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Update: A spokesperson for Wells Fargo has confirmed that points transfers will not launch until 2024. We will provide updates as more becomes known.
Something is happening with Wells Fargo. Exactly what it is… well, that isn't known. But after months of rumors, the statement for my Wells Fargo Autograph® Card arrived last month saying there would be a points transfer option coming soon. That was very interesting, of course. The date listed, unfortunately, has come and gone.
Now, Wells Fargo has provided a new date. But details are scarce, and Wells Fargo employees remain very tight-lipped about what's happening with a potential addition of transferable points.
If you're curious about what's happening with impending Wells Fargo points transfers, here's what we know and don't know at this point.
What We Know
This verbiage appeared on credit card statements last month for Wells Fargo Autograph cardholders:
Effective November 15, 2023:
Points Transfer
A new online redemption option will be available for all Points-based Wells Fargo Credit Cards called Points Transfer. With Points Transfer, You will be able to redeem Your Points to transfer as miles, points or credits to participating partner loyalty transfer programs.
At the time, we reached out to a spokesperson for Wells Fargo, who said that there was nothing additional to share and that the issuer would provide details when possible. Obviously, that date has passed.
Yesterday, I received my new credit card statement with the same verbiage — but with a change of date to December 10, 2023. Again, a spokesperson for Wells Fargo said they can't share any additional details at this time but that they “will be in touch soon on this.”
Thus, it's pretty certain that Wells Fargo is trying to launch transfer partners on the Wells Fargo Autograph. Considering all of the recent marketing and other new features added to this card recently, such as unique Wells Fargo Autograph cardholder experiences, this isn't surprising as Wells Fargo tries to position itself in a competitive market.
We haven't seen this notice on Wells Fargo's cash-back credit cards or its co-branded cards that earn rewards in other currencies, such as Choice Privileges credit cards. At this time, the option for points transfers looks like it will be unique to the Wells Fargo Autograph.
What We Don't Know
There's a lot we don't know. Let's tackle it in list form to stay organized.
- We don't know how many transfer partners there will be or what they will be. When Capital One first launched transfer partners in 2018, the list was much smaller than it is today; transfer ratios also weren't as good. The same applies to Bilt Rewards adding more transfer partners after its initial launch with less than 10 partners. Thus, our expectations should be tapered; Wells Fargo most likely won't have more than a dozen transfer partners to start. If we start with the obvious, assume that programs like Flying Blue and Virgin Atlantic (which already receive transfers from nearly every points program) should be on the list.
- We don't know if it will be possible to move cash-back rewards to transfer partners indirectly. Amex doesn't allow you to move cash back into your points balance and transfer this to loyalty program partners. However, Chase and Capital One allow this. We don't know if Wells Fargo will enable moving your cash-back rewards from another card to your Wells Fargo Autograph and using those earnings as transferable points.
- We don't know if the launch date will be pushed back again. The original launch date came and went. Will something happen on December 10, 2023, as indicated on the most recent credit card statements? Only time will tell.
- We don't know if Wells Fargo will launch a premium credit card to coincide with this feature. Will Wells Fargo really launch a transferable points program for a single card? It wouldn't surprise me to see a premium credit card that also has points transfers, potentially Priority Pass lounge access, and the ability to help Wells Fargo further compete in a crowded space. All of this is speculation, though.
Bottom Line
Wells Fargo has indicated that points transfers are coming to the Wells Fargo Autograph on December 10, 2023 after originally indicating this would happen on November 15. Spokespeople for the issuer aren't providing any additional details at this time.
If and when this happens, the most realistic expectation is for the issuer to ease into the space with a fair line-up of transfer partners, working to build a more robust list as people get excited about this new feature. There are many unknowns here, but the fact Wells Fargo is printing this information on credit card statements mailed to cardholders means the issuer is serious about getting into the transferable points market. Now, we wait and see.
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