Wells Fargo Introduces New Visa Card
Wells Fargo announced the release of its fourth credit card this year, the Wells Fargo Cash Wise Visa card. The card offers unlimited 1.5% cash rewards on all purchases.
“Customers who want the simplicity of ‘cash is king’ will love what Cash Wise gives them—a straightforward way to earn cash rewards for their everyday purchases without tracking bonus categories or earnings caps,” said Beverly Anderson, head of Consumer Financial Services for Wells Fargo. “Any time we can bring an exciting new offer to market or enhance existing offers and experiences to meet more of our customers’ needs, we are proud and pleased to do that.”
Cardholders can redeem their rewards for cash at any Wells Fargo ATM, deposit the rewards into their savings or checking account or apply the rewards toward the principal balance of a Wells Fargo loan. They can also receive their rewards as a statement credit or check.
“The launch of new Wells Fargo Cash Wise Visa Card represents a significant expansion of the Wells Fargo Visa product suite,” said Oliver Jenkyn, group executive North America, Visa Inc. “It brings cardholders incredible flexibility in how they can earn rewards, redeem them and manage their rewards through a digital solution.”
With the Cash Wise card, Wells Fargo has also introduced Cash Track, which allows cardholders to:
- View their rewards
- Set rewards goals and track progress
- View lifetime rewards earnings
- Redeem cash rewards
Wells Fargo introduced the cards for the nearly 60% of consumers who charge nearly everything they buy in order to earn rewards. They also hope the card appeals to the 36% who say they prefer cash rewards.
“Consumers continue to lead ‘on the go’ lives and expect more from their credit cards and the rewards they earn for everyday purchases,” Anderson added. “Wells Fargo will continue to support them in making responsible credit decisions, choosing the credit cards that fit their lives and helping them get more out of the rewards they earn.”