The new card debuts as the second in a new multi-card suite; reinforces the bank’s focus on credit card growth
SAN FRANCISCO, October 01, 2021– (BUSINESS WIRE) – Wells Fargo & Company (NYSE: WFC) today announced the launch of the second card in the rollout of its new consumer credit card wallet, Wells Fargo ReflectSM Menu. Available today, Reflect is not chargeable.1, a daily value card that rewards cardholders for their regular, on-time payments – an industry first. Reflect tracks Active CashSM Card launched in July and offering a new kind of value proposition never before seen in the market.
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Wells Fargo introduces Reflect (SM), a new credit card that rewards cardholders for on-time payments (Photo: Wells Fargo)
“Following the successful launch of our Active Cash Card, we continue to focus on introducing cards that deliver unique ‘industry first’ value propositions that suit customers at all stages of their financial lives. , including customers who tend to have a balance, “said Krista Phillips, head of branding and marketing for Wells Fargo credit cards.” Our new Reflect card rewards cardholders for good habits financial, extending the introductory APR for up to three additional months when payments are made on time, a compelling differentiator we believe consumers deserve. ”
Designed for everyday consumers, Wells Fargo will begin accepting Reflect card applications on October 1. As with every card in the new Visa Wallet announced in June, Reflect offers a unique yet simple feature that rewards customers who make payments on time. – a habit that can help build credit over time. Customers can extend the introductory 18-month APR on qualifying purchases and balance transfers for up to three months for a total of up to 21 months with minimum on-time payments during the launch and extension periods, making Reflect the longest bank card. sustainable and lowest possible launch rate.
Reflect features include:
$ 0 annual fee.1
The introductory offer includes an introductory 0% APR on qualifying purchases and balance transfers for the first 18 months from account opening. If customers make at least their minimum monthly payment on time during the first 18 months, the APR introductory period is extended to three months for a total of up to 21 months; after that, a variable APR of 12.99% to 24.99% applies.1
Mobile phone protection when customers pay their monthly mobile phone bill with their Reflect card. For more information, visit wellsfargo.com/ctp (PDF).
With My Wells Fargo Deals, cardholders can earn cash in the form of statement credit when shopping, dining, or enjoying an experience simply by activating the offer in banking online and using their Reflect card or other qualifying Wells Fargo credit and debit card. .
Built-in zero liability protection to ensure customers are not held accountable for unauthorized transactions, when they are promptly reported.
For more information, visit wellsfargo.com/reflect.
“These times continue to be uncertain for consumers, so we want to provide simple and reliable tools to help them take control of their finances,” Phillips said. “Our customers know what works and what doesn’t for them, and we’re excited to offer a way to reduce interest so they can plan for the future or pay off past expenses with a low daily APR,” even after the introductory period ends. “
In addition to Active Cash and Reflect, Wells Fargo will soon be launching a new line of rewards credit cards. The bank’s new suite will be accepted everywhere Visa credit is accepted, with millions of merchants around the world.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company with approximately $ 1.9 trillion in assets, proudly serving one in three US households and over 10% of small businesses in the US , and is the main mid-market banking provider. in the United States We offer a diverse suite of banking, investment and mortgage products and services, as well as consumer and commercial finance services, through our four featured operating segments: Banking and consumer loans, Commercial banking services, Business and investment banking services, Investment management. Wells Fargo is ranked 37th in the Fortune 2021 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, ideas and insights are also available at Wells Fargo Stories.
Additional information is available at www.wellsfargo.com | Twitter: @Wells Fargo.
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 the discussion “Forward-Looking Statements” in the Wells Fargo’s latest quarterly report on Form 10-Q as well as other Wells Fargo reports filed with the Securities and Exchange Commission, including discussion under “Risk Factors” 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
1. There is an introductory 0% APR for purchases and balance transfers for 18 months from account opening; There is a 0% introductory APR extension up to 3 months if you make minimum payments on time during the launch and extension periods. After that, a variable APR of 12.99% 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 information on the cost of the credit card account described here is correct as of 04/10/2021. To find out what may have changed, call 1-800-932-6736. The Reflection of Wells FargoSM The card is issued by Wells Fargo Bank, NA
Press Release Category: WF-PS
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Sarah DuBois, 612-401-5869
John Campbell, 415-396-0523