Wells Fargo and American Express Introduce New Propel Card With Triple Points and $0 Annual Fee1

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today announced a newly enhanced Propel ^® Card, one of the richest no-annual-fee rewards cards in the industry that offers some of the most inclusive reward categories among leading credit cards, with a $0 annual fee, including:

• 3X on eating out and ordering in ² at restaurants from fast food to bistros and fine dining
• 3X on travel and transit ² , including airlines, car rentals, hotels and homestays, cruises, and gas stations, ride sharing, railways, parking, taxis and tolls
• 3X on popular streaming services ²
• 1X on other purchases ²
• No foreign currency conversion fee ¹
• Access to exclusive presales tickets, offers and protections from American Express
• No limits on the points you can earn, no points expiration as long as the account is open, no annual fee

New Wells Fargo Propel cardholders will earn 30,000 bonus points (a $300 cash redemption value) after spending $3,000 in the first three months.³ The card will be available for applications next month.

The new Propel ^® Card is designed for the independent and driven consumer – those taking advantage of all that life has to offer. With Propel, cardholders’ everyday spending is maximized with triple rewards points – eating out and ordering in, travel including airfare, hotels, and car rentals, ride-sharing and mass transit, and popular streaming services. The new card, designed in encapsulated metal, allows cardholders to earn rich rewards without an annual fee.

“We are listening to consumers to better understand and serve their needs holistically, and have heard directly from them on what they want most in a credit card. Based on that feedback, we are excited to offer one of the richest rewards credit cards in the industry, for no annual fee. With triple points on most of what consumers do every day, the new Propel Card complements their lifestyles – whether they are commuting to work or planning a summer vacation; whether they’re downloading a favorite TV series to binge watch or having dinner out with friends,” said Bev Anderson, head of Wells Fargo Cards and Retail Services. “Wells Fargo is re-committed to fulfilling our customers’ needs by providing strong, experiential value through the new Propel Card, our best rewards card, for consumers who live their lives to the fullest and desire a credit card that rewards them for it.”

The Propel Card will be accepted at merchants that accept American Express. Through American Express, Propel cardholders also will have access to millions of presale tickets for concerts, sporting events, Broadway shows -- plus everyday discounts and offers on travel, restaurants and retailers across the U.S. and around the world. Existing Wells Fargo American Express Propel cardholders are automatically converted to receive the new Propel benefits.

“We have a long history with Wells Fargo and they are an important and valued partner,” said William Stredwick, senior vice president, Global Network Partnerships, North America, American Express. “We are delighted the newly enhanced Propel Card brings together the premium benefits provided by American Express, including pre-sale tickets, offers, and protections, with this new and outstanding rewards proposition offered by Wells Fargo.”

Rewards points do not expire as long as the account is open, and there is no annual cap on rewards points for Propel cardholders. As part of the Go Far ^® Rewards Program, cardholders can enjoy many great redemption options at a strong redemption value on things like travel, merchandise, and select charitable donations. Cardholders also can share Go Far Rewards with other Wells Fargo Go Far Rewards customers, get gift cards for family and friends, or redeem their rewards to pay down an existing Wells Fargo loan or mortgage, get cash at a Wells Fargo ATM or deposit into to a Wells Fargo checking or savings account. Consumers will be able to apply for the card wherever they look for new credit cards – online at WellsFargo.com or in the Wells Fargo Mobile ^® app, through major online credit card sites, through mail, and at approximately 5,800 Wells Fargo retail branch locations. The card issuing partnership between Wells Fargo and American Express was originally announced on Aug. 7, 2013.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

About American Express

American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/companies/american-express, twitter.com/americanexpress, and youtube.com/americanexpress. Since 1997, American Express has partnered with a select group of leading banks and financial institutions around the world to issue American Express-branded products and acquire merchants on to the American Express merchant network. By leveraging its partnerships, global infrastructure and the powerful appeal of the brand, American Express has gained even broader reach for its network worldwide.

¹ There is an introductory 0% APR for purchases and balance transfers for 12 months; after that, a variable APR of 14.24% to 26.74% applies. There is a variable cash advance APR of 25.74% to 27.74%. These APRs will be based on your creditworthiness and will vary with the market based on the U.S. Prime Rate. If you are charged interest, the charge will be no less than $1.00. An introductory balance transfer fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 12 months applies; after that, there is a fee of up to 5% for each balance transfer, with a minimum of $5. A cash advance fee of either $10 or 5% of the amount of each advance, whichever is greater, applies for each advance. An overdraft protection advance fee of $12.50 or $20 per day, depending on the total amount of the advance, applies. This information about the cost of the credit card account is accurate as of 6/13/2018. The Wells Fargo Propel American Express^® Card is issued by Wells Fargo Bank, N.A.

² Three rewards points (1 base point plus 2 bonus points) are earned per dollar spent on net purchases (purchases minus returns/credits) at retailers whose merchant code for American Express is classified as Travel: Airline, passenger railway, hotel/motel, timeshares, vehicle/auto rental, cruise lines, travel agencies, discount travel sites, campgrounds, passenger trains, taxis, limousines, ferries, toll bridges and highways, parking lots and garages. Gas: Gas station and automated fuel dispensers (gas purchases at warehouse/membership clubs, grocery stores, car washes, auto repair stores, and superstores that sell gasoline may not be coded as gas stations or automated fuel dispensers). Dining: Eating places and restaurants, drinking places, or fast food restaurants (caterers, bakeries, grocery stores and other miscellaneous places that serve food or operate restaurants on their premises are not considered eating places and restaurants). Additionally, three rewards points (1 base point plus 2 bonus points) are earned per dollar spent on net purchases for eligible online streaming services. The current list of eligible streaming services is available at: wellsfargo.com/propelstreaming . Purchases not processed using the codes for American Express mentioned above will not qualify for bonus points. Wells Fargo does not have the ability to control how a retailer chooses to classify their business and, therefore, reserves the right to determine which purchases qualify for bonus points. You may not earn bonus points for purchases made through third-party payment accounts, at online marketplaces, with retailers who submit purchases using a mobile/wireless card reader, or if you use a mobile or digital wallet. One rewards point will be earned per dollar spent on other net purchases. ATM transactions, cash advances of any kind, balance transfers, SUPERCHECKS™, cash equivalents such as money orders and prepaid gift cards, wire transfers, fees or interest posted to a linked account, including (but not limited to) returned payment fees, late fees, and monthly or annual fees, do not earn points. Please refer to the Summary of the  Wells Fargo Rewards ^® Program Terms and Conditions and Addendum  for the Wells Fargo Propel American Express® Card for details.

³ Customers who opened a Wells Fargo Credit Card within the last 15 months and received introductory pricing, fees, and/or bonus rewards offers, will not qualify for the 30,000 bonus rewards points even if that account is closed and has a $0 balance.