Wells Fargo Propel review: arguably the best no-annual-fee card, with surprisingly generous benefits and rewards

Review: Is the Wells Fargo Propel the right card for you?

If you are looking for a valuable rewards credit card with no annual fee, the Wells Fargo Propel American Express® card should be included in your search.

Most credit cards with any good benefits to speak of charge an annual fee upwards of $95, but the Wells Fargo Propel American Express® card is a notable exception that rule. 

You'll earn 3 points per dollar in several top spending categories, including dining, traveling, and popular streaming services, and you get a solid welcome bonus of 20,000 points (worth $200) after you spend $1,000 in the first three months from account opening. 

While the Wells Fargo Propel American Express® card earns points, you can redeem them for 1 cent apiece for cash back, so it's considered a cash-back rewards card. And unlike most other cash-back cards, the Propel card doesn't charge a foreign transaction fee. 

If you need some extra time to pay off a large purchase, you may find the card's 0% intro APR on purchases and balance transfers for 12 months from account opening (then a 13.99% to 23.99% variable APR) helpful. However, make sure you're able to pay off any purchases or balance transfers by the 12-month mark, so you can avoid getting hit with high interest fees.

The card also offers cell phone protection, so you have some real perks beyond the ability to earn bonus points on a good chunk of your everyday spending.

Bottom line: The Wells Fargo Propel American Express® card has some of the most generous bonus categories among cash-back cards, including most travel purchases, popular streaming services, and more. It has no annual fee and no foreign transaction fee, and it even includes cell phone protection and an intro APR offer. Overall, it's a great card for anyone looking to earn strong rewards without paying an annual fee.

Wells Fargo Propel versus other cash-back cards 

*earn 3% back on up to $6,000 spent at US supermarkets each year, then 1%

Using rewards

With the Wells Fargo Propel American Express® card, you can redeem points for cash back or air travel through the Go Far Rewards program. Each point is worth a penny — that's standard across all areas of redemption, including travel, gift cards, charity donations, and cash back.

There's no limit to the points you can earn, and points don't expire as long as your account remains open. A great perk is that when it comes time to redeem your points, there are no blackout dates on air travel through Go Far Rewards.

For those who love discerning award charts to see what redemption provides the best value, this card won't feed your hunger. On the flip side, if you like credit cards with simple award charts and straightforward redemptions, the Propel card is for you. If you have more than one Wells Fargo credit card, you can pool your Go Far Rewards, earning you more points in a shorter amount of time.

Wells Fargo Propel card features

As a no-annual-fee credit card, the Wells Fargo Propel American Express® card doesn't come with lots of fancy perks like airport lounge access and annual statement credits. However, it does offer some surprisingly generous benefits.

• Intro APR offer — The Wells Fargo Propel American Express® card lets you finance purchases and get some extra time to pay down a balance, with 0% intro APR for 12 months from account opening. This offer can be useful if you need some extra time to pay off your balance, but the APR jumps to 14.49% to 24.99% variable after the offer ends, so you need to make sure you can meet the 12-month cutoff to avoid racking up extra charges.
• Cell phone protection — This benefit provides up to $600 in protection against damage or theft (subject to $25 deductible). As long as you pay your monthly bill with the Propel, you will be able to take advantage of the cell phone protection benefit. 
• Cash back with My Wells Fargo Deals — Wells Fargo recently introduced this program, which offers cardholders deals for cash back at specific retailers such as Starbucks and Stitch Fix. You'll need to activate the offers in your account before you redeem them, and you need to pay with the Wells Fargo card associated with the deal.
• American Express presales — The Wells Fargo Propel American Express® card is an Amex card, so it comes with access to Amex event presales.

Even if you don't bank with Wells Fargo, you are still eligible for the Wells Fargo Propel American Express® card.While not a benefit per se, it's nice to have the flexibility of using a card outside of your own bank.

Wells Fargo Propel card costs and fees

There's no annual fee and no foreign transaction fee on the Wells Fargo Propel American Express® card, but there are some other fees to be aware of — all of which can be avoided by paying your bill on time and in full each month.

• APR on purchases after the intro offer ends:14.49% to 24.99% variable
• Cash advances: There's an APR of 23.99% to 25.99%, and a 5% fee ($10 minimum)
• Late payment fee: Up to $37
• Returned payment fee: Up to $37

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