Wells Fargo Signify Business Cash Card review: Worth considering for cash-rewards-focused businesses

Wells Fargo Signify Business Cash Card overview

The Wells Fargo Signify Business Cash® Card (see rates and fees) has no annual fee and earns a flat 2% cash rewards rate on purchases, making it a solid choice for businesses looking for simplicity. However, it doesn't offer bonus categories or ways to maximize redemptions, so those who want more perks will need to look elsewhere. Card rating*: ⭐⭐⭐

*Card rating is based on the opinion of TPG's editors and is not influenced by the card issuer.

Here at TPG, we often discuss the benefits of opening a travel rewards business credit card. If your business is in the cash rewards market instead, the Wells Fargo Signify Business Cash may be right for you.

This card follows the trend of many other cards in the market by offering a flat rewards rate rather than rewards in multiple bonus categories. That makes it a worthwhile option for businesses in need of a catch-all card.

If you're interested in applying for the no-annual-fee Wells Fargo Signify Business Cash, I recommend a credit score of 670 or higher.

Let's dive into the details of this card so that you can decide if it's right for your business.

Wells Fargo Signify Business Cash pros and cons

Wells Fargo Signify Business Cash welcome offer

Currently, new Signify Business Cash cardholders can earn a $500 cash rewards bonus after spending $5,000 in the first three months of account opening.

That spending requirement is quite high for what you'll receive. I'm not impressed by this welcome offer, so I recommend waiting for a better one before applying for this card.

Related: The best welcome offers right now

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Wells Fargo Signify Business Cash benefits

No-annual-fee cards typically don't come with a wide range of benefits, and the Signify Business Cash maintains this status quo.

You'll get benefits that are fairly standard with any rewards card, such as zero liability protection and account alerts. The business-oriented benefits of this card, including employee cards at no additional cost and the ability to track your employees' spending, are commonplace as well.

While none of those are exciting, I want to note two perks that caught my attention: a Priority Pass membership and travel accident insurance.

Before you get too excited, this card's Priority Pass membership is not the same as the Priority Pass Select membership offered by premium travel rewards cards. The membership you'll receive with the Signify Business Cash only grants you access to Priority Pass lounges; you'll still need to pay individual lounge visit fees.

Given that this card has no annual fee, I can't dock points for it lacking a meaningful Priority Pass membership. Still, this benefit isn't too useful if you hold any premium travel card that provides a complimentary Priority Pass Select membership.

As for the travel accident insurance, that's a nice perk to have on a card like this. When you purchase your airline or other common carrier ticket with your Signify Business Cash, you're protected for up to $250,000. Terms apply, so make sure to read your guide to benefits closely.

Additionally, cardholders receive MasterRental insurance coverage, which provides primarily rental car coverage when you pay for the entire rental with your card and decline the rental company's collision damage waiver.

Related: How to choose a credit card for airport lounge access

Earning cash rewards on the Wells Fargo Signify Business Cash

The Signify Business Cash keeps it simple when it comes to its earning scructure. There are no bonus categories to keep track of with this card. Instead, cardholders will earn a flat 2% back in cash rewards on purchases.

If your business makes a wide variety of purchases, a card like this makes sense to ensure you're getting a good return on your spending.

But if your business's expenses tend to fall into select categories, such as advertising and shipping supplies, a card that earns more rewards in those categories is a better option.

Redeeming cash rewards on the Wells Fargo Signify Business Cash

Just like earning, redeeming your cash rewards on the Signify Business Cash is simple.

You have three options for redeeming your rewards:

• Receive a statement credit
• Redeem for travel, such as for flights and car rentals
• Redeem for gift cards

I recommend redeeming your cash rewards for a statement credit for maximum simplicity and flexibility.

If you find that you frequently consider redeeming your Signify Business Cash cash rewards for travel, it may be worth opening a travel rewards card to get greater value from your rewards.

Related: Who qualifies for a business credit card?

Which cards compete with the Wells Fargo Signify Business Cash?

If the Signify Business Cash isn't quite what you're looking for, here are a few other options to consider:

• If you want to earn a transferable rewards currency: The Blue Business® Plus Credit Card from American Express earns 2 Membership Rewards points per dollar spent on every purchase (on up to your first $50,000 in spending each year, then 1 point per dollar thereafter). Membership Rewards points can be transferred to 21 airline and hotel partners for maximum value. To learn more, check out our full review of the Amex Blue Business Plus.
• If you want a Chase card: The Ink Business Unlimited® Credit Card (see rates and fees) earns a flat 1.5% cash back rate on all purchases. This card comes with greater travel and shopping protections than the Signify Business Cash for no annual fee. To learn more, check out our full review of the Ink Business Unlimited.
• If you want a card with a wide range of perks, The Capital One Venture X Business comes with perks like an annual $300 Capital One Travel credit when booked through Capital One Business Travel and access to over 1,300 airport lounges worldwide. It earns a whopping 10 miles per dollar spent on hotels and rental cars booked through Capital One Business Travel. You'll also earn 5 miles per dollar spent on flights and vacation rentals booked through Capital One Business Travel and 2 miles per dollar spent on all other purchases. To learn more, check out our full review of the Capital One Venture X Business.

For additional options, check out our picks for the best business credit cards.

Related: Is the Venture X Business worth the $395 annual fee?

Is the Wells Fargo Signify Business Cash worth it?

I recommend the Wells Fargo Signify Business Cash to any business owner who spends on a variety of categories each billing cycle and isn't invested in earning transferable rewards. If that doesn't describe you, I advise considering a credit card with defined bonus categories or travel-oriented benefits.

Bottom line

The Wells Fargo Signify Business Cash may not have the bells and whistles of premium-tier cards, but it offers enough to make it worth consideration. Cash rewards cards can be useful in the right hands, especially when they have as simple an earnings structure as this card.

Before applying, make sure you've considered all your options and how they weigh against your business's spending habits and financial needs.

Apply here: Wells Fargo Signify Business Cash

Related: Do I need a business to get a business credit card?