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Ron1

New Wells Fargo Amex Propel 365 Credit Card!!!!

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I read it from the fatwallet.

 

The card offers:

 

 

Key Notes:
$45 annual fee / no fee first year
10k points with $3k spend in 3 months
3x gas
2x restaurants
1x everywhere else

annual relationship bonus:
10% with Wells Fargo checking and savings accounts
25% with PMA package *
50% with PMA package and balance of $250,000 or more

no cap on points, never expire

*PMA is their "VIP" bank account type. If you get one of these accounts, a special note appears on your file each time you call / go into branch. You get best rates on mortgages, etc. No fees for 90 days, then $25k minimum balance total across all personal accounts so no fees on any personal account.

http://www.fatwallet.com/static/attachments/293073_carddetails.pdf

 

 

Ron.

Edited by Ron1

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I am definitely not impressed. How can they push it as an affluent/private bank type card when it doesn't even offer any bonus earnings for travel/airlines/hotels?

 

The first thing that I thought of was "Oh, it's the same base earnings as the (no-fee) Costco Amex, but Costco gives you 2% on travel. And then they're throwing a Chase-like little annual bonus thing in." And the Costco Amex is cash, not points.

 

Such a paltry annual fee is kind of ridiculous too. It's small enough to be an insult, but not large enough to convey value (Amex, Sapphire Preferred, BCP).

 

Lastly: Are their points 1 for 1, like Chase, or nerfed, like Citi's and PenFed's? WF reeeeeally wants me to open some of their cards from the amount of mail I get from them, but they really have no useful rewards (that last beyond six months).

Edited by Shigeru

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Thanks, Ron.

 

There's no way I'm moving $250,000 back to Wells Fargo for the top-level point bonus, after getting"fee'd" to death as a former PMA customer.

 

I saw the special notation on the screen at the branch when they pulled up my account. It said very clearly "High Value Customer", but for the life of me I can't list one thing it got me in over ten years as a customer, aside from 100 free brokerage trades a year... However...

 

The fees that they were charging me for other things ($100 a year to "hold" a stray $10,000 IRA, for example) drove me crazy, and I moved almost all of my accounts/money elsewhere. I'm very sure I paid dearly for those "free" stock trades. They also charged me something like $15 per transfer for four transfers beyond the monthly limit from my savings account to my checking account - the FIRST AND ONLY TIME I ever inadvertently exceeded the "maximum number of transfers" limit.

 

I hate Wells Fargo.

Edited by cv91915

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Bank Of America Privilege credit cards got the same rewards as Wells Fargo. It required $50,000 as a combined balance in your Bank of America deposit accounts and/or your Merrill Edge brokerage accounts.

 

link:

https://www.bankofamerica.com/platinumprivileges/frequently-asked-questions.go

 

https://consumer.bankofamerica.com/USCCapp/Ctl/entry?sc=VABTNN&mboxSession=1379795241005-44558#b

 

 

1% cash back on purchases, 2% at grocery stores and 3% on gas for the first $1,500 in combined gas and grocery purchases each quarter Plus, get a 50% customer bonus when you redeem your cash back into a Bank of America® checking or savings account, or a Cash Management Account® with Merrill Edge® or Merrill Lynch Wealth Management® Get a $100 cash rewards bonus after you make at least $500 in purchases within 90 days of account opening Introductory 0%† APR for your first 12 billing cycles for purchases, and for any balance transfers made within 60 days of opening your account. After that, a Variable APR that’s currently between 12.99% and 22.99% will apply. 3% fee (min $10) applies to balance transfers. Please see Terms and Conditions for payment allocation information

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It said very clearly "High Value Customer", but for the life of me I can't list one thing it got me in over ten years as a customer, aside from 100 free brokerage trades a year... However...

 

 

I'm a PMA customer and I have the same experience. Two years ago, I opened a CC with them and they gave me APR was 18%. I was stunned...I closed it immediately.

Edited by cranston3

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For those interested, these cards finally launched and were much better than I expected. I'm going to sign up for the Propel World, $400 cash bonus after you spend $3k in three months (easy to meet with Amazon payments) and $100 in incidental airline charges.

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$45 AF... lol

 

Go home Wells Fargo, you're drunk.

 

https://www.bankofamerica.com/credit-cards/products/cash-back-credit-card.go

 

Same benefits (save for the 0% FTF), no fee.

 

I agree. I have the Privileges version of that card from B of A. It has the same 3/2/1 reward structure as this WF card -- and the same 50% bonus and NO AF for Privileges customers. B of A only requires $50,000 in deposits to qualify for the AF waiver and the 50% bonus. WF doesn't waive the fee and requires 5x in deposits to get the bonus. They give you $100 in annual travel reimbursement, but - wait for it - the AF is $175.

 

It's just like WF to roll out something new that breaks no new ground. Knowing them, they'd only give me a $1,000 credit limit on this stupid thing.

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https://www.wellsfargo.com/credit-cards/propelworld/

 

The black card with the gold horses looks pretty sexy. The design reminds me of the Dubai First Royale Mastercard.

http://creditcardforum.com/blog/most-prestigious-credit-cards/

$175 a year. Instead, during the summer I plan on applying for the Redneck Bank debit card account. The smiling horsey/donkey on that card is free.

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$175 a year, waived the first year, $400 minimum cash to open (looks to go up to $600 possibly if used towards airfare), $100 towards airline incidentals. Uncapped 3x airfare, 2x hotels.

 

I'm not saying it's a card to keep for life, but it sure doesn't look bad for at least the first year. Reevaluate at 12 months and see if Wells does anything for retention offers.

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Anyone know if Wells Fargo does PC? I have a useless flat 1% no AF card with them I havent touched in months and I am looking to get into the AMEX network for my Costco spend but my EX isn't good enough yet for one issued from Centurion

Edited by Luminosity

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I have a question. When they say $50000 in deposits, does that mean you need $50000 currently in an account, or that you have deposited $50000 in the time you've been with that bank?

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It means that your average daily balance is at least 50K or higher in your PMA accounts.

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