@UH_HUH wrote:Wells Fargo is a very conservative bank at first. ..The good news is you can get their lower tier cards and CLI's on them until the day they finally offer you a Propel Card. At that point you can switch over all but 1K of each card over to your Propel
That is actually my current strategy taking the targeted offer on the Cash Wise. I know Wells is conservative and I had read they allow combination of limits. I knew the targeted offer was likely to be approved and the SUB was great at $150/$500 spend (31.5% earnings on first $500 spend!) Moreover, it builds more "relationship" with Wells Fargo again which might lead to a targeted offer on the Propel itself. It's a foot-in-the-door, just like the Cash+ with US Bank can help grease the skids to an Altitude Reserve, if that is your target. Long-term, I don't need another 1.5% card and the $25 Minimum Redemption is a disincentive to me also. But the Propel is a great card, and the opportunity to grow the Cash Wise and then move limits to make for a higher-limit Propel seems to be a solid plan. 
I love it when banks allow you to combine limits. I appreciate having higher total limits as well as higher per-card but I don't want 50 cards to do it! And I appreciate having some relationship with all the largest US Banks besides some great credit unions. (That current list includes Chase, Bank of America, Citi, and Wells Fargo, all now accomplished. USBank is next, and it is also on my radar.) My long-term goal is diversity combined with fewer, high-limit cards to manage and concentrate my spending. It's much easier to grow to higher limits when banks allow for some consolidation. I am doing and have done the same with Chase. My 'average' credit limit right now is over $27K ($521K/19) and I want to average it out even a little higher before I'm done rearranging some things.
@WhiteCollar wrote:So basically I should try to establish a relationship with Wells and thst could be buy opening a lower tier credit card account (Cash Wise) or checking savings then once thst builds apply for Propel again or hopefully receive a targeted offer?
Yes, I would start with a checking and savings and put some use on it. As I mentioned, I am listed on my daughter's checking accounts that they opened in college, and that continued activity probably led to my targeted offer on the Cash Wise. You could also get a car loan or a mortgage with them if you like their products. Approval on a Propel card later on is much more likely once they get to know you.
In general, underwriting by banks may vary between it's cards. The "best cards" that bank offers may have the most stringent underwriting. In my observation, there are a few general "levels" of cards that correspond to levels of underwriting. Some banks may not have all levels but the hierarchy is generally applicable. Cases-in-point: Chase doesn't offer secured cards. Discover doesn't offer an AF travel card.
- Secured cards and Student Cards (easiest to be approved)
- Basic non-rewards Cards with AF or higher APRs
- Basic non-rewards Cards with no-AF or average APRs
- No-AF rewards Cards (usually good or better credit)
- Travel cards with AF (*Usually most stringent underwriting, *except AMEX: see below)
Propel is more of a premium card for Wells Fargo, in terms of cards that are available to the general public. Not saying that there are not successful cold applications for it without relationship. There are some. But it's been similar to the Navy Federal Flagship Rewards, in that it's a card that many have cold-app'd for on My Fico and been initially declined. I'm also not saying Propel is the "highest card" for Wells Fargo; there are others. For example, this card is one that isn't offered to the public without an investment relationship:
The other Wells Fargo card that I would consider a little more premium is their Visa Signature. They don't push it as much as the Cash Wise, Platinum or Propel so you don't hear as much about it. For one, being a Visa Signature by nature it requires a $5K minimum approval, and since Wells is conservative with approvals, it may not be easy to get for many. It also offers a pretty high SUB worth up to $600. (5x points so 5% on $12,500 spend in six months on gas, grocery, drugstores.) And if you redeem Go Far Rewards points earned on this or other Go Far Rewards cards (like the Cash Wise) for airfare, they are worth 50% more in value. So that $600 SUB could buy you $900 in airfare. Banks tend to guard their richer-SUB cards a little more to prevent churning.
With AMEX, I've read that easiest cards to get approved for are the co-branded cards like Hilton or Delta, midlevel are the charge cards Platinum-Gold-Green, and most difficult are the "revolvers" like Blue Cash Everyday/Preferred, Cash Magnet, etc. So AMEX flips the top two categories. I believe this is because their highest-fee cards are charge cards (not credit cards) and they reap high profits from these cards so they want to make them more accessible to the public. It's ironic, because at one time, a Platinum card meant you probably had high income and great credit. Now, it's not as special since you can qualify for one with average credit.
With Chase, it's much easier to get a Slate or Freedom or Freedom Unlimited than it is to cold-app for a Sapphire Preferred or Reserve.
With Bank of America, a secured card or a Cash Rewards card is much easier to get than the Premium Rewards, which many on My Fico have been denied with strong profiles if they have no other relationship with BofA.
With Capital One, a lower credit profile will more easily get approved for Quicksilver One (with AF) or a no-AF Platinum or a basic no-AF Quicksilver than they will a Venture or Savor.
With Navy Federal, a Cash Rewards is much easier to get than a Flagship Rewards.
Discover's cards all appear to be equal in underwriting.
Sorry for your denial! I really hope you get it next time you apply for it!
@coldfusion wrote:No discussion regarding premium WF cards is complete without mentioning the Propel World. It hasn't been available to apply online for a couple of years but you can still apply in-branch, assuming that someone in the branch knows where to look to find the correct application. Technically applications over the phone should still work as well but I wouldn't count on WF making resources available right now to handle them.
Interesting. I had assumed when I saw the mentioned that the Propel World was just the old name for the current product and that it was no longer available. Doing a web search, it appears this card comes with a lot of added benefits?? Is it otherwise the same rewards structure as a basic Propel, with added benefits? Propel doesn't charge an AF; does the Propel World?? (I see there is a $100 airline fee reimbursement included, for example.) It's interesting that the card is discussed on an American Express website instead of a Wells Fargo website, as you would expect. Is the card issued by Wells Fargo?
Another website I found from a 2017 review showed the AF was $175 and the rewards structure was inferior to the current no-AF Propel, from my review. So this is what the card program and rewards looked like three years ago. Not sure what it looks like now.
The SUB at that time was worth $500 ($400 bonus and $100 incidental airline expenses reimbursement) and it has a relationship bonus for Wells Fargo customers (10% in added rewards.) The $175 annual fee is waived the first year.
- Earn 3X points per dollar spent on airlines
- Earn 2X points per dollar spent on hotels
- Earn 1x point per dollar spent on all other purchases
- $100 per year in incidental airline expenses reimbursed in the form of a statement credit
https://www.americanexpress.com/us/network/wellsfargo/propelworld/cardbenefits.html
@coldfusion wrote:No discussion regarding premium WF cards is complete without mentioning the Propel World. It hasn't been available to apply online for a couple of years but you can still apply in-branch, assuming that someone in the branch knows where to look to find the correct application. Technically applications over the phone should still work as well but I wouldn't count on WF making resources available right now to handle them.
Hey I applied online December 2019 and was approved. I can't speak for 2020 applications but for 2019 it was possible to apply for the Propel online. At least it was for me.