Wells Fargo & Company (NYSE:WFC) disclosed the launch of the Signify Business Cash World Elite Mastercard.
Signify Business Cash by Wells Fargo offers unlimited 2% cash rewards on business purchases, with no caps or categories to track and no annual fee.
The cardholders can access the Wells Fargo Business Rewards Program and redeem cash rewards as a statement credit to their Signify Business Cash account, as a direct deposit into an eligible Wells Fargo savings or checking account, among other benefits.
Jeff Hofmann, head of Small Business Card for Wells Fargo said, "At Wells Fargo, we recognize that managing a small business can be complicated and business owners need the best tools to continue to succeed. Business owners told us that cash rewards programs had become too complex and didn't provide enough value for their business."
"We designed Signify Business Cash to give business owners the spending capacity they need to better manage their cash flow with the simplicity, value, and transparency they want."
Last month, Wells Fargo beat first-quarter FY24 earnings estimates with adjusted EPS of $1.20, driven by a 17% increase in noninterest income.
Investors can gain exposure to the stock via First Trust Nasdaq Bank ETF (NASDAQ:FTXO) and Invesco KBW Bank ETF (NASDAQ:KBWB).
Price Action: WFC shares are down 0.05% at $61.86 at the last check Monday.
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