Summary: Secured credit lines to help companies with poor credit rebuild their financial footing on shaky ground. Unlike unsecured cards, secured cards require some collateral as security before application. The Wells Fargo Business Secured Credit Card comes out of its competitors because of this extra benefit cardholders can gain when building their credit in this way. This credit line was specifically designed for business owners who have less than perfect credit histories. To qualify for this line, cardholders must prove they are at least eighteen years old and that they own a company that makes at least one thousand dollars per year. This line of credit is also good for student use only.
How is it different from other cards? The key difference between this business secured credit card and others is the amount of time it takes to build your credit history. Many credit bureaus take weeks or even months before they report your payment history to them. Many business owners don't realize they can take advantage of this waiting period. This gives business owners the perfect opportunity to build up their credit history.
It is important to remember how your past spending habits affect your future. If you have been irresponsible with your spending habits, this will have a negative impact on your credit score. One way to get around this problem is to begin to rebuild your credit by making sure you pay your monthly bills on time every month and that you do not surpass your spending limit on any of your purchases.
Are there any rewards programs available? This is an area you may want to explore when using your Wells Fargo business secured credit card. Rewards programs are great for building your credit history, but you want to make sure the rewards you are getting are low cost items. You will also want to investigate the fees associated with these rewards programs.
What are some of these fees? One fee, you should be aware of is the cash advance fee. This fee may seem small, but if you have ever made a cash advance payment on your credit card it can add up to large cash payments. You also want to find out whether or not your rewards program includes any cash back for purchases made at gas stations, department stores, drug stores, etc. Some companies offer cash rebates as well.
Are there any foreign transaction fees? A money transfer fee may also be included with your business secured credit card. Most credit card companies offer some type of money transfer fee. However, some of the better credit cards include no transaction fee whatsoever. You want to be sure you understand all the terms and conditions of your credit card provider.
Another important consideration when selecting your Wells Fargo Business Secured Credit Card is what are called “brand limits.” These are the maximum dollar amounts that can be charged. There are three different classifications for the Wells Fargo business secured cards. First, there is the regular card which allows one account per person. Second, there is the business sized card that is good for up to ten accounts (twenty if you count twenty-five business accounts).
Last, there is the Corporate Cards which are not really credit cards but rather are business secured deposits. If you are unable to open a traditional bank account you can use these cards to build credit. As with all deposit cards there are annual fees and charges for overdraft protection and penalties if you fall behind in payments. However, if you do not apply for an account with the corporate cards you can use them as payment cards. This will give you more flexibility in controlling your cash flow.
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