Wells Fargo Propel American Express Card: Excellent Earnings For No Annual Fee

Wells Fargo Propel American Express Card: Excellent Earnings For No Annual Fee

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The Wells Fargo Propel American Express® card is an exceptional $0 rewards card that lets you Earn 3X points on eating out, ordering in and popular streaming services, 3X points on gas stations, rideshares and transit, and 3X points on travel including flights, hotels, homestays and car rentals. Earn 1X points on other purchases.

Because of its rewards, consumer protections, introductory interest rates and $0, the Wells Fargo Propel American Express® card is a well-rounded product that fits the needs of many types of cardholders.

Wells Fargo Propel American Express® card Review

The Wells Fargo Propel American Express® card is one of Wells Fargo’s best credit cards thanks to its generous 3x bonus rate. The rewards you earn can be used for a list of different redemptions, but are most valuable for travel-related redemptions like flights or hotels.

Wells Fargo Propel American Express® card benefits and features

Sign-up bonus

The Wells Fargo Propel American Express® card is currently offering 20,000 points after spending $1,000 in the first 3 months. At a value of 1 cent per point, this offer is worth $200.

Sign-up bonuses are a great way to boost your points balance, so be sure to strategize how you can meet the minimum spending requirement before you apply.

3 points per dollar on select categories

By putting most of your spend on the Wells Fargo Propel American Express® card, you can earn a triple-point bonus on an expansive list of categories — including travel, gas stations and dining:

  • Earn 3X points on eating out, ordering in and popular streaming services, 3X points on gas stations, rideshares and transit, and 3X points on travel including flights, hotels, homestays and car rentals. Earn 1X points on other purchases.

Since each Wells Fargo rewards point is worth 1 cent, you will essentially earn 3 cents per dollar in value on much of your spending. That is an excellent rate, considering that many credit cards offer around 1% to 2% back in value.

Redeeming Wells Fargo Points

You can redeem your points for a variety of rewards through the Wells Fargo Go Rewards site. Each point is worth 1 cent per point when redeemed for things like travel, gift cards or statement credits. However, you can quickly increase the value to 1.5 cents per point by pairing your Wells Fargo Propel American Express® card with the Wells Fargo® Visa Signature® Credit Card, whose points are worth 50% more when redeemed for travel. By transferring your Propel card points to this card, you can increase your earnings to 4.5 cents per dollar that you spend in the Wells Fargo Propel American Express® card's bonus categories.

0% Intro APR On Purchases and Balance Transfers

Many 0% intro APR credit cards lack real rewards opportunities. With the Wells Fargo Propel American Express® card, you get the best of both worlds. The card comes with an introductory 0% for 12 months on purchases and 0% for 12 months on qualifying balance transfers of card membership. Once the introductory period ends, you will have a 14.49% to 24.99% (Variable) APR.

These features are great for someone with revolving credit card debt or someone that wants to have payment flexibility. Keep in mind that you’ll be charged either $5 or 3% of each balance transfer — whichever is greater — for balances transferred within the first 120 days of account opening (a $5 or 5% fee applies thereafter).

Additionally, the 12 month intro 0% APR period offered by the Wells Fargo Propel American Express® card on both purchases and balance transfers is somewhat on the short side. There are other cards with longer intro APR periods, like the Citi Simplicity® Card - No Late Fees Ever with a 0% for 18 months on Balance Transfers (an APR of 14.49% to 24.99% (Variable) applies thereafter). If introductory interest rates are of interest to you, be sure to consider other products with longer terms.

Purchase and travel protections

It can be easy to overlook the purchase and travel protections that credit cards offer. However, the Wells Fargo Propel American Express® card offers valuable protections that every consumer can use.

The card’s cell phone protection policy is one standout feature, not offered by many other credit cards. As long as you make your monthly cell phone payment with this card, your phone is automatically protected from theft or damage.

The card also comes with a few other standard protections:

PolicyCoverage
Cell phone protectionUp to $600 in protection, subject to a $25 deductible
Retail protectionUp to $1,000 per claim
Return protectionUp to $300 per item
Car rental loss and damage insuranceUp to $50,000 per rental

In addition, the card offers lost luggage reimbursement, roadside assistance and travel assistance.

All of these policies come complimentary for simply being a cardholder. However, be sure to look into each one directly for the terms and conditions of each policy.

Value Penguin’s Verdict: Outstanding rewards for travelers, foodies and binge watchers

The Wells Fargo Propel American Express® card rewards and features offer a lot of value, for cardholders who can utilize them. If you can maximize the bonus spending categories, use the card’s protections to cover purchases like your cell phone, and if you pair the card with the Wells Fargo® Visa Signature® Credit Card for the 50% travel redemption bonus — the Wells Fargo Propel American Express® card can be very rewarding.

However, if your expenses do not align with the bonus categories, you may want to consider a different card — you only earn 1 point per dollar (which equates to 1% back in value) on your general purchases.

In general, the Wells Fargo Propel American Express® card is designed to be a travel rewards credit card. You get the most bang for your buck when you redeem points for travel rewards. While you can redeem points for other items, you're best off reserving them for travel-related costs. If saving money on your purchases is a priority, consider a cash back credit card instead.

For rates and fees of Wells Fargo Propel American Express® card, please click here.

How Does the Wells Fargo Propel American Express® card Compare?

While the Wells Fargo Propel American Express® card is a great travel rewards card with $0, there are several good alternatives:

Wells Fargo Propel American Express® card vs. Bank of America® Travel Rewards credit card

The Bank of America® Travel Rewards credit card is another top $0 travel card.

Cardholders who prefer simplicity may find this card’s earning structure appealing. You earn 1.5 points per dollar spent on all purchases, so there's no need to track any bonus categories.

If you want to keep things simple, you should consider the Bank of America® Travel Rewards credit card. If you don’t mind tracking categories and want to maximize rewards on each expense, though, the Wells Fargo Propel American Express® card is a better choice.

Wells Fargo Propel American Express® card vs. Discover it® Miles

The Discover it® Miles card is another travel rewards credit card that offers you the same rewards on every purchase. You will earn Unlimited 1.5 Miles for every dollar spent on all purchases - with no annual fee, redeemable for travel purchases or cash back at a value of 1 cent per mile.

The Discover it® Miles card does not come with the usual welcome offer. However, at the end of the first year, Discover will match the miles that you earned that year for new cardmembers. Cardholders who spend heavily on a single card may find Discover's matching offer more rewarding than earning a flat bonus for meeting a spending requirement.

The deciding factor between these cards is spending amount. If you spend a significant sum per month on one card, the Discover it® Miles may earn you more rewards. But if earning a welcome offer and having a wide array of consumer protections is your preference, the Wells Fargo Propel American Express® card may be more suitable for your needs.

For rates and fees of Discover it® Miles, please click here.

Wells Fargo Propel American Express® card vs. Capital One VentureOne Rewards Credit Card

  • On Capital One's Secure Website
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The Capital One VentureOne Rewards Credit Card is a $0 travel rewards credit card for someone interested in transferring their miles to their preferred frequent flyer or airline rewards program. While the card only offers 1.25 Miles per dollar on every purchase, every day, you have the ability to transfer miles to a myriad of programs including JetBlue, Qantas, Singapore Airlines and more. This is a great way to build on top of miles you are earning from flying with your preferred programs.

The card shares many similar benefits with the Wells Fargo Propel American Express® card, including 0% introductory APR offers on purchases for the first 12 months, then (a 11.99% - 22.99% Variable APR applies thereafter), no foreign transaction fees and travel protections.

If you’re torn between the two cards, the deciding factor should be in your spending habits. If you spend regularly in the bonus categories of the Wells Fargo Propel American Express® card, you have a high chance of earning more rewards. If your spending doesn’t fit its bonus categories, the Capital One VentureOne Rewards Credit Card may prove more valuable for you.

Joe Resendiz

Joe Resendiz is a former investment banking analyst for Goldman Sachs, where he covered public sector and infrastructure financing. During his time on Wall Street, Joe worked closely with the debt capital markets team, which allowed him to gain unique insights into the credit market. Joe is currently a research analyst who covers credit cards and the payments industry. He earned a bachelor’s degree from the University of Texas at Austin, where he majored in finance.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).