SAN FRANCISCO—Wells Fargo is embarking on its biggest push to expand a major business line since it named a new CEO, launching a roster of credit cards aimed at competing with popular products from larger rivals, Bloomberg reported.
Under CEO Charlie Scharf, the first volley is the Active Cash card, which offers a flat 2% cash-back rate on all spending for no annual fee and is designed to be a challenge to Citi’s Double Cash product and a card offered jointly by Synchrony Financial and PayPal.
Wells Fargo will introduce a low-interest-rate card in coming months and a new rewards card line next year.
“The firm is unusually lopsided among U.S. card issuers. It ranks No. 2 in debit cards but languishes at No. 8 in credit cards,” Bloomberg noted.