Why Did Wells Fargo Discontinue Propel Card?

Why Did Wells Fargo Discontinue Propel Card?
If you’re a Wells Fargo Propel cardholder, you might be wondering why Wells Fargo decided to discontinue this popular credit card. Today, we will explore the reasons behind this decision and what it means for you as a cardholder.
Let’s dive right in.
Why Did Wells Fargo Discontinue the Propel Card?
Wells Fargo discontinued the Propel card on August 4, 2023. This move left many customers puzzled, especially those who enjoyed the card’s benefits, such as earning 3 points per dollar on travel and dining and 1 point per dollar on all other purchases. While Wells Fargo hasn’t officially stated the exact reasons for discontinuing the Propel card, there are a few plausible explanations.
1. Simplifying the Credit Card Lineup
One of the most likely reasons for discontinuing the Propel card is to simplify Wells Fargo’s credit card offerings. The bank had a range of credit cards with various rewards and features, and the Propel card was just one of many. By streamlining their lineup, Wells Fargo can better focus its resources on a smaller number of cards, providing improved benefits and customer support.
2. Focusing on Popular Cards
The Wells Fargo Autograph card, which offers similar rewards to the Propel card, is one of the bank’s most popular credit cards. By discontinuing the Propel card, Wells Fargo can concentrate on enhancing the Autograph card’s features and benefits, ultimately providing better value to cardholders.
3. Cost Reduction
Running a credit card program is expensive. By discontinuing the Propel card, Wells Fargo can reduce costs associated with maintaining multiple credit card offerings. These cost savings can be redirected towards improving other aspects of their credit card services.
What Does This Mean for Propel Cardholders?
If you currently hold a Wells Fargo Propel card, here’s what you need to know:
Starting on August 4, 2023, you will automatically be transitioned to the Wells Fargo Autograph card.
The Autograph card offers similar rewards to the Propel card, including 3 points per dollar on travel and dining, and 1 point per dollar on all other purchases.
But, it’s important to remember that there are a couple of main distinctions:
- The Autograph card earns points on popular streaming services and phone plans, which the Propel card did not offer.
- The Autograph card has a $0 annual fee, whereas the Propel card had a $0 annual fee for the first year but charged a $45 annual fee thereafter.
- The Autograph card offers a sign-up bonus of 20,000 bonus points after spending $1,000 in the first 3 months, which the Propel card did not provide.
What Should Propel Cardholders Do?
As a Propel cardholder, you have a few options:
1. Switch to the Wells Fargo Autograph Card: This is the default option, and it offers similar rewards to the Propel card with some additional benefits.
2. Explore Other Credit Cards: If you’re looking for something different or want to maximize specific rewards, you can shop around for alternative credit cards that better suit your needs. There are plenty of options on the market.
3. Keep Your Propel Card Temporarily: If you’re content with your Propel card, you can continue using it until it is officially discontinued on August 4, 2023. However, please note that you won’t be able to earn new rewards with it after that date.
Alternatives to the Wells Fargo Propel Card
If you’re considering alternative credit cards with similar rewards to the Wells Fargo Propel card, here are a few options to explore:
Chase Sapphire Preferred® Card: This card offers 2 points per dollar on travel and dining, 1 point per dollar on other purchases, and no charge for the first year, then $95 yearly.
Capital One® Venture® Rewards Credit Card: This card offers 2 miles per dollar on all purchases, which can be redeemed for various rewards, and it costs $95 every year.
Citi Premier® Card: This card offers 3 points per dollar on travel, gas, supermarkets, and dining at restaurants (including takeout and delivery), along with 1 point per dollar on other purchases. You’ll have to pay $95 per year.
Conclusion
Wells Fargo’s decision to discontinue the Propel card was likely driven by a desire to simplify their credit card offerings, focus on popular cards, and reduce costs. As a Propel cardholder, you have several options, including transitioning to the Wells Fargo Autograph card or exploring alternative credit cards that better suit your needs.