Wells Fargo launches new suite of consumer credit cards
By Pavithra R
Wells Fargo & Company has announced a new consumer credit card portfolio, signifying an expanded role for credit cards in the bank’s transformation.
The firm will roll out the first card in its new Visa cards suite – the Active Cash Card, cashback cards with no annual fee and unlimited 2% cash rewards on purchases in July followed later this year by a low-APR card, Reflect, and a new rewards card line in 2022.
“Today is a key step in Wells Fargo’s transformation journey, as we announce a new portfolio of industry-leading credit cards, and a new vision for growth for an important part of our consumer business. This represents Wells Fargo’s broader effort to simplify its products and services to help satisfy the financial needs of our customers, and position ourselves as a leader in consumer offerings,” said CEO Charlie Scharf.
Features of Active Cash include:
- $0 annual fee.
- Unlimited 2% cash rewards on purchases.
- Customers can earn a $200 cash rewards bonus when they spend $1,000 in purchases in the first 3 months.
- Introductory offer includes 0% APR on purchases and qualifying balance transfers for the first 15 months from account opening; after that, a variable APR of 14.99% to 24.99% applies.
- Cell phone protection when customers pay their monthly cell phone bill with their Active Cash Card.
- Advanced security features, including voice verification and 2-step verification at digital banking sign-on.
- Access to Visa Signature Concierge Service and Visa Signature Luxury Hotel Collection.
The new cash back credit card enables customers to choose from a range of flexible cash redemption options: as a credit to their Active Cash account, at Wells Fargo ATMs in $20 increments using a Wells Fargo debit or ATM card, direct deposit into the company savings or checking account, or toward purchases they’ve already made.
“We are pleased to mark a new era in Wells Fargo Credit Cards with the arrival of the Active Cash Card, the first in our new portfolio of Visa cards. Each of these new cards and the different values they’ll offer are thoughtfully designed with specific customer needs in mind. We are proud to provide a best-in-class customer experience, and lay the foundation for Wells Fargo’s arrival as a cards competitor to watch,” said Mike Weinbach, Wells Fargo’s CEO of Consumer Lending.
Active Cash will be accepted anywhere Visa Credit is accepted. Besides shaking up its consumer credit card offerings, Wells Fargo through the launch is also enhancing its position in the co-branded credit cards space.
Established in 1852, San Francisco based Wells Fargo & Company is an American multinational financial services company with $1.9 trillion in assets. Wells Fargo Corporate & Investment Banking delivers a comprehensive suite of capital markets, banking, and financial products and services. Its vision is to satisfy customers’ financial needs and help them succeed financially.
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