Wells Fargo is expected to launch a new credit card today. The new card, the Wells Fargo Reflect Credit Card, will offer a lengthy 0% intro APR period, with the card’s focus being on improving financial health. Here is everything we know about the new card:
Report: Wells Fargo to Launch Wells Fargo Reflect Credit Card
Wells Fargo pulled many of its credit cards this summer, looking to refresh its lineup by the end of 2021. This product refresh began with the launch of the Active Cash Card in July. The product refresh also includes a company record $7 million in advertising, with the latest marketing campaign utilizing American actress Regina King.
The Active Cash was the first of three new credit card offerings, with the second card now coming to light. A new report in American Banker says the second credit card of the triumvirate will launch today, October 1, 2021. That card, known as the Wells Fargo Reflect Credit Card, will offer the lengthiest introductory APR period on the market – up to 21 months.
The Reflect Card is targeted towards consumers who pay on time. Cardholders enjoy 0% intro APR for the first 18 months, with that period rising to 21 months when cardholders make all their monthly payments on time.
Currently, the longest 0% APR period is held by the U.S. Bank Visa® Platinum Card – at 20 months. Several other credit cards offer 18-months of no interest, including the Wells Fargo Platinum, Citi Simplicity®, and Citi® Double Cash being notable examples.
Wells Fargo’s Product Refresh
Wells Fargo’s new credit card lineup, which will include a travel rewards card later this year, is attempting to tackle the problem of customers ignoring the bank’s card offerings. Despite a massive presence across the United States, Wells Fargo has seen customers opt for cards from rivals, such as Chase, Citi, and others.
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