Wells Fargo (WFC) and American Express (AXP) launched two new credit card products on Tuesday.
The Propel 365 credit card provides users with triple reward points on domestic gas purchases as well as double points on domestic restaurant spending. Cardholders who maintain a Wells Fargo checking or savings account can also earn an extra 10%, 25% or 50% in rewards.
Propel 365 also provides access to Amex perks such as concert ticket access, restaurant reservations and gift suggestions. Additionally, cardholders who travel will not pay foreign transaction fees.
The Propel World credit card was designed for travelers and is built with EMV-chip technology. Propel World card users can earn triple points on airline purchases and double points on hotel purchases. Cardholders can get an annual $100 fee reimbursement on accidental airline charges. The card also provides special offers, amenities and upgrades at luxury hotels around the world.
Less than a year after the two companies announced this credit card partnership as Wells looked to expand its credit card business, the $1.5 trillion-asset Wells Fargo reported an 8% increase in credit card loans during the first quarter from the same period in 2013 to $26.1 billion.
"These cards have a strong value proposition because of the combined benefits that both Wells Fargo and American Express can provide together," says Beverly Anderson, head of the consumer financial services group at Wells Fargo, in the release. "We believe these combined benefits stand firmly against our competitors' offerings and combined with the personal relationships we have with our customers, will provide some of the best value in the market today."
Propel cards have no expiration or earning cap on rewards point, the companies said in a May 6 press release. Users can also combine rewards accounts associated with other Wells Fargo credit card products.