Wells Fargo gives credit card holders $20 to try out Apple Pay

Posted:
in General Discussion edited November 2014
A new incentive program launched by Wells Fargo on Monday has the bank giving a $20 statement credit to all customers who register their credit card with Apple Pay and make a subsequent purchase.




Starting today and running through Nov. 30, Wells Fargo credit card holders are eligible to retain a small reward for trying out Apple's new Apple Pay mobile payments solution, the bank announced through its website.

Customers who have yet to attach their Wells Fargo credit card to their Apple Pay wallet are eligible to receive $20 in credit upon a successful transaction. After adding a Wells Fargo card to Apple Pay and completing an online or in-store purchase, customers will need to wait one to two billing periods before the $20 is reflected in their statement.

The promotion appears to be limited to those users who have not yet connected their Wells Fargo cards with Apple Pay, as AppleInsider staff reported being ineligible for the offer. These people linked their card to Apple Pay on day one.

Finally, the fine print reveals Wells Fargo Business MasterCard are not eligible for the incentive, while the bank's Business Visa cards are scheduled to be Apple Pay ready by November.
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Comments

  • Reply 1 of 41
    dachardachar Posts: 330member
    Now why would a bank want to give away $20? They must think that the benefits outweigh the costs. This looks like a significant sign that banks are going to be really supportive of ApplePay
  • Reply 2 of 41
    And now the banks are competing amongst each other to get people to use their cards.. I can see retailers offering incentives like this to get people to use Apple Pay.. Win-win for everyone involved and consumers..
  • Reply 3 of 41
    solipsismxsolipsismx Posts: 19,566member
    Why no mention of the $10 they're giving to those that use ?Pay with their Wells Fargo debit card?
  • Reply 4 of 41
    Quote:

    Originally Posted by Wurm5150 View Post



    And now the banks are competing amongst each other to get people to use their cards.. I can see retailers offering incentives like this to get people to use Apple Pay.. Win-win for everyone involved and consumers..



    Nah, Banks get paid on you using your card, and the increased security makes it attractive. Retailers shouldn't care wether you use this or credit cards (Although the smart ones would enable it cause of convenience for customers)

  • Reply 5 of 41
    irun262irun262 Posts: 121member
    I have an iPhone 6 plus but don't have a Wells Fargo credit card. My wife has a Well Fargo credit card but doesn't use an iphone.

    I wonder if I could register my wife's card on my iPhone 6 plus?
  • Reply 6 of 41



    c'mon PNC, get your apple pay system finished, and how about giving us $50 to try it out?

  • Reply 7 of 41
    This is great!
    An incentive by Wells Fargo to use Apple Pay!

    So why are CVS and RiteAide blocking Apple Pay? They will likely lose a lot of business this way.

    What do you all think?
  • Reply 8 of 41
    I just tried to register my AT&T Universal Visa card with Apple Pay... and found out that they do not support Apple Pay.

    That card goes in the drawer.
  • Reply 9 of 41
    ApplePay....absoultly fantastic!
  • Reply 10 of 41
    Quote:

    Originally Posted by [email protected] View Post



    This is great!

    An incentive by Wells Fargo to use Apple Pay!



    So why are CVS and RiteAide blocking Apple Pay? They will likely lose a lot of business this way.



    What do you all think?



    if you want to know what we all think, look back at a previous thread - over 400 responses- no need to re-create it all here

  • Reply 11 of 41
    blazarblazar Posts: 270member
    CurrentC stands for CUT out the middle man. Credit card companies are wortied about being made obsolete.

    I suspect a hundred years from now, the major credit card companies will be long cut out of the process. The reason for their existence is growing thin.

    Apple has made a more convenient and secure system but the credit card companies are still eating serious margins off every purchase you make. They really SHOULD be made entirely obsolete... But the retailers cant be trusted any more than the credit card companies with your identity and safefy (personal and financial).
  • Reply 12 of 41
    mac_128mac_128 Posts: 3,452member

    You know what's absolutely astounding about this?

     

    I was in my US Bank branch last week and asked them when my US Bank Visa would be functional with Apple Pay. She didn't miss a beat and asked me "What's Apple Pay?". My jaw dropped. I said it was the new secure swipeless credit card technology for use with the iPhone. And she said, that it was something she would look into, that the bank was probably waiting to see how well it worked and if any other major banks were using it. I almost laughed and said, yeah, all your competitors, Wells Fargo, Chase, Citibank ... and she looked sort of caught off guard, and said she was just in a meeting last week that said all merchants were going to have to upgrade to wireless transaction POSTs by the end of next year, so she felt sure they would support Apple Pay by then. Yikes!! And she was the teller manager. 

     

    Looks like I need to get a new bank. Yowza ... what rock has she been under?

  • Reply 13 of 41
    Quote:

    Originally Posted by blazar View Post



    I suspect a hundred years from now, the major credit card companies will be long cut out of the process. The reason for their existence is growing thin.

    Quite unlikely, unless firms like Apple and CVS also want to get into the banking business and assessing client creditworthiness (i.e., the collections business)..

  • Reply 14 of 41
    Quote:

    Originally Posted by [email protected] View Post



    This is great!

    An incentive by Wells Fargo to use Apple Pay!



    So why are CVS and RiteAide blocking Apple Pay? They will likely lose a lot of business this way.



    What do you all think?



    It's possible those particular retailers are backed by investors who are anti-Apple and simply don't want Apple to gain a footing in the electronic payment business.  I'm sure there must be anti-Apple factions on Wall Street who would like to see Apple Pay fail.  If there weren't some resistance, Apple Pay would just roll over every other electronic payment system and Apple would dominate it.  I'm sure that is certainly considered a threat.  The way I figure if this weren't true, consumers would be allowed to use both CurrentC and Apple Pay and compare which one they liked best.  This way, Apple doesn't get a chance to play.  I'm sure CVS and Rite Aid isn't banning Apple Pay for the consumer's benefit.  I'm sure there some faction's agenda that wants to cripple Apple Pay any way it can.

  • Reply 15 of 41

    good call wells fargo.

  • Reply 16 of 41
    tbelltbell Posts: 3,146member
    blazar wrote: »
    CurrentC stands for CUT out the middle man. Credit card companies are wortied about being made obsolete.

    I suspect a hundred years from now, the major credit card companies will be long cut out of the process. The reason for their existence is growing thin.

    Apple has made a more convenient and secure system but the credit card companies are still eating serious margins off every purchase you make. They really SHOULD be made entirely obsolete... But the retailers cant be trusted any more than the credit card companies with your identity and safefy (personal and financial).

    Except people still prefer them or they'd already be gone. That isn't changing unless 1) people spend within their means (e.g. Not on credit) and 2) an alternate easier method of paying exists. Let us be honest though our society can't sustain itself another hundred years.
  • Reply 17 of 41

    Now that is how to incentivize users!

  • Reply 18 of 41
    nolamacguynolamacguy Posts: 4,758member
    mac_128 wrote: »
    You know what's absolutely astounding about this?

    I was in my US Bank branch last week and asked them when my US Bank Visa would be functional with Apple Pay. She didn't miss a beat and asked me "What's Apple Pay?". My jaw dropped. I said it was the new secure swipeless credit card technology for use with the iPhone. And she said, that it was something she would look into, that the bank was probably waiting to see how well it worked and if any other major banks were using it. I almost laughed and said, yeah, all your competitors, Wells Fargo, Chase, Citibank ... and she looked sort of caught off guard, and said she was just in a meeting last week that said all merchants were going to have to upgrade to wireless transaction POSTs by the end of next year, so she felt sure they would support Apple Pay by then. Yikes!! And she was the teller manager. 

    Looks like I need to get a new bank. Yowza ... what rock has she been under?

    or, you could go to the Apple website and look at the list of banks already committed and working on implementing.
  • Reply 19 of 41
    adonissmuadonissmu Posts: 1,772member
    Quote:
    Originally Posted by TBell View Post





    Except people still prefer them or they'd already be gone. That isn't changing unless 1) people spend within their means (e.g. Not on credit) and 2) an alternate easier method of paying exists. Let us be honest though our society can't sustain itself another hundred years.

    The CC Companies are held to a higher standard as it relates to consumer protections. That is why there is an additional 2-3% fee for merchants who participate in the system. It's insurance for them and the consumer. 

  • Reply 20 of 41
    boeyc15boeyc15 Posts: 986member
    Quote:

    Originally Posted by blazar View Post



    CurrentC stands for CUT out the middle man. Credit card companies are wortied about being made obsolete.



    I suspect a hundred years from now, the major credit card companies will be long cut out of the process. The reason for their existence is growing thin.



    Apple has made a more convenient and secure system but the credit card companies are still eating serious margins off every purchase you make. They really SHOULD be made entirely obsolete... But the retailers cant be trusted any more than the credit card companies with your identity and safefy (personal and financial).

    True. There is still a transaction cost and I'm paying for that now on my checking account.

    So, since banks are doing it anyways (electronic payment to credit card or direct to seller) and charge my checking account... say bye bye CC just transfer direct to/from my bank.

    Can't Apple pay use a debit card?

    Then it will get down to who has the lowest bank fees/ highest incentives... ie the $20 inducement.

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