This week Wells Fargo and American Express launched two new rewards credit cards designed to allow customers to earn rewards faster, enjoy special perks and have extra protection for shopping and travel.
"Last year, we announced our partnership with American Express as part of our goal to earn more of our customers' credit card business and help them succeed financially through distinctive and compelling offerings," said Avid Modjtabai, head of Wells Fargos Consumer Lending Group in a statement. "The culmination of this partnership is Propel 365 and Propel World -- two new credit cards that offer upgraded travel experiences, accelerated rewards on travel and every day purchases and powerful bonuses for Wells Fargo relationships."
The two cards are different in their target audience. The Propel 365 card is geared toward everyday shoppers who spend on purchases locally and don't travel much outside of the U.S. It's a magnetic stripe card that offers triple rewards points when you go to a domestic gas station, double points for using the card at domestic restaurants and one point per dollar spent on other transactions.
On the other hand, the Propel World card is geared toward travelers, particularly those who travel internationally because it comes with chip technology that many countries around the world rely on. Propel World also offers unique offers, including being reimbursed $100 a year to cover incidental airline charges, such as baggage fees. Frequent travelers will be able to sock away points quickly because they earn triple points on airline purchases and double points on hotel purchases. Other transactions are worth one point per dollar.
The rewards points cardholders earn won't expire, nor is there a cap on how many you can earn. Those who have multiple Wells Fargo accounts can also combine the points in order to build them up more quickly.
Both Propel cardholders also benefit from not having to pay foreign transaction fees when they use their credit card for international purchases. They can also take advantage of concierge services to help them get event tickets and dinner reservations. Additionally, both cards offer a Wells Fargo relationship bonus, which gives cardholders who maintain a qualifying Wells Fargo checking or savings account or a PMA package, which is Wells Fargo's service linking multiple accounts like savings, CDs, mortgages and IRAs to a checking account.
These cards also come with some American Express special services. One such benefit is access to Amex Offers, a service that offers savings to top retailers and dining establishments. Cardholders can log in with their American Express account to see what offers are available. They then add the offers to their card, and when they use them, the savings will be applied to their account as a statement credit on their bill.
"These cards have a strong value proposition because of the combined benefits that both Wells Fargo and American Express can provide together," said Beverly Anderson, head of Wells Fargo's Consumer Financial Services group, in a statement. "We believe these combined benefits stand firmly against our competitors' offerings and combined with the personal relationships we have with our customers, will provide some of the best value in the market today."
The Propel 365 card has a $45 annual fee that's waived for the first year. IThe Propel World Card has a one-year $0 introductory annual fee, and a $175 annual fee thereafter. Both cards have a 0 percent APR for the first year, which then it will be 13.99 to 21.99 percent based on creditworthiness.
"We have worked closely with Wells Fargo to deliver an excellent suite of benefits and services to their new Propel cardholders," said William Stredwick, senior vice president, Global Network Partnerships, North America, American Express, in a statement. "The new Propel products offer everything from early ticket sales to some of the most popular concerts coming out today, as well as discounts from leading brands and extraordinary travel offers and packages, allowing Propel cardholders to enjoy the numerous advantages associated with the American Express brand together with the outstanding rewards and services offered by Wells Fargo."
Wells Fargo offers the card application via mail, online, by phone and at its 6,000 store locations.
