A Good Rewards Contender, Especially for Wells Fargo Customers
The Wells Fargo Propel American Express® Card affords its users a lot of opportunities to gain points and use them in a meaningful way. Right off the bat, new cardholders can accumulate 20,000 bonus points for spending $1,000 in net purchases (purchases minus returns/credits) during their first three months as cardholders. On top of that, if you own a Wells Fargo consumer checking or savings account, or are a member of the Portfolio by Wells Fargo program, you can earn an annual relationship bonus of 10% on net purchases made with your card, as well.
Beyond that though, most of your points with this card will come from the following: 3x points on purchases at U.S. gas stations, 2x points on purchases at U.S. restaurants and 1x points on other qualifying purchases.
As a new cardholder, you’d be privy to a 0% introductory APR for the first year you have the card, although you’ll be subject to anywhere from a 14.24%-26.24% Variable APR following that, with that number being based on your creditworthiness. On top of that, if you own a Wells Fargo consumer checking or savings account, or are a member of the Portfolio by Wells Fargo program, you can earn an annual relationship bonus of 10% on net purchases made with your card, as well.
No annual fee - The Wells Fargo Propel American Express® Card comes with no annual fee attached to it.
0% introductory APR - New cardholders are given 12 months of 0% APR, making this card an especially solid choice for those who want to use their new account for a balance transfer. Following the first year, your APR will be from 14.24%-26.24% Variable depending on your credit, and will vary with the Prime Rate.
Points on everyday buys - You can earn varying amounts of extra points based on the dollars you spend, including 3x points at U.S. gas stations, 2x points at U.S. restaurants and 1x points on nearly all other purchases. As a cardholder, you’re afforded five full years to redeem and use the points you earn and there is no limit to the amount of points you can garner.
Smart Tip - These bonus points may not be earned on purchases made through third-party accounts, in online marketplaces and when using a mobile card reader or digital wallet.
Bonus points - By spending $1,000 in net purchases during your first three months with the card, you can earn 20,000 bonus points, as well as gain a 10% annual “relationship” bonus on net purchases made with the card if you own a Wells Fargo checking or savings account, or are part of the Portfolio by Wells Fargo program.
Travel features - Travel benefits are clearly a priority of this card, as cardholders are offered discounts on flights, hotels, car rentals, cruises and other unique experiences. There are no blackout dates or airline restrictions for cardholders, and you can pay with a combination of earned points and a credit card. Cardholders can also take advantage of lost luggage reimbursement, car rental liability and collision insurance, roadside assistance and 24/7 travel and emergency assistance.
Other ways to redeem - Cardholders can request a paper check to redeem their cash rewards, or they can apply it directly to their Wells Fargo checking, savings or Portfolio by Wells Fargo account. You can also redeem your points on brand-name merchandise, gift cards and online auctions, including offerings for Amazon, iTunes, Macy’s and Subway. The points can be used to pay off Wells Fargo mortgages and loans as well.
No foreign transaction fees – Jetsetters will be happy to learn there are no excess fees charged for using your card internationally.
Who It Benefits
The Wells Fargo Propel American Express® Card is a great card for just about anyone with good to excellent credit, as the many benefits it offers provides most with some sort of worthwhile gain. This is especially true for those who travel occasionally, as the Propel Amex® Card offers discounts on all parts of a trip, including flights, car rentals and hotels. Many people in the modern world are already quite accomplished at finding solid flight prices as it is, so the fact that cardholders are not locked into specific airlines or dates that they need to use their points/discount on adds a lot of flexibility to this rather central benefit of the Propel Amex® Card.
But the biggest daily benefit of this card is that its point multipliers are on purchases that most people make daily. This includes 3x points for every dollar spent at U.S. gas stations, 2x points at U.S. restaurants and 1x points on nearly all other net purchases. And cardholders can rack up points for some time before they have to redeem them, as rewards don’t expire for five years.
How It Works
The Wells Fargo Propel American Express® Card offers a full introductory year of 0% APR, meaning the card could be an option for those looking to transfer balances from another card with a high APR. After the 12-month intro period, cardholders will be given a rate between 14.24%-26.24% Variable, depending on their creditworthiness and varying with the Prime Rate.
All points earned with your Propel Card will be attributed directly to Your Rewards Account at MyWellsFargoRewards.com. There you can redeem your points for brand-name gift cards, merchandise, digital downloads, online auctions or various travel options. You can send the cash equivalent of your points directly to your Wells Fargo savings, checking or Portfolio by Wells Fargo account or request to simply receive a paper check.
The 20,000 bonus points you can earn by spending $1,000 in net purchases in the first three months will be placed in Your Rewards Account within one - two billing periods after they’re earned. Your 10% “relationship” bonus points for simultaneously owning one of the three above Wells Fargo accounts in conjunction with your Propel American Express® Card will be earned monthly and will appear in Your Rewards Account during the 13th month after the date your card was opened.
Cardholders can review their point earnings online at MyWellsFargoRewards.com, or by calling the Wells Fargo Rewards Service Center at 1-877-517-1358.
What’s the Catch
While the 0% introductory APR is great for anyone, the possibility of receiving up to a 14.24%-26.24% Variable APR following that opening may deter some from the Wells Fargo Propel American Express® Card.
It’s also important to note that your rewards expire after five years, so you’ll want to keep a close eye on them.
Just the Math Please
A Wells Fargo Propel American Express® cardholder will receive 3x points for every dollar spent at U.S. gas stations, 2x points for every purchase at U.S. restaurants and 1x points on other qualifying purchases. These bonus points may not be earned, however, on purchases made through third-party accounts, in online marketplaces and when using a mobile card reader or digital wallet.
These rewards points can be used on many different outlets that Wells Fargo and Amex® jointly offer for cardholders, including discounts on flights, hotels, car rentals and cruises, cash redemptions as a paper check or directly to your Wells Fargo savings, checking or Portfolio by Wells Fargo account or for brand-name gift cards, merchandise, digital downloads and online auctions.
Balance transfers will also receive the 0% APR for a year that purchases do. Following the initial time period, the APR for balance transfers will be changed to somewhere between 14.24%-26.24% Variable based on your credit history. This APR rate will also vary with the U.S. Prime Rate.
Rates and Fees
Annual Percentage Rate (APR) for Purchases
0% introductory APR for the first 12 months. After that, your APR could range from 14.24%-26.24% Variable, based on your credit score and will vary with the Prime Rate.
APR for Balance Transfers
0% introductory APR for the first 12 months. Following that, your APR could range from 14.24%-26.24% Variable based on your credit score. This APR will vary with the Prime Rate.
APR for Cash Advances
The APR range for cash advances is 25.24%-27.24% Variable, depending on your credit score and varying with the Prime Rate.
Penalty APR and When It Applies
How to Avoid Paying Interest on Purchases
Your due date is at least 25 days after the close of each billing period. You will not be charged interest on purchases if you pay your entire balance by the due date each month.
Balance Transfer Introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 12 months. After that, up to 5% for each balance transfer, with a minimum of $5.
Cash Advance Either $10 or 5% of the amount of each advance, whichever is greater.
Foreign Purchase Transaction None
Late Payment Up to $37
Returned Payment Up to $37
See all Rates and Fees
How It Stacks Up
The Wells Fargo Propel American Express® Card stands right in the middle of the road compared to the other cards offered by the 165-year-old bank.
The Wells Fargo Propel 365 American Express® Card has many of the benefits of the regular Propel card, with a few extra improvements. It does have its drawbacks as well -- including a $45 annual fee following the first year intro of $0. For example, the Propel 365 card has a lower cap on its post-12 month APR -- depending on your credit and may vary with the Prime Rate, of course -- at 22.99%, although it begins higher at 14.99%. The amount of points you can earn for purchases at particular businesses is the same as the Propel card, only there is no expiration for Propel 365 points. Also, whereas the Propel card allows for just a 10% bonus of points for owning a Wells Fargo account, the Propel 365 card starts at 10%, but then can move up to 25% or 50% bonus points in time.
On the other hand, the Wells Fargo Rewards® Card offers a higher APR bracket following the 0% APR first year, as the range is 18.40% to 27.24% variable based on your credit. The Rewards® Card does offer 5x points on gas, grocery and drugstore net purchases -- higher than the Propel Card does -- but that multiplier expires following the first six months that you have the card, making the Propel’s benefits much more long-term. For example, the Propel 365 card has a lower cap on its post-12 month APR -- depending on your credit and may vary with the Prime Rate, of course -- at 23.24%, although it begins higher at 15.24%.
The Wells Fargo Propel American Express® Card is a great option for those at a good credit level or better who ideally already have a bank account with Wells Fargo. The perks the card offers really support a cardholder who travels, not often, but occasionally, and who makes regular purchases at gas stations and restaurants. Benefits including lower flight fares, hotel rates and car rentals should help someone who doesn’t feel enough of a need to get a travel-specific credit card to probably find their sweet spot here.