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.
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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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