Delta 764

According to this article:
https://www.forbes.com/sites/roberth.../#a77314232df6

In response to the fake accounts scandal, Wells Fargo may have to improve the perks on its credit cards in order to remain competitive and regain the trust of the public.

While I have a Wells Fargo Visa Signature Card that I have been okay with, I agree that it isn't the best card around; I simply went with it since I bank with Wells Fargo and this is the first credit card that I applied for thus increasing my chances of being approved (I actually applied for the non-Signature Rewards Card, but was automatically upgraded to Signature based on my initial credit score).

One thing that Wells Fargo should offer are better sign-up bonuses, which was one of the biggest drawbacks of my card.

Also, I wouldn't mind if Wells Fargo were introduce another card that was a step-up from the Visa Signature, even if I have to pay an annual fee. I know Wells Fargo tradition is for its cards not to have annual fees except for its secured card, however, generally the cards with the best perks will not be free of annual fees. Perhaps they should introduce a Visa Signature Blush (my name idea, colored light pink) and a Visa Infinite (colored jet black and made of metal) card, which would offer even better perks, no foreign transaction fees, and would have annual fees of $100 and $450, respectively.

What does anyone here think Wells Fargo should do?

tmiw

A while back they required you to go into a branch to apply if you didn't already have a relationship with them. That probably turned at least a few people off from their cards, anyway.

Anyway, I'm not sure if better cards would help them regain trust. That might just be a thing that happens with significant time on good behavior.

mikesyr18

Their Propel American Express card has a $45/year annual fee (waived the first year). It's a 3/2/1 card that has a 20,000 points bonus if you spend $3,000 in three months, with no foreign transaction fees

What I hate about [most, except Propel] Wells Fargo credit cards is their temporary rewards bonuses. What good is a card with a rewards bonus for six months and then either 1% cash back or 1x point per dollar after?

A light pink credit card? You're making it more difficult for Wells Fargo to succeed with that option. Being able to choose the color of your card from a small group would be a better idea IMO.

Compete. Charge a $60 annual fee and have a World Elite MasterCard with one free checked bag or $50/year airline credit, and two miles per dollar that can be transferred to partners.

Delta 764

Considering that Wells Fargo does currently not offer any MasterCard credit cards, I wouldn't keep your hopes up. They are in bed with Visa and Amex.

mikesyr18

I'm sure there's no exclusivity deal there. But you're right.

garykung

Nothing.

Regardless what the article claimed, if WF wanted to make improvement on its products, WF would have done so way earlier than you think.

WF suffered from the downfall of the fake account scandal. However, it does not mean WF needs to do something more riskier to overcome that.

cbn42

Wells Fargo has always been a conservative lender. During the financial crisis, they did not make as many bad loans on mortgages that went underwater. Similarly, they are not throwing a bunch of money (in the form of sign-up bonuses) at people and hoping they become good customers. While not good for us, it is probably better for them not to enter this race to the bottom with Chase and US Bank.

drminn

Are you sure? I heard you didn't even have to apply and they still opened credit card for you.

nwflyboy

Hey, almost all their new accounts were opened by people who happened to be sitting around their branches anyway, so they probably figured it would just make sense to continue that tradition.

sdsearch

Perhaps now that they've locked out churners?

wetsand

They're still recovering from the unlimited 5% cash back for the first 6 mo.