Consumers increasingly expect varied rewards options with their credit cards and so it is no surprise that firms are launching revamped rewards sites with innovative options for point redemption. Wells Fargo introduced a creative way to share and redeem rewards with its rewards site revamp. Members can now “pool” their rewards points or cash rewards toward one common goal by joining existing pools or by creating their own pool. Interestingly, points can be pooled between family, friends or other Wells Fargo Rewards customers. Citi launched a similar point sharing feature in 2011, according to an article from the New York Times, and Chase allows members to transfer points. Wells Fargo’s promotional approach to sharing rewards points stands out in comparison to Citi’s ThankYou Points sharing.
Wells Fargo New Pool Rewards Option
A promotional video highlights the many ways rewards members can share their points, whether it is by gifting, donating or pooling. Members can plan to save for a wedding gift, fund a family reunion, event, or home project, or help their community. This new feature is an interesting twist on credit card rewards and a great way for rewards members to support the people and causes they care about.
Pool Rewards Page (Truncated)
Most credit card firms in the CI coverage group do not offer point sharing – Wells Fargo joins only Citi and Chase. Citicards ThankYou Rewards Points Sharing is the most similar to Wells Fargo, where members can join together to receive, give or share points and can share points online or on the ThankYou Point Sharing App on Facebook. Chase, on the other hand, only allows cardholders to transfer points between their own accounts or to the accounts of a spouse or a domestic partner. As credit card customers continuously search for the best rewards features, point transferring and sharing will be an intriguing field to follow.