Wells Fargo have just launched a new credit card: Wells Fargo Propel American Express. Let’s take a look at this card to see if it’s worth signing up for.
- No annual fee
- No sign up bonus
- Card earns at the following rates:
- 3X points at U.S. gas stations
- 2X points at U.S. restaurants
- 1X points on all other purchases
- 10% bonus points when maintain a qualifying consumer Wells Fargo Checking or Savings Account, or PMA® Package
Wells Fargo launched this new product because their three existing products (Well Fargo Propel World, Wells Fargo Propel 365 & Wells Fargo Business Elite) have annual fees and customers were interested in the features of the card but wanted it without an annual fee. Personally I don’t see any value in signing up for this card, it’s possible to get 5x on gas purchases and 3x on restaurant purchases. Even with the 10% bonus this card is simply not competitive.
Fingers crossed Wells Fargo decides to add a sign up bonus on this card to make it more attractive. If you’re thinking about applying for this card then remember that Wells Fargo usually wants you to have a banking relationship with them before approving you. Click here to see if they have any current checking bonuses.