Wells Fargo is planning to launch its Reflect card on Friday, the second of a trio of new credit cards it announced in June.
Reflect is designed to reward customers for paying on time. It initially offers a 0% annual percentage rate for the first 18 months, with the option to extend that APR to 21 months for making all payments on time.
The product follows the July launch of the issuer's
The timing of these launches reflects the nature of how consumers are changing their spending habits over the course of the pandemic. Active Cash provides flexibility in how consumers earn rewards as their spending shifts, and Reflect offers an incentive to get back on track for consumers who had cash-flow challenges over the past year.
"All customers want a sense of control over their finances … we need to make sure that we're constantly listening to what people are feeling about finances, about payments, about where they're spending, about where they're not spending," said Krista Phillips, head of credit card marketing, products, loyalty and digital at Wells Fargo, during a live session at American Banker's Card Forum on Wednesday.
Wells Fargo designed Reflect and Active Cash based on feedback that customers wanted cards with straightforward terms and rewards.
"We heard time and time again that customers don't want to spend too much time thinking about … [whether] they get 5% or 3% in this category or that," Phillips said. "These products were based on consumer listening, and really just making sure that we were able to adapt quickly [to] what we're seeing, and then taking that and translating into what we're delivering as a bank."
