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Card Comparisons

Wells Fargo Propel vs. Capital One Venture

Summary

For many cardholders, the no-annual-fee Wells Fargo Propel card may be the best deal.

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There are several different credit cards that offer the ability to “erase” purchases through the use of points and miles – meaning you get statement credit after the purchase has been made. The Wells Fargo Propel and Capital One Venture are two of these cards.

For frequent travelers eager to rack up points or miles on all their spending and use rewards to cover travel costs, both cards offer top-notch benefits. Read on to learn more about which is best for you.

Wells Fargo Propel vs. Capital One Venture: At a glance

Wells Fargo Propel card

Wells Fargo Propel American Express® card

Capital One Venture card

Capital One® Venture® Rewards Credit Card

Rewards rate
  • 3 points per dollar on dining, travel and transit, gas stations and select streaming services
  • 1 point per dollar on other purchases
  • 2 miles per dollar on all purchases
Sign-up bonus20,000 points if you spend $1,000 in first 3 months50,000 miles if you spend $3,000 in first 3 months
Annual fee$0$95, waived the first year
Estimated yearly rewards value (for someone who spends $15,900)$350$447
Other benefits
  • 0% for 12 months on qualifying balance transfers and purchases (13.99-25.99% variable thereafter)
  • No foreign transaction fees
  • Cell phone protection
  • Receive up to $100 application fee credit for Global Entry or TSA Precheck
  • No foreign transaction fees
  • Transfer your miles to 17 airline and hotel travel partners
Who should get this card?
  • You want to collect a large sign-up bonus
  • You tend to spend a really high amount on one card
  • You’re interested in transferring miles to hotel and airline partners
  • You are a frequent traveler who would benefit from Global Entry or TSA Precheck

Earning points

The Capital One Venture card has a very simple earning structure. Every purchase earns 2 miles per dollar.

The Wells Fargo Propel card has a slightly more complicated structure, earning 3 points per dollar in certain categories and 1 point per dollar on all other purchases. You’ll earn the highest rate on the following purchases:

  • Dining
  • Gas stations, rideshares and transit
  • Travel, including flights, hotels and car rentals
  • Eligible streaming services, including Apple Music, Hulu, Netflix, Pandora, Sirius XM Radio and Spotify Premium

As you can see, this is a wide array of different categories – all of which are fairly common purchases.

But how do these stack up against one another? Let’s say that you spend $10,000 total on your card during a year. With the Venture card, you will earn a flat 20,000 miles. With the Propel card, the break even point is $5,000 within the 3-point-per-dollar bonus categories. At that point, you’d earn 15,000 points from your $5,000 in spend in the bonus categories and 5,000 points for your $5,000 in non-bonus spend, for a total of 20,000 points.

No matter how much spend you actually put on your credit card, you’ll find that the break even point for the Propel card is 50% of your total spend across bonus categories. You’ll have to run the numbers for your own spending to determine which is best for you.

Redeeming points

When it comes to redeeming your rewards, Capital One offers the Purchase Eraser, which allows you to use miles to cover any travel purchases made in the last 90 days via a statement credit. So, every purchase you make on the card can earn you money back toward a future travel purchase.

Capital One also recently announced the addition of various airline and hotel partners, where you can transfer your Venture miles. Because the transfer ratio from Venture miles to partners is less than 1:1, you’ll often be better off keeping your miles with Capital One. But there are a few Capital One transfer partners where the miles are so valuable it can make a lot of sense.

See related: Is it worth it to transfer miles with the Capital One Venture card?

As for the Propel card, your Wells Fargo Go Far Rewards are worth a flat 1 cent per point, with no transfer options. That means you won’t get an amazing value from your points – but you don’t have to worry about wasting them on a “bad” redemption either.

Annual fee

Both the Wells Fargo Propel and Capital One Venture cards are aimed at frequent travelers and share many benefits. One major area where the two cards differ is annual fees.

The Wells Fargo Propel American Express card has no annual fee, while the Capital One Venture card has an annual fee of $95 (waived in the first year). However, the Venture card has a significantly higher introductory bonus (50,000 miles after spending $3,000 in the first three months compared to 20,000 points after spending $1,000 in the first three months). When you combine this offer with no annual fee in the first year, it’s easy to see how the Venture card can earn you more miles.

However, if you’re planning on holding the card for longer than one year, you’ll want to look at your spending patterns and decide whether the Venture card will make enough to offset its $95 annual fee.

Bonus perks and card benefits

The Wells Fargo Propel card has a few different bonus perks, the most useful of which is probably cell phone protection. You’ll get up to $600 of protection if your phone is stolen (but not lost) or damaged in covered instances, as long as you pay your monthly cell phone bill with your Propel card.

In addition, the Propel card offers no foreign transaction fees and an introductory 0% APR on qualifying balance transfers and purchases for the first 12 months (13.99% to 25.99% variable APR thereafter).

The Capital One Venture card also has no foreign transaction fees for easy use while traveling abroad, as well as a few interesting travel-related perks.

For instance, every four years, you can get the application fee for either Global Entry or TSA Precheck refunded as a statement credit. The fee for Global Entry is $100 and the fee for TSA Precheck is $85. Though you won’t use it every year, this benefit goes a long way toward offsetting the card’s annual fee.

Bottom line

So which card is right for you, the Wells Fargo Propel or Capital One Venture? As always, it depends a bit on your unique situation, including where you spend your money.

In many cases, you can get more value from the Venture card, especially if:

  • You are only planning on holding the card for one year. That will give out-sized value to the Venture’s significantly higher welcome offer and first year waived annual fee.
  • You have lots of other airline miles and would get good value from the Venture’s transfer partners.
  • You travel often enough to get value from the Global Entry or TSA Precheck benefit.
  • You spend less than half your total spending in the Propel’s 3-point-per-dollar bonus categories.

You might be better off with the Wells Fargo Propel card if:

  • You have out-sized amounts of spending in the Propel’s 3-point-per-dollar bonus categories.
  • You also have the Wells Fargo Signature Visa card and can redeem points for airfare with a 50% bonus.
  • You want to take advantage of the introductory balance transfer and purchase APR to pay down a balance over time.

For more details about both of these cards , check out our full Wells Fargo Propel  and Capital One Venture reviews.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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Credit Card Rate Report Updated: April 1st, 2020
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