Wells Fargo has added terms to their points system against ‘Misuse or Gaming’ which would put the user at risk for account closure or points forfeiture. This includes using an account to maximize rewards in a manner inconsistent with normal customer activity, and opening many credit cards.
Here’s a screenshot, from Travelwithgrant:
I’m not sure if there are any Wells Fargo cards that are useful for gaming or heavily churning, but in any case, they have anti-gaming language now which might make it harder to fight for points in case you raise eyebrows to your account.
There are a few other (unrelated) minor changes as well that Wells sent out; you can read about those on Travelwithgrant.
What’s up with Wells Fargo and credit cards? I see ads for a Wells Fargo Cash Wise Visa all over the internet. I don’t see ads for any other card issuers since the clampdown began. I go into a Wells Fargo branch, they have signs and brochures pitching the Cash Wise Visa, many in español. I didn’t see them before.
At a time when all the other issuers seem to have pulled back, Wells Fargo is clearly looking to expand it’s card business. Since they’re spending this money on marketing, if I’m planning to apply for a card, I’d guess Wells Fargo is going to be more likely to approve me.
Wells Fargo got jokes I see.
I am a long time WF customer (Wachovia before). Still out main bank. But see very little value in their credit cards. Only of any value is cell phone insurance. Other than that… forget it.
I agree with wf; if your purchasing gift cards to use at the retailer then that is fine but if your using your card to purchase anything that will be converted to cash again then you are gaming the system and ruining it for the rest of us, get a real job
What exaclty are you trying to say? WF shareholder there?
Why would WF care that you converted something into cash after you purchased it?
k
I don’t get it. You are equating “not consistent with typical” with purchasing gift cards. Why? Do you know something that the rest of us don’t?
Wait so you can’t maximize rewards? wtf
Seriously, they’re fine with charging interest though.
This is rich. WF – the company that fraudulently created millions of accounts to game their own incentive system and goose the share price for top execs to earn tens of millions in bonuses, now wants to crack down on gaming of their shiiiiitty cards? The irony
Actually the WF credit card ecosystem is quite useful. Although there’s a rule limiting bonuses to one every 15 months, you can combine points with your spouse, so you can effectively get two every 15 months. The no-annual-fee Visa Signature, like CSR, lets you book travel at 1.5 cents per point, and the bonus is 5X on $12,500 spend in grocery, drugstore, and gas station spend over 6 months. You can get nice bonuses with the Propel/Propel World and the Business Platinum and transfer them over to the Visa Signature to get the 1.5 cents. The question is whether they’ll crack down on gift card purchases — not too many people have annual grocery bills of $25K.
>> not too many people have annual grocery bills of $25K.
Amex Gold customer data: Hold my beer!
If you have to tell people not to use the card so much (i.e. gift cards) when you heavily use the card and earn lots of rewards, you designed the rewards structure the wrong way. Another poorly designed incentive system from Wells Fargo.
WF I hate you.
“Opening multiple accounts”? Ridiculous. This is why I have very little sympathy for the card issuers. They don’t try to be reasonable.