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When it comes to the best rewards credit cards, it’s easy to overlook banks that issue fewer cards — but if you do that you could be missing out on a card that’s a good fit for your wallet.
Take the Wells Fargo Propel American Express® card as an example. It earns triple points in a handful of popular categories, has no annual fee and an intro offer of 20,000 points (worth $200) after you spend $1,000 in the first three months from opening the account.
Let’s take a look a few situations where the Wells Fargo Propel is a good choice.
Reasons to apply for the Wells Fargo Propel card
1. You want simple rewards
In a lot of ways, there is no better reward to earn than cash back because you don’t need to invest a bunch of time when you’re ready to use it. Sure, miles and points can be exceptionally valuable, but award charts and routing rules can also be exceptionally convoluted.
If you’re looking for the simplicity of a cash-back credit card, the Wells Fargo Propel card can be quite rewarding. You’ll earn 3x points on eating out and food delivery (ordering in), at gas stations, on transit, as well as on ride-shares, hotels, flights, rental cars and eligible streaming services. All other purchases will earn one point per dollar.
Each point you earn is worth one cent and can be redeemed for cash back or statement credits. Through the Wells Fargo site you can also redeem your points, at the same value, for gift cards or travel. The minimum redemption amount is $25 (2,500 points).
2. You can’t meet higher spending requirements
One nice feature of this welcome offer is that you only need to spend $1,000 in the first few months after opening your account to earn the 20,000-point bonus. That averages out to ~$333 a month, which is more than reasonable. And the card’s bonus is worth $200, which equates to a 20% return on the minimum spending.
3. You have a tendency to drop your phone a bit to often
I always pay my cell phone bill with my Ink Business Preferred℠ Credit Card because it gets me coverage for theft or damage of my phone for up to $600 per claim (up to three claims per 12 months) with a $100 deductible. That’s not bad for a card that only has a $95 annual fee, but the Propel card is even better.
When you pay your cell phone bill with your Propel card you’ll get coverage for up to $600 per claim, but the deductible is only $25. You can receive a maximum of $1,200 per 12 month period and you get all that on a credit card with no annual fee. I don’t know of a cheaper way get get insurance for your cell phone.
4. You’re thinking about a 5/24 strategy
Many of the best travel credit cards are issued by Chase. But you aren’t eligible for any Chase credit card if you’ve opened five or more cards from any bank in the past 24 months (not including most business credit cards). If the Wells Fargo Propel card is one of the first few cards you open, it could limit which Chase cards you’re eligible for. For that reason I don’t recommend applying for this card if you’re under the Chase 5/24 or trying to get under it.
5. You already have the Wells Fargo Visa Signature card
The Wells Fargo Visa Signature card earns the same type of points (Go Far Rewards) at the Wells Fargo Propel card and you can transfer points between accounts. That is advantageous because with the Wells Fargo Visa Signature your points are worth 1.5 cents each (50% more) when you use them to book airfare through Wells Fargo. And any year that you spend $50,000 or more on the card, that value jumps up to 1.75 cents per point toward airfare booked with Wells Fargo.
That’s a nifty little trick to boost the value you get with your Propel card, and the Wells Fargo Visa Signature also has no annual fee. The biggest drawback to this strategy is that Wells Fargo only allows you to earn the welcome bonus from a Wells Fargo-issued card once every 15 months. You’ll have to wait a while between applications, but if you’ve had a Wells Fargo Visa Signature for 15+ months I wouldn’t hesitate to apply for the Propel.
The information for the Wells Fargo Visa Signature Card has been collected by Million Mile Secrets and has not been reviewed by the issuer.
The Wells Fargo Propel has a simple and valuable rewards structure. Not only that, but with it’s low minimum spending requirement and lack of an annual fee it’s easy to take full advantage of the value this card provides. You can even increase the return you get on your spending if you partner this card with the Wells Fargo Visa Signature.
But, if you’re interested in applying for lucrative Chase credit cards, then you’ll want to weigh all your options before applying for the Propel card.
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