New wallet signals bank’s renewed interest in credit cards
Wells Fargo & Company (NYSE: WFC) today announced a new portfolio of consumer credit cards, signifying an increased role for credit cards in transforming banking ‘. In July, Wells Fargo will launch the first card in its new line of Visa cards – Active Cash SM Card, one of the best cash back cards in the industry, with no annual fee and unlimited cash rewards of 2% on purchases – followed later this year by a low APR card, Reflect SM , and a new range of rewards cards in 2022.
This press release features multimedia. See the full version here: https://www.businesswire.com/news/home/20210608005295/en/
Wells Fargo Announces Active Cash Credit Card. (Photo: Wells Fargo)
“Today is a key milestone in Wells Fargo’s transformation journey, as we announce a new industry-leading credit card portfolio and a new vision of growth for a significant part of our consumer business,” a said CEO Charlie Scharf. “This represents Wells Fargo’s broader efforts to simplify its products and services to meet the financial needs of our customers and to position us as a leader in consumer offerings.”
Starting in July, consumers will be able to apply for the card anywhere they look for new credit cards – in Wells Fargo app or online, through major credit card sites online, by mail and at approximately 4,900 Wells Fargo branches.
“One thing the pandemic has revealed is that the credit card rewards ecosystem has become so complicated and even irrelevant that people’s lives and spending habits have changed in no time,” said Krista Phillips, Marketing, Product, Loyalty and Digital Manager for Wells Fargo Credit Cards. “Customers aren’t interested in complex rewards programs, and while each of our new cards offers something different, the common thread that will tie them together is simplicity. Active Cash offers the pragmatic value customers are looking for: unlimited cash rewards of 2% on purchases with an annual fee of $ 0. & CloseCurlyDoubleQuote;
The features of Active Cash include:
- $ 0 annual fee.
- 2% unlimited cash rewards on purchases.
- Customers can earn a $ 200 cash bonus when they spend $ 1,000 on purchases in the first 3 months.
- Introductory offer includes 0% APR on qualifying purchases and balance transfers for the first 15 months after account opening; after that, a variable APR of 14.99% to 24.99% applies.
- Protect mobile phones when customers pay their monthly mobile phone bill with their Active Cash card. For more information visit wellsfargo.com/ctp .
- Advanced security features including voice verification and 2-step verification during digital banking login.
- Access to the Visa Signature concierge service and the Visa Signature luxury hotel collection.
- For more information visit wellsfargo.com/activecash .
With no categories or limits to follow, this card is a simple and straightforward option for those who want a great value cash back credit card. Customers can choose from a range of flexible cash exchange options: as a credit to their Active Cash account, at Wells Fargo ATMs in $ 20 increments using a Debit card or Wells Fargo ATM , direct deposit into a Wells Fargo savings or chequing account, or to 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 of our new Visa card portfolio,” said Mike Weinbach, CEO of Wells Fargo’s Consumer Lending. “Each of these new cards and the different values they will offer are carefully designed with specific customer needs in mind. We pride ourselves on providing a best-in-class customer experience and laying the groundwork for Wells Fargo ‘arrival as a card competitor to watch. ”
Active cash will be accepted wherever Visa credit is accepted, from millions of merchants around the world.
In addition to shaking up its consumer credit card offering, Wells Fargo is also strengthening its position in co-branded credit cards. Last fall, Hotels.com® announced the launch of its very first credit card, the Hotels.com® Rewards Visa® Credit Card, issued and operated by Wells Fargo. Designed with the traveler in mind, the card helps customers turn daily spending into travel rewards. Purchases made with the Card entitle a Cardholder to earn a “Stamp & CloseCurlyDoubleQuote;” to be used for award nights at participating hotels.
“Our focus on building momentum in the co-branded card space is another exciting step in our transformation, and we believe the company is ripe for growth at Wells Fargo. We look forward to bringing even more co-branded card partners to Wells Fargo’s proven marketing and subscription capabilities, as well as new rewards strategies. Together, we can deliver great value and exclusive benefits to customers, ”says Weinbach.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services firm with approximately $ 1.9 trillion in assets and proudly serving one in three U.S. households and over 10% of all middle market businesses and small businesses in the United States. set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four operating segments to present: banking and consumer credit, commercial banking, corporate banking and investment, and wealth and investment management. Wells Fargo ranked No. 30 in Fortune’s 2020 ranking of America’s Largest Companies. In the communities we serve, the business is focusing its social impact on building a sustainable and inclusive future for all by supporting housing affordability, small business growth, financial health and a low-emission economy. carbon. Wells Fargo news, insights and insights are also available at Wells Fargo Stories .
Visa is the world leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments worldwide and is capable of processing over 65,000 transaction messages per second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for anyone, anywhere. As the world shifts from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding our financial performance and future business. Because forward-looking statements are based on our current expectations and assumptions about the future, they are subject to inherent risks and uncertainties. Do not place undue reliance on forward-looking statements, as actual results could differ materially from expectations. Forward-looking statements speak only as of the date they are posted and we do not undertake to update them to reflect changes or events that occur after that date. For more information on factors that could cause actual results to differ materially from our expectations, see our reports filed with the Securities and Exchange Commission, including “Forward-Looking Statements & CloseCurlyDoubleQuote; discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well as in Wells Fargo’s other reports filed with the Securities and Exchange Commission, including discussion under “Risk Factors & CloseCurlyDoubleQuote; in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, available on its website at www.sec.gov .
Important terms and conditions
There is an introductory rate of 0% APR for purchases and balance transfers for 15 months from the opening of the account; after that, a variable APR of 14.99% to 24.99% applies. There is a variable cash advance APR of 25.99%. These APRs will be based on your creditworthiness and will vary depending on the market depending on the US prime rate. A balance transfer request must be made within 120 days of opening the account to benefit from the introductory APR. The minimum interest charge will not be less than $ 1.00. An introductory balance transfer fee of $ 5 or 3% of each balance transfer, whichever is greater, for 120 days from account opening applies; after that, a fee of up to 5% for each balance transfer, with a minimum of $ 5, applies. A cash advance charge of $ 10 or 5% of the amount of each advance, whichever is greater, applies. An overdraft protection advance fee of $ 12.50 or $ 20 per day applies. A foreign currency conversion fee of 3% of each transaction applies. This credit card account cost information described here is correct as of 8/6/2021. Wells Fargo Active Treasury SM the card is issued by Wells Fargo Bank, NA
Offer subject to Go Far Rewards program terms and conditions and addendum applicable to your card. See the general conditions of exchange for purchases for more details.
Press Release Category: WF-PS
Hilary O’Byrne, 415-715-4958
John Campbell, 415-396-0523