The Wells Fargo Business Elite Card has an offer for $500 bonus cash or 500,000 bonus points (depending on which rewards program you sign up for) when your company spends $15,000 within the first three months. Although it seems like a generous offer, you’ll also have to spend quite a bit to qualify. Also keep in mind, only companies with annual sales over $1 million will qualify for Wells Fargo Business Elite.
Perhaps the most attractive feature of the Wells Fargo Business Elite card is its ability to easily control and manage employee accounts. But if you’re looking for powerful earning potential, other credit cards can offer more value.
*Wells Fargo also offers great sign-up bonuses for its Checking/Savings accounts.
$500 Cash Back Bonus or 50,000 Bonus Points Offer
Your welcome bonus will depend on whether you enroll in the cash rewards program or the rewards points program.
For cash back, you’ll earn $500 as statement credit after you charge at least $15,000 to your card in the first 3 months of account opening. For points, you’ll earn 50,000 bonus points if you charge at least the same amount in the same time period.
To qualify for either the cash or the points bonus, you have to enroll in the Business Elite Card Rewards Program.
Here are some ideas on meeting the spending requirement.
Redeeming Your Business Elite Rewards
Redemption options also depends on whether you’re enrolled in the cash back rewards program or the rewards points program.
Cash back redemptions are pretty straightforward. Receive your rewards automatically as:
- A credit to your statement, or
- To an eligible checking or savings account each quarter (March, June, September and December)
Points redemptions are a little more complicated. You can use them for:
- Cash Rewards
- Gift cards
- Air travel
- Hotels, car rentals, cruises, vacation packages and travel activities
- Brand name merchandise
Wells Fargo Business Elite Card Top Features
Receive 5,000 bonus points when your company spend reaches $10,000 in any monthly billing period.
Get a 10% point credit when you redeem your points online.
Earn extra bonus points or discounts from Earn More Mall retailers.
Assign spending controls to each card on the account, such as:
- Office administration. Allow only office-related purchases, like printing, copying and equipment rentals.
- Travel. For employees who travel for business purposes.
- Driving. Limit spending to driving-related expenses, like gas, tolls and parking.
- Transaction limits. Set specific dollar limits on purchases.
- Business hours. Limit employee spending to business hours only.
Cash management tools include:
- Manage spending, payments and transfers online
- Pay bills directly with your card
- Pay your credit card bill automatically
- Avoid overdrafts and returned check fees
Business Elite online reporting helps you easily and effectively manage your business expenses. This free service lets you:
- Track and manage cardholder spending, payments and other transactions
- Analyze spending by category
- View spending by merchant
- Create custom reporting
Other business perks include:
- Up to 200 free employee cards
- Showcase your business using Card Design Studio
- Choose between consolidated billing or individual cardholder billing
- Assign up to 3 administrators to manage accounts on behalf of the company
Make purchases abroad without worrying about foreign transaction fees. Although this perk is more common nowadays, it’s still worth noting.
To get your hands on the Wells Fargo Business Elite card, your company needs to pull in over $1 million in sales each year. This alone makes the card less accessible to the average business owner.
But if you do meet the requirement, you could take advantage of the card’s excellent account management abilities and business reporting tools. It’s a great fit for companies with a lot of employees.
That said, Wells Fargo Business Elite doesn’t offer the most bang for your buck. Other cards with bonus categories will give you better earning rates.
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