Gift Cards Sales Stack Up; Customers Buy 1 Million Wells Fargo Visa Gift Cards
San Francisco — December 14, 2006
Wells Fargo & Company (NYSE:WFC) said today it has sold more than 1 million Wells Fargo® Visa® Gift Card since the company began offering the product through the company’s banking stores in October 2005. "Wells Fargo's milestone in gift card issuance is a testimony to the tremendous opportunities enjoyed by branded prepaid cards. By 2009, over $150 billion will be spent with branded prepaid cards in the United States, up from $35 billion in 2006," says Gwenn Bezard, a research director with Aite Group. While gift cards have increased in popularity among consumers, a substantial percentage of Wells Fargo Visa Gift Card sales are actually coming from business customers. Businesses are using Wells Fargo gift cards to thank employees and customers. To provide added convenience to business customers, Wells Fargo recently enhanced its online gift card site to accommodate bulk orders. Wells Fargo customers interested in placing orders can do so at www.wellsfargogiftcard.com. “The significant and growing demand for gift cards shows both consumers and businesses understand and appreciate the convenience and freedom that this product offers,” said Kathy Yee, Wells Fargo Card Services prepaid business manager. “Although one of our highest weeks year to date for the stores was the week before Father's Day, we believe the holidays will be our peak season,” Yee said. “We forecast that we will sell more cards the week before Christmas than we will the entire month of November.” About Wells Fargo Gift Cards With Wells Fargo Visa Gift Cards, customers gain the freedom to purchase what they want from their favorite merchants – both in stores and online – without having to worry about unwanted gifts that are inconvenient to return. The Wells Fargo Visa Gift Card can be used to make purchases anywhere Visa debit cards are accepted. Customers who have a Wells Fargo checking or savings account can purchase gift cards at Wells Fargo stores or online. Customers can buy the cards individually and in bulk. More than 3,100 Wells Fargo banking stores sell Wells Fargo Visa Gift Cards. Like other Wells Fargo card products, the Wells Fargo Visa Gift Card offers protection against lost or stolen cards by providing zero liability for unauthorized purchases that are promptly reported. Each card comes with a level of security that cash and checks can’t match. About Wells FargoWells Fargo & Company is a diversified financial services company with $483 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,100 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest possible credit rating, "Aaa," from Moody's Investors Service and the highest credit rating given to a U.S. bank, "AA+," from Standard & Poor's Ratings Services.