Wells Fargo Seeks More Credit Customers With New American Express Card (AXP, WFC)

Beverly Anderson, executive vice president of consumer credit collations at Wells Fargo WFC, went over their partnership with American Express AXP to issue credit cards on CNBC's Squawk Box Wednesday Morning. The deal now allows Wells Fargo to issue credit cards on the American Express network. According to Anderson, there's also other strategic value for both companies, including a redesign of some Wells Fargo benefits and rewards programs, shared marketing strategies, and other product design and consulting services. Their cards will span every level of the credit game, from entry in college to premium cards for more established customers. "We've got 70 million costumers at Wells Fargo. Only one in three have a card with us. We know they're using credit. We'd like them to deepen their relationships with us, and use our credit card," said Anderson. Related: Wells Fargo, American Express Announce Credit Card Partnership