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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.
