This is the worst business credit card you can get. Most business credit cards provide some sort of rewards. The Wells Fargo Business Platinum offers its rewards program for a $50 fee (waived for the first year). Many business credit cards have 0% APR introductory periods on purchases and/or balance transfers. The Wells Fargo Business Platinum has neither, just a regular rate of 9.24% to 18.24% -- although the bank notes that a 0% APR is offered frequently on a promotional basis for new customers. A communications official with the company said about half the cards issued this month were likely to have 0% on purchases for six months and 0% on balance transfers, although as of this writing someone shopping for the card can't go to the bank's website and find such an offer.
This is a partially secured credit card, meaning you are required to place a $95 refundable security deposit to get a $300 credit line. The explanation for why it's one of the worst credit cards on the market is simple: It has an astounding 49.9% APR, an annual fee of $75 the first year and $123 in membership fees for each subsequent year. If you want a partially secured card, why not apply for the Capital One Secured MasterCard, which has a $29 annual fee and a 22.9% APR? All of Capital One's (COF - Get Report) credit cards can also be used abroad at no extra cost while the First Premier card has 3% foreign transaction fees. >To submit a news tip, email: firstname.lastname@example.org.
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