The Wells Fargo Propel American Express credit card is quickly becoming one of the most popular credit cards around. For good reason too. In this post we will take a look at how this credit card earns and an amazing perk that more credit cards should offer.

Sign-Up Bonus

This card comes with an outstanding sign-up bonus for a no annual fee credit card. This card earns in points. So you will earn 20,000 points after only spending $1,000 in the first 3 months of account opening. Those 20,000 points are worth a cool $200. Which gives you a 20% return on your spend.

How The Wells Fargo Propel Earning Potential

• Earn 3x points on
  • Eating out and ordering in
  • Gas stations, rideshares, and transit
  • Flights, hotels, homestays, and car rentals
  • Popular streaming services
• Earn 1x points on other purchases
• No limit to the points you can earn
• Points never expire as long as your account is open

Wells Fargo Propel Unique Perk

This card had a benefit that more cards need to include. That is cell phone protection. All you have to do is pay you cell phone bill monthly with the Wells Fargo Propel Credit Card and you receive up to $600 cell phone protection per claim. This covers damage or theft of your cell phone. You must pay a $25 deductible towards the coverage of repairs or replacement of your original phone. No more than $1,200 can be covered in a 12 month period. 

The cell phone coverage goes into effect the 1st day of the calendar month following your first cell phone bill where you pay your cell phone bill.

The terms and conditions on the Wells Fargo website states that this benefit does not cover phones that are lost (i.e. disappear without explanation). It also does not apply to phones that are rented, borrowed, or received as part of a prepaid plan.

I would recommend keeping the receipt for your cell phone purchase incase it is asked for when making a claim. Also do the math to make sure the coverage makes sense over getting one with your cell phone carrier or cell phone company. With many of the hottest phones costing about $1,000 you may not get enough to cover the cost of that new phone of yours.

Additional Benefits

This card also comes with purchase and travel protections that includes:

• Lost luggage reimbursement
• Car rental loss and damage insurance
• Roadside assistance
• 24/7 travel and emergency assistance, and emergency cash advances
• Retail Protection
• Extended Warranty

Link to all the details of each coverage here as it has a lot of legal jargon that I don’t want to mis-represent.

Overall Thoughts

For a no annual fee credit card, the Wells Fargo Propel card is hard to beat. You earn 3X points in some pretty major categories as well as get a solid cell phone protection benefit. I think this card is a contender for the best no annual fee credit card and can definitely be a card that everyone should consider having for the long haul.

If you love cash back cards we bet you’ll love this card that gives 5X back on travel.

The post 9 Amazing Categories for the Wells Fargo Propel appeared first on My Credit Card IQ.

This card is bringing it’s A game to the table and I expect it to be a real competitor in the 5% and 5X cash back credit card market. It is a rotating cash back credit card, so it puts it in the same category as the Discover IT card, Chase Freedom, and the U.S. Bank Cash + cards. In this post we will look at how this card earns, some of the perks it comes with, including a sign-up bonus, and of course the categories it earns 5X in.

What is a rotating cash back credit card?

The credit card issuer chooses a category or categories each quarter. For example, the 1st quarter of 2020 is January-March, The Discover IT card’s 5% categories are Grocery Stores, Walgreens and CVS. You earn 5% cash back on your first $1,500 of spending in each quarter in all categories combined. With a maximum earning potential of $75 each quarter. Any spend after the $1,500 and all spend outside of the category earns at a 1% cash back rate.

How to earn points?

The ABOC Platinum Rewards mastercard is no different in the way it earns. You earn 5X points per dollar spent on your first $1500 for all categories per quarter. For ABOC this is calculated at the base rate of 1X point per dollar spent and then an additional 4X points per dollar spent in the given category or categories. Any spend after the $1500 and all spend outside of the category earns at a 1X cash back rate. If you max out the quarters you will have earned $300 cash back without any extra effort on your part.

For any of the 1X cash back rate that you might spend on this card, there is no cap on the points you can earn and the points will never expire. Another thing I like about this card is that once you register your account with this new credit card you don’t have to activate or enroll in any of the quarters 5X bonuses, unlike the Discover IT, Chase Freedom and others. 

You can redeem your ABOC points on Travel, gift cards, merchandise, and cash back in the form of a statement credit. I suspect the Travel and cash back redemption options will be the best route. It will be interesting to see what kind of gift cards will be available. I’ll be sure to update you as new information is released. 

Easy Sign-Up Bonus

This credit card will have one of the easiest sign-up bonuses on the market. You only have to spend $1,200 in the first 90 days of account opening to receive a $150 statement credit. Which is a nice 12.5% return on your spend for purchases you were going to make anyway. The 90 days starts from the day you applied and were approved for the card and not when you receive the card. 

It’s a 5X Cash Back Travel Credit Card? Sorta…

Check out this new 5X #cashback #creditcard. You can even save on Travel, Unbelievable!
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This card has no foreign transaction fees, so you don’t have to worry if you use this card when traveling abroad or even making purchases with international merchants, Although I suspect you’d have a better card option in your wallet while traveling.

Let’s take a look at the categories. What I really like is that ABOC has released their 5X calendar for the whole year of 2020. They did the same in 2019. This is excellent for those of us in the credit card points, miles, and cash back community as it allows us to plan ahead so we can best optimize our credit card use.

At the outset of this post I stated that this 5X cash back credit card from ABOC Platinum Rewards Mastercard is bringing it’s A game and I truly believe that. All of the categories chosen for 2020 are on par with the big boys. The quarter where I think this card really shines is going to be in quarter 3 July-Sept. You will be able to earn 5X points back on travel. This includes airlines, hotels, car rental, and even travel agencies. 5X back on travel is hard to come by and almost never happens on a no annual fee credit card.

They had the same category in the same quarter in 2019. I think it would have been better at least from a consumer standpoint to have this category in the second quarter for 2020. Since most families are traveling during the summer months, most of these trips were planned and paid for prior to July. But I’ll still take it as an option because this is an amazing category to have available. 

Overall

I think for a no annual fee credit card that comes with an easy to reach sign-up bonus and plenty of fire power options when it comes to how to earn the 5X points, this card is a must add to your wallet. Having no foreign transaction fees is a nice addition too. I suspect it won’t be long before all credit cards do away with them. If you like an extra $300 every year then you should consider getting the ABOC Platinum Rewards Mastercard

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