A NEW set of credit cards will be offered by Wells Fargo (NYSE: WFC) starting middle of next year. The new set of credit cards will be issued on American Express (NYSE: AXP) network, the two firms disclosed yesterday.
Clients of Wells Fargo can apply for the credit cards online, through telephone, or email through its 6,000 retail sites.
WFC will launch a program for clients in key markets across the United States beginning third-quarter of the year until the middle of next year.
According to John Stumpf, Wells Fargo chief executive officer, the company’s mission is to offer clients a host of new credit cards that will help them attain their financial targets.
The collaboration, Gerri Detwieller of Credit.com said, will make a total sense as the two firms have a solid reputation in terms of customer satisfaction.
However, WFC and AXP have their work already cut out for them to come up with a credit card that will stand out.
If the two companies make a card packed with genuine rewards, and supported by their expertise and solid reputation, they really can, Detwieller added.
For instance, the Bluebird Card by the American Express took the pre-paid market by storm thanks to its low fee and highly-accessible credit cards that can availed thru Wal-Mart.
However, industry expert Bill Hardekof said he does not see much of an impact for the company’s clients.
Hardekof said that the bank may need to promote the credit cards more aggressively since it is a new team-up, stressing that the two firms has the same founders.