Bloomberg reports that Wells Fargo will be releasing three new credit cards soon:
- We previously wrote about the new 2% cash back credit card called Active Wise which will launch soon on July 1, 2021.
- Later in 2021, there will be a second card with a low interest rate meant for those who want to carry a balance.
- In 2022, there will be a ‘rewards card line’ to be released. Presumably some sort of points system, possibly with travel partners and the like. Sounds like there might be more than one card being released as part of the ‘rewards card line’.
The balance transfer card doesn’t interest me personally much, but the 2% card might be useful to some, and it’ll be interesting to see what the points card line looks like in terms of signup bonuses and benefits/rewards.
Just give us back Propel with 100 000 points after 500 dollar spend over three months, maybe worth considering
https://www.businesswire.com/news/home/20210608005295/en/Wells-Fargo-Announces-Active-Cash%E2%84%A0-Credit-Card-Cash-Back-Card-is-First-in-New-Multi-Card-Suite
Wells Fargo already has a points system called Go Far Rewards and the new 2% card in the fine print says it uses the Go Far Rewards points, so it seems like the Freedom cards that are marketed as cash back but in actuality are points earning cards.
The new rewards cards will probably be Go Far points cards to replace the Propel, and marketed with actual multipliers like 2x or 3x like the Propel was instead of 2% like the Active Cash Card.
If the make Go Far points more valuable with the new cards, that makes the Active Cash more interesting because it can act like the Freedom cards or Citi Double Cash where you can use those points for more valuable redemptions if you have the higher tier cards. Technically you can do that already for travel redemptions if you get the Active Cash card and transfer the Go Far points to the Visa Signature card for the 50% bonus resulting in 3% back.
Be alert when using the Go Far Malls bonuses because they don’t always activate. Typically, you should receive an email stating that you’ve activated the bonus for additional points after purchase; however, some links to activate your bonus (particularly 1-800-PetMeds) from the Mall website don’t always activate, thus, leaving you with no recourse but to call them. This is time consuming and another reason to drop Wells Fargo.
this company can go to h3ll
I’m definitely interested to see the travel partners. Hope they transfer at 1:1 and not the 2:1.5 like Capital One.
I tt WF about the cashwise card and the rep told me that they’re only going to have 2 cards. She said that they just got the info today. Maybe she was misinformed? Cashwise is being discontinued for new custs and she insisted that curr custs wouldn’t have their accts closed. To do a PC, she said that there’s a a HP. But, I could have sworn that I was in the process of converting last year and there wasn’t a HP.
Front line reps are usually misinformed
A product change with a HP usually isn’t a product change.
Try calling again. If you get a completely different answer from a different CSR, you’ll know that one of them is wrong.
If you believe you did a PC for a WF card last year, it would be worth pulling your credit reports to look at the “Date Opened.” Wells Fargo “product changes” have for many years consisted of closing the existing card and opening a new one (with the new one NOT inheriting the older card’s Date Opened). In contrast, with virtually all other CC issuers, a PC inherits the older card’s Date Opened.
That’s why many people say that WF doesn’t do PCs. They might call it a PC, but it lacks the fundamental characteristic (date opened inheritence) that is the main reason people do a PC rather than closing the card.
I didn’t do the PC. IIRC, I realized that cashwise was the best option for me.
I don’t have my own DP to offer, but from recent DPs on Reddit, it seems that these are true PCs with credit limit, age of card / credit history, and rewards all remaining intact after the transfer.
Interesting! I wonder if WF has very recently changed their policy on this, since for years they did not do true PCs.
Can you direct the DoC folks to specific links on Reddit that describe what you are talking about? DoC’s piece on WF (“18 Things Everybody Should Know About Wells Fargo”, item #11) states this:
“Wells Fargo doesn’t do a true product change, instead they close your existing card and open the new card. In essence this means no hard pull is done, but you don’t keep your account history/age when doing a product change.”
https://www.doctorofcredit.com/things-everybody-should-know-about-w/
Likewise, this post at myFICO (#3 in the thread) says the same thing:
https://ficoforums.myfico.com/t5/Credit-Card-Applications/Wells-Fargo-Product-change/td-p/5995110
My imaginary gf just got approved!
Good for you!
Wells somehow already opened multiple flagship rewards cards in my name despite the card not having been released yet.
So I am getting three new WF credit cards whether I want them or not.
You already got it. Don’t WF goes above and beyond for existing customers (even when they dont want to)
MIght as well apply. This being Wells Fargo, you’ll get one anyway.