Wells Fargo Chief Executive John Stumpf eloquently explained the objective of the partnership, where the bank’s customers can apply for the Amex cards through the Internet, through mail, on the phone, and at 6,000 retail branches. “Our goal is to offer Wells Fargo customers a suite of cards that help them meet their financial goals,” said Stumpf.
What is interesting about the deal is that Wells Fargo founders Henry Wells and William Fargo were also among those who had founded American Express.
But aside from that coincidence, analysts believe the partnership is a convenient one, and one that “makes complete sense”, as both Wells Fargo and American Express are known for exemplary customer service. “However, they’ve got their work cut out for them to create a card that really stands out among all the other offers already out there,” posited Credit.com analyst Gerri Detweiler. “If they come up with a card with rich rewards, backed by the reputations of Wells Fargo and American Express for customer service, they can.”
Another analyst, William Hardekopf, tends to disagree, and believes that the partnership may be a testy one for consumers, as there are still many establishments that do not accept American Express credit cards due to their more premium fees. “That may affect consumers when trying to make a transaction,” opined Hardekopf.