Wells Fargo Introduces Signify Business Cash Mastercard® and Simplifies How Business Owners Earn Rewards
Wells Fargo launched the Signify Business Cash World Elite Mastercard® to simplify cash rewards for business owners. The new card offering has no annual fee and offers unlimited 2% cash rewards on business purchases. Moreover, Signify Business Cash by Wells Fargo offers transparent rewards, and business owners can also earn a $500 cash rewards bonus by spending $5,000 in the first three months. Additional perks include employee cards at no extra cost and benefits like Zero Liability protection, digital wallets, and account alerts. Plus, there are no categories or caps to track.
“At Wells Fargo, we recognize that managing a small business can be complicated, and business owners need the best tools to continue to succeed. Business owners told us that cash rewards programs had become too complex and didn’t provide enough value for their business,” said Jeff Hofmann, Head of Small Business Card for Wells Fargo. “We designed Signify Business Cash to give business owners the spending capacity they need to better manage their cash flow with the simplicity, value, and transparency they want.”
Cardholders can access the Wells Fargo Business Rewards Program for flexible redemption options, including statement credits, direct deposits, or travel and gift cards. They will also receive World Elite Mastercard benefits such as MasterRental Insurance Coverage, ID Theft Protection, and Priority Pass.
For a complete list of the Signify Business Cash by Wells Fargo benefits, visit:
https://www.wellsfargo.com/biz/business-credit/credit-cards/signify-business-cash-guide-to-benefits/
Study Reveals Lower-to-Moderate Income Households Rely on Credit Card Rewards
According to a study by the Electronic Payments Coalition (EPC), lower-to-moderate-income (LMI) households rely heavily on credit card cashback rewards to manage the rising costs of living. Pending proposals may restrict reward credit cards, and the report highlights how such measures could disproportionately affect LMI cardholders. The study demonstrates widespread usage across income brackets; however, there are differences in how the rewards are redeemed.
“Americans of all incomes take advantage of credit card reward programs, but the most financially vulnerable households depend on cashback rewards to help make ends meet,” said Richard Hunt, EPC Executive Chairman. “Saying credit card reward programs only help the rich or are just about getting lounge access at the airport is nothing more than willingly ignoring the full picture. Hardworking Americans rely on their rewards to help make ends meet and manage their daily finances. For many, these credit card rewards served as a lifeline during the record inflation of the last few years.”
Other key findings of the report highlight the role of rewards in offsetting price hikes for everyday purchases. Rewards card ownership has seen the fastest growth in the LMI income segment, with two-thirds of cardholders owning a rewards card. Also, total rewards savings accounted for 23% to 32% of holiday purchasing plans. The report also highlights the safety net provided by unredeemed rewards for cardholders.
Unlock the full EPC report here:
https://electronicpaymentscoalition.org/2024/04/30/new-study-data-shows-credit-card-rewards-are-a-lifeline-for-working-class-americans/
Papa Johns Faces Decline in Same-Store Sales Owing to Third-Party Delivery
Papa Johns observed a 2% drop in North American same-store sales in the first quarter of 2024, largely due to customers favoring third-party aggregators over the company’s own first-party delivery channels. Sales through aggregator channels rose by 16% during the quarter, up from 12% in the previous year’s quarter, while organic delivery declined and carryout remained flat. Customers also spent less during the quarter, another factor in deflated sales for the quarter ending March 31, 2024.
“This shift in channel also led to a slightly lower average ticket, as the relatively profit-neutral revenue from our organic delivery fee decline and strategic pricing actions by our revenue management team helped to somewhat mitigate this delivery fee impact in the current environment,” Papa Johns CFO and interim CEO Ravi Thanawala said during an earnings call for the first quarter.
Competing with discounted offerings from rivals, Papa Johns is discovering that its everyday value strategy could be hurting its short-term bottom line. Despite the challenges, the company says it will maintain a long-term strategy and will remain disciplined with its pricing strategies, limited-time offers, and product innovations. The company will also move ahead with its “Back to Better 2.0” strategy that it launched at the beginning of the year, aiming for enhanced profitability and development. The company remains optimistic, and looking ahead, Papa John’s plans to expand its portfolio by over 20% in the coming year.
View Papa Johns’ full first-quarter financial results here:
https://ir.papajohns.com/news-releases/news-release-details/papa-johns-announces-first-quarter-2024-financial-results
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Original Article Links:
Wells Fargo Launches Signify Business Cash Mastercard®
New EPC Study Shows LMI Households Rely on Credit Card Rewards
Papa Johns’ weak organic delivery numbers contribute to 2% same-store sales decline