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Wells Fargo is launching a reward-heavy credit card without an annual fee. The new Wells Fargo Propel American Express® Card also comes with 30K bonus points when you spend $3,000 in purchases in the first 3 months – that’s a $300 cash redemption value. That’s pretty good for a no annual fee card.
What To Expect From the Wells Fargo Propel American Express® Card
The new Wells Fargo Propel card launched to the public on July 16, 2018. You can either apply online or in-branch. Applications are open to existing Wells Fargo customers and non-customers.
Here are the highlights of what the new Wells Fargo Propel card offers:
- No annual fee
- No foreign transaction fee
- Earn up to 3x points on select categories
- 30,000 Bonus Point offer
- Additional benefits including cell phone protection
Another cool card feature is that it’s made of metal instead of plastic. Owning a metal card that doesn’t charge an annual fee is still very much a novelty. Being made of metal also helps distinguish the Wells Fargo Propel card from other rewards cards.
Earn 3x Points on Select Card Purchases
Wells Fargo has emphasized offering top-tier rewards for the “independent and driven consumer.”
You have the opportunity to earn 3x rewards points per $1 spent on four select bonus points categories:
- Travel including flights, hotels, homestays and car rentals
- Gas stations, rideshares, and transit
- Eating out and ordering in
- Popular streaming services
All remaining purchases will earn 1x points per $1 spent.
Together, these bonus categories are some of the bigger card expenses for many households. The rewards points are unlimited and can be earned domestically and internationally.
Travel Bonus Points Category
It can be easy to use this card for most of your daily spending. The 3x travel bonus points covers virtually every travel purchase from airlines and hotels, to railways, ride sharing, parking, and tolls.
This category is expanding from the previous qualifying travel purchases, so it’s extremely easy to earn the 3x bonus points.
You can earn 3x points on travel and dining. Being able to earn triple points at gas stations and ridesharing is also a huge benefit. Note that there is also no foreign transaction fee.
Popular Streaming Services
This opportunity to earn 3x points when you use your Wells Fargo Propel American Express® Card to pay for eligible streaming services you already use is enticing. Eligible services include Apple Music, Hulu, Netflix, Pandora®, Sirius XM Radio Inc., and Spotify Premium.
Dining Rewards Including Eating Out or Ordering In
Wells Fargo considers eligible 3x dining points when you either eat at a restaurant or order in. As long as the purchase is made from select restaurants, you will earn the bonus points.
Note that you won’t earn points on food purchases from caterers, bakeries, or grocery stores.
Valuable Travel Redemption Options
The Wells Fargo Propel card offers four different point redemption options:
- Travel rewards
- Gift cards
- Charity donations
The most valuable redemption option for the Propel will be travel rewards points. When you redeem your Go Far Rewards through the Wells Fargo travel portal, they are worth an impressive 1.5 cents each. Unfortunately, you cannot transfer your points to airline or hotel loyalty programs.
By spending $50,000 in a calendar year, your points are worth 1.75 cents each when redeemed for travel! With this bonus, you have some of the most valuable points available.
You also have the option of redeeming your rewards points for cash back, gift cards, and charity donations, but your points will only be worth one cent each. This is still a respectable redemption rate and is the industry-standard, but award travelers will benefit the most.
Receive A Welcome Bonus of 30,000 Points
After spending $3,000 on purchases in the first 3 months, you will receive 30,000 bonus points. That equates to a $300 cash redemption value.
For a rewards card without an annual fee, this is a very respectable bonus. To qualify for this bonus, you must not have recently been approved for any Wells Fargo card in the last 15 months.
Additional Card Benefits
The 3x bonus points and generous redemption options are two shining areas of the Wells Fargo Propel card, and there are a few additional benefits you can use too.
Cell Phone Protection
Most Wells Fargo cards offer complimentary cell phone protection. By paying your monthly cell phone bill with the Propel, you can get $600 in protection after a $25 deductible. Considering a replacement phone can cost up to $1,000, this benefit can be extremely useful if an “Oops!” moment happens.
Wells Fargo doesn’t require you to enroll in automated payments, but it can be a good idea so you never miss a payment. When you enroll in auto-pay with your cell phone service provider, you might even get an additional auto-pay discount.
Secondary Rental Car Collision Damage Waiver Protection
This is another standard benefit for many cards. If your rental car is involved in a collision or theft incident, this benefit covers some of the damages. It won’t kick in until your after your insurance benefits have been applied, but it can reimburse you the cost of your deductible.
Exclusive Access to Special Events and Experiences
The Wells Fargo Propel card is issued by American Express. You will have access to exclusive American Express events including ticket presales to concerts, sporting events, and Broadway shows. As many in the emerging affluent class prefer experiences to material objects, this personal concierge is a fun option to keep in mind when making weekend plans.
American Express also partners with select retailers to offer purchase discounts. In addition to any purchase rewards you will earn, you can also be a benefactor from the shopping discounts.
Summary of the Wells Fargo Propel American Express Card
The Wells Fargo Propel American Express® Card comes with many benefits. If you want to earn 3x points on purchases and have flexible redemption options, this card is a rich option. Plus, you’ll never pay an annual fee to enjoy these luxurious benefits.
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