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Secured Biz Card (5/4/01)
FULL STORY:
One of the biggest challenges facing an entrepreneur is building business
credit. This week Wells Fargo introduced a new business MasterCard that is a
secured credit card with a company credit limit up to $100,000. The new Wells
Fargo Business Secured MasterCard is designed to help entrepreneurs and new
business owners establish or repair credit by giving them access to a credit
card account separate from their personal credit card. Business owners
approved
for the program secure the card by making a deposit to an FDIC-insured
business
savings account, which yields a four percent return for the first year. After
the first year, the interest rate converts to the current market rate. The new
card has an APR of prime plus 5.9% and an annual fee of $25. The new secured
business credit card has enhanced tracking and reporting capabilities, as well
as an array of business and travel services. The program is available through
Wells Fargo banking locations in 23 states, via telephone and the Internet.
Call 1-800-359-3557 ext. 535 or visit
www.wellsfargo.com/biz/securedcard
for more information.
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