SAN FRANCISCO—Wells Fargo is letting customers withdraw rewards earned on its credit cards for cash at an ATM at any of its 12,500 ATMs.
SF Gate reported that Wells Fargo claims to be the first major U.S. financial institution to offer this service.
Rewards can withdraw in $20 increments, deposited into a checking or savings account or applied to a loan balance. A new button added to ATM screens (see image at right) lets customers choose these options, SF Gate explained.
To withdraw credit card rewards at an ATM, customers must have a Wells Fargo ATM or debit card tied to a checking or savings account. Wells Fargo credit cards cannot be inserted into the ATMs to withdraw rewards.
Wells offers three types of rewards cards, SF Gate explained. One offers cash back that is automatically deposited into a designated account when it reaches a certain level. One offers points that can be redeemed for travel, gift cards, merchandise or cash. The third applies rewards points to reduce a home-loan balance. All three types of rewards can be accessed through an ATM.