Wells Fargo credit card aimed at those seeking to cut back on credit

Mark Calvey^[1]

Senior Reporter- San Francisco Business Times

This email address is being protected from spambots. You need JavaScript enabled to view it.^[2]  | Twitter^[3]  | LinkedIn^[4]  | Google+^[5]

Wells Fargo is said to be planning a credit card designed to appeal to those seeking to reduce debt.

What's next? Oreo cookies aimed at dieters?

The San Francisco bank's proposed credit card would be modeled after the Wells Fargo Home Rebate Card that made its debut in 2007, according to a Reuters report^[6]. That card applies 1 percent of purchases against the principal of a Wells Fargo (NYSE: WFC) mortgage.

The proposed card would generate points based on spending that could be used to reduce student loans and other liabilities held by Wells Fargo.

Wells (NYSE: WFC) was tight-lipped Tuesday on the matter.

But it's not surprising that Wells is eager to grow its credit card business as other avenues of growth have been cut off due to new regulations and, as the bank knows all too well, customers eager to pay off debts. But it's those borrowers eager to reduce their debts that might be just the type of customer the conservative bank wants to attract.

Mark Calvey covers banking and finance for the San Francisco Business Times.

References

1. ^{^} Mark Calvey (feeds.bizjournals.com)
2. ^{^} This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
3. ^{^} Twitter (twitter.com)
4. ^{^} LinkedIn (www.linkedin.com)
5. ^{^} Google+ (plus.google.com)
6. ^{^} a Reuters report (articles.chicagotribune.com)