Wells Fargo has introduced two new rewards credit cards through a partnership with American Express — one caters to travelers while the other targets everyday consumers. But, both cards face competition in today’s crowded market of rewards credit cards.
The Wells Fargo Propel World American Express Card allows cardmembers to earn 3 points per dollar spent on airlines, 2 points per dollar on hotels and 1 point per dollar on everything else. Other attractive card perks include concierge service, a $100 annual credit for airline incidental fees, complimentary upgrades and amenities at nearly 1,000 worldwide hotels and no foreign transaction fees.
The card has a $175 annual fee, but there is currently an introductory offer that waives the fee for the first year.
The second card is the Wells Fargo Propel 365 American Express Card, which offers 3 points per dollar spent at U.S. gas stations, 2 points per dollar at restaurants and 1 point per dollar on everything else.
The card has a $45 annual fee — currently waived for the first year.
Both cards with dole out extra points if a cardmember also has a banking relationship with Wells Fargo. Cardmembers can get up to 50 percent annual bonus on non-bonus rewards points if they also have a qualifying Wells Fargo checking or savings account, or PMA package. (Note: Points after the first point earned in bonus categories will not get an annual bonus. For instance, Propel World cardholders earn 2 bonus points and 1 non-bonus point per dollar spent on airlines.)
Card battles continue
The Propel World card’s biggest rival may just be the Premier Rewards Gold Card from American Express. The Premier Rewards Gold Card offers 3 points per dollar on airfare booked through airlines, 2 points per dollar at U.S. gas stations and supermarkets and 1 point per dollar on everything else. The card has a $175 annual fee too.
The Premier Rewards Gold Card, however, does charge a 2.7% foreign transaction fee and it doesn’t offer credit for airline incidental charges (the higher-tiered Platinum Card does). One notable benefit of the card is its participation in the Membership Rewards program, which lets members transfer their points to other participating frequent traveler programs.
Propel 365’s competitors include the American Express Blue Cash Everyday card and the BankAmericard Cash Rewards Visa Signature card, among others.
American Express Blue Cash Everyday has no annual fee and offers 3% cash back at U.S. supermarkets (on the first $6,000 spent in this category per year), 2% at gas stations and 1% on everything else. BankAmericard Cash Rewards Visa Signature offers 3% cash back on gas, 2% on groceries and 1% on all other purchases.
Both of these rival cards do not have annual fees, which is an edge up on the Propel 365. However, the cards do have earnings limits while the Propel 365 card does not. Additionally, the Propel 365 card has no foreign transaction fees — a handy feature for international travel.