Wells Fargo Propel Credit Cards are new products that offer some incredible opportunities to earn points, but Wells Fargo Propel Credit Cards have some major drawbacks. The Propel Credit Cards from Wells Fargo are definitely aimed at road warriors and offer exciting bonus categories for anyone frequently spending money on travel expenses or entertainment. All Wells Fargo Propel Cards earn Wells Fargo Go FarTM Rewards that are best redeemed for travel or cash.
These cards are not the greatest cards on the market, but if you are an existing Wells Fargo customer the cards are worth looking at due to the Relationship Bonuses offered. Wells Fargo is known for synergies and these credit cards are aimed at customers who already bank with Wells Fargo.
Wells Fargo Propel World American Express
At the high-end of the Propel range is the Wells Fargo Propel World card from American Express. The card carries a $175 annual fee, but offers a $100 rebate for travel purchases bringing the effective annual fee down to just $75. The rebate is best used on Gift Cards directly from an airline. Unlike other American Express credit cards you are not required to decide on a single airline annually for the $100 rebate.
The Propel World card earns 3x points on airfare, 2x points on hotels, and 1x points on all other purchases. Points do not expire nor is there a cap to the number of points you can earn. The card offers the typical perks that you can expect from any other mid level rewards card, such as a Luxury Hotel Program, Car Rental Discounts, and various travel incident coverages.
For the price, the cards direct competitors are the Citi ThankYou Premier, Chase Sapphire Preferred, and American Express Premier Rewards Gold cards. Each of these cards offer better reward programs and greater opportunities for earning bonus points on various spending categories, BUT unique to the Propel World card is the Relationship Bonus. If you are an existing Wells Fargo customer, depending on the amount of money you have with Wells Fargo, you can earn up to a 50% annual bonus on points earned each year. For the average Wells Fargo customer, the bonus is closer to just 20%, but that still transforms this card into a card that earns 1.20 points on all non-bonus category spending. It is a unique offering that should be considered for existing Wells Fargo customers.
Wells Fargo Propel 365 American Express
The Propel 365 card is geared toward the “road warrior.” Bonus categories include 3x points on gas, 2x points on hotels, and 1x points on all other spending. The card does not have an annual fee making it a great card to keep and use on gas purchases. Also, like the Propel World card, the card is eligible for an annual Relationship Bonus. A customer with low account balances will only earn a 10% bonus, but it is still a nice boost for everyday spending.
Wells Fargo Propel American Express
Lastly, Wells Fargo offers a basic Propel credit card. Similar to the Propel 365 card, this card offers 3x points on gas, but 2x points on restaurants and 1x points on everything else. This card also has no annual fee, but offers the lowest relationship bonus, of just 10%, for all customers regardless of account balances.
None of these cards come close to being the best card on the market, but as I mention at the beginning of the post, if you are an existing Wells Fargo customer, they are worth considering for non-bonus spending categories. The Go Farther rewards program is not great, but points can be redeemed for gift cards at a rate of 2,500 to $25.
I wanted to like these cards, I really did, but the more I researched each card and the rewards program the more I realized there are simply better cards on the market. At first I was intrigued by the Propel and Propel 365 because of the 3x points on gas, but the Citi ThankYou Premier also offers 3x points on gas plus airfare, hotels, cruises, car rental agencies, travel agencies, railways, public transportation, tolls, taxis, and parking! The ThankYou Premier card also offers 2x points on entertainment and dining. Yes, the card comes with a $95 annual fee (waived for the first 12-months), but points are significantly more valuable and can be transferred directly to several point programs.
Bottom line: If you are an existing Wells Fargo customer, either of these cards could be a nice addition to your wallet, if not you could probably find a better card to fit your needs.