Some obstacles to applying
Wells Fargo is all about relationships, so if you are not a client, you may have a hard time getting the card. In the past, Wells Fargo did not offer its credit cards to nonclients. While this practice mostly has been abandoned, the company often asks nonclients to submit pay stubs or 1099 forms for the last two years. Faxing all that paperwork is an extra hassle most people will find troublesome, especially as none of the major credit card issuers requires a proof of income from well-qualified applicants.
The annual fee is really high
The $175 annual fee is about twice the cost of the fee associated with a typical travel rewards credit card, but the $100 yearly airline credit helps offset the bigger part of it. The fact that the fee is waived for the first year and that you get a decent sign-up bonus further alleviates the burden. If you are leery of the high fee, you can at least try the card out for a year at no cost to see if it’s worth it in the long run.
Large sign-up bonus
Wells Fargo offers 40,000 reward points after spending $3,000 in three months, which is one of the more generous sign-up bonuses currently available. We value this bonus at $400, which could get you an airline ticket or a large chunk of cash back.
Flexible redemption
Wells Fargo offers a large number of redemption options, as well as a relatively flexible redemption policy. Although you are limited to booking travel through Wells Fargo, there are no blackout dates and no limits to how many points you can earn. You also don’t have to worry about your points expiring. You can redeem points at a 100:1 ratio for cash back, gift cards, travel and more. Wells Fargo clients may get a better redemption for airfare purchases through the Wells Fargo website.
Great earning scheme for a seasoned traveler
You will get three points per dollar for airfare purchases, two points for hotels and one point on all other purchases. That’s a great rewards rate if you travel a lot, but you can do much better if you only travel occasionally. There are several cards on the market that offer two points per dollar for all purchases, as well as cards that offer bonus points in categories where the average consumer is more likely to spend a lot of money, such as grocery stores and restaurant purchases.
More perks and benefits for existing Wells Fargo banking customers
If you are a Wells Fargo banking customer, you can earn an additional 10, 25 or 50 percent relationship bonus on all nonbonus points you earn with your Wells Fargo Propel World American Express Card. You will also likely enjoy a simple application process and, in many cases, get better airline travel redemption values on the Wells Fargo website.
Good travel benefits
For the frequent traveler, the card comes with some useful benefits, including a variety of discounts that might balance out the high membership fee. Wells Fargo advertises a $100 credit toward incidental airline charges and a $100 discount on vacation packages.
Furthermore, the card is equipped with features that make it a great choice for international travelers. You won’t incur any foreign-transaction fees for using your Wells Fargo Propel World American Express overseas. Also, while not an advertised feature, the card not only comes with an EMV chip, but is also PIN-ready, so you can use it in unmanned machines abroad – for example, in most of Europe.
Generous cellular telephone protection
The card also includes cellphone protection, which is a rare benefit. All Wells Fargo credit card customers are entitled to up to $600 coverage twice a year for a broken or stolen cellphone. A per-incident deductible of $25 does apply.
Reasons to get it:
- You are a frequent traveler who spends a considerable amount of money on airfare and hotels.
- You are a Wells Fargo banking customer (or considering a new relationship).
- You value travel perks, discounts and other benefits of the card.
How to use it:
- Always make direct airline and hotel purchases with the card.
- Consider establishing a banking relationship with Wells Fargo for preferential treatment.Buy cellphones with the Wells Fargo Propel World American Express card so you can be covered by its generous insurance plan.
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