In an announcement made early Wednesday, Wells Fargo Bank would be offering new credit cards issued by American Express by next year. Clients and customers of the bank would be able to apply for the said cards, with a pilot programme in place commencing this third quarter of 2013 extending to the second quarter of 2014.
According to Wells Fargo CEO John Stumpf, "Our goal is to offer Wells Fargo customers a suite of cards that help them meet their financial goals." The two financial companies share a deep related history, as the founders of Wells Fargo, Henry Wells and William Fargo, are also fellow founders of American Express.
Credit cards have been part and parcel of American daily life. According to research conducted by www.creditcards.com, ending May 2013, the total outstanding consumer debt in the United States is at US$2.8 trillion. The average debt of Generation Y cardholders stands at US$34,765 while Generation X cardholders average debt stood at US$111,121.
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