Fintech News | Fintech Zoom
Wells Fargo Propel Review

Wells Fargo Propel – Review

Wells Fargo Propel

7.6

Rewards Value:

9.0/10

Annual Percentage Rate:

7.5/10

Rewards Flexibility:

8.5/10

Features:

6.0/10

Customer Experience

7.0/10

Pros

  • Option to transfer points to other Wells Fargo cards
  • 3x points reward rate on several spending categories
  • Points don’t expire

Cons

  • Low 1x points reward rate on non-bonus categories
  • No points transfer partners
  • No bonus points reward rate for groceries

Wells Fargo Propel Amex

Wells Fargo Propel Review. Wells Fargo Propel card. Wells Fargo Propel Amex.


Wells Fargo Propel Amex Overview – Wells Fargo Propel Review

Wells Fargo Propel Review. The no-annual-fee Wells Fargo Propel American Express® card offers solid cash-back earning rates, especially in millennial-friendly bonus categories such as streaming services, dining and travel. With more credit cards moving in the premium direction, there’s even more value today in a good card that has no annual fee.

*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

The combination of no annual fee, a signup bonus worth $200, and 3x points on several major purchase categories makes the Wells Fargo Propel American Express® Card * a reasonable choice for an all-purpose cash back credit card.

By  Last updated: 

Pros
  • Option to transfer points to other Wells Fargo cards
  • 3x points reward rate on several spending categories
  • Points don’t expire
Cons
  • Low 1x points reward rate on non-bonus categories
  • No points transfer partners
  • No bonus points reward rate for groceries

Highlights

  • Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months – a $200 cash redemption value
  • $0 annual fee and no foreign currency conversion fee
  • Earn 3X points on eating out and ordering in
  • Earn 3X points on travel including flights, hotels, homestays and car rentals
  • Earn 3X points on gas stations, rideshares and transit
  • Earn 3X points on popular streaming services
  • Earn 1X points on other purchases
  • No limit to the points you can earn
  • No blackout dates on air travel when redeemed through Go Far® Rewards – and you can use a combination of points and a payment card
  • No foreign currency conversion fees

 


 

The Wells Fargo Propel card is a much-needed breath of fresh air and simplicity in the increasingly complex world of loyalty programs and credit cards. This no-annual-fee beauty offers bonus categories that suggest a premium product. In combination with another no-annual-fee Wells Fargo credit card, the bank’s Signature Visa Card, the Propel can make these categories some of the most valuable on the market.

 

Wells Fargo Propel American Express® card Overview

The Wells Fargo Propel American Express® card has taken the best parts of almost every credit card category and bundled them up into one colossal piece of metal (not plastic!).

There aren’t too many cards out there that offer you a fantastic rewards program with multiple areas to earn, great redemption options, and a solid 0% for 12 months APR introductory offer on purchases and qualifying balance transfers, all for no annual fee. Yet the Wells Fargo Propel American Express® card manages to wow on all of these levels. Take a gander at what you’re getting when you sign up.

Wells Fargo Propel American Express® card Key Features – Wells Fargo Propel Review

  •  0% for 12 months APR introductory offer on purchases and qualifying balance transfers
  • 20,000 bonus points when you spend $1,000 in the first three months
  • 3x rewards points on travel, gas station purchases, eating out, and popular streaming services
  • 1x rewards points on everything else
  • No annual fee
  • Cell phone protection

Taking a Closer Look at The Wells Fargo Propel American Express® card

Looking at the specs, I was understandably intrigued by the Wells Fargo Propel American Express® card offer. Once I started really getting into the nitty-gritty details of the card, I was absolutely thrilled.

In all the reviews I’ve written, I have yet to come across a credit card that is so heavily loaded with benefits and features. Let’s start with the introductory offers (yes, plural).

 

Rewards – Wells Fargo Propel Review

Earning Rewards

The Wells Fargo Propel Amex credit card offers one of the most expansive list of purchase categories that earn 3% rewards. Cardmembers earn 3X points on purchases that fall into a number of categories:

  • Eating out and ordering in
  • Gas, rideshares, and transit
  • Flights, hotels, homestays, and car rentals
  • Popular streaming services

The streaming services that earn 3x rewards include the following:

  • Apple Music®
  • Hulu
  • Netflix
  • Pandora®
  • Sirius XM Radio Inc.
  • Spotify Premium

There are no limits on the amount of points you can earn and they don’t expire as long as the account remains open.

Reward points are earned on net purchases or those purchases minus returns or credits. If you return a purchase or get credit due to a disputed purchase the points you earned may be eliminated and could cause a negative points balance.

Redeeming Rewards

You can redeem your points in a number of ways with the Wells Fargo Propel Amex credit card. If you’re looking to translate your points into cash you can redeem them at a Wells Fargo ATM, via phone or on the website.

Keep in mind that you have to redeem them in increments. For instance at an ATM it’s in $20 increments, with 2000 points equaling $20 in cash. On the phone it’s in $25 increments. You’ll need at least 2,500 reward points in that case. You can also request a paper check be sent in the mail.

In addition to cash, there are several other ways to redeem points:

  • Wells Fargo also lets you use your rewards points to pay off your credit card in $25 increments.
  • Through its Go Far Rewards website, customers can also redeem points for items including apparel and digital devices.
  • Rewards points can be used to purchase gift cards that are donated to charities.
  • Customers who shop through the bank’s Earn More Mall site earn bonus rewards
  • Wells Fargo lets you pool your rewards with family, friends or the community to reach a shared goal. Users can start a Pool with other Go Far Rewards customers.
  • If you book your air travel through its Go Far Rewards service, there are no blackout dates on flights. Wells Fargo lets you use a combination of points and a payment card to cover a flight.

Rewards Potential

Depending on what you use the credit card for, your rewards points can help defray the cost of everyday expenses whether it’s food or a streaming content service. Calculating you rewards potential is made a little more difficult since there are categories to consider. The good news: with so many spending categories eligible for 3x points the rewards are plentiful.

Let’s say you spend $100 a month on Uber and Lyft rides, another $120 to fill up your car with gas and $30 a month on streaming content services.  Put all of that on your credit card each month and you can earn $90.00 cash back over the course of a year. Of course, if you charge additional expenses to the card, the rewards potential can increase significantly.


0% Introductory Rates

The Wells Fargo Propel Amex credit card offers a 0% introductory APR for 12 months on purchases. After that, the APR is between 15.49% to 27.49% depending on your creditworthiness. It also changes based on the U.S. Prime Rate.

You can also get 0% APR on balance transfers for 12 months. A balance transfer request has to be made within 120 days from when you opened the account to qualify for the introductory APR. There is a fee associated with this offer of either $5 or 3% of the amount of each balance transfer, whichever is greater. The deal lasts for 120 days, after that the fee is 5% for each balance transfer. The fee is added to the credit card balance


Other Card Benefits

24 Hour Fraud Protection: Wells Fargo provides around the clock monitoring of your credit card.

Zero Liability Protection: Protects you from any unauthorized transactions granted you report them promptly.

Rapid Alerts: Wells Fargo enables you to track purchases and receive notifications of suspicious activity.

Cell Phone Protection: Covers damage and theft to your mobile phone of up to $600 when you pay your monthly cellphone bill with your Wells Fargo Propel American Express credit card.  There’s a $25 deductible.

Advance Access: Cardholders can purchase concert, theater, and special event tickets before they go on sale to the masses.

Travel Credits: To ease the pain and burden if something goes amiss while your traveling with the Wells Fargo Propel Amex you get lost luggage reimbursement, car rental loss, damage insurance, roadside assistance and 24/7 travel and emergency assistance. Emergency cash balances are also available.

Read:

The Best Credit Card for Balance Transfers 2020

Procurement Software