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Wells Fargo Debuts New Rewards Program

[Friday, April 8th, 2016]

Wells Fargo credit card holders now have a new rewards program that links directly to their Wells Fargo checking or savings account and lets them apply rewards to a qualifying Wells Fargo line of credit or other type of loan.

The Go Far Rewards program is available to any customer with a rewards-based Wells Fargo credit card. It’s designed to operate on a flexible platform that allows consumers to get more from the rewards program and redeem their rewards in a greater variety of ways.

Wells Fargo customers with Go Far Rewards will be able to pool their rewards with other customers, redeem rewards at an ATM, gift their rewards to another customer, donate to charity, create a wish list, or credit the rewards to their account. They can also redeem points for traditional rewards like travel credits, merchandise, and gift cards. All of these options are available on the go, through the Wells Fargo app, to make redemption easy.

“Customers use their credit cards to pay for ordinary things they do every day, and we want the rewards they earn from doing that to feel extraordinary,” said Wells Fargo head of consumer financial services Beverly Anderson. She said the bank was focusing on flexibility and accessibility—things customers have indicated are important to them. “We spent the last few years updating our rewards program so significantly, we felt it deserved a new name,” explained Anderson.

Choices, charities, and cash rewards

Go Far Rewards gives customers choices about how they’d like to redeem their rewards: they can give to charity with a “CharityChoice” gift card, which gives a donation to a selected charity, or they can pay down a balance on a qualifying Wells Fargo loan of line of credit, such as a mortgage, home equity line of credit, credit card, personal loan, or car loan.

They can also have their rewards direct deposited into their checking or savings account, or receive it in cash from one of 13,000 Wells Fargo ATMs across the country.

Other redemption options include merchandise, gift cards, or digital downloads such as music and movies.

Personalized design makes redemption easy

Wells Fargo has made it simple for folks to target their preferred reward redemption categories by enabling a “Tailor Your Preference” widget that lets them mark certain categories with “Love It” or “Leave It” and then see only their “loved” categories as redemption options.

Customers can see the new improved rewards website on their desktop, laptop, tablet, or smartphone. It has received an A- in Credit Card Monitor’s Rewards Redemption Options report.

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