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Consumers who love rewards credit cards have a new option to consider – a Wells Fargo card that doesn’t charge an annual fee.
The new Wells Fargo Propel card is an American Express card that offers three points per dollar spent on dining charges. Plus, it awards cardholders three times the points on certain travel costs like flights, car rentals, renting homes, hotels, gas costs, subways, and cruises.
Entertainment options like Apple music, Netflix, Pandora, Sirius Radio, Spotify, and Hulu also award three points per dollar spent.
Anything else that’s charged onto the Propel card will earn one point per dollar. One nice perk with this card is the points never expire, so cardholders don’t have the frustration of spending a lot of money only to see their points vanish before they use them.
Cardholders will get a 30,000-point bonus if they charge at least $3,000 on their cards in the first three months of owning it.
Any savvy cardholder will want to know what the APR of the Wells Fargo Propel card is. For the first year, cardholders are given an introductory APR of 0%. But after that, the variable APR of 14.24% to 26.74% kicks in, depending on your creditworthiness and the market rate.
There are a couple of things that make this card stand out. One thing is that it carries no annual fee – some rewards cards do, although cardholders can still find ones that don’t.
The other nice thing about this card is it doesn’t only count flights and hotels as travel costs – it also includes public transportation and gas costs.
Use the Wells Fargo Propel Amex Card Responsibly
While having credit cards can be a great way to score points that lead to stellar rewards, credit cards also carry a fair amount of risk when they are misused.
Before charging anything, cardholders should always think about whether they’ll be able to afford to pay off that balance in full when they receive their statement. If they can’t, they should seriously think twice about making that purchase because it can lead to one of the big mistakes of travel rewards credit cards. Essentially, the interest fees they’ll pay, especially if they carry a balance each month, can outweigh any rewards points they receive.
Those who use little of the credit balance they have available to them and who pay their bills on time can build their credit.
Before getting a credit card, consumers should think carefully about what they want from a card in terms of rewards and whether they’ll be willing to pay an annual fee for a card. They shouldn’t apply for too many cards if they are anticipating making a big purchase such as a car or a house in the near future because applying for new cards can temporarily lower a credit score.
Author: Shannon Serpette
Shannon Serpette is a mother of two and an award-winning journalist and freelancer who lives in Illinois. When she’s not spending time with her children, she is often pursuing her favorite hobbies – running, metal detecting, kayaking, and reading about personal finance.