New Wells Fargo business card: Earn $500 and unlimited 2% cash rewards with no annual fee

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Wells Fargo has been busy launching new rewards credit cards, aiming first at the best travel credit cards with the introduction of the Wells Fargo Autograph Journey℠ Visa® Card. Now the issuer has the best small business cards in its crosshairs with the debut of a flat-rate business cash-rewards card — the Signify Business Cash^℠ Card by Wells Fargo.

This card provides small businesses with a robust 2% in cash rewards on all spending, as well as a path to transferring those rewards to Wells Fargo's travel partners — all without an annual fee.

The Wells Fargo Signify Business Cash Card stands out in the business cash-back card space by giving unlimited cash rewards without charging an annual fee. It gets even better if you also have a consumer Wells Fargo credit card that unlocks access to the new Wells Fargo travel partners, such as the no-annual-fee Wells Fargo Autograph℠ Card (see rates and fees) or the Wells Fargo Autograph Journey℠ Visa® Card.

Wells Fargo confirmed to CNBC Select that Signify Business Cash cardholders can combine their cash rewards with an eligible Wells Fargo consumer card and then take advantage of the consumer card's redemption options. Using this strategy to transfer rewards to Wells Fargo's travel partners can greatly boost the value you receive. For example, transferring 34,000 points to Iberia is enough to book a one-way off-peak business-class flight from a handful of U.S. cities (Boston, New York, etc.) to Spain, a flight that typically costs thousands of dollars.

Given that those 34,000 points would net you only $340 when redeemed as cash, you can see how much more value you get by transferring to travel partners. Other transfer options include Choice Hotels, Air France/KLM, British Airways, Avianca and Aer Lingus.

New Signify Business Cash Card members also receive an intro 0% APR on purchases for 12 months from account opening, after that a variable 18.49% to 26.49% APR applies. You can also enroll for a Priority Pass membership for airport lounge access, however, you don't get free access and will pay a per-visit fee.

Overall, the Signify Business Cash Card compares favorably to similar business credit cards that earn cash back. The American Express Blue Business Cash™ Card earns 2% cash back on up to $50,000 per year (then 1% back). Its welcome offer is a $500 statement credit you earn after spending $8,000 in purchases on your card in the first three months after account opening. The Wells Fargo Signify Business Cash card earns an unlimited 2% in cash rewards and its bonus has the same value as the Blue Business Cash (even though the Wells Fargo card has a smaller spending requirement).

The Ink Business Unlimited® Credit Card earns 5% cash back on Lyft rides (through March 2025) and 1.5% cash back on all other purchases. This makes the Signify Business Cash more rewarding for most spending. The Ink Business Unlimited has a larger welcome bonus, but over the long haul, the Signify Business Cash Card's increased cash rate will win out.

You can move the cash-back rewards you earn with the Ink Business Unlimited to a Chase credit card that allows point transfers, such as the Chase Sapphire Preferred® Card. While the Signify Business Cash offers the same path to transferring cash rewards, Wells Fargo's travel rewards program is new and it has a far less robust list of transfer partners. If you can maximize Chase's travel partners, it's possible to squeeze more value out of the Ink Business Unlimited despite its slightly lower cash-back rate.

Wells Fargo isn't messing around with the new Signify Business Cash Credit card, which instantly becomes one of the best no-annual-fee business credit cards. It offers 2% cash rewards on all purchases with no caps, a valuable welcome bonus and no annual fee. Unless your business can benefit from specific bonus spending categories or you want free airport lounge access, it's hard to go wrong with this card.

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For rates and fees of the Wells Fargo Autograph℠ Card, click here.