Wells Fargo partners with AmEx for new range of credit cards
Last week, American Express and Wells Fargo unveiled a partnership to pilot new credit cards, starting with select markets later this year and rolling out nationwide in the first half of 2014. The new products’ transactions are to be run over AmEx’s global payments network.
Better rewards credit cards
The new cards should offer consumers better rewards, benefits and overall experiences than Wells Fargo’s current range does, according to a joint press release from the two companies. The deal should also provide the bank with access to the American Express LoyaltyEdge program, which is intended to assist in the development of a tempting range of gift cards and merchandise from which customers can choose when redeeming their rewards credit cards‘ points.
“We want to give the customers who already carry our card — and the ones who don’t yet — greater rewards and benefits for having a Wells Fargo card in their wallets,” Avid Modjtabai, Wells Fargo’s head of consumer lending, said in a statement. “The breadth of our offerings, our strong retail network and the power of this new partnership with American Express position us well to continue to deliver compelling choices and experiences to our customers.”
Partners with a shared heritage
There is a nice piece of historical symmetry in the new arrangement. Two of American Express’s founders were Henry Wells and William G. Fargo. They established the company with John Butterfield and others in 1850, and went on, just two years later, to form Wells Fargo.
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