US bank Wells Fargo is hoping to tempt customers of all incomes with a range of new credit card reward programmes.
The bank’s new incentive schemes for its branded cards will offer a range of benefits, from personal travel planners, to help to pay down loans and is an effort to compete with and differentiate its offerings from other US banks.
Wells Fargo holds 11% of US deposits but only 3% of the credit card market. Compared to America’s biggest credit card provider, American Express, with $297bn credit card purchase volumes, Wells Fargo has just $39bn.
Despite this, Wells Fargo’s market share has been rising during the past 10 years. This new offering represents an attempt to level the playing field.
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