Wells Fargo Launches Decent Reward Credit Card
Looks like Wells Fargo is trying to atone for its sins (or at least attract new customers) with the launch of its new bonus credit card.
The Propel American Express card gives you triple points per dollar spent on travel, commuting, eating out, and streaming services like Netflix, Spotify, Apple Music, and Hulu. This last category is more of a gimmick than anything substantial, but triple points in hotels, gas stations, taxis, toll roads, public transport, restaurants, and fine dining are not something to be discounted.
You will also receive one point back for all other purchases and the points do not expire. It has no annual fee making it competitive with other food cards and top tier cash rewards, and if you spend $ 3,000 in the first three months after opening the card, you will earn 30,000 bonus points, which equals $ 300. There is an initial annual interest rate of zero interest in one year and then a variable annual interest rate from 14.24 to 26.74 percent.
One potential drawback: It will be accepted wherever American Express cards are available, which is more limited than Visa or Mastercard.
It is intended to be a direct competitor to the Chase Sapphire reserve card , which offers triple points in the same categories, but with an annual payment of $ 450 after the first year. However, as Business Insider explains, the Chase card has an edge, even with high fees. “Points from this card earn 1 cent in cashback, 1.5 cents on trips purchased through Chase, or variable value when transferred to frequent flyer partners – potentially over 1.5 cents each.” Propel card points are equal to 1 ยข as cashback in any case.
This all sounds good and Wells Fargo needs it. Not only does the bank actually have no other competitive bonus card options (the Wells Fargo Cash Wise Visa card offers a 1.5% return on everything), it needs to regain the favor of its customers after cheating on them . This free map can help.