This has been in the works since last year, but Wells Fargo’s new Amex credit cards are now live: the Propel 365 and the Propel World. Here’s the rundown:
Here are the key bullet points from Wells:
- 3X points at U.S. Gas Stations, 2X points at U.S. Restaurants, and 1X point on all other net purchases (purchases minus returns/credits).
- You will earn an annual bonus of 10%, 25% or 50% more on non-bonus rewards points if you maintain a qualifying consumer Wells Fargo Checking or Savings Account, or PMA® Package.
- Your points do not expire, and there is no cap on how much you can earn.
- $0 introductory annual fee for the first year and only $45 after that.
- Earn 20,000 bonus points when you spend $3,000 in net purchases (purchases minus returns/credits) in the first 3 months.
It sounds a little like Bank of America’s 3-2-1 flagship card, except the bonus categories are uncapped, plus there are relationship bonuses. You would need $25,000 $250,000 in deposit account balances to qualify for the 50% relationship bonus. Note that the relationship bonuses are paid out annually.
I don’t see anything here that really wows me. I’m sure some folks could make good use of 4.5% back on gasoline purchases, but then you can get 5% back with PenFed’s card. (EDIT: the bonus points are on non-bonus earnings, so that makes this 3.5% on gas, not 4.5%.) You can also get 3% back at restaurants with the no-fee AARP credit card.
In basketball there’s the phenomenon of the “tweener“, which is somebody who’s kind of in between two different positions and doesn’t really fit at either. This card strikes me as a tweener: not quite a no-annual-fee workhorse, but not quite good enough to warrant paying an annual fee. I don’t see any compelling reason to get it.
This one is more upscale; Wells seems to have the Amex Gold in its sights. The details:
- No foreign currency conversion fees
- Up to $100 per year in reimbursements toward incidental airline charges
- Complimentary room upgrades and more from the Luxury Hotel Program
- 3X points on Airlines, 2X points on Hotels, 1X point on all other net purchases (purchases minus returns/credits)
- $0 Introductory Annual Fee for the first year, $175 for each year after that.
- Earn 40,000 bonus points when you spend $3,000 in net purchases (purchases minus returns/credits) in the first 3 months
I don’t know what the luxury hotel program is, but at 40,000 points it might be worth a look. Beyond that, I can’t see paying $175 per year for this thing.
Those are my first impressions. Thoughts?
Wouldn’t it be 3.5 on gas purchases? It’s 50% on non bonuses categories. Also there is currently a $100 sign up bonus for opening a Wells Fargo account which may make this a bit more interesting.
Yes! Absolutely correct, which unfortunately makes the card lamer. I’ll correct the post.
Fort knox is a straight 5% on gas purchases for those looking for a decent gas earning card.
Both Amex. So much harder to use. Not worthwhile.
I wonder what the “Luxury Hotel Program” is like. If it’s like the one with Chase Sapphire/United it’s kind of bleh. But if it’s AMEX’s FHR then it could be worth it for $175/yr?
The Propel World is definitely targeting travelers