As part of its strategy to boost small credit-card business, the planned launch draws inspiration from its previous Home Rebate Card, which gave 1% rebate that automatically goes toward paying down principal on its home loan.
It is expected that the US lender will launch some cards with similar benefits, which will help cardholders to reduce their student loans, auto loans and other types of consumer debt from Wells Fargo, as reported by Reuters.
Wells Fargo consumer credit solutions executive vice president Tom Wolfe was quoted by the news agency as saying, "The real thing customers wanted was to pay down their mortgage."
The bank, which manages approximately 10% of all US deposits, said that only one-third of its customers hold the lender’s credit cards.
