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Frequent Contributor
IcEWoLF
Posts: 297
Registered: ‎02-25-2009
0

Wells Fargo Amex Propel 365 Credit Card

Someone posted this on the Fatwallet forums so I wanted to share the info from that forum here:

http://www.fatwallet.com/forums/finance/1300038/

 


Just spoke with my contact at Wells Fargo, and they are rolling this card out today.  It is a targeted offer to only certain clients - they actually get a list of existing clients they can call.  The ability to get this card is apparently based on your relationship with Wells Fargo, including average account balance, length of time you have been with them, etc.  The list is not even available yet, it is being released to the bankers later today, but I will update this thread with any info I can get from my banker.

Key Notes:
$45 annual fee / no fee first year
10k points with $3k spend in 3 months
3x gas
2x restaurants
1x everywhere else

annual relationship bonus:
10% with Wells Fargo checking and savings accounts
25% with PMA package *
50% with PMA package and balance of $250,000 or more

no cap on points, never expire

*PMA is their "VIP" bank account type.  If you get one of these accounts, a special note appears on your file each time you call / go into branch.  You get best rates on mortgages, etc.  No fees for 90 days, then $25k minimum balance total across all personal accounts so no fees on any personal account.

See the attached document for what I got from my banker, it outlines some perks I didn't put above.

Unfortunately I was hoping for something better, as I already have 5% on gas (so even with 50% annual bonus, this card gives 4.5% back).  Might be a good addition to your cards however if they count in-store purchases as gas (since card isn't available yet, I have no experience on this).

 

 

EQ: 768 TU: 769 EXP: 805
Chase Sapphire Preferred: 7K | Chase Freedom Visa Signature: 5.7K
MERRILL+® Visa Signature®: 9K | Bank of America Accelerated Cash Rewards American Express Card: 5K
BankAmericard Privileges® with Cash Rewards: 7K
Discover IT: 8.5K | Costco AMEX: 10.7K | Barclay NFL: 4.9K | Citi ThankYou Preferred World Mastercard 7K | Amazon Chase 1.7K | Barclaycard Arrival Plus World Elite MasterCard 5K | Citi Double Cash 3.5K
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: Wells Fargo Amex Propel 365 Credit Card

Imo, Wells Fargo isn't a very competitive bank with regards to credit cards or bank accounts.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
FinStar
Posts: 6,076
Registered: ‎10-21-2012
0

Re: Wells Fargo Amex Propel 365 Credit Card

They really don't have to be.  Their niche is more focused on Auto Finance & Mortgage lending.  So, while their traditional credit card or checking products may lack in some regard with the others, they are still the 4th largest bank in the US.

Valued Contributor
FinStar
Posts: 6,076
Registered: ‎10-21-2012
0

Re: Wells Fargo Amex Propel 365 Credit Card


IcEWoLF wrote:

Someone posted this on the Fatwallet forums so I wanted to share the info from that forum here:

http://www.fatwallet.com/forums/finance/1300038/

 


Just spoke with my contact at Wells Fargo, and they are rolling this card out today.  It is a targeted offer to only certain clients - they actually get a list of existing clients they can call.  The ability to get this card is apparently based on your relationship with Wells Fargo, including average account balance, length of time you have been with them, etc.  The list is not even available yet, it is being released to the bankers later today, but I will update this thread with any info I can get from my banker.

Key Notes:
$45 annual fee / no fee first year
10k points with $3k spend in 3 months
3x gas
2x restaurants
1x everywhere else

annual relationship bonus:
10% with Wells Fargo checking and savings accounts
25% with PMA package *
50% with PMA package and balance of $250,000 or more

no cap on points, never expire

*PMA is their "VIP" bank account type.  If you get one of these accounts, a special note appears on your file each time you call / go into branch.  You get best rates on mortgages, etc.  No fees for 90 days, then $25k minimum balance total across all personal accounts so no fees on any personal account.

See the attached document for what I got from my banker, it outlines some perks I didn't put above.

Unfortunately I was hoping for something better, as I already have 5% on gas (so even with 50% annual bonus, this card gives 4.5% back).  Might be a good addition to your cards however if they count in-store purchases as gas (since card isn't available yet, I have no experience on this).

 

 


Thanks for posting IcEWoLF....Would be interesting to see how they tweak the final product and see how it's received.  Seems somewhat similar to the BOA Privileges Cash Rewards.

Frequent Contributor
IcEWoLF
Posts: 297
Registered: ‎02-25-2009
0

Re: Wells Fargo Amex Propel 365 Credit Card

Right now I think the above offer or details are for early adopters, probably why there is no annual fee for the first year.

The card will most likely be advertised on their website sometimes mid 2014 when they finalize the benefits & features.

 

Wells Fargo is a good bank, they are conservative when it comes to credit card rewards when you compare them to Chase or Discover or other credit card lenders.

 

 

EQ: 768 TU: 769 EXP: 805
Chase Sapphire Preferred: 7K | Chase Freedom Visa Signature: 5.7K
MERRILL+® Visa Signature®: 9K | Bank of America Accelerated Cash Rewards American Express Card: 5K
BankAmericard Privileges® with Cash Rewards: 7K
Discover IT: 8.5K | Costco AMEX: 10.7K | Barclay NFL: 4.9K | Citi ThankYou Preferred World Mastercard 7K | Amazon Chase 1.7K | Barclaycard Arrival Plus World Elite MasterCard 5K | Citi Double Cash 3.5K
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: Wells Fargo Amex Propel 365 Credit Card

Yeah, they are the #1 lender for mortgages I believe in the US.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Super Contributor
enharu
Posts: 7,004
Registered: ‎02-27-2013
0

Re: Wells Fargo Amex Propel 365 Credit Card

Seems really similar to the BofA 321 rewards, except there's no rewards cap, which is offset by the annual fee and higher swipe fees by using Amex network.

Under their current CEO, wells fargo's focus has been on less riskier investments, such as mortgages and secured loans. It's working out really well for them though, so none of their investors are complaining. This historic lowest default rate on top of other factors, including market trends, is probably the reason why they are even seriously looking at the credit card market. Credit cards used to be a side thought for them. It is nice to see Wells Fargo trying to improve their credit offerings nevertheless.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
New Member
pillsbury2
Posts: 6
Registered: ‎11-20-2013
0

Re: Wells Fargo Amex Propel 365 Credit Card

Everybody keeps leaving out the Wells Fargo earnmoremall.com. This is where you get your max benefit with this card. Double points on online travel sites, 5 points at some major department stores and a whole lot more. This is what makes this card a great card. Amex benefits and Wells Fargo rewards. Cash back is $.01 a point. It's not the platinum but it's still a good card

Super Contributor
enharu
Posts: 7,004
Registered: ‎02-27-2013
0

Re: Wells Fargo Amex Propel 365 Credit Card


pillsbury2 wrote:

Everybody keeps leaving out the Wells Fargo earnmoremall.com. This is where you get your max benefit with this card. Double points on online travel sites, 5 points at some major department stores and a whole lot more. This is what makes this card a great card. Amex benefits and Wells Fargo rewards. Cash back is $.01 a point. It's not the platinum but it's still a good card


UR Mall, ShopDiscover, and even ebates and Fatwallet sometimes have better referral bonuses.


The Amex benefits are not accurate. This card isn't underwritten nor managed by Amex. Amex is simply the payment network. Wells Fargo does the undewriting, servicing and management of these accounts. The benefits are therefore also different, and certain warranty and insurance benefits will be underwritten by a different insurance company or Wells Fargo, just not Amex.

 

Overall it's an decent card like the BofA BankAmericard, but it's nothing to really wow about either, unless they make some drastic changes during roll-out.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Established Contributor
FutureBillionaire
Posts: 647
Registered: ‎12-12-2012
0

Re: Wells Fargo Amex Propel 365 Credit Card


youngandcreditwrthy wrote:
Imo, Wells Fargo isn't a very competitive bank with regards to credit cards or bank accounts.

This definitely isn't competitive.

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

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