Wells Fargo recently introduced the Wells Fargo Propel American Express Card, the third in a suite of combined Wells Fargo-Amex products. The card, which carries no annual fee, offers rewards for gas and restaurant purchases and links consumers to the Wells Fargo Rewards program.Wells Fargo launched the card to earn more of its customers business, according to Beverly Anderson, head of Wells Fargo Consumer Financial Services. The card, which is the only Propel card without an annual fee, was developed in response to customer requests for this type of product, according to LowCards.com. And it carries perks that incentivize existing Wells Fargo account holders to apply, like an extra 10% on rewards points for Wells Fargo checking, savings, or PMA Package account holders.The partnership is also likely a move by Amex to widen the card networks client base after a challenging 2015.Amex is about to lose a large swath of business. Last year, the firm lost co-brand partnerships with both JetBlue and Costco, and earlier in January, Fidelity opted to switch its portfolio to Visa. The loss of Costco looks to be particularly impactfulin 2014, Costco cards comprised 8% of the firms billed businessand is expected to impact profits for two years.So the network seems to be looking to attract more and different types of clientele to its product in the coming months. Amex has been doubling down on small business efforts by partnering with mobile point-of-sale (mPOS) terminal vendors and expanding its OptBlue program to make it simpler for small businesses to accept Amex cards. The firm has also introduced Plenti, a rewards program that's attracted major merchants like Macy's, Exxon, and Mobil, and expanded on Bluebird and Serve, its two prepaid card options. Partnering with Wells Fargo on a card with robust rewards and another annual fee could attract more customers to the service.This story was originally sent to professionals just like you in this morning's PAYMENTSINSIDER Newsletter by BI Intelligence, a subscription research service from Business Insider. Get 14 days risk free Interested in getting in-depth analysis on this topic and others like it' Here are a fewways to access our exclusive research:Purchase & download comprehensive researchreports fromour research store. >> Purchase & Download Reports NowTry our INSIDER Newsletters risk-free.Every morning the BI Intelligence team will deliver you a daily newsletter covering everything you need to know in your digital industry.>> Start Now Risk-FreeSubscribe to anAll-Accesspass to BI Intelligence and gain immediate access to ALL of our expertly researchedreports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensureyou stay ahead of the curve and benefit personally and professionally. >> Learn MoreNowPS. Did you know...Our BI IntelligenceINSIDER Newsletters are currently read by thousands of business professionals first thing every morning. Fortune 1000 companies, startups, digital agencies, investment firms, and media conglomerates rely on these newsletters to keep atop the key trends shaping their digital landscapewhether it is mobile, digital media, e-commerce, payments, or the Internet of Things.Our subscribers consider the INSIDER Newsletters a "daily must-read industry snapshot" and "the edge needed to succeed personally and professionally"just to pick a few highlights from our recent customer survey.With our full money-back guarantee, we make it easy to find out for yourself how valuable the daily insights are for your business and career.Click this link to learn all about the INSIDERNewsletterstoday.Join the conversation about this story
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