Wells Fargo Launches Business Credit Card With Cash Rewards

Wells Fargo has launched a business credit card designed to provide easy-to-understand cash rewards.

The new Signify Business Cash Worldwide Elite Mastercard offers unlimited 2% cash rewards on business purchases, with no annual fee and no caps or categories to track, the financial services company said in a Thursday (May 9) press release.

“Business owners told us that cash rewards programs had become too complex and didn’t provide enough value for their business,” Jeff Hofmann, head of Small Business Card for Wells Fargo, said in the release. “We designed Signify Business Cash to give business owners the spending capacity they need to better manage their cash flow with the simplicity, value and transparency they want.”

Together with the 2% cash rewards on business purchases, the new card offers a $500 cash rewards bonus when the cardholder spends $5,000 in business purchases in the first three months, according to the release.

Other benefits include employee cards at no additional cost, Zero Liability protection, account alerts and digital wallets, the release said.

With access to the Wells Fargo Business Rewards Program, cardholders can redeem cash rewards as a statement credit, as a direct deposit into an eligible Wells Fargo savings or checking account, or for gift cards, travel and other offerings, per the release.

“The new Signify Business Cash World Elite Mastercard prioritizes the rewards and benefits that small business owners value most,” John Levitsky, president, U.S. Financial Institutions at Mastercard, said in the release. “We worked closely with Wells Fargo to create a product that makes running a business even more rewarding.”

PYMNTS Intelligence has found that Main Street small- to medium-sized businesses (SMBs) use business credit cards more than any other working capital solution.

In October, for example, 22% of these SMBs used business credit cards to face contingencies, according to “Main Street Health Q4 2023,” a PYMNTS Intelligence and Enigma collaboration.

PYMNTS Intelligence has also found that, like businesses, consumers have an overriding preference for cash-back rewards that suggests they are looking for more straightforward and tangible benefits than what is now being offered.

Among Generation Z consumers, for example, 41% said they were dissatisfied with the rewards they earned, and 36% opted to receive cash back, according to “The Credit Economy: The Role of Reward Programs in Consumer Credit Card Usage,” a PYMNTS Intelligence and i2c collaboration.

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