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This summer, Wells Fargo is launching a new rewards credit card, a revamped version of its Propel Card.
The fee-free new card will earn triple "Go Far Rewards" points per dollar spent on dining, transit and travel, and streaming services, and a single point on everything else. Points can be redeemed at 1¢ each toward cash, gift cards, travel, or more.
Heather Philp, SVP of Credit Card Products with Wells Fargo, discussed the revamped card further.
“This is by far what we believe to be one of the richest cards in the marketplace where a consumer can earn rewards. A customer will earn triple points for things they are already doing so they will not need to change his or her behavior to earn the benefits from the card. A consumer will earn triple points on ordering in (eating out), whether at a fancy restaurant, fast food, or a local spot, the consumer will earn triple points on all of those purchases.
You’re also earning triple points on leaving your house in the morning. You travel to work, you’ll need gas in your car, and you earn points on that. If you’re in a metropolitan area and you take mass transit forms of commuting to work, you’ll earn triple points on all of those purchases.
Just as important is the fact that you’ll earn triple points on the non day to day travel activities. For example, if you’re flying to Des Moines, you’ll earn triple points for the flight. If you’re in a hotel, you’ll earn triple points for that. It is a broad based opportunity to earn triple points.
You’re also getting triple points on popular streaming services. In addition to that, you will also earn one point on all of those categories where you’re not earning the triple points. All of that comes with no annual fee. Also, if you’re traveling overseas, there is no foreign conversion fee.”
The idea behind revamping the original Propel card stemmed from listening to consumers. The feedback from consumers is what Wells Fargo built the new rewards card around.
“One of the things we’ve been doing is listening to our consumers. Whether you’re a Wells Fargo customer or someone who is not a customer of the bank, we are listening to consumers,” says Philp. “What they are looking for are rich rewards for the things they are already doing. Consumers are not looking to change their behavior in order to earn more points. So, the Propel card rewards consumers for what they are already doing, without asking them to change their behavior.”
What makes the card both unique and competitive in the marketplace is the lack of fees associated with the card. Without annual or foreign conversion fees, consumers have the benefit of a card unlike the majority of those on the market.
“You look around the credit card marketplace, you see rich rewards cards that customers have to pay an annual fee for. Typically, the richer the rewards, the more expensive the cards are because of the annual fee. Here, with us, you have the opportunity to earn rich rewards on the Propel product without paying the annual fee. In addition to that, we have the 30,000 point sign on bonus after spending $3,000 in the first three months. All in all, we really feel we’ve developed a product that is designed for what we are hearing from consumers.”
The rewards platform, according to Philp, is built to withstand today’s shifting consumer preference driven market, while also lasting well into the future.
“We believe we have one of the best rewards platforms in the industry. We always feel comfortable that our platform and what it is able to deliver is one of the best in the industry.
We are seeing the shift in more consumers redeeming those rewards through our mobile platform. One of the things we are also learning is meeting consumers where they are. Our Go Far Rewards program is considered an award winning platform for its design, ease of use, etc. Over the next several years, that platform will still be the foundation of what we’re doing. It is about becoming more nimble and mobile in terms of meeting consumers where they are.
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