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You can redeem points at 1 each for money, gifts, travel or more, making the offering $300 each. Your map receives bonuses in the same coveted category as the higher-value Chase Sapphire Reserve. The Sapphire Reserve, however, provides more than 1¢ per point return option and a number of added benefits - of course with an annual fee of $450.
In cooperation with American Express, Wells Fargo has launched a new reward credit line. Open to application from today, the smart cards offer an appealing reward mix that is clearly aimed at a segment of customers drawn to issuer branded consumer goods such as Chase. In spite of the offer of a sturdy reward system, the ticket has no annual fee.
This is a newly introduced Propel Gold issued by the EBRD, which was available in the past before it was shut down for new candidates in February. Existing Propel clients are migrated to the new Propel and benefit from it. What appears to be a straight attack on the beloved Chase Sapphire Reserve, the new Propel Gold Award offers 3x points per dollars for the same category as this one - specifically for food, eating, drinking and traveling, eating and delivering.
In addition, the map provides 3x points for streamed service and 1x point for everything else. Wells Fargo's Propel Gold and Propel Gold cards will be sent through the American Express payments system and will provide a range of purchasing protection and quotes through Amex. It will not, however, provide similar benefits to the Chase map, such as full check-in to the terminal lounges and comprehensive protection against travelling.
Credits are available for 1 each for cashback, vouchers, transportation or more. The Chase Sapphire Reserve offers an edge in this area despite its annual fee; points from this ticket are 1¢ cashback value, 1.5 for trips bought through Chase, or a varying value when transmitted to Chase affiliates - possibly well over 1.
In spite of the relatively tight cash restrictions, the Wells Fargo offer still represents a surprise competitor to a less important reward actor banking firm and a viable choice for consumer looking for a simpler reward programme than what Chase has to offer. "That'?s a good yield, especially on a free pass.
" Wells Fargo's Cards and Retail Services Director Bev Anderson says the card's reward scheme was developed directly from client input. "We' ve met with a variety of clients, among them the millennials and older people. Anderson said: "We wanted to see what they like about their cards today and what they want to see more.
"On the basis of the feedbacks we got, we developed Propel and designed a sustainable one. "While the Propel does not allow you to apply points to FFPs, as does the Chase Sapphire Reserve - which can be a more complex way of redeeming points, but can also allow clients to get an overvalue for their points - the ease of redeeming points is likely to be more appreciated by them.
"Meanwhile, we believe that clients will have the opportunity to cash a full one eurocents per point in credit for travellers, cash or gifts, regardless of the payment methods used. "Credit card rewarding is becoming increasingly viable, with Chase, American Express, Capital One and Cashas all vying for a new generation of reward-conscious clients who are all trying to maximise the value of their credit cards while at the same time avoid having to carry credit and interest.
Wells Fargo, however, has another good idea for offering a truly convincing range such as the new Propel. "Propel is a testament to our franchise and the work we are doing to restore confidence to our customers," she said, pointing to the recent glare in which banks opened 3.5 million unauthorised cash in the name of clients.
This new Propel has a welcome 30,000 points offering - $300 in value - if you request a new Propel Gold Club membership ticket and issue $3,000 in the first three month. As of today, you can request the new Wells Fargo Propel Gold Cards. For more information about the Wells Fargo Propel Gold from Insider Picks' partners, click here:
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