Wells Fargo Bank - Credit Card vs. Debit Card

Wells Fargo & Co. is prominent financial services company in the United States with consumer finance subsidiaries in Canada and Puerto Rico. The company, which is regarded as one of the most integrated financial services companies, has three different business segments namely; Retail Banking, Wholesale Banking, and Consumer Finance. The Community Banking segment comprises Regional Banking, Wealth Management Group Diversified Products and the Consumer Deposits groups. The Wholesale Banking segment basically includes lending, treasury management, mutual funds, asset-based lending, commercial real estate, corporate and institutional trust services, and investment banking. The consumer finance segment is engaged in sub-prime lending in the U.S. and in certain other countries.

Well Fargo provides various credit card services such as Cash BackSM Visa Card, Prime RateSM Visa Card, College Visa Card, and Secured Visa Card. Wells Fargo credit cards offers protection against liability for fraud and theft and helps in earning rewards points for the purchases.

The Wells Fargo Platinum Visa Card has been specifically created designed for those with very good credit. The best benefit offered by the card is its optional reward program. Cardholders obtain access to the Wells Fargo Rewards program for an additional annual fee of $19. The card enables cardholders to earn one point for every dollar which is spent. Points could be redeemed for airline tickets, cash rebates, or gift certificates. A maximum of 60,000 points could be earned per year and points expire in a period of five years. The card does not have an annual fee and introductory rate on purchases is significantly low. Balance transfers are for six months and there are minimum caps for all transactions. The card provides numerous platinum cardholder benefits such as travel accident insurance, auto rental insurance, and various travel and emergency assistance services.

The Wells Fargo Home Rebate Card is intended at home mortgage customers, who wish to pay down their mortgage, build equity quicker and thus save money on mortgage interest. All purchases made by customers with the card counts toward 1 percent rebate credited to the principal on their home mortgage loan. The rebate is applied in $25 increments, and there is no cap on the amount of rebate which customers can earn.

Wells Fargo also provides two popular rewards programs namely; "Enhanced Rewards" for check card and credit card customers, and the other one called "Exclusive Rewards" for check card customers. The first program offers customers points for each of their purchases which could be redeemed for rewards which include electronics, gift certificates, and airline tickets. The annual fee to be a participant in the program is $19.00, and the customer receives one point for every dollar spent. The "Exclusive Rewards" is a program designed for customers with only a debit card. To be a member of the program, the customer has to pay an annual fee of $12.00. The customer will earn one point for every four dollars you spend.

Nayanathara. S.

Hi-Tech Editorial Division