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Wells Fargo & Co. today announced a package of credit products and spend-management tools designed to allay consumers' anxiety about their rising debts caused by the current economic crisis. The Wells Fargo Debt Pay Down Solution for the first time combines several Wells Fargo credit products and services, encouraging customers to consolidate their high-interest debts and reduce their monthly payments by obtaining a Wells Fargo personal loan. Under the program, Wells Fargo credit cardholders can opt to have their credit and debit card rewards applied toward repaying their Wells Fargo personal loan. Wells also unveiled its new online Smarter Credit center, which offers information about establishing, rebuilding and using credit. Simultaneously, Wells has enhanced the rebate on its Wells Fargo Cash Back Card and Wells Fargo Cash Back College Card to provide a flat 1% cash back on all transactions initiated on those cards. The cards previously had tiered rewards structures. Customers also can get 0.25% of the sale back in cash on all signature-debit transactions and pool rewards in the same account at no extra cost. Wells Fargo's research suggests consumers increasingly are concerned about the economic crisis, and "they want to see light at the end of the tunnel," Ben Soccorsy, Wells Fargo vice president and product manager of personal loans, tells CardLine. "With this program, we are making it easier for consumers to manage their debt and spending through one central program." Ron Shevlin, a senior analyst with Aite Group, tells CardLine that with its Debt Pay Down Solution, Wells Fargo is integrating its credit card more deeply into its other product offerings. "More card issuers are looking for ways to make the credit card part of the broader banking relationship, and enabling customers to use their rewards to pay down a personal loan is another example of this," he says.
