From the desk of Costa Mesa Lead Attorney James Liu:
Since 2007, Wells Fargo has carried the Home Rebate Card, which offers a 1% rebate that automatically goes toward paying down the principal of your Wells Fargo mortgage. In the coming months, Wells Fargo plans to release a similar line of credit cards that offer a percentage rebate that automatically goes towards paying student loans, auto loans, and other types of consumer loans funded by the bank.
Wells Fargo believes its new credit cards will help increase the credit card purchase volume of its customers. At present, Wells Fargo is ranked eighth among U.S. credit card issuers with a purchase volume of $66 billion in 2012. In comparison, American Express had a purchase volume of $566 billion during the same period.
Critics argue that the new credit cards by Wells Fargo may not be the best value because some credit card customers prefer cashback rewards to use however they wish.
For more information regarding Wells Fargo’ new debt-reducing credit card: http://www.reuters.com/article/2013/08/05/us-wells-fargo-creditcards-idUSBRE97410J20130805
If using your credit cards to earn rewards has gotten you deep into debt, you may want to contact a debt settlement attorney. A qualified attorney may be able to settle your credit card debt for less than you owe.