A joint statement by Wells Fargo and American Express (Amex) shared news that they will be offering customers credit cards issued on the Amex network. Wells Fargo Chief Operating Officer John Stumpf discussed that this move is to accomodate another variety of financial solutions that would "help them (customers) meet their financial goals."
Credit.com's Gerry Detweiler saw that the partnership "makes complete sense" as both financial institutions are renowned for their customer service. The fourth largest bank in the US, Wells Fargo will slowly introduce the new cards through online, mail and branch applications with a beta batch of customers in the US beginning late 2013 until the first six months of 2014.
Industry observer Bill Hardekopf doesn't see the banks' partnership as something new for the credit card consumer market. "Wells Fargo may promote these cards a little more aggressively since this is a new partnership and there is some synergy behind it... [But] there are still places that don't accept American Express cards because of their higher fees... so that may affect consumers when trying to make a transaction."
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