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Wells Fargo aims to boost credit card business

In an effort to lure more wealthy customers, Wells Fargo (WFC -0.6%) - through a partnership with American Express (AXP -0.7%) - is launching two new cards offering rewards to big everyday spenders or frequent fliers who also have another account with the bank. The new cards - Propel 365 and Propel World - offer up to an extra 50% in reward points depending on the size of a customer's accounts.

Just 3% of consumers who charge more than $100K annually on their credit cards do it through a Wells Fargo product, according to a recent Wells presentation. At JPMorgan's February investor day, a slide showing what cards affluent customers choose didn't include Wells Fargo on the page. "We know we're under-penetrated in this customer base," says Beverly Anderson, the head of Wells' consumer financial services group.

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Comments (2)
  • C12T
    , contributor
    Comments (2) | Send Message
    How are they incentivizing wealthy customers to open an account? Also, what does this mean for AXP?
    6 May 2014, 04:20 PM Reply Like
  • rayfrechette
    , contributor
    Comments (27) | Send Message
    While they are not looking for "small" clients like me, I do not spend 100K annually on my cards, they should look at what JPM does and offers their clients. I have seen nothing from WFC credit cards that is of interest even though I have decent checking and investment accounts with WFC.
    6 May 2014, 04:33 PM Reply Like
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