Wells Fargo Propel American Express Card Review 2019
The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.
Wells Fargo Propel American Express Card is a travel rewards card with one of the most generous sign-up bonuses that does not have an annual fee. This card has a great points structure on spending for travel costs. This card is great for the casual traveler and “road warriors” who can use it to earn points to reduce the cost of travel. This card competes with some of the premier travel rewards cards. American Express has recently stepped it up and has increased their footprint by adding 1.6 million places that now accept American Express.
Wells Fargo Propel AMEX Card
Great Card For Travelers Of All Types
Good – Excellent Credit
30,000 Points Sign-Up Bonus
Higher Points on Certain Categories Including Streaming Services
Balance Transfer Fee – $5 or 3%
Minimum Redemption Amounts
Highlights
- No Blackout Dates
- No Annual Fee, No Foreign Transaction Fee
- 0% APR on Balance Transfers and Purchases in the First 9 Months
Here’s a summary of the main pros & cons (click to see explanation or scroll down):
Wells Fargo Propel American Express Card – Benefits
Let’s take a look at the benefits of the Wells Fargo Propel American Express card and see if it’s the right one for your wallet or not.
30,000 Points Sign-Up Bonus
Wells Fargo Propel American Express Card offers two sign-up bonuses.
The first is after you spend $3,000 in the first 3 months you get 30,000 points. This bonus is the equivalent of $300 cash back, travel rewards, or gift cards. The second bonus is 20,000 points if you make $15,000 in purchases in the first year.
Higher Points on Certain Categories Including Streaming Services
Wells Fargo Propel American Express Card gives 3x points for every dollar spent on restaurants, gas, rideshares, transit, flights, hotels, and car rentals. There is no limit on the points you can earn and points never expire. Also, the Propel Card has a unique offering that allows you to get 3x points for every dollar spent on streaming services, such as Netflix and Spotify.
Points on All Other Categories
Wells Fargo Propel American Express Card offers 1 point for every dollar spent on all other purchases.
No Blackout Dates
You can redeem your points for travel rewards though Go Far Rewards. There are no blackout dates when you book travel through Go Far Rewards.
No Annual Fee
Wells Fargo Propel American Express Card does not come with an annual fee. You do not have a spending threshold to meet to offset an annual fee. You can start earning points immediately.
0% APR on Balance Transfers and Purchases in the First 9 Months
If you are looking to save money on interest, the Wells Fargo Propel American Express Card offers a 0.00% introductory rate for 9 months on balance transfers. If you have a credit card that you are trying to pay down, you can transfer the account and pay no interest on the transfer for 9 months. You can also charge up the card and pay no interest for 9 months. This is great if you have a big purchase in mind and want to pay over time, but there are cards that offer longer introductory rates.
No Foreign Transaction Fee
Wells Fargo Propel American Express Card does not have a foreign transaction fee like many other credit cards. This card is great for travel and you can earn 3x points on many traveling costs.
Protection
Wells Fargo Propel American Express Card has zero liability on unauthorized transactions. It has chip-enabled security and alerts for suspected transactions. Wells Fargo Propel American Express Card also doubles the manufacturer’s warranty. They also have travel and purchase protections. You can also get auto rental collision damage waiver and emergency card replacement. You also have access to 24/7 emergency help, like roadside assistance and lost luggage reimbursement.
Cell Phone Replacement
The card has cell phone protection if you pay your monthly bill with Wells Fargo Propel American Express Card. Wells Fargo will replace your cell phone if lost or stolen, up to $600 and with a $25 deductible. There is a limit of $1,200 for claims in a 12-month time period.
Wells Fargo Propel American Express Card – Drawbacks
Here are the most important cons you should consider before apply to the Wells Fargo Propel American Express card:
High APR
The APR for Wells Fargo Propel American Express Card is a 16.24%-27.24% variable rate, which is high for a card that requires borrowers with good credit histories. Cash advance is 26.24% to 28.24%.
Longer Introductory Rates
Wells Fargo Propel American Express Card has a 9 month 0.00% APR introductory rate but there are other cards that have longer introductory rates, many a year or more. If you are looking to transfer some debts and pay them down or have a large purchase in mind that you want to pay over time, you many want to look at other cards with a longer 0.00% APR introductory rate.
Balance Transfer Fee
There is a balance transfer fee required if you want to take advantage of the introductory 0.00% APR rate. The fee is incurred when you transfer debts from one or more credit cards to your Wells Fargo Propel American Express Card. This fee is $5 or 3% of the transfer, whichever is bigger. This fee is upfront and will be added to your debt load when transferred. It must be used within 120 days of opening the card to take advantage of the 0.00% APR intro rate. This fee is the same for any transfer before of after the introductory rate.
Minimum Redemption Amounts
Wells Fargo Propel American Express Card has minimum redemption amounts of $25 for credit on your credit card or to use on other rewards. There are other cards that do not have a minimum redemption amount and cashback rewards can be used at any time.
Not as Widely Accepted as Others
American Express is not as widely accepted as competitors like Visa and Mastercard. There may be some merchants who do not accept the Wells Fargo Propel American Express Card.
Alternatives to Wells Fargo Propel American Express Credit Card
There are other credit cards that do offer comparable cash back rewards – we’ve summarized the most popular cards which can use as an alternative to the Wells Fargo Propel American Express Card:
Bank of America Travel Rewards Card
Bank of America Travel Rewards card is a comparable travel rewards card. The Bank of America Travel Rewards card earns 1.5x points for every dollar spent on every purchase. There are not spending categories to earn higher points. The Bank of America Travel Rewards card has an introductory rate and no annual fee. It does have a small bonus of 25,000 points, but you only have to spend $1,000 to get it.
Capital One Venture Card
Capital One Venture card is a travel card that offers 50,000 miles on sign up after spending $3,000 in the first three months. This card is more focused on air miles. With the Venture card, you get an unlimited 10 miles per dollar spent at hotels.com through January 2020 and 2 miles per dollar on all other purchases. Capital One Venture also comes with a $95 annual fee, but you do not have to pay it for the first year. It also has no introductory APR. If you want to save on flying and rack up the miles, this the card for you.
Chase Sapphire Preferred
Chase Sapphire Preferred has a very large sign-up bonus of 50,000 points after spending $4,000 in the first 3 months. The Chase card has 2x points for every dollar spent on travel and restaurants. All other purchases earn 1 point for every dollar spent. The Chase Sapphire Preferred comes with $95 annual fee, which is waived the first year and does not have an introductory 0.00% APR rate.
Is the Wells Fargo Propel American Express Card Right for You?
Wells Fargo Propel American Express Card is a good card for travel rewards that does not come with an annual fee. Wells Fargo Propel American Express Card competes with many of the premium travel rewards card. This card is great for travelers of all types that want to earn points and reduce their cost of travel.
This card also tries to include modern lifestyles by offering points for using rideshare services and online streaming services. It has a short 0.00% introductory rate, so borrowers looking to transfer debts and pay them down may want to look at other cards that offer longer intro rates.