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Someone posted this on the Fatwallet forums so I wanted to share the info from that forum here:
http://www.fatwallet.com/forums/finance/1300038/
Just spoke with my contact at Wells Fargo, and they are rolling this card out today. It is a targeted offer to only certain clients - they actually get a list of existing clients they can call. The ability to get this card is apparently based on your relationship with Wells Fargo, including average account balance, length of time you have been with them, etc. The list is not even available yet, it is being released to the bankers later today, but I will update this thread with any info I can get from my banker. Key Notes: $45 annual fee / no fee first year 10k points with $3k spend in 3 months 3x gas 2x restaurants 1x everywhere else annual relationship bonus: 10% with Wells Fargo checking and savings accounts 25% with PMA package * 50% with PMA package and balance of $250,000 or more no cap on points, never expire *PMA is their "VIP" bank account type. If you get one of these accounts, a special note appears on your file each time you call / go into branch. You get best rates on mortgages, etc. No fees for 90 days, then $25k minimum balance total across all personal accounts so no fees on any personal account. See the attached document for what I got from my banker, it outlines some perks I didn't put above. Unfortunately I was hoping for something better, as I already have 5% on gas (so even with 50% annual bonus, this card gives 4.5% back). Might be a good addition to your cards however if they count in-store purchases as gas (since card isn't available yet, I have no experience on this). |
They really don't have to be. Their niche is more focused on Auto Finance & Mortgage lending. So, while their traditional credit card or checking products may lack in some regard with the others, they are still the 4th largest bank in the US.
@IcEWoLF wrote:Someone posted this on the Fatwallet forums so I wanted to share the info from that forum here:
http://www.fatwallet.com/forums/finance/1300038/
Just spoke with my contact at Wells Fargo, and they are rolling this card out today. It is a targeted offer to only certain clients - they actually get a list of existing clients they can call. The ability to get this card is apparently based on your relationship with Wells Fargo, including average account balance, length of time you have been with them, etc. The list is not even available yet, it is being released to the bankers later today, but I will update this thread with any info I can get from my banker.
Key Notes:
$45 annual fee / no fee first year
10k points with $3k spend in 3 months
3x gas
2x restaurants
1x everywhere else
annual relationship bonus:
10% with Wells Fargo checking and savings accounts
25% with PMA package *
50% with PMA package and balance of $250,000 or more
no cap on points, never expire
*PMA is their "VIP" bank account type. If you get one of these accounts, a special note appears on your file each time you call / go into branch. You get best rates on mortgages, etc. No fees for 90 days, then $25k minimum balance total across all personal accounts so no fees on any personal account.
See the attached document for what I got from my banker, it outlines some perks I didn't put above.
Unfortunately I was hoping for something better, as I already have 5% on gas (so even with 50% annual bonus, this card gives 4.5% back). Might be a good addition to your cards however if they count in-store purchases as gas (since card isn't available yet, I have no experience on this).
Thanks for posting IcEWoLF....Would be interesting to see how they tweak the final product and see how it's received. Seems somewhat similar to the BOA Privileges Cash Rewards.
Right now I think the above offer or details are for early adopters, probably why there is no annual fee for the first year.
The card will most likely be advertised on their website sometimes mid 2014 when they finalize the benefits & features.
Wells Fargo is a good bank, they are conservative when it comes to credit card rewards when you compare them to Chase or Discover or other credit card lenders.
Everybody keeps leaving out the Wells Fargo earnmoremall.com. This is where you get your max benefit with this card. Double points on online travel sites, 5 points at some major department stores and a whole lot more. This is what makes this card a great card. Amex benefits and Wells Fargo rewards. Cash back is $.01 a point. It's not the platinum but it's still a good card
@pillsbury2 wrote:Everybody keeps leaving out the Wells Fargo earnmoremall.com. This is where you get your max benefit with this card. Double points on online travel sites, 5 points at some major department stores and a whole lot more. This is what makes this card a great card. Amex benefits and Wells Fargo rewards. Cash back is $.01 a point. It's not the platinum but it's still a good card
UR Mall, ShopDiscover, and even ebates and Fatwallet sometimes have better referral bonuses.
The Amex benefits are not accurate. This card isn't underwritten nor managed by Amex. Amex is simply the payment network. Wells Fargo does the undewriting, servicing and management of these accounts. The benefits are therefore also different, and certain warranty and insurance benefits will be underwritten by a different insurance company or Wells Fargo, just not Amex.
Overall it's an decent card like the BofA BankAmericard, but it's nothing to really wow about either, unless they make some drastic changes during roll-out.
@youngandcreditwrthy wrote:
Imo, Wells Fargo isn't a very competitive bank with regards to credit cards or bank accounts.
This definitely isn't competitive.