Wells Fargo to Launch Reflect 0% APR Card in October | Payments Source
Wells Fargo plans to launch its Reflect card on Monday, the second in a trio of new credit cards announced in June.
Reflect is designed to reward customers who pay on time. It initially offers an annual percentage rate of 0% for the first 18 months, with the option to extend that APR to 21 months to make all payments on time.
The product follows the July launch of the Active payment card, which offers 2% cash back on all purchases. Wells Fargo has also promised a new rewards card in 2022.
The timing of these launches reflects the nature of how consumers are changing their spending habits during the pandemic. Active Cash provides flexibility in how consumers earn rewards as their spending changes, and Reflect provides an incentive to get back on track for consumers who have had cash flow issues over the years. past year.
“All customers want to feel like they’re in control of their finances… we need to make sure we’re constantly listening to what people think about finances, payments, where they’re spending, where they don’t spend, ”said Krista Phillips, head of credit card, product, loyalty and digital marketing at Wells Fargo, in a live session at the American Banker’s Card Forum on Wednesday.
register here to attend the American Banker’s Card Forum, a live virtual event taking place September 28-30.
Wells Fargo designed Reflect and Active Cash based on feedback that customers wanted cards with simple terms and rewards.
“We’ve heard time and time again that customers don’t want to spend too much time thinking about… [whether] they get 5% or 3% in this or that category, “Philips said.” These products were based on listening to consumers and really making sure that we were able to adapt quickly. [to] what we see and then taking that and translating what we deliver as a bank. “