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The Offer
The Wells Fargo Propel card unveiled a new signup bonus limited-time offer:
- Get 30,000 points after spending $3,000 within 3 months.
- Get an additional 20,000 points when spending $15,000 within the first year.
Card Details
- 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.
- 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.
- Full details in this post.
Our Verdict
The Propel card was revamped last year, and has maintained a steady 30,000 points signup bonus with $3,000 of spend in 3 months. That offer is still around, they’ve just added an incentive to spend an additional $12,000 per year to get another 20,000 points.
If you plan on redeeming at 1 cent-per-point, it’s not a bad deal, but also not very exciting since you’ll end up earning about 2.8 cents on that additional $12,000 in spend. Compare that with many cards which get 2-3% value on all purchases. It gets more interesting if you have a lot of travel and dining purchases since those already earn 3%, and with the added $12,000 in spend you’ll land up with an effective earn rate of around 4.8% on the $12,000 in travel and dining purchases.
But where this offer really shines is for those who also have the Wells Fargo Visa Signature card which gets a value of 1.5 cents per point when redeemed for travel, or even 1.75 cents per point when redeemed for travel if you spend $50,000 per year on the Visa Signature card. The Propel points combine with the Visa Signature points and can get the same value. That would make both the 30k signup bonus and the 20k additional bonus offers much more interesting even for ordinary spend, and certainly for travel/dining spend.
Hat tip to reader CS
