Wells Fargo, the 4th biggest bank in the US by assets, is to issue new credit cards on the American Express network.
Wells Fargo will conduct a pilot program for customers in select US markets starting in the final three months of 2013, with a full launch in the first half of 2014. The financial terms of the agreement were not disclosed.
John Stumpf, chairman and CEO of Wells Fargo, said, "Our goal is to offer Wells Fargo customers a suite of cards that help them meet their financial goals. We’re proud to have American Express as a partner in this effort – a great company with a proven brand for customer service."
Wells Fargo customers will be able to apply for the cards through mail, online, phone and 6,000 branches.
Kenneth I. Chenault, chairman and CEO of American Express, said: "Given the fact that two of our founders were Henry Wells and William Fargo, this partnership is especially significant to all of us at American Express. Wells Fargo is an outstanding addition to our global network of card-issuing partners."
Wells Fargo announced on 5 August it is to issue credit cards to its existing customers with home, student and car loans. Customers will be able to use reward points earned from using the credit card to pay down other loans. American Express and Discover Financial Services have also used this strategy.
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Wells Fargo is one of three US banks with nationwide presence. It has 9,000 branches across the country.