Maria Adams, Credit Cards Moderator
@m_adams
You should get Wells Fargo’s new credit card, the Wells Fargo Propel, if you have the good credit needed for approval and spend a lot in the card’s bonus rewards categories. The card has a $0 annual fee, offers a 20,000 points initial bonus, and gives 3 points / $1 spent on travel, dining, popular streaming services and gas stations.
The Wells Fargo Propel card has pretty broad appeal, with plenty of perks for both travel and everyday purchases. It also has an introductory APR of 0% for 12 months on purchases and 0% for 12 months on qualifying balance transfers. Another key benefit is $600 in cell phone protection, covering damage or theft if you pay your monthly phone bill with the card.
The release of the Wells Fargo Propel card came two years after Wells Fargo introduced their next most recent card, the Wells Fargo Cash Wise Visa® card, in June 2016. Wells Fargo Propel is also Wells Fargo’s signature card on the American Express network, a partnership that launched in 2013.
Here are details on Wells Fargo’s new credit card:
- Card name: Wells Fargo Propel.
- Credit required: Score of 700+ (Good credit).
- Initial bonus: 20,000 points points for spending $1,000 in the first 3 months.
- Annual fee: $0.
- Introductory APR: 0% for 12 months on purchases and 0% for 12 months on qualifying balance transfers made in the first 120 days.
- Regular APR: 14.49% - 24.99% Variable.
- Balance transfer fee: 3% intro for 120 days, then up to 5%.
- Rewards: 3 points / $1 spent on dining, airfare, gas station purchases, hotels, car rentals, rideshare and transit, and streaming services (Netflix, Apple Music, etc.). 1 point / $1 on all other purchases.
- Signature benefit: Cell phone protection of up to $600 against damage or theft (with $25 deductible). Must pay monthly phone bill with Wells Fargo Propel to be eligible for the benefit.
- Foreign transaction fee: 0%.
Wells Fargo’s new credit card, the Wells Fargo Propel card, offers great value for both frequent and occasional travelers with triple points in several spending categories. However, Wells Fargo Propel suffers from one issue that all American Express cards do. Despite having no foreign transaction fee, Wells Fargo Propel isn’t as widely accepted as any Visa or Mastercard, especially outside of the U.S.
Wells Fargo Propel American Express® card
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