Wells Fargo and American Express announced on Wednesday a partnership that will facilitate Wells Fargo’s issuance of new credit cards that will be accepted on the AmEx network by the middle of next year.
“We are delivering on our strategy to expand our credit card business,” Wells Fargo Chairman and CEO John Stumpf said. “Our goal is to offer Wells Fargo customers a suite of cards that help them meet their financial goals. We’re proud to have American Express as a partner in this effort – a great company with a proven brand for customer service.”
Wells Fargo customers can apply for the new card online, over the phone, through the mail and at 6,000 retail store locations. The company will conduct a pilot program in select U.S. markets beginning in the third quarter, with an expected full-scale launch during the first half of next year.
“Given the fact that two of our founders were Henry Wells and William Fargo, this partnership is especially significant to all of us at American Express,” AmEx Chairman and CEO Kenneth I. Chenault said. “Wells Fargo is an outstanding addition to our global network of card-issuing partners. We look forward to starting a new journey with them and to delivering premium value and service to Wells Fargo’s customers.”
As part of the partnership, AmEx will provide its Partner Advantage capabilities and services to support Wells Fargo in its development of a suite of products that will provide customers with customized offerings and benefits. AmEx’s LoyaltyEdge will assist in the design of a new Wells Fargo loyalty program that will allow customers to redeem points for gift cards and merchandise.
“Wells Fargo is one of the most respected financial institutions in the U.S., and we are delighted to bring the power of our brands together to offer Wells Fargo’s customers an exciting new suite of high-value products that will provide rich rewards and benefits together with remarkable customer service,” William Stredwick, AmEx’s senior vice president of global network partnerships in North America, said. “In doing so, we can support Wells Fargo’s efforts to grow their credit card business and further extend the benefits of the American Express network.”