2021 Wells Fargo Propel American Express Review

Wells Fargo Propel points are worth 1 cent each when redeemed for cash back, statement credits, travel, and most gift cards.

There are also options to buy merchandise and digital downloads with Propel points on the Wells Fargo Go Far Rewards portal, but the prices on those items can vary and may give a value of less than 1 cent per point.

Lastly, it's possible to transfer points to another Wells Fargo card that uses Go Far Rewards, at a 1:1 ratio. If transferred to a Wells Fargo Visa Signature card, the points can be worth up to 50% more (1.5 cents each) toward airfare.

Yes. The Well Fargo Propel card is metal. Wells Fargo does not disclose the exact metals used to make the card, but it weighs 10 grams, which is about twice as heavy as a regular plastic credit card. 

One of the most unique things about Wells Fargo Propel being made of metal is that it is one of the only metal credit cards that has a $0 annual fee. Most metal credit cards are very expensive to offset their substantial perks. Propel provides a lot of value regardless, with 3 points per $1 spent on dining, travel, gas, rideshares, transit, and streaming services. It also gives 1 point per $1 on all other purchases and a bonus of 20,000 points for spending $1,000 in the first 3 months.

While Wells Fargo Propel is a great credit card, it's best not to choose a card solely because of what it's made out of. Weigh the card's features against others you're interested in before making a decision.

The Wells Fargo Propel credit score requirement is 700 or higher. That is the minimum credit score an applicant typically needs to have decent approval odds for Wells Fargo Propel. Wells Fargo just says “good credit” is needed.

There are reports of users getting approved for the card with credit scores in the mid-600s, but those cases are rare. It's better to apply with a higher score to increase the odds of success. But even then, it still won't guarantee approval.

Wells Fargo Propel's credit score requirement is just one factor in the application process. You'll also need evidence of a stable income, and Wells Fargo will consider things like your monthly housing payment, how your debt compares to your income, how many credit accounts you have open, etc.

An applicant's Wells Fargo Propel approval odds are best if they have a credit score of at least 700, which is the start of the good credit range. Other major factors affecting the odds of approval for the Wells Fargo Propel card include the applicant's income, how much debt they have, and whether they've applied for other credit recently. Wells Fargo will consider a person's full financial profile in order to make a decision.

Unlike many other credit card companies, Wells Fargo does not offer a way for you to check your approval odds before applying. Other banks have pre-qualification tools, where you can plug in some basic personal information and find out which credit cards you have the best chances of getting approved for based on a harmless soft pull of your credit.

Although Wells Fargo hasn't implemented such a tool, they will send out pre-approved offers by mail for the Propel card. If you receive a pre-approved offer, it means your Wells Fargo Propel approval odds are high. However, you're still not guaranteed to get approved.

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.

Major Wells Fargo Propel benefits include $1,200 per year in cell phone insurance, reimbursement for damaged or stolen purchases, and $150,000 in travel accident insurance. The Propel card has a number of other perks, too, such as a $0 annual fee, a 0% foreign transaction fee, and rewards of up to 3 points per $1 spent on purchases. It also offers 0% introductory APRs and an initial bonus. Overall, the Wells Fargo Propel card is packed with value.

Wells Fargo Propel Benefits:

Cell phone insurance

Insures your cell phone up to $600 per claim and $1,200 per year, with a $25 deductible, when you pay your cell phone bill with the Propel card.

Extended warranties

Doubles the existing manufacturer's warranty on items you buy with the Propel card, adding up to a maximum of 12 months.

Retail protection

Covers up to $1,000 per claim and $50,000 per account, per year for items you buy with your card that are damaged or stolen within 90 days.

Return protection

Gives up to $300 per claim and $1,000 per account per year when you try to return a working, good-condition item you bought with a Propel card to a store and they won't accept it.

Travel accident insurance

Offers up to $150,000 per trip when you, your spouse, or your unmarried dependent children are in a serious accident on a trip paid for with the Propel card.

Baggage insurance

Gives up to $1,000 per person, per trip when you, your spouse, or your unmarried dependent children have your bags lost or stolen while on a common carrier.

Rental car insurance

Provides up to $50,000 in reimbursement for rental cars paid for with the Propel card that are damaged or stolen.

Initial bonus

20,000 points for spending $1,000 in the first 3 months after account opening.

The Wells Fargo Propel benefits are plentiful, but there are also lots of exclusions and fine print to be wary of. So be sure to consult your full benefits guide.

Your Wells Fargo Propel credit limit will be determined based on your creditworthiness, income, and debt. There are anecdotal reports of some Wells Fargo Propel cardholders getting credit limits of over $20,000, but Wells Fargo doesn't disclose a minimum or a maximum.

Please note that no matter what credit limit you get on your Wells Fargo Propel card, it's not a good idea to max out the card. Instead, you should aim to use less than 30 percent of your credit limit each month.

If you're not happy with your initial limit, after at least 6 months of on-time payments, you can call Wells Fargo at (800) 642-4720 (they don't accept requests for higher credit limits online). The representative will ask for your annual income, your monthly mortgage payment, and your desired credit limit.

The Wells Fargo Propel bonus is 20,000 points for spending $1,000 in the first 3 months after the account is opened. This bonus is especially good for a card that has a $0 annual fee, in fact, it's one of the best-value bonuses on the market. Each point is worth around 1 cent, depending on the redemption option.

Just note that you may not be eligible to get the Propel card's initial bonus if you opened another Wells Fargo card in the last 15 months and received an initial bonus or other introductory features on that card. But Wells Fargo Propel also offers ongoing bonus points on certain purchases. While the standard earning rate is 1 point per $1 spent, the card increases that to 3 points per $1 on travel, rideshare, transit, dining, streaming service, and gas purchases.

Unlike with some popular rewards credit cards, there is no referral bonus for Wells Fargo Propel.

Wells Fargo Propel rental car insurance offers up to $50,000 per rental in reimbursement for damage to or theft of a rental vehicle. The car rental must have been charged entirely to the Propel card in order to be eligible. Rentals are covered for up to 31 consecutive days in the U.S. and Canada only.

There are plenty of exceptions to the coverage, though. For example, trucks, RVs, mini-buses and vehicles valued over $50,000 are not covered. Neither are antique cars (over 25 years old or not manufactured in the last 10 years). In addition, certain situations are not eligible for coverage. Those include driving while intoxicated, damage due to war, or regular wear and tear. Check your card's guide to benefits for full details.

To start the Wells Fargo Propel rental car insurance claims process, first notify the Claim Administrator of your intent to file a claim by calling 1-855-830-3727. They will send you a claim form, which you must return within 45 days of the incident, along with secondary information such as a copy of your credit card statement that shows the rental, police reports, and the automobile rental agreement.

Keep in mind that Wells Fargo Propel rental car insurance is secondary. So if your existing auto insurance policy covers rental cars, you will have to go through that first. After that, the Propel card's coverage may provide additional reimbursement.

Wells Fargo Propel's streaming rewards are 3 points per $1 spent on most popular streaming services, both for video and music. Some of the major services included in the bonus category are Apple Music and TV, Amazon Music, Prime Video, Netflix, ESPN+, Disney+, Kindle Unlimited, Hulu, and Spotify. There are 18 total eligible services.

There is a bit of fine print when it comes to the Wells Fargo Propel streaming bonus category. If your streaming service is billed to your card bundled with another service or membership, or if it's provided by a third party rather than the streaming service company, the purchase may not be eligible for bonus points. It's also good to note that Propel doesn't just offer bonus points on streaming services. It also offers 3 points per $1 spent on gas, travel, dining, transit and rideshare services. All other purchases give you 1 point per $1 spent.