Wells Fargo has quietly released a new series of credit cards with very little noise or fanfare which is a little bit of a surprise considering these new cards do seem like they can offer some pretty solid benefits to the frequent flyer crowd. The new cards are the high-end Propel World American Express® Card and its lower counter part the The Propel 365 card.The Wells Fargo Propel World American Express Card:
- Offers No foreign currency conversion fees
- $100 reimbursement annual for airline incidentals
- Free room upgrades among other perks through the Luxury Hotel Program
- Earns 3x points on Airlines
- 2x points on Hotels
- 1x points on all other purchase
- $0 annual fee for the first year and then $175 each year after if you choose to keep the card
Plus, as Wells Fargo seems to do with all their products and services, the more you get the more they give. Same scenario applies here. If you have an eligible checking or savings account you will get 10 percent annual bonus. However if you are a PMA customer then you will receive a bonus of 25% to 50% based on total balances. These bonuses apply after 1 year is completed and will be posted on the 13th month statement. Just a side-note on the annual bonus – the terms state “you cannot earn a Relationship Bonus on points that are earned as either bonus points or as promotional points.” So does that cover the 3x earning categories then?
The other version of the card is known as the Propel 365 American Express Card which comes with a sign-up bonus of 20,000 points for $3,000 net spending in the first 3 months.
- 3x points at US Gas Stations
- 2x points at US Restaurants
- 1x on all other purchase
- No Foreign transaction fees
- $0 annual fee the 1st year, then $45 there after.
So What are These Points Worth?
First of all, these points cannot be transferred to any airline or hotel loyalty program. However you do have options at the lowest redemption value per point to redeem for travel gift cards including Avis rental car, Omni Hotels & Resorts, Best Western, & Celebrity Cruises. These options can all be redeemed at a rate of 1 cent per point making this offer at a minimum value of $400
You also have the option to redeem points for flights and hotels and if you do some searching you can find flights offering values of about 1.5 cents per point. If you could manage to get 1.5 cpm’s you could turn this into a $600 value deal.
$100 incidentals reimbursement can easily add a quick $100 value to this offer as well covering checked bag fees or other costs.
Add the $100 incidentals to the bonus points and you have at a bare minimum a $500 value here. Redeem the points for flights and you could get $700 in value out of this card!
All said and done this is a pretty solid offer to take advantage of especially for those who have a banking relationship with Wells and can get the up to 50% annual bonus on points.
I am strongly considering picking the Propel World card in my next round of applications. It is a new card with a solid value offer and to top it off, it is from a bank who is not a major player in the miles & points world.
Thanks to Travel and Credit for the HT!