By Adam Jusko, ProudMoney.com, email@example.com
Wells Fargo has announced a new rewards credit card called the Wells Fargo American Express Card, and it is surprisingly good, considering Wells Fargo’s history as a credit card lender. We generally think of Wells Fargo as a “me too” player in credit cards, often launching copycat cards with slightly worse rewards long after other issuers have established similar cards. This new card is different. It is actually a re-tooling of a “brand” — Propel — that Wells Fargo has already used in the past, but a brand that never got much traction, so it will probably be new to many potential card customers.
A No-Annual-Fee Card with Strong Rewards
The Wells Fargo Propel American Express Card is a no annual fee credit card with a points rewards system. You can use your points for cash back, gift cards, travel, rewards, merchandise, etc. In general, those points are worth a penny each, though possibly a bit more on travel purchases and a bit less on merchandise, but your experience may vary slightly. That said, we are going to treat this card mainly as a cash back card in reviewing it, because the points line up pretty well with their corresponding cash-back percentages — for example, 3 points per dollar generally is the same as 3% cash back.
Here are the reward specifics:
- 3 points per dollar, or 3%, on dining purchases
- 3 points, or 3%, on travel and transit, meaning not only things like airfare and hotels but also gas station purchases, public transportation, taxis, tolls and parking, etc.
- 3 points, or 3% on streaming services, specifically Netflix, Hulu, Spotify, Pandora, Apple Music, and Sirius XM (but not Amazon)
- 1 point per dollar, or 1%, on everything else