The new Signify Business CashSM Card by Wells Fargo might be a business credit card to consider.
Not only does it offer 2% cash back on all purchases regardless of spending category, but it does so with no annual fee. And it comes with some other interesting perks, including a worthwhile welcome bonus offer.
Sound good? Let's dig deeper.
Wells Fargo Signify Business CashSM Card: 5 Things To Know
Let’s take a look at some key things you need to know about Wells Fargo’s latest card offering to help you decide if it’s worth adding to your business.
1. This Is How You’ll Need to Qualify
Applying for a business credit card can be a little different than acquiring a personal card.
Wells Fargo requires a mix of personal and business information to determine if you’ll qualify for this card.
On the personal side, you must share:
- Your contact information
- Social Security Number or ITIN
On the business side, you must share:
- Business's legal name, address and contact details
- Employer identification number (EIN) if you have one
- Ownership information on anyone who owns 25% or more of the business (name, address, SSN)
Keep in mind that a single company cannot have more than one Signify Business Cash Card account, even if different owners apply separately.
2. You Can Add Employee Cards at No Additional Cost
One of the more important questions many small business owners have about credit cards is the policies for handing them out to employees.
Wells Fargo will issue employee cards for no additional fee.
This means you can earn 2% back on all of the spending done for your business by people other than yourself. If you’re not currently doing that with another credit card, you may see some significant gains from starting this practice.
You’ll be able to track the spending of each card via the Wells Fargo app.
Of course, you’ll want to be mindful of who you trust with an employee card because your business is still going to be responsible for any spending done with it.
From the fine print: Account Guarantors are responsible for repayments of all debts on the account, including all transactions made by Employee Cardholders.
3. The 2% Reward Can Be Redeemed a Few Different Ways
When it comes to cash back credit cards, there sometimes are limitations or stipulations to the rewards. This is true even within the 2% cash back category.
For example, there's a "1% when you buy, 1% when you pay" stipulation for the Citi Double Cash® Card and a requirement that you invest your rewards to get the full 2% back with the Fidelity® Rewards Visa Signature® Card.
But Wells Fargo is fairly straightforward with this card’s redemption policies. You’ll have the chance to earn 2 points on every $1 you spend with the card. The rewards don’t expire as long as your account is open.
And then you’ll have a few different ways to redeem the points earned:
- Statement credit: "Rewards redeemed as a credit to an eligible Wells Fargo business credit product are applied toward your principal balance."
- Travel redemption: Use their travel portal to "redeem your rewards on flights, car rentals, and hotel stays for your next business trip."
- Gift cards: Wells Fargo offers the chance to redeem rewards for gift cards of various denominations with select retailers.
What’s noticeably absent is the ability to request a cash deposit or check for your rewards. That’s disappointing, especially for businesses that could have a desired place to put the cash value of the rewards to work.
Most business cardholders are likely going to view the statement credit option as the easiest and most effective way to redeem the 2% rewards.
In tandem with paying your bill in full each month, this effectively means you’d owe 98 cents on every dollar you spend with the card.
4. The Welcome Bonus Is Really Solid for a No Annual Fee Card
When we talk about sign-up bonuses worth $500 or more, we're usually comparing one high-annual-fee credit card to the next.
But this card breaks the mold.
Wells Fargo is offering a $500 welcome bonus if you spend $5,000 in purchases in the first three months of card membership.
That spending threshold may sound higher than what you typically expect for a personal credit card, but an average of $1334 per month for the first few months of using a credit card seems fairly achievable when paying for business expenditures.
And don’t forget that there’s no annual fee to offset with this bonus, so you’ll be able to put that full $500 to work for your business shortly after earning it.
5. You’ll *Sorta* Get Airport Lounge Access with This Card
This card comes with a complimentary membership to Priority Pass, which can grant you access to more than 1,300 airport lounges across the world.
The catch?
While the membership may be complimentary, you’ll still owe “pay as you go” fees on a visit-by-visit basis. In other words, you’ll still have to pay a fee to get into the lounge even though you’re a member.
You can read more about this arrangement between Priority Pass and Wells Fargo here.
Does this sound like a business credit card you’d be interested in having? We’d love to hear your thoughts in the Clark.com community.
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