SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) announced today a new consumer credit card portfolio, signifying an expanded role for credit cards in the bank’s transformation. In July, Wells Fargo will roll out the first card in its new Visa cards suite — the Active CashSM Card, one of the industry’s best cash back cards ever, with no annual fee and unlimited 2% cash rewards on purchases — followed later this year by a low-APR card, ReflectSM, 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,” said CEO Charlie Scharf. “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.”
Beginning in July, consumers will be able to apply for the card wherever they look for new credit cards – in the Wells Fargo app or online, through major online credit card sites, through mail, and at approximately 4,900 Wells Fargo branches.
“One thing the pandemic laid bare was that the credit card rewards ecosystem has become so complicated and even irrelevant as people’s lives and spending habits changed on a dime,” said Krista Phillips, head of Marketing, Product, Loyalty and Digital for Wells Fargo Credit Cards. “Customers aren’t interested in complex rewards programs, and while each of our new cards offers something different, the thread that will tie them together is simplicity. Active Cash provides the no-nonsense value customers want: unlimited 2% cash rewards on purchases with a $0 annual fee.”
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. 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.
With no categories or limits to track, this card is a simple and straightforward option for those who want a high-value cash back credit card. 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.
“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,” said Mike Weinbach, Wells Fargo’s CEO of Consumer Lending. “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.”
Active Cash will be accepted anywhere Visa Credit is accepted, from millions of merchants worldwide.
In addition to shaking up its consumer credit card offerings, Wells Fargo is also enhancing its position in the co-branded credit cards space. Last fall, Hotels.com® announced the launch of its first-ever credit card — the Hotels.com® Rewards Visa® Credit Card, issued and serviced by Wells Fargo. Designed with the traveler in mind, the card helps customers transform everyday spending into travel rewards. Purchases made with the card help a cardholder earn a “stamp” to be used toward reward 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 business is ripe for growth at Wells Fargo. We look forward to bringing even more co-brand card partners to Wells Fargo's proven marketing and underwriting capabilities, as well as new rewards strategies. Together we can deliver great value and exclusive benefits to customers,” said Weinbach.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies and small businesses in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Visa is the world’s 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 around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves 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.
Cautionary statement about forward-looking statements
This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the “Forward-Looking Statements” discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended Dec. 31, 2020, available on its website at www.sec.gov.
Important Terms & Conditions
There is an introductory rate of 0% APR for purchases and balance transfers for 15 months from account opening; 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 with the market based on the U.S. Prime Rate. A balance transfer request must be made within 120 days from account opening to qualify for the introductory APR. Minimum interest charge will be no less than $1.00. An introductory balance transfer fee of either $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 fee of either $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 information about the cost of the credit card account described here is accurate as of 6/8/2021. Wells Fargo Active CashSM card is issued by Wells Fargo Bank, N.A.
Offer subject to the Go Far Rewards Program Terms and Conditions and the Addendum applicable to your card. Refer to the Redeem for Purchases Terms and Conditions for more details.
News Release Category: WF-PS