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Wells Fargo is planning to update their consumer credit card portfolio by adding three new products. The bank has already announced the roll-out of the first card in its new Visa cards suite - the Active Cash℠ Card.
The new Active Cash Card will become available in July. The card offers unlimited 2% cash rewards on all purchases, a $200 cash rewards bonus for spending $1,000 in purchases in the first three months, no annual fee, and a 0% intro APR on purchases and qualifying balance transfers for 15 months (after that the go-to variable APR will be 14.99%, 19.99%, or 24.99%).
The new card is a great option for people who are looking to apply for a cash back credit card but do not want it to have a complex rewards program with categories or limits to track. Also, if you spread your spendings evenly and do not put more money into certain categories, the flat 2% cash back on all purchases could be a good fit for you.
In addition to a simple and straightforward reward program, the Active Cash Card offers flexible cash redemption options. Cardholders will be able to redeem earned cash rewards as a credit to their Active Cash account, at Wells Fargo ATMs in $20 increments using Wells Fargo debit or ATM card, direct deposit into a Wells Fargo savings or checking account, or toward recent purchases.
The new Active Cash℠ Card from Wells Fargo could compete with other 2% cash-back credit cards, like the Citi® Double Cash Card – 18 month BT offer (the card offers 2% cash back: 1 when you buy and 1% as you pay).
Later this year, Wells Fargo plans to roll out one more consumer credit card - the Reflect℠ card, which is a low-APR card. And in 2022, a new rewards card line is expected.