Wells Fargo will no longer allow Go Far Rewards members to redeem points for digital rewards such as digital music, books and games. This change is already in place. In reality this doesn’t really matter as those redemption options are basically useless (poor value of points). Most rewards companies offer these types of digital rewards and also the ability to redeem points for other ‘bad’ redemptions such as physical items as some uninformed consumers do use these options. I’m guessing nobody was really redeeming points and it was costing more to maintain than it was worth for Wells Fargo.
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I can’t believe anyone would want to redeem points for something that a public library or a Google search would offer for free.
Gift cards and merchandise are still on the table though, so I still get to waste my WF points on overpriced tangible goods if I choose to.
Here’s the digital rewards redemption page now, fyi: https://gofarrewardsdigital.wf.com/
When I see rules changing immediately I tend to think there was an angle/loophole.
Not saying there was here, but I wonder.
People redeeming WF point to get iTunes gift cards to pay IRS employees that call and say you will be under arrest in 2 days if you don’t do so.
On a more serious note, while I do agree with your logic but also on the flip side imagine an accountant showing WF execs how much it’s costing them to maintain this relation while no one is using it. I guess immediate changes are to protect profits of corporations while announced changes are to keep the customer “happy” while preparing to shaft them while still making less than stellar profits.