Credit Cards
Wells Fargo Goes on the Offensive With New No-Fee, 2% Cash-Back Credit Card
- CEO embarks on biggest business expansion since taking over
- First card offers 2% cash back and nixes a stagecoach logo
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Wells Fargo & Co. Chief Executive Officer Charlie Scharf is embarking on his biggest push to expand a major business line since taking over, launching a roster of credit cards aimed at competing with popular products from larger rivals.
The first volley is the Active Cash card, offering a flat 2% cash-back rate on all spending for no annual fee, a challenge to Citigroup Inc.’s Double Cash product and a card offered jointly by Synchrony Financial and PayPal Holdings Inc. Wells Fargo will introduce a low-interest-rate card in coming months and a new rewards card line next year.