Charles H. Miller
Wells Fargo’s “point-earning card,” the Wells Fargo Propel American Express® Credit Card, is made to reward everyday purchases like gasoline and lunches/dinners. It offers 3x points at gas stations, 2x points at restaurants and 1x point on everything else. Also, existing bank customers get 10% bonus points at the end of every month. Plus, the card comes with 15 months of 0% APR on both purchases and balance transfers, and includes the mobile phone insurance against damage and theft. Pretty cool, we would say…
Highlights
- Earn 3x points at U.S. gas stations, 2x points at U.S. restaurants, and 1x point on everything else.
- Monthly 10% Relationship Bonus for existing Wells Fargo customers
- 0% intro APR on balance transfers and purchases for 15 months, then 13.24%-25.24% variable APR
- Mobile phone insurance against damage and theft
- No annual fee
How It Works?
Points: Cardmembers earn 3 points for each dollar spent at U.S. gas stations, 2 points per dollar spent at U.S. restaurants, and 1 point per dollar on everything else.
Redeem: Points can be redeemed for cash, airline tickets, merchandise and gift cards; also, they could be used to pay down eligible Wells Fargo loans and mortgages. Generally speaking, each point is worth a single cent, so 10,000 points get you $100.
Relationship Bonus: Wells Fargo clients with a qualifying checking or savings account or a PMA package get an additional 10% bonus points at the end of each month. So if you earn 10,000 points, you’ll get additional 1,000 bonus points for that month.
APR: Introductory 0% APR on purchases and balance transfers that is good for the first 15 months. After that, the rate goes to anywhere between 13.24% and 25.24% (variable), based on your creditworthiness.
Balance transfer fee: Also during the first 15 month, the balance transfer fee is 3%, after which it goes to 5%. So if you want to move balance from some other card, you better do it within the first year (or so) when you will also benefit from the mentioned 0% intro APR rate.
Mobile phone insurance: With this card, you get insurance against your mobile phone damage or theft, up to $600 per claim. There is a $25 deductible and a maximum of 2 claims in a 12-month period. In order to qualify, you need to use the card to pay for your monthly mobile phone bill.
Costs
- 0% Intro APR on Purchases and Balance Transfers for 15 Months, then 13.24%-25.24% Variable
- 3% Balance Transfer Fee for the first 15 months, then 5%.
- 3% Foreign Transaction Fee
- $0 Annual Fee
At Wells Fargo’s secure website
Pros
- Points + introductory 0% APR – there are just a few cards offering introductory APR of 0%, plus rewards. And that 0% rate applies to both purchases and balance transfers.
- 10% bonus for existing Wells Fargo clients – making for a that much better deal.
- Flexible redemption options – including cash, gift cards, travel services, and more.
- Mobile phone insurance – the feat that seldom comes included with a credit card product.
Cons
- Foreign transaction fee – makes you want to carry a different card when travelling outside of the U.S.
- No sign-up bonus – and we’ve seen similar cards offering something just to get you started.
Is This The Card For You?
The answer is YES, if you: a) are an existing Wells Fargo customer (to benefit from that 10% bonus); b) spend a considerable money every month on gas and at restaurants. If that’s the case, you will practically get 3.3% and 2.2% back on your gasoline and restaurant purchases, respectively. Heck, even if you don’t have a checking or savings account with Wells Fargo, you should consider the Propel American Express® Credit Card. It offers decent rewards, along with other cool features, such as 15-month-long period of 0% APR and that ever handy mobile phone insurance…
