Back to top

Image: Bigstock

Wells Fargo (WFC) Unveils Business Credit Card With Cashback

Read MoreHide Full Article

Wells Fargo & Company (WFC - Free Report) has unveiled a new credit card called Signify Business Cash World Elite Mastercard. The new business credit card offers 2% unlimited cash rewards on business purchases.

Another attractive feature of the card will allow its holder to receive a $500 cash rewards bonus when $5,000 in business purchases are made within the first three months. Additional perks include Zero Liability protection, account alerts, digital wallets and no annual fee. Cardholders will also receive World Elite Mastercard benefits, such as MasterRental Insurance Coverage, Priority Pass and Mastercard ID Theft Protection.

Jeff Hofmann, head of small business card for Wells Fargo, stated, “At Wells Fargo, we recognize that managing a small business can be complicated and business owners need the best tools to continue to succeed. Business owners told us that cash rewards programs had become too complex and didn’t provide enough value for their business.”

He also added, “Signify Business Cash is our first step in the transformation of business credit cards at Wells Fargo. We will continue to identify new and innovative ways to support small business owners and meet their needs.”

WFC currently has eight different types of credit cards available. These cards provide a unique set of benefits to its target audience. The bank is actively introducing attractive products to transform its business credit card offerings.

Also, in March, Wells Fargo launched Autograph Journey, a credit card designed for frequent travelers that allows them to earn points irrespective of their destination of travel. This, along with other recent product offerings, has led to a significant increase in revenues from credit cards. Higher loan balances, an increase in point-of-sale volume and new account growth have aided credit card revenues for WFC.

Identifying the right customers and strategically introducing new credit card products are set to position Wells Fargo for long-term success in the card business.

Over the past six months, shares of WFC have jumped 50.3% compared with the industry’s 36.4% growth.

 Zacks Investment Research
Image Source: Zacks Investment Research

Currently, Wells Fargo sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Other Finance Stocks Taking Similar Steps

The PNC Financial Services Group, Inc. (PNC - Free Report) has launched the PNC Cash Unlimited Visa Signature credit card. The credit card offers simple but valuable rewards with an unlimited 2% cash back on all eligible purchases.

PNC’s head of credit cards, Nate Bacon, stated, "The PNC Cash Unlimited Visa Signature credit card is built around the principle of offering competitive, uncomplicated value to our clients."

Robinhood Markets, Inc. (HOOD - Free Report) has unveiled its first-ever credit card in an effort to expand its services beyond mainstream trading. The credit card, known as the Robinhood Gold Card, will be available exclusively to Robinhood Gold customers.

For HOOD’s Gold members who refer at least 10 other individuals to the subscription plan, the credit card will be made from real gold.

Published in