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Ameriprise Financial Inc. customers should make room in their wallets: The Minneapolis-based financial services company told Wall Street analysts Tuesday that it will launch its first debit and credit card for clients.
Ameriprise hopes the release of MasterCard branded cards, planned for February, will increase client loyalty with "unique and customized" rewards, spokeswoman Ann Wasik said.
Customers will earn reward points for spending that can be redeemed for travel, retail, charitable giving and entertainment. Or they can opt for cash back in an Ameriprise account. Bonus points will be collected for purchasing Ameriprise products and services.
World and WorldElite cards come with an annual fee of $75 and $150, respectively. Those fees will be waived for World cardholders with assets of $100,000 with Ameriprise and WorldElite cardholders with $500,000 in assets who spend $15,000 annually.
Ameriprise, which was spun off from American Express Co. in 2005, currently has a fee-waived American Express card for qualifying clients. That card will be fee-free through 2008.
KARA MCGUIRE
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