Posted by: John S Kiernan

EDITOR’S RATING 4.5 / 5 PROS

• Initial bonus
• Extra rewards on travel, gas stations & restaurants
• No annual fee
• 0% intro rates for 12 months

CONS

• Above-average regular APR
• 1 point per $1 on most purchases
• 3% intro balance transfer fee for 120 days (5% after)

The Verdict: The Wells Fargo Propel American Express® card has a lot going for it, including an initial bonus worth $300, 0% APRs on purchases and qualifying balance transfers for the first 12 months, and great bonus-category rewards (Wells Fargo is a WalletHub partner). You get 3 points per $1 spent on all types of travel as well as at gas stations and restaurants. Wells Fargo Propel doesn’t charge an annual fee or a foreign transaction fee, either.

In other words, Wells Fargo Propel isn’t your average credit card.

At 30,000 points (worth $300) for spending $3,000 within three months of opening an account, the Propel card’s initial bonus is about twice the market average. You’ll also earn three times the average in some of the most popular spending categories. And even though the current offer is mostly about rewards, Propel has above-average introductory financing terms, too.

So at the end of the day, Wells Fargo Propel is a solid card for people with good or excellent credit to use for travel, gas and dining out. You can check your latest credit score for free on WalletHub and learn more below.

The Highlights

• 30,000-Point Initial Bonus: Wells Fargo Propel’s 30,000 bonus points (worth $300) dwarfs what the average rewards cards will give you: 19,982 points/miles or $158 cash back. And the Propel card’s initial spending requirement – $3,000 within three months of account opening – is pretty common. In other words, Propel’s bonus gives you 10 points for each of the first $3,000 you spend.

• Lots of 3X Points Categories: The Wells Fargo Propel Amex Card offers a base earning rate of 1 point per $1 spent. That’s nothing special, actually coming in slightly below the average for a rewards card. But Propel’s bonus categories make things more interesting. You get 3 points per $1 spent on travel, gas, dining and streaming services. That equates to 3% cash back, considering that Propel points are worth a penny apiece. So if you spend a lot in those bonus categories, you should definitely consider Propel, along with WalletHub’s picks for 2019’s best credit cards for travel, gas and dining.

• No Annual Fee: Wells Fargo Propel is $18.15 per year cheaper than the average credit card, thanks to its lack of an annual fee. But that makes it neither unique nor automatically superior to cards that charge a fee. There are hundreds of credit cards with no annual fee. And paying a fee can make sense, if doing so enables you to get much better terms, which lead to savings that outweigh the cost.

• 0% Intro Rates for 12 Months: The Wells Fargo Propel American Express card currently offers 0% introductory APRs for the first 12 months on both new purchases and qualifying balance transfers. This offer is better than average for both types of transactions. But the purchase side of things is more attractive. It compares more favorably to the average card, for one thing. The average 0% purchase APR lasts for roughly 10.5 months, while the average 0% transfer rate sticks around for about 12 months. Plus, there are other costs to consider with a balance transfer, and they make this type of transaction less appealing.

The Lowlights

• Above-Average Regular APR: The Wells Fargo Propel Card’s regular APR could be anywhere from 16.24% to 28.24% Variable, depending on your creditworthiness. But you need at least good credit for approval. And you’re unlikely to get a rate at the low end of the range unless you have excellent (maybe even perfect) credit.

  That’s problematic considering the average credit cards for people with excellent and good credit charge 14.49% and 20.79%, respectively. So it’s just a matter of how much you’ll overpay on interest if you carry a balance from month to month with Propel, absent its 0% intro rates.

• 3% Intro Balance Transfer Fee for 120 Days: If you’re in the market for a balance transfer, good credit can get you a lot more than a 0% APR for 12 months and a 3% balance transfer fee. The average 0% balance transfer card charges a fee of “just” 2.71%.

Other Things to Consider

• No Foreign Transaction Fee: If you plan to use Propel for international spending, its lack of a foreign transaction fee will save you 1.50% on every purchase processed abroad relative to the average credit card. The fact that it’s a chip-and-PIN card may also make it easier to use abroad.

• Good Credit Minimum: You need good or excellent credit to get the Wells Fargo Propel Card, same as with most of 2019’s best credit cards. So you should probably check your latest credit score for free on WalletHub to confirm you have a good chance of qualifying.

Compared to the Competition

If you have the good or excellent credit needed to qualify for the Wells Fargo Propel Amex, you should be able to get most of the best cards for rewards or 0% financing (whichever type of feature is atop your most-wanted list). Below, you can see how Propel compares to some its top competitors, which excel in both categories.

	SponsoredWells Fargo Propel American Express® card	Citi® Double Cash Card – 18 month BT offer	SponsoredCapital One® SavorOne℠ Cash Rewards Credit Card	SponsoredBlue Cash Preferred® Card from American Express
Annual Fee	$0	$0	$0	$95
Rewards Bonus	30,000 points	N/A	$150	$250
Rewards Rate	1 - 3 points / $1	2% Cash Back	1 - 3% Cash Back	1 - 6% Cash Back
Purchase Intro APR	0% for 12 months	Not Offered	0% for 15 months	0% for 12 months
Transfer Intro APR	0% for 12 months on qualifying balance transfersTransfer Fee: 3% for 120 days, then 5%	0% for 18 months*Transfer Fee: 3% (min $5)	0% for 15 monthsTransfer Fee: 3%	0% for 12 monthsTransfer Fee: 3% (min $5)
Regular APR	16.24% - 28.24% Variable	See Rates & Fees	16.24% - 26.24% (V)	15.24% - 26.24% (V)
Editors’ Rating	4.5 / 5	5.0 / 5	4.8 / 5	4.7 / 5
Details, Rates & Fees	Learn More	Learn More	Learn More	Learn MoreRates & FeesTerms Apply
Winners	Citi® Double Cash Card – 18 month BT offer

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