NEW YORK–The competition to offer rewards in the premium and even mid-tier credit card space remains intense, and as CUToday.info has reported, has now also entered the debit card space.
What types of offers are credit unions up against in credit cards? NextAdvisor.com has compiled this list of some of the best deals being offered consumers:
Blue Cash Preferred Card from American Express: The Blue Cash Preferred Card from American Express pays 6% cash back at U.S. supermarkets (on up to $6K in purchases annually), 3% at U.S. gas stations and select U.S. department stores like JCP, Kohls and Macy’s, and 1% on everything else. There is also a $150 intro bonus after spending $1,000 on purchases on a new card in the first three months. There is no annual fee in year one, after which it goes to $95.
Wells Fargo Cash Wise Visa Card: Wells Fargo’s Cash Wise Visa Card features the highest intro bonus for any cash back card, NextAdvisor.com said it found–$200 cash back after spending $1,000 in the first three months – and unlimited 1.5% cash back on all purchases. It also has a lengthy 0% intro APR on purchases and balance transfers, the analysis said. Additionally, there’s a 12-month 0% intro APR on purchases and balance transfers, and there’s no annual fee.
Citi Simplicity: Citi Simplicity features “an incredibly lengthy 21-month 0% introductory APR for purchases and balance transfers. There is also no annual fee, no late fees and no penalty rate. NextAdvisor.com called it the perfect card for balance transfers.
Chase Sapphire Preferred: This card is ideal for travelers, according to NextAdvisor.com. Cardholders earn two points for each dollar spent on travel and dining out, and one point per dollar on all other purchases. That’s followed up by a 50,000 point intro bonus after spending $4,000 in the first three months – equal to a “whopping $500 cash back.” Redeeming earned points via Chase’s Ultimate Rewards saves 20% off travel costs, which turns the 50,000 point intro bonus into $625 in travel, the analysis noted.
“The best part is that you can transfer your points 1:1 to many frequent travel programs with no transfer fees, including United MileagePlus, Southwest Rapid Rewards, Hyatt Gold Passport and Marriott Rewards,” NextAdvisor.com said. “That means 1,000 points are equal to 1,000 partner miles/points, straightforward and simple. This feature is likely to appeal to road warriors who are members of various partner programs, as users aren’t limited to spending their points via Chase’s rewards program.”
The card has a $95 annual fee that is waived the first year.
Barclay Arrival Plus World Elite MasterCard: According to NextAdvisor.com, “This is our No. 1 travel rewards card because it offers a lot of value and flexibility. You’ll earn two miles per dollar for every purchase, and a bonus 50,000 miles – equal to $500 in travel – after spending $3,000 in the first three months of card membership. To use your miles, just book your travel and redeem your miles for a statement credit. You can make your travel arrangements however you’d like (by phone, online, using an agent, etc.), fly any airline to any destination, and enjoy no blackout dates.”
An added perk, according to NextAdvisor.com, is that if cardholders use miles to pay for travel they receive 5% of those miles back. “So redeeming 10,000 miles will actually earn you a 500 mile bonus that will be deposited into your awards bank! That means if you take the 50,000 bonus miles and redeem them for travel they’ll actually be worth 52,500 miles or $525.”
There is a $89 annual fee, but it’s waived the first year.
Discover it Cashback Match: This Discover card has a 14-month 0% APR plus Discover will double the cash back earned at the end of your first year as a card member. There is an ongoing 5% cash back offer in categories that rotate quarterly (on up to $1,500 in combines purchases, then 1% back), and 1% back on all other purchases. Balance transfers to the Discover it Cashback Match card pay zero interest for a more than a year (although there is a 3% balance transfer fee). There is no annual fee.
Capital One Venture Rewards Card: The Venture Rewards Card pays a straightforward two miles per $1 spent on all purchases, and pays 40,000 bonus points – equal to $400 in travel – after spending $3,000 in the first three months. The card does have a $59 annual fee, but it’s waived the first year.