Wells Fargo is updating and relaunching the Wells Fargo Propel American Express Card. The card runs through American Express’ payment network, and will consequently offer a number of purchase protections and offers through Amex. The card hadn’t been available to new applicants since February. Current customers of the original Propel will be converted to the new card and benefits automatically. The new revamped card should be available for applications on July 16th.
- 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.
Earning and Redeeming Points
The new Propel card will offer have the following earning rates:
- 3x points per dollar spent on
- Travel (gas included)
- Restaurant delivery services
- Streaming Services
- 1x points per dollar spent on everything else
Points are redeemable for 1¢ each toward cash back, gift cards, purchasing travel, or more. But TPG reports that these will still be Go Far Rewards, which means that you can get even more value.
If you have a Wells Fargo Visa Signature Card you can combine Go Far Rewards and use them for airfare through their travel portal for 1.5¢ per point. If you spend $50,000 in a calendar year on the Wells Fargo Visa Signature Card, the value of the Go Far Rewards 1.75¢ per point,. That means that you would be earning 5.25¢ per dollar on restaurants, gas etc.
No annual fee.
This is a good card that offers 3X on dining, travel, gas, and streaming services and has no annual fee. Points could be worth as much as 1.75 cent each if combined with a Wells Fargo Visa Signature Card and used for airfare. You could also take advantage of Amex Offers. You’re also getting a $300 signup bonus and that also gets more valuable if you’re spending them on airfare with a Wells Fargo Visa.