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Wells Fargo is making a bid for the top of your wallet.
The bank launched two new rewards credit cards this week as part of the strategic partnership it announced with American Express back in 2013.
The Wells Fargo Propel World American Express card features triple the points at airlines, twice the points at hotels and one times the points back on all other purchases. The Wells Fargo Propel 365 American Express card features triple the points at gas stations, double the points at restaurants and one times the points back on all other purchases.
Beverly Anderson, head of Wells Fargo’s Consumer Financial Services group, says the Propel World is geared toward "people who are passionate about travel" while the Propel 365 is geared toward "people who want to maximize their everyday spend."
Both cards carry annual fees. Propel World's is $175, while Propel 365 is $45. Each is waived the first year. Anderson attributes the fees to the cards' "rich value."
Among their more notable features, Propel cards aren't subject to rewards redemption or earnings caps. Cardholders won't be charged foreign transaction fees. They can earn an extra 10 percent, 25 percent or 50 percent back when they have a qualifying Wells Fargo checking or savings account.
Propel World cardholders are also eligible for an annual $100 fee reimbursement on incidental airline charges, such as baggage fees.
Still, like most rewards cards, the new offerings are probably best-suited to customers who pay their monthly balances off in full so points aren't negated by interest. (You don't want to wind up funding your own rewards program.) Both cards feature a zero percent introductory annual percentage rate for the first 12 months, but after that, the APR will be 13.99 percent to 21.99 percent, depending on creditworthiness.
Those in the market for low-cost credit, however, should stay tuned.
"We're doing things across our entire portfolio to make sure customers consider our products," when they go shopping for a new credit card, Anderson says.
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