Wells Fargo and Amex Partner to Offer High-Spending Credit Cards
The San Francisco-based Wells Fargo & Company is teaming up with American Express to provide its high-spenders with some new attractive credit card offerings.
Called Propel 365 and Propel World, the cards aim to cater to the affluent and those living the jet-set life and come rife with perks.
These cards will use the American Express network for carrying out transactions.
Propel 365 includes triple or double rewards points for certain purchases, access to Amex Offers for exclusive concerts and events, concierge service, and waived foreign transaction fees.
The Propel World card comes with similar perks, along with chip-and-pin tech to enable international use.
There will also be no earnings cap on the amount of rewards points awarded.
It’s an initiative that Wells Fargo hopes will reel in those high-spenders.
Of the market segment, defined by those who spend more than $100,000 a year through credit cards, only three percent do so through a Wells Fargo card, an executive said in an investor presentation in November.
While not quite as ultra-exclusive as American Express’ own Centurion Card, or JP Morgan Chase & Co.’s Palladium for example, Wells Fargo’s offerings may find popularity with elite rewards-savvy consumers who already hold an account or a PMA package.