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Sans stagecoach, Wells Fargo to launch new credit card portfolio in July


Wells Fargo & Co. this week announced it will launch a new portfolio of credit cards as part of the bank’s transformation in its recovery from its fake-accounts scandal, American City Business Journals reported. Wells Fargo will roll out the first in a suite of new card offerings with the introduction of its Active Cash card, which comes with a 2% cash-back reward on purchases, with no annual fee and a focus on simplicity. A new low-rate card, called Reflect, will be available later this year, and a new rewards card line is coming in 2022. CEO Charlie Scharf called the new card portfolio “a key step in Wells Fargo’s transformation journey.” Scharf has been publicly critical this year of his bank’s credit card and digital banking services. Scharf also signaled major changes ahead earlier this month for the bank’s digital services. Wells Fargo’s iconic stagecoach logo will not appear on the new cards.

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