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Wells Fargo launches revamped propel Card


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5b2d5efc1ae6623e008b4756-750-563.jpgWells Fargo
  • Wells Fargo is launching a new rewards credit card, a revamped iteration of its Propel Card.
  • The card will earn 3x points per dollar spent on dining, transit and travel, and streaming services, and 1x point on everything else. Points can be redeemed at 1¢ each toward cash, gift cards, travel, or more.
  • The new Propel will have no annual fee.
  • The card directly competes with premium products like the Chase Sapphire Reserve, although that card potentially offers a higher redemption value.
  • Applications for the new Propel will be available on July 16.
  • If you're interested in opening a new card or earning a sign-up bonus sooner, read our guide to the best credit card rewards, bonuses, and perks currently available.

Wells Fargo is announcing a new rewards credit card today that will offer one of the more compelling rewards programs available, taking direct aim at the premium products offered by issuers like Chase.

Despite offering a robust rewards scheme, the card will have no annual fee.

The card is a re-launched version of the bank's Propel Card, which was available in the past, before being closed to new applicants in February. Current customers of the original Propel will be converted to the new card and benefits automatically.

In what seems to be a direct assault on the popular Chase Sapphire Reserve, the new Propel card will offer 3x points per dollar spent on the same categories as that card — specifically, dining, including restaurants and bars, and travel, which includes bars and restaurant delivery services. Additionally, the card will offer 3x points on streaming services, and 1x point on everything else.

The Propel Card, while issued by Wells Fargo, will run through American Express' payment network, and will consequently offer a number of purchase protections and offers through Amex.

Points are redeemable for 1¢ each toward cash back, gift cards, purchasing travel, or more. In this area, the Chase Sapphire Reserve carries an advantage in spite of its annual fee; points from that card are worth 1¢ as cash back, 1.5¢ toward travel purchased through Chase, or a variable value when transferred to frequent flyer partners— potentially well over 1.5¢ each.

Despite the relative redemption limitations, the Wells Fargo offering remains a surprisingly strong contender from a bank that's been less of a major player in the rewards space, and a valid option for consumers looking for a more straightforward rewards program than what Chase offers.

"Points can be redeemed for travel, gift cards, charity donations, or cash back at a rate of 1 cent per point, so effectively you'll get 3 cents per dollar spent on travel, dining, gas and streaming services," said Brian Kelly, Founder and CEO of travel and credit card rewards website The Points Guy (a partner of Business Insider). "That's a solid return, especially for a no-fee card."

According to Bev Anderson, Wells Fargo's head of Cards and Retail Services, the card's rewards program was designed directly based on customer feedback.

"We sat down with a diverse group of customers, including millennials and older generations. We wanted to understand what they like about their cards today, and what they want to see more of" said Anderson. "We built the Propel around the feedback we received, and planned a product for sustainability."

While the Propel does not allow you to transfer points to frequent flyer programs like the Chase Sapphire Reserve does — which can be a more complicated redemption method, but can also allow customers to get outsized value for their points — the simplicity of redemption is expected to appeal more to customers.

"We're continuing to innovate, and the ability to transfer points, as well as other features, is in our potential roadmap," said Anderson. "In the meantime, we believe customers will enjoy the ability to redeem for travel, money, or gift cards at a full value of one cent per point, regardless of redemption method."

The credit cards rewards space continues to become more competitive, with Chase,American Express, Capital One, and Barclays all competing for a new breed of rewards-savvy customers all seeking to maximize value from their consumer credit cards while avoiding carrying balances and paying interest. For Wells Fargo, however, there's another reason to offer a truly compelling product like the new Propel.

"We as a company are excited to demonstrate our commitment to our customers," said Anderson. "The Propel is a proof point for our brand and the work that we're doing to rebuild trust with our customers," she said, referring to the scandal in which bank employees opened 3.5 million unauthorized accounts in customers' names.

The new Propel Card will offer a sign-up bonus of 30,000 points — worth $300 — when you apply for a new card and spend $3,000 in the first three months.

The online application for the new Propel Card will be available on Monday, July 16.

 

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I have an existing Propel card that has been switched to the new rewards system (as of two days ago). I'm pretty happy to see this happen.

 

FYI, in my May card statement, they provided a URL where they list the sites they recognize for the streaming category. It's a small list. I expect to get most of my benefit from the travel category.

 

https://www.wellsfargo.com/credit-cards/propel/streaming

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What propelled you to copy paste the entire Business Insider article, BP? :-)

Nice pun. FWIW, CB TOS forbids the posting of copyrighted/trademarked content. (Use links to the content)

Yes. I think you can post snippets or quote portions of copyright material without getting in trouble. Copying entire article can.

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  • 3 weeks later...
18 hours ago, credit_help said:


If there was any real purpose they would have released it much earlier. You cannot really use it without the card or virtual card number.

I was thinking more along the lines of thousands of people shirking at work and home in front of a puter bored waiting for wool socks lightning sale to start...

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It's CB.  It has been getting dyslexic with the new ad placements.  For example, your siggy is completely covered by half an ad.  The other half of the ad is missing.  They can't even screw it up right. 

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Looks like a decent card.

 

Pros:

$300 SUB

3% on gas, dining, tolls, Netflix, etc., etc.

Cellphone protection and other perks

 

Cons:

It's Amex, not Visa or MC

 

Unfortunately, I burned WF in the past, so I'm probably BL.  Anyone have data points on WF's BL?

 

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