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Wells Fargo has unveiled a refreshed version of its popular Wells Fargo Propel American Express® Card. The Wells Fargo Propel Amex card features a 30,000 point welcome bonus when you spend $3,000 in purchases in the first 3 months that's a $300 cash redemption value, and revamped bonus categories including 3x points per dollar on travel, dining, and music streaming services such as Spotify and Apple Music, plus cell phone protection when you use the card to pay your monthly bill. All of this with an annual fee of$0.
The Wells Fargo Propel Amex earns Go Far Rewards points worth a penny apiece as cash-back equivalent. Alternatively, if you (or a friend or family member) hold a Wells Fargo Visa Signature® Card, you can transfer points earned on the Wells Fargo Propel Amex to the Wells Fargo Visa Signature and redeem for flights through the Go Far Rewards travel portal at 1.5¢ per point.
It’s worth pointing out that Wells Fargo has the most generous transfer rules of any provider we’ve encountered, allowing Go Far Rewards members to transfer points between each other free of charge, with no rules restricting transfers to family members or members of the same household. Points will expire 60 months after transfer, so just use them within 5 years. 😉
Wells Fargo Propel Amex Welcome Bonus
The Wells Fargo Propel Amex earns 30,000 Go Far Rewards points after spending $3,000 in the first 3 months. Redeemed as $300 cash back, that is an excellent bonus for a rewards card touting no annual fee. Transferred to an account holding a Wells Fargo Visa Signature card, those same points are instantly worth 1.5¢ per point towards airfare, increasing the value of the welcome offer to $450!
If you hold both the Wells Fargo Propel Amex and the Wells Fargo Visa Signature, that’s the same earning and redemption rates as the Chase Sapphire Reserve® for fixed-value redemptions, on cards not subject to 5/24, and you save $450 a year in annual fees!
Wells Fargo Propel Amex Points Earning & Redeeming Potential
Possibly the most exciting change to the Wells Fargo Propel Amex is the revamped bonus categories. The card previously earned 3x points at gas stations, 2x points at U.S. restaurants and 1 point per dollar everywhere else. The refreshed version of the card earns:
- 3x on travel – including services such as VRBO homestay
- 3x on dining – including delivery websites like GrubHub
- 3x on streaming services – including Spotify, Apple Music, Netflix, etc
- 3x at gas stations
- 1x on all other purchases
The increased 3x points on travel & dining is an exciting addition to the Wells Fargo Propel Amex, placing it in the same earning category as many premium rewards cards charging astronomical annual fees. You can redeem Go Far Rewards earned on the Wells Fargo Propel Amex for 1¢ per point as cash back and towards other merchandise, but the real value lies in pairing this card up with the Wells Fargo Visa Signature and Wells Fargo Cash Wise Visa® Card.
Where the Wells Fargo Propel Amex earns just 1 point per dollar on non-bonus purchases, the Wells Fargo Cash Wise Visa® Card earns 1.5% cash back on everyday spend, and points transfer free of charge between cards/accounts. Add the Wells Fargo Visa Signature to the mix, and you can combine points earned across all three cards at 1.5¢ per point towards flights through the Go Far Rewards travel portal, or 1.75¢ per point if you spend $50K per year on the card, providing an epic value without paying a single annual fee.
Potential Challenges with Wells Fargo Go Far Rewards
There are some potential downsides to a 2 or 3 card Go Far Rewards strategy to be aware of.
- You can’t transfer points to airline or hotel partners to leverage award chart sweet spots like Ultimate Rewards, Membership Rewards, or ThankYou Rewards, so this strategy will best suit folks interested in discount international economy and domestic fares.
- Wells Fargo has rather stringent application restrictions (listed below) that prevent people applying for multiple cards each year, making it difficult to pull together a Go Far Rewards combo of cards spanning the right bonus categories and redemption options.
Team up with a partner, friend, or family members to apply for different cards in the Go Far Rewards lineup of rewards cards, transferring the combined points to the account holding the Wells Fargo Visa Signature for redemption to maximize your earnings. Just be sure you're in this as a team with a common goal.
Wells Fargo Propel Amex Feature Benefits
The Wells Fargo Propel Amex features a substantial list of perks for a no annual fee card, including access to free FICO scores, Cell Phone Protection, and top-earning rates in bonus categories.
- Unlimited 3x Points on Travel (including Gas) & Dining – For most folks in the points and miles hobby, travel and dining make up a significant portion of their annual spend, and earning 3x points or 3% back, with the ability to increase the value of the points via transfer is a top benefit of holding this card. Earning 3x back on streaming services is a plus, but unless you have a voracious appetite for streaming music and movies, it’s unlikely to present a massive annual return.
- Cell Phone Protection – Pay your monthly cell phone bill with your Wells Fargo Propel Amex, and you’re protected in the case of damage or theft for up to $600 (with a $25 deductible).
- Free FICO Score 9 Experian Credit Score – Monitor your FICO score free of charge, one of the easiest ways to keep on top on new card approvals and your 5/24 count.
- No Annual Fee – No annual fee cards are often positioned as companion cards for high annual fee premium cards. However, in the case of the Go Far Rewards trio mentioned above, you’ll pay no annual fees at all, a big plus in our books.
Similar to Chase’s 5/24 policy and the 2/3/4 restriction Bank of America now applies to new card applications, Wells Fargo credit card applications include some specific policies and restrictions you should be aware of before applying for a new rewards card.
One card every 6 months – The T&C’s state you may not qualify for more than one card in a six month period:
“You may not qualify for an additional Wells Fargo credit card if you have opened a Wells Fargo credit card in the last 6 months.”
One bonus offer per 15 months – You’ll only qualify for the introductory or bonus offers on Wells Fargo cards once every 15 months:
“Eligibility for introductory rate(s), fees, and bonus rewards offers
You may not be eligible for introductory annual percentage rates, fees, and/or bonus rewards offers if you opened a Wells Fargo Credit Card within the last 15 months from the date of this application, and you received introductory APR(s), fees, and/or bonus rewards offers, even if that account is closed and has a $0 balance.”
Featuring a stellar welcome bonus of 30,000 points when you spend $3,000 in purchases in the first 3 months that's a $300 cash redemption value, 3X points for eating out, gas stations and travel, cell phone protection, and no annual fee, the Wells Fargo Propel Amex is a standout rewards card. A deliberate and considered release from Wells Fargo positioning Go Far Rewards as a viable alternative to the big flexible rewards programs for the domestic flyer. An alternative strategy for those hindered by 5/24 or Amex’s ‘one bonus per lifetime’ policies.
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