Wells Fargo Announces Revamped Credit Card Portfolio
Wells Fargo has announced a revamp to its credit card lineup. The first new credit card will be launched in July.
Wells Fargo will roll out a new Visa cards suite starting with the Active Cash Card. This is a no annual fee product with unlimited 2% cash rewards on purchases. It will be followed later this year by a low-APR card, Reflect, and the 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,” said CEO Charlie Scharf in the press release. “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.”
Wells Fargo Active Cash Card
This new card will have a $200 cash rewards bonus when new cardmembers spend $1,000 in purchases in the first 3 months.
The card will also feature:
- $0 annual fee.
- Unlimited 2% cash rewards on purchases.
- 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. For more information, visit wellsfargo.com/ctp.
- 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.
- For more information, visit wellsfargo.com/activecash.
Customers can 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 a Wells Fargo savings or checking account, or toward purchases they’ve already made.
Conclusion
Wells Fargo has a big presence in banking but ranks 8th in the country when it comes to credit cards. Wells Fargo will now launch its most expensive credit-card marketing campaign ever, spending about three times what it has in the past.
This new Wells Fargo Active Cash card is a good start. The $200 bonus quite rare for a 2% cash back card, as is the 0% APR for 15 months on purchases and balance transfers. Let’s hope the next cards are even better.
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2% cash back with a $200 signup bonus is far from “industry leading”, it is barely catching up to the pack. If WF is serious about the credit card business they need a game changer similar to the original Chase BA 100k signup bonus or CSR 100k signup bonus. Or benefits akin to the CNB Crystal Infinite visa (before it was gutted). 2% cash back is table stakes…
Thanks for the post. Will this card be combinable with the Wells Fargo Visa Signature to get 50% more on airfare, effectively taking it from 2% to 3% back on general spending when redeemed for airfare? If not, the old card at 1.5x would be better because of the 2.25% back possible by stacking. I have a few dozen credit cards, have banked with Wells Fargo for over a decade, but haven’t had a compelling reason to get any of their cards yet. If you could get 3% back on airfare w/ general spending with that combo, that would be enough reason.