Update: bonus reduced to 20k pts
The card has been unavailable for signups for the past few months. Existing Propel cardholders will be converted to the new card automatically. Propel World and 365 cards will remain unchanged (the 365 card is no longer available for new applicants).
- No annual fee.
- No foreign transaction fees.
- Runs on the American Express network. It’ll be eligible for some Amex Offer deals.
- Like other Wells Fargo personal card, the card will come with cell phone protection.
- Come with other standard Amex protections as well.
Wells Fargo typically only accepts card applications who have some relationship with the bank. However, with this card they’ll be offering the card to everyone.
The signup bonus will be as follows:
- Get 30,000 points after spending $3,000 within 3 months.
The card earns Go Far Rewards, the same points currency as the Wells Fargo Visa Signature card. Earns the following rates:
- 3x on dining, transit, travel, and streaming services. The “transit” category is said to include even things like gas and ride share services.
- 1x everywhere else.
Points can be redeemed at a rate of 1 cent per point as cash back, travel, gift cards, or charity donations.
TPG notes that if you hold both the Propel and the Visa Signature, it will be possible to use the points to book travel at 1.5 cents per point since that’s a benefit of the Visa Signature card. You’ll even get 1.75 cents per point if you spend $50,000 in a year on the Visa Signature card. By combining the two, you can get a terrific return of either 4.5% or 5.25% value on the dining, travel, transit, and streaming categories.
The card does not come with any transfer partners, though it’s worth noting that the bank is quoted as saying: “We’re continuing to innovate, and the ability to transfer points, as well as other features, is in our potential roadmap.” That could make things more interesting if it ever happens.
Earning 3% back on all dining and travel, even including things like gas, is a nice earnings rate for a no-fee card. That said, most of our readers won’t find the card useful due to numerous other cards which match or exceed that value. Particularly if you have the Chase Sapphire Reserve, there’s not much more to gain with this card. Plus, a lot of people are getting the equivalent of a 2.5-3% return on their everyday spend with a card like the Blue Business Plus, for example, which makes this card of little interest.
If someone has/gets the Wells Fargo Visa Signature with the ability to book travel at 1.5-1.75%, then the card becomes significantly more interesting, especially if you don’t have the Sapphire Reserve card, as you’ll be earning 4.5-5.25% on the bonus categories. And of course a lot of people will be interested in the $300 signup bonus as well.
Keep in mind you can only earn one Wells Fargo bonus every 15 months. It’s worth reviewing the other Things to Know about Wells Fargo Credit Cards before applying.
[Post has been updated]