Wachovia Adds One Millionth Credit Card Customer
By Liz Morris
Wachovia announced this week that it has achieved one million new credit card customers since relaunching its credit card business last summer. The one millionth customer got 250,000 Wachovia Possibilities Reward points, while the first 999,999 cardholders got no special treatment whatsoever.
If one million cardholders does not seem like an outrageously high number, it becomes more impressive when considering that Wachovia has mainly focused on marketing its cards to existing customers, versus the common practice of many card issuers in which consumers are inundated with mail offers.
Wachovia had previously been issuing credit cards through a joint marketing agreement with MBNA, but terminated that agreement in November 2005 shortly after the announcement that Bank of America would acquire MBNA. Wachovia re-entered the credit card business in July of 2006.