Diversified, community-based financial services company Wells Fargo (WFC) has established a credit card issuing alliance with American Express (AXP), whereby the bank’s new credit cards will be accepted on the AXP network.
Under the terms of the card-issuing partnership, Wells Fargo will leverage American Express’ Partner Advantage capabilities and services to support creation of a suite of credit card products with exclusive benefits and customized offers.
Starting from mid-2014, the US-based lender will make the new cards available in the market, although both firms have not divulged the financial terms of the agreement.
Wells Fargo chairman and CEO John Stumpf said that the agreement is part of its strategy to expand the credit card business, while providing customers with an assortment of cards that help them meet their financial needs.
Following completion of a pilot program beginning in the third quarter of 2013, the bank will fully launch the products during the first half of 2014.
Wells Fargo consumer lending group head Avid Modjtabai commented, "We want to give the customers who already carry our card – and the ones who don’t yet – greater rewards and benefits for having a Wells Fargo card in their wallets."
Set up in 1852 and headquartered in San Francisco delivers banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the internet and has offices in more than 35 nations.