Wells Fargo Propel American Express Card Review

Approximate annual rewards value: $312
First-year bonus cash back value: $200
First-year rewards value: $512

The Wells Fargo Propel American Express card offers three points per dollar on the following spending categories:

All other purchases earn one point per dollar. If you spend a lot on the card’s bonus categories, you could earn a significant amount of points. However, it might not be a good option if the vast majority of your spending will net you only one point per dollar.

Based on average spending data from the U.S. Bureau of Labor Statistics, Wells Fargo Propel American Express card holders can earn an estimated $312 each year.

Values for each spending category are based on average data from the 2017 U.S. Bureau of Labor Statistics’ Consumer Expenditure Survey. Each category is rounded to the nearest $100.

As a new cardholder, you can accelerate your earnings, receiving 20,000 points after you spend $1,000 within the first three months of opening the account.

Cardholders have several options for redeeming their rewards, including travel, cash, gift cards and more. In general, your points are worth 1 cent apiece, giving you a lot of flexibility with how you use your rewards without taking away value.

If you redeem your points for cash back at a Wells Fargo ATM with a Wells Fargo debit or ATM card or as a redemption into an eligible Wells Fargo account, you can redeem as little as 2,000 for $20. If you redeem cash back by phone or online, however, redemption starts at 2,500 points for $25.

The bank also allows you to set up automatic redemptions as cash back or a gift card, starting at 2,500 points. If you redeem for travel, you can use points exclusively or a combination of points and your credit card.

The Wells Fargo Propel American Express card offers a few standard credit card benefits, plus a couple of less common ones. For starters, you’ll receive rental car insurance, purchase protection and extended warranty coverage.

You’ll also get lost luggage reimbursement of up to $1,000 per claim for lost baggage, including your personal belongings, and cellphone protection of up to $600 per claim (and $1,200 per 12-month period) if your cellphone is damaged or stolen and you pay your phone bill with the card.

The card offers an introductory 0% APR for 12 months on purchases and qualifying balance transfers made within 120 days of opening an account. After that, the APR is 14.49% to 24.99%, based on your creditworthiness. With the card, you can save money as you finance a large purchase or transfer a balance from a high-interest credit card.

Also, remember that when the promotional period ends, your APR could be high, so avoid carrying a balance on the card, if possible.

The Wells Fargo Propel American Express card doesn’t charge an annual fee, making it easy to rack up rewards without wondering if it’s enough to cover the card’s cost – assuming you don’t carry a balance and pay interest. The card also doesn’t charge a foreign transaction fee, making it a good travel companion if you’re planning to head abroad.

Some fees to consider include a late fee of up to $40 and a balance transfer fee of either 3% of the amount of each balance transfer, with a $5 minimum, for 120 days from account opening. After that, the balance transfer fee is up to 5% for each balance transfer, with a minimum of $5.

Q: Is the Wells Fargo Propel American Express card an American Express Card?
A: Yes, the Wells Fargo Propel American Express card is an American Express card.

Q: Is the Wells Fargo Propel American Express card Worth It?
A: The Wells Fargo Propel American Express card is worth it for cardholders who want flexible rewards and a sign-up bonus without an annual fee. But it might not be worth it for consumers who want top-notch travel perks, plan to carry a balance or don’t spend much in the card’s bonus categories.

Q: What Credit Score Is Needed for the Wells Fargo Propel American Express card?
A: You’ll need a FICO credit score of at least 670 to qualify for the Wells Fargo Propel American Express card.