The new card debuts as the second in new multi-card suite;
reinforces the bank’s sharpened focus on growing credit cards
Wells Fargo & Company (NYSE: WFC) announced today the launch
of the second card in the rollout of its new portfolio of consumer
credit cards, the Wells Fargo ReflectSM Card. Available today,
Reflect is a no-annual fee1, everyday value card that rewards
cardholders for making regular on-time payments — an industry
first. Reflect follows the Active CashSM Card that launched in
July, and offers a new type of value proposition not seen in the
marketplace.
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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 stay focused on introducing cards that offer
‘industry-first,’ unique value propositions that suit customers at
all stages of their financial lives, including customers who tend
to carry a balance,” said Krista Phillips, head of Branded Cards
and Marketing for Wells Fargo Credit Cards. “Our new Reflect Card
rewards cardholders for good financial habits, 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 spenders, Wells Fargo will begin taking
applications for the Reflect card on October 1. As with each of the
cards in the new Visa portfolio announced in June, Reflect offers a
unique yet straightforward feature that rewards customers for
making on-time payments — a habit that can help build credit over
time. Customers can extend the 18-month introductory APR on
purchases and qualifying balance transfers by up to three months
for a total of up to 21 months with on-time minimum payments during
the introductory and extension periods, making Reflect the bank’s
card with the longest-lasting and lowest possible introductory
rate.
Features of Reflect include:
- $0 annual fee.1
- The introductory offer includes 0% intro APR on purchases and
qualifying balance transfers for the first 18 months from account
opening. If customers make at least their minimum monthly payment
on time for the first 18 months, the intro APR period is extended
by up to three months for a total of up to 21 months; after that, a
variable APR of 12.99% to 24.99% applies.1
- Cell phone protection when customers pay their monthly cell
phone bill with their Reflect Card. For more information, visit
wellsfargo.com/ctp (PDF).
- Through My Wells Fargo Deals, cardholders can earn cash back in
the form of a statement credit when shopping, dining, or enjoying
an experience simply by activating the deal in Online Banking and
using their Reflect Card, or other eligible Wells Fargo credit and
debit card.
- Built-in Zero Liability Protection to ensure customers are not
held responsible for any unauthorized transactions, when reported
promptly.
- For more information, visit wellsfargo.com/reflect.
“These continue to be uncertain times for consumers, so we want
to provide simple, reliable tools to help them take control of
their finances,” said Phillips. “Our customers know what works and
what doesn’t work for them, and we’re pleased to offer a way to get
a break from interest so they can plan for the future or pay off
past expenses with a low, everyday APR even after the introductory
period ends.”
In addition to Active Cash and Reflect, Wells Fargo will launch
a new rewards line of credit cards in the near future. The bank’s
new suite will be accepted anywhere Visa Credit is accepted, from
millions of merchants worldwide.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider 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 &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
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.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
About Visa
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
1. There is an introductory 0% APR for purchases and balance
transfers for 18 months from account opening; there is an extension
of the introductory 0% APR for up to 3 months if you make on-time
minimum payments during the introductory and extension periods.
After that, a variable APR of 12.99% – 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 10/04/2021. To find out what may
have changed, call 1-800-932-6736. The Wells Fargo ReflectSM Card
is issued by Wells Fargo Bank, N.A.
News Release Category: WF-PS
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211001005318/en/
Media Sarah DuBois, 612-401-5869
sarah.dubois@wellsfargo.com
Investor Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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