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This Week in Credit Card News: June 4–10

Published Jun 10, 20213 min read

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At a glance

Citi launches new 5% cash back credit card; Earn 6% cash back at Amazon for Prime Day; Venmo offers double rewards for new applicants; Wells Fargo to release three new credit cards; Amazon considers replacing Chase as one of its card issuers.

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New Citi Custom Cash Card: 5% Cash Back on Your Most Common Expenses

  • Citi has launched a new credit card: Citi Custom Cash℠ Card.
  • Key features of the Custom Cash Card:
    • 5% cash back in your top spend category each billing cycle (up to $500 spent, then 1%)
    • 1% cash back on all other purchases
    • $200 cash back for spending $750 in the first 3 months
    • Purchase APR: 0% for 15 billing cycles, then 13.99%–23.99% Variable
    • Balance Transfer APR: 0% for 15 billing cycles, then 13.99%–23.99% Variable
    • Annual fee: $0
  • The 5% cash back categories include restaurants, grocery stores, gas stations, select travel, select transit, select streaming services, drugstores, fitness clubs, home improvement stores, and live entertainment.
  • See other Citi credit cards.

Earn 6% Cash Back at Amazon for Prime Day With Amazon Credit Cards

Venmo Offers Double Rewards for Venmo Credit Card New Applications

  • New cardholders of the Venmo Visa Signature® Credit Card can earn double rewards through December 31, 2021. You must apply between June 1, 2021, and July 31, 2021, to qualify.
  • With double rewards, the card earns:
    • 6% cash back instead of 3% on purchases in the top spend category
    • 4% cash back instead of 2% on purchases in the second top spend category
    • 2% cash back instead of 1% for other eligible purchases
  • After December 31, 2021, the rewards will revert to the normal rates.
  • Source: Venmo

Wells Fargo Launching Three New Credit Cards in Coming Year

  • Wells Fargo has plans to release three new credit cards, the first two later this year and another in 2022.
  • First in line is the Active Cash card, which provides 2% cash back on everything for no annual fee. It’s intended to be a competitor to cards like the Citi® Double Cash Card – 18 month BT offer (Review) and PayPal Cashback Mastercard® (Review).
  • Next up, later this year, is a low-interest card (probably with 0% APRs for purchases and balance transfers). And in 2022 we’ll see a new rewards credit card.
  • The new cards are part of an attempt by new CEO Charlie Scharf to make Wells Fargo more attractive in the retail credit card market. Scharf, who in April said “Our card propositions are not competitive,” is leading Wells Fargo’s largest credit card marketing campaign ever. The company also reportedly plans to make forays into more co-branded credit cards.
  • Wells Fargo recently stopped taking applications for the Wells Fargo Propel American Express® card (Review), after making some upgrades to the card several years ago.
  • See all of Wells Fargo’s credit cards.
  • Sources: Wells Fargo, Bloomberg

Amazon Considering Replacing Chase as Issuer of Co-Branded Cards

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Written by

Brendan Harkness

Brendan has been writing about personal finance for over eight years, and is now taking on the challenge of bringing high quality credit education to the masses. He makes sure that Credit Card Insider is covering the most important credit topics transparently and precisely, and that we have up-to-date reviews of credit cards so you can find cards that are right for you.

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