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The purpose of this post is to want to talk about secure business credit cards, now a lot of you are familiar with credit cards on the personal side, as far as security and business credit cards pretty much work the exact same way, business secured credit cards being is there's not a lot of options out there, when it comes to getting business credit cards that are secured in order to build your business credit and grow your business, so in this post I want to talk about the Wells Fargo secure business credit card.
Now we start the Wells Fargo secured business credit card, I'm going to first give you a little bit information about the card, right here down Reckling Wells Fargo's website, and then just kind of talk about whether or not it makes sense for your business, as you go through your business credit building journey, now as you see it is the Wells Fargo business all secured credit card, and it's a MasterCard, so it's a card that can be used anywhere that MasterCard is accepted, right now they have a new customer offer, where you can earn 1.5% cash back, and there's no annual fee, annual rewards fee, your credit line can be up to $25,000, a minimum five hundred which that amount will be secured about you as far as the credit line, if you put down two thousand and you have a two thousand dollar credit line, you put down five hundred and four five hundred dollar credit line, it has zero liability protection, no far a transaction fee, and all that stuff just like most credit cards, but now is where we get down to the goodies, there is an annual fee for the card at twenty-five dollars, which is not a big deal, it's not a huge deal, but nonetheless, it is a fee, but this card is as you see right here is great for jump-starting your business establishing or rebuilding business credit with Wells Fargo for those who bank with Wells Fargo for those businesses, that have little to no business credit history, and those are businesses that have past credit challenges.
Now one thing about this card is you have to be a Wells Fargo online member, you add minimum have to have some type of bank account with Wells Fargo, now if you're not already wit false Wells Fargo, then you have to make a decision, do I want to open up an account. a banking account with Wells Fargo just? So I can obtain this business credit card, that's the decision that you have to make personally for you at your business, I will say as I'm sure where Fargo is one of the largest banks out there, obviously they're reputable Bakke, very large vacant, there are a lot of great benefits that could come from with making for Wells Fargo, Wells Fargo is not the place where I would send the business owner for business owner wanted to get funding or to get a lot of credit, because their funding and credit line guidelines are very stringent compared to a lot of the alternative banking sources that we have out there, but nonetheless for my pure baking standpoint, this may be a great option for you.
To go right here to the how it works, you'll see that talked about the credit line and you can use it for anything whatever you want, but this card does require a personal credit check, it does require a personal credit check, it will be a hard inquiry on your personal credit report, but the account does report to your business Experian credit, so now in order for the report to your business experience, you must have to make sure you have a profile setup with experience prior to getting this card, just want to make sure it reports, that's something that we kind of have to discuss another post as far as setting up your experience profile, but that's why when you come into one of our programs, we walk you through all of these steps, so you don't miss anything, so you don't find yourself with a card that like the West Fargo secured business credit card, that Wells Fargo would like the report to and they're trying to report to, but because you don't have the proper business file, business profile set up with experience that reporting is actually not happening.
So you just go right here online and click the apply button, if it's something that you want, there's something that should think interested in, it tells you verbatim what you're going to need your legal business name, your address, phone number, the date your business was established, tax ID, and/or social, just the basic stuff that you would need, your gross annual revenue.
Please be honest to say your business makes $40,000 a month when your business makes seven hundred dollars, but you don't want to do that, just be honest, just put the correct information to the best of your ability, and you'll see anyway it says here at least one business owner has to be a guarantor, meaning it's going to be PG, personally guaranteed by one of the business owners, and so that makes this card a PG card obviously I know everybody wants to know PG, no PG, but again this is a starter card, this is for those you just started out your business credit building journey, and you might not necessarily want to start your experience file out with a vendor like a Granger or someone like that, and so this could be a great alternative to get your Experian business credit profile started, because we don't want to just focus on the Dunn and Bradstreet profile, everybody focuses on the Dunn and Bradstreet profile, but Dunn and Bradstreet is really traded references and vendors.
When you start talking credit cards lines of credit, that's where your Experian business, credit profile, and your Equifax small business, credit profile comes into play, and just a quick side note and they have it here about important procedures about opening new account, just know that you're going to have to provide drivers licenses, you're going to have to provide a social eat, even though if this wasn't a PG account, you would still have to provide a social address, driver license, and things like that, because we're trying to fight against terrorism, as you know that was one of the ways that the terrorists were able to find that 911 by setting up bank accounts, and the banks wouldn't really be verifying who these people are, so me being a veteran and me actually having served in the Iraq war, that's something near and dear to my heart, so they're going to ask for a lot of effort, a lot of identifying information, especially large bank like Wells Fargo who's going to dot all their eyes, and cross all their T's, but nonetheless I think for those of you that are started a fresh business and are not even starting a fresh business, but it's starting fresh with the business credit building process, the West Fargo card may be something to consider.