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Wells Fargo Announces New Propel Card to Compete with Chase Sapphire Reserve

Wells Fargo has announced a compelling new rewards credit card: the Propel Amex. It’s a revamped version of their older Propel cards, which have since been pulled from online and in-bank applications to phase consumers out. Those who are currently using the past Propel cards will be moved over to the revamped Propel Amex automatically.

Come July 16, this new card will give new users a sign-up bonus of thirty thousand points if they spend at least three thousand dollars in the first three months. It also offers 3x points on travel (including your flight, hotel, rental vehicles, and taxis), dining (including restaurants, bars, and food delivery services), gas, and streaming services.

Points can be used to cover travel, gift card, and charity donations. And they can also be redeemed for cashback on travel, dining, gas, and streaming purchases, meaning you’ll get about three cents back for every dollar you spend on the categories just listed. You’re also able to combine Propel Amex points with those you earn from other Wells Fargo cards. But you can only claim one free sign-up bonus every fifteen months. So, if you’ve recently signed on with Wells Fargo and received a sign-up bonus, you won’t be eligible for the Propel Amex one when it opens up for application on July 16.

This card appears to be a direct response to Chase Bank’s Sapphire Reserve, seeing that it offers 3x points in the same categories. Chase’s card still has the advantage as far as cashback is concerned, and its points are transferable to frequent flyer programs, unlike the Propel Amex, but it will also cost you an annual fee, while the Propel Amex does not.

Wells Fargo announced that they created this card according to consumer feedback. They sampled a diverse group of their own customers, asking what features were most compelling in other rewards cards. After reviewing the results, they went to work at creating a new card, tailored to the customers’ needs. The Propel Amex was the result, which seems to have shaped up into a competitive alternative to the heavy-hitters from Chase, American Express, and Capital one—many of its features match or improve upon the competition.

This is yet another effort by Wells Fargo to earn back the trust of their customers after a scandal affected upwards of 3.5 million customers between 2009 and 2016. The card will be available for Wells Fargo customers and non-customers, unlike their past cards.

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