when it comes to managing small business finance needs. It’s no wonder then that the bank offers several lending options in addition to banking and investing opportunities.  

Included in the list of Wells Fargo business credit cards is the Business Elite card, which offers premium benefits for business owners who meet the annual revenue requirements.

What makes this card different from the Wells Fargo Secured or Wells Fargo Platinum credit card? A more competitive rewards program and added benefits and perks that can make it easier to manage business spending. That’s particularly true for Wells Fargo banking customers.

That said, for some business owners, the Wells Fargo Business Elite card may not be right for everyone. For some, other business rewards cards may offer similar perks but with added or more flexible rewards programs.  

Nav has reviewed many of the most popular credit cards available to today’s business owners, so before you apply, head over to our marketplace to check out our reviews.

Card Review Details

The Wells Fargo Business Elite Credit Card was designed specifically for businesses owners that have annual revenue of $1 million or more. There are no annual fees or foreign transaction fees, and you can request up to 200 employee cards, though there is a $75 annual fee if you want to participate in the rewards program.

Wells Fargo Rewards

The Wells Fargo Business Elite Credit Card rewards program is structured in the same manner as other Wells Fargo business credit cards. As such, you can choose between the following:

Cash Back Rewards

If selecting the Cash Back rewards option, you’ll be able to earn a straight 1.5% cash back –  there are no category or spending limits. Cash back is automatically credit to your card account or to your bank account quarterly (March, June, September, and December)

In addition, new customers can earn $1,000 in cash back when they use their card to make $15,000 within the first three months of opening the account.

Rewards Points

Under the Rewards Points program, you can earn 1 point per dollar spent, and there are no category or earning limits. You can also earn an additional 5,000 points when you spend $10,000 in any given billing cycle.  

New cardmembers will have the opportunity to earn 100,000 bonus points when they use their card to make $15,000 in purchases within the first three months of opening the account.

Points can be redeemed for airline tickets, merchandise, gift cards, and more. However, it’s worth noting that points that are to be used for tickets must be redeemed through the Rewards Service Center and a $24 fee will be assessed.

Additional card features

The Wells Fargo Business Elite credit card also offers access to the Card Design Studio, which allows you to customize the appearance of your card, as well as various cardmember perks.  This includes access to overdraft protection (for Wells Fargo banking customers), liability and fraud protections, account alters, and purchase protection

What really sets this card apart from other Wells Fargo business credit cards is the spending controls. For business owners who extend card privileges to numerous purchases, this can be a real advantage.

With this feature, you can set limits on how and when employees can use their card. For example, you can set limits on the types of purchases a cardholder can make, such as office-related supplies and travel. Controls can also be used to limit how much employees can spend on things like gas and tolls or when they use their cards (e.g., only during business hours).

Finally, cardmembers also gain access to dedicated customer service and Business Elite Online Reporting. The Elite level of online reporting allows you to track and manage card activity and payments, view spending by merchant, analyze spending by category, and create other custom reports — another plus for businesses owners who need to manage complex costs or numerous employee cards. 

What are the Wells Fargo business credit card approval requirements?

Wells Fargo business credit card approval requirements vary from card to card and take into consideration a number of factors including the applicant’s credit history, credit score, and business revenue.

In addition to annual revenue of $1 million or more, Wells Fargo Business Elite Credit Card applicants typically must have excellent credit to be approved.

To apply for a Wells Fargo business credit card, you must also be able to provide basic business information, including the legal name and address of the business, establishment date, and ownership type.

Further, if you’re applying on behalf of a business with more than one owner, any owners with 25% interest or more must be listed on the application.

*All information about the Wells Fargo Business Elite Credit Card credit card has been collected independently by Nav. This card is not currently available through Nav. To see what business credit cards are available, please visit the Nav Credit Card Marketplace.