Update 6/26/19: Spend requirement has been reduced to $15,000 instead of $25,000.
A few days ago I did a post on the Wells Fargo Business Platinum card. A few readers pointed out the Business Elite credit card, so here we are.
Card Basics
- Card is only available if you have annual sales above $1 million
- Sign up bonus of $1,000 when you spend $25,000 within the first three months
- This offer is not available if the business already has a Wells Fargo Business Secured Card, Wells Fargo Business Platinum Credit Card, and Wells Fargo Business Elite Card, or opened or closed one of those accounts in the immediately preceding 12 months
- Bonus will be paid out within 12-16 weeks of meeting the minimum spend requirement
- No foreign transaction fees
- No annual fee
- $75 rewards fee, waived first year
- Card earns 1.5% cash back on all purchases
- Not possible to apply online, must go in branch by the looks of it
Our Verdict
The requirement for $1 million in annual sales will kill this deal for the vast majority of readers. If you’re eligible then chances are you can also meet the minimum spend requirement of $25,000. In total you’d earn $1,375 cash back ($375 from the spend at 1.5% and another $1,000 from the sign up bonus). That works out to be 5.5% cash back per $1 spent. The card itself isn’t worth keeping long term as there are lots of other cards with no annual fee that earn at a higher rate than 1.5% cash back but this could be a good option for businesses with $1 million+ in sales to just get the sign up bonus.
$25,000 is a huge spend requirement compared to the $1200 I received from Cap One for spending $10,000.
Completely agree. But it isn’t apples to apples since Cap 1 DOES report to personal credit.
I can immediately conclude that those open the business checking account as proprietorship would be declined by the banker on this business CC application. Just how would that make sense for a so called self own business makes 1 million a year? Selling bitcoins?
I agree in that it would be very foolish to be set up as a sole proprietor with sales over 1 million. Keep in mind that sale numbers are just sales numbers, not profit. I worked for the sole owner (of a C-Corp) and he had 4 million in sales per year. When all was said and done he earned the $200k payroll which was split between him and his son.
While not smart, this business could have just as easily been a sole proprietor. For retailers and wholesalers sales numbers can get needlessly big very quickly.
Wells Fargo will probably be looking closing at any sole-proprietorship applications.
I know sales is not profit. But the turnover volume is so great that this is definitely not something a sole proprietor business would meet. I imagine myself walk in to the branch, wait there, see the banker and start the talkie, he knows I just opened a business checking account with promo code near the end of last year and I would be trying to persuade him the sales I made. The only thing that can come out of my minds about the 1 million sales is their personal Wells Fargo Visa Signature credit card, below is what I prepare to tell the banker:
“O well, you know, back in the good times, I bought 1 million dollars Visa gift cards with my wells fargo visa signature card in a few weeks, I sold them to my girlfriend so that she went to Walmart for money order and paid me back that way. You see I did make a sale of 1 million dollars per month, oops I mean per year, so I think I am qualified for this Wells Fargo Business Elite Credit Card”
“…….”
What? Be a sole proprietor? Anyone who does $4 million/yr in revenue as a sole proprietor deserves the vicious beatings he’d get from his attorney for doing something so foolish.
How do they distribute the cash back. Will the send a check or card, or is it given as a statement credit? I would prefer to avoid statement credits for tax reasons.
You need to apply with a banker, no online application link anyhow.
So once you find a banker who is actually willing to give you this application, then you can just ask him
Cashback options available when applying for platinum card are: statement credit, or credit to business checking.
I assume options would be the same for this card.
It can credit checking, savings, statement credit, or send you a check.
I opened a business checking account a few years ago for the $300 bonus–don’t remember how I received it, but got a 1099.
oh snap, just shy of sales target by $999950
Your great 🤣
Maybe I’ll buy from you so you can hit $1MM
Hello, has anyone tried this?
Do they actually see if you have a MM+ in sales?
They probably don’t have a way of checking, so how would that be infoced.
Also, anyone with 20+/24 know if Wells Fargo is inquiry sensitive?
I mean, with a Wells Fargo business checking account it would be pretty easy to estimate your sales…
Assuming the requirements are solely for Wells accounts, yes. If a business account has over a million in deposits… voila.
But, I wonder if they’d ask for a bank statement for businesses that are changing banks to Wells.
They will review your tax returns as part of the process.
This post is significantly incomplete at this point… What’s the reward point earning?? At 1.5% cash back rate, I can’t see any point of having this card over the platinum version apart from the sign-up bonus, which is minimal for someone spend millions a year…
The idea would be to get the card solely for the sign up bonus, you’re right in that it wouldn’t make sense for using long term.
UNFORTUNATELY Wells fargo never pays business bonuses,.I received a flyer for a $300 sign up bonus for a secured credit card after spending $1000 in 90 days(in september 2017).Despite putting close to $4000 on the card in the period(within 45 days),no bonus to this day has been paid.And this despite assuring that it will be paid over 3 months ago now.STAY AWAY. Istill have kept a copy of the $300 sign up bonus for secured credit card for those who would like to see it Stay away,I doubt that they will honor anything at all.
Interesting. I got my $500 biz card bonus a month after I hit the min. spend.
How do people get negative votes? I only see an upvote.