In its latest move to recommit to customers and provide products with more value, Wells Fargo is enhancing its Propel® Card rewards offering to make it one of the top no-annual-fee1 cards in the industry.
Wells Fargo announced the enhanced Propel Card rewards on June 25 — including triple points for each dollar spent on eating out and ordering in, travel and transit (such as the subway and ridesharing services, gas stations, flights, and car rentals), and extending triple points to popular streaming music and video services2. (Read more about triple-points-eligible streaming services.)
Other rewards features include: 1 point per dollar for other spending2, no annual fee, and a 30,000 point (a $300 cash redemption value) bonus for most new cardholders who spend $3,000 in the first three months3. The card will be available for applications starting in July.
Overall, the new Propel Card’s features and benefits help elevate and further enhance its place as a best-in-class offering in the marketplace, Wells Fargo executives said.
“Our goal is to offer consumers a premier credit card with one of the industry’s richest rewards programs for no annual fee, and to complement their lifestyles by providing more value for the things they already do — whether it is commuting to work or planning a summer vacation, downloading a favorite TV series to binge watch, or having dinner out with friends,” said Bev Anderson, head of Wells Fargo Cards and Retail Services.
“Any new card with a great rewards program has a great chance of gaining traction in the market,” said Meredith Barthold, a senior research analyst for Corporate Insight, in an interview before the announcement of the Propel Card’s expanded benefits. “People are always looking for the card that can give them the best deals. We’ve seen a lot of new cards with great travel rewards, spending offers, and high point bonuses. Those are always attractive for new customers and a good way to grow card membership.”
The new features and benefits are expected to enhance the Propel Card’s case to be a top-of-wallet rewards card for consumers. Its appeal is boosted by Wells Fargo’s Go Far® Rewards program, which gives card users a wide range of options for redeeming their rewards. Go Far Rewards received one of the industry’s highest ratings in 2017, according to the Corporate Insight research firm, which publishes “Credit Card Monitor” and “Bank Monitor.”
The Go FarRewards program continues to rank highly in the industry, with an “exhaustive list of rewards that provide a wealth of redemption options that are unique to Wells Fargo,” said Barthold. Among those unique options: Cardholders can redeem rewards to get cash at any Wells Fargo ATM, make online purchases, make charitable donations, gift them to friends, and share or pool them with other cardholders they know.
Wells Fargo’s Go Far Rewards website support also ranks at the top of the industry for its customer service, design features, ease of navigation, and access to secure email communications with the company, she said.
Wells Fargo and American Express began their Propel partnership in 2013, renewing a historic relationship that dates back to 1850 — when Henry Wells, William G. Fargo, and John Butterfield founded American Express in New York.
“When we launched our partnership with Wells Fargo five years ago, our goal was to leverage our industry-leading networks to help our customers succeed financially through distinctive and compelling offerings,” said William Stredwick, senior vice president in the global network partnerships division of American Express. “Wells Fargo is an important partner for American Express and we are excited by the experiential value we are able to bring the newly enhanced Propel Card, backed by the strong protections you expect from American Express,” he said.
Card issuers like Wells Fargo have continued to strengthen their credit card offerings in recent years, even as they have also entered the digital and mobile wallet payment space, said Barthold.
“The appetite for plastic is still strong,” she said. “People still want and need to use their cards. They keep searching for those awesome deals and offers. Deals are still king, especially those that allow cardholders to redeem rewards for things they are already spending money on.”
1There is an introductory 0% APR for purchases and balance transfers for 12 months; after that, a variable APR of 14.24% to 26.74% applies. There is a variable cash advance APR of 25.74% to 27.74%. These APRs will be based on your creditworthiness and will vary with the market based on the U.S. Prime Rate. If you are charged interest, the charge will be no less than $1.00. An introductory balance transfer fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 12 months applies; after that, there is a fee of up to 5% for each balance transfer, with a minimum of $5. A cash advance fee of either $10 or 5% of the amount of each advance, whichever is greater, applies for each advance. An overdraft protection advance fee of $12.50 or $20 per day, depending on the total amount of the advance, applies. This information about the cost of the credit card account is accurate as of 6/13/2018. The Wells Fargo Propel American Express® Card is issued by Wells Fargo Bank, N.A.
2Three rewards points (1 base point plus 2 bonus points) are earned per dollar spent on net purchases (purchases minus returns/credits) at retailers whose merchant code for American Express is classified as Travel: Airline, passenger railway, hotel/motel, timeshares, vehicle/auto rental, cruise lines, travel agencies, discount travel sites, campgrounds, passenger trains, taxis, limousines, ferries, toll bridges and highways, parking lots and garages. Gas: Gas station and automated fuel dispensers (gas purchases at warehouse/membership clubs, grocery stores, car washes, auto repair stores, and superstores that sell gasoline may not be coded as gas stations or automated fuel dispensers). Dining: Eating places and restaurants, drinking places, or fast food restaurants (caterers, bakeries, grocery stores and other miscellaneous places that serve food or operate restaurants on their premises are not considered eating places and restaurants). Additionally, three rewards points (1 base point plus 2 bonus points) are earned per dollar spent on net purchases for eligible online streaming services. The current list of eligible streaming services is available at: wellsfargo.com/propelstreaming. Purchases not processed using the codes for American Express mentioned above will not qualify for bonus points. Wells Fargo does not have the ability to control how a retailer chooses to classify their business and, therefore, reserves the right to determine which purchases qualify for bonus points. You may not earn bonus points for purchases made through third-party payment accounts, at online marketplaces, with retailers who submit purchases using a mobile/wireless card reader, or if you use a mobile or digital wallet. One rewards point will be earned per dollar spent on other net purchases. ATM transactions, cash advances of any kind, balance transfers, SUPERCHECKS™, cash equivalents such as money orders and prepaid gift cards, wire transfers, fees or interest posted to a linked account, including (but not limited to) returned payment fees, late fees, and monthly or annual fees, do not earn points. Please refer to the Summary of the Wells Fargo Rewards® Program Terms and Conditions and Addendum for the Wells Fargo Propel American Express® Card for details.
3Customers who opened a Wells Fargo Credit Card within the last 15 months and received introductory pricing, fees, and/or bonus rewards offers, will not qualify for the 30,000 bonus rewards points even if that account is closed and has a $0 balance.