Wells Fargo Propel American Express® Card Review
Let's not bury the lead - cardholders will earn a whopping 20,000 points bonus (redeemable for $200 cash back!!) after spending $1,000 in the first 3 months. On top of that, you'll earn 3 points for each $1 spent at U.S. gas stations, 2 points per $1 spent at U.S. restaurants and 1 point per $1 on everything else. Although the card terms and conditions state you earn points, these points are effectively equal to 3% back on gas, 2% back at restaurants, and 1% on back on everything else when you redeem your rewards for cash. This is great news for anyone looking for a card that offers generous cash back rewards.
Your reward points (ie, effective cash back) can be redeemed for cash, airline tickets, merchandise, gift cards and to bid on unique experiences and items. You can even use them to pay down eligible Wells Fargo loans and mortgages. If you choose to redeem for cash you can either get a paper check or redeem them to a qualifying Wells Fargo checking or savings account. Your points are worth 1 cent per point if you redeem them for cash or airline tickets, which means if you have 30,000 points you can redeem them for a $300 airfare or $300 in cash. It is unclear what value the points have if you redeem them for merchandise or gift cards, so cash or airfare may be your best bet.
Wells Fargo Propel American Express® Card also offers a 12-month 0% intro APR on both balance transfers and purchases. This can come in handy, especially for unplanned purchases as it provides a bit of breathing room on paying down your balance. You can also save yourself some money on interest fees by transferring balances from high-APR cards over to this one. Note that there is an introductory balance transfer fee of 3% for the first 12 months, after that it is 5%. Depending on how much you have to transfer it might still be worth it and save you some money on interest fees. Use our free Balance Transfer Calculator to see how this card will work for your needs.
The highlight of this card is its Relationship Bonus, which pays you an additional ongoing 10% on top of the reward points you've already earned. You do need a Wells Fargo qualifying checking or savings account or a PMA package to enjoy this bonus, so if you don't have one it might make sense to get one. This bonus means that if you earn 10,000 points you'll automatically receive an extra 1,000 points - a really nice perk. Plus, the Relationship Bonus is ongoing so you'll get it on every single point you earn.
In addition to all these features, the Wells Fargo Propel American Express® Card provides cellular telephone protection if you pay your monthly mobile phone bill with your card. You'll be reimbursed up to $600 a claim if your mobile phone is damaged or stolen. There is a $25 deductible and a maximum claim reimbursement of 2 per 12 months, but overall this a strong perk, particularly if you tend to leave your phone around or break it frequently.
The Wells Fargo Propel American Express® Card is a smart choice if you're interested in a rewards cards that also provides a generous $200 cash back bonus, a 0% intro APR and cellular (aka, mobile) phone protection. Wells Fargo customers will also enjoy the ongoing 10% Relationship Bonus that gives you an extra 10% on top on your earned points.
- NEW! Earn 20,000 bonus points after spending $1,000 in the first 3 months.
- Earn 3X points at U.S. gas stations, 2X points at U.S. restaurants, 1X point on other purchases.
- Redeem points for travel, gift cards, cash redemption options or merchandise through Go FarTM Rewards.
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Propel American Express® Card.
- Earn an annual relationship bonus of 10% on non-bonus rewards points if you maintain a qualifying Wells Fargo account.
- 0% Intro APR for 12 months on purchases and balance transfers, then a 13.74%-25.74% variable APR; balance transfer fees apply.
- $0 Annual Fee.
- Select "Apply Now" to learn more about the product features, terms, and conditions
- Earn 20,000 bonus points (redeemable for $200 cash back!!!) after spending $1,000 in the first 3 months.
- Earn 3 points per $1 spent on gas - effectively 3% back when redeemed for cash.
- Earn 2 points per $1 spent at restaurants - effectively 2% back when redeemed for cash.
- Earn 1 point per $1 spent on all other purchase - effectively 1% back when redeemed for cash.
- Wells Fargo customers: Earn an additional 10% customer points bonus on every purchase when you have a qualifying Wells Fargo checking or savings account or a PMA package.
- Redeem your points for cash, airline tickets, merchandise or gift cards. You can also use them to pay down eligible Wells Fargo loans and mortgages.
Fees and APR
- Annual Fee: $0
- Foreign Transaction Fee: 3% of each transaction converted to U.S. dollars.
- Purchase APR: 0% intro APR for 12 months, then 13.74%-25.74% (Variable), depending on credit history.
- Balance Transfer APR: 0% intro APR for 12 months, then 13.74%-25.74% (Variable), depending on credit history.
- Balance Transfer Fee: 3% for 12 months, then 5%.
|Features:||Earn 20,000 bonus points (redeemable for $200 cash back) after spending $1K in first 3 months; Earn 3x on gas, 2x at restaurants, and 1x on all other purchases - redeemable for cash back & more|
|Purchase APR:||0% intro APR for 12 months, then 13.74%-25.74% (Variable)|
|Balance Transfer APR:||0% intro APR for 12 months, then 13.74%-25.74% (Variable)|
|Credit Needed:||Excellent / Good|
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