Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Credit Card Product Update - 2015 Year in Review

1,516 views

Published on

This slide deck examines new product releases from credit card carriers in our Credit Card Monitor coverage group. Inside, we provide an overview of the new credit cards introduced on the firms’ websites over the course of 2015 and highlight their key features.

Published in: Economy & Finance

Credit Card Product Update - 2015 Year in Review

  1. 1. COPYRIGHT 2016 CORPORATE INSIGHT, INC. AUTHOR: MICHELLE AMMIRATI PUBLISHED: JANUARY 2016 CREDIT CARD PRODUCT UPDATE 2015 YEAR IN REVIEW
  2. 2. ABOUT CORPORATE INSIGHT Connect With Us Corporate Insight provides competitive intelligence and user experience research to the nation’s leading financial institutions. For over 20 years, the firm has tracked technological developments in the financial services industry, identifying best practices in online banking and investing, online insurance, mobile finance, active trading platforms, social media and other emerging areas. There are no assumptions in Corporate Insight’s work – we use live accounts at all of the firms we research, providing our clients with unparalleled, unbiased intelligence on the competition. MICHELLE AMMIRATI Senior Research Associate (646) 751-6963 mammirati@corporateinsight.com MEDIA INQUIRIES Joshua Grandy, Director of PR (646) 876-7524 | @CInsightNews jgrandy@corporateinsight.com | pr@corporateinsight.com Press Coverage
  3. 3. TABLE OF CONTENTS  Background  Overview  Credit Cards o American Express o Bank of America o Barclaycard o Citicards o Discover o PNC Bank o U.S. Bank  New Payment Services  Removed Cards  Corporate Insight Syndicated Studies  Corporate Insight Thought Leadership  About the Author
  4. 4. BACKGROUND BACKGROUND This slide deck examines new product releases from credit card providers in our Credit Card Monitor coverage group. Inside, we provide an overview of the new credit cards introduced on the firms’ websites over the course of 2015 and highlight their key features.
  5. 5. CREDIT CARD MONITOR Credit Card Monitor was launched in 2001 and focuses on the online user experience that leading credit card issuers provide card holders and prospects. Using actual accounts, Credit Card Monitor gives a first-hand look at current online capabilities including client account information, transaction resources, interactive tools, customer service and account documents. Credit Card Monitor follows the card products and services offered by competitors across the credit card industry, giving an up close look at what other firms are doing to attract new clients. Below is a list of the firms we track for our Credit Card Monitor research service: Credit Card Monitor o American Express o Bank of America o Barclaycard US o Capital One o Chase o Citicards o Discover o PNC Bank o USAA o U.S. Bank o Wells Fargo BACKGROUND
  6. 6. OVERVIEW CREDIT CARD PRODUCT RELEASES This Credit Card Product Update slide deck examines new product releases during the 2015 year from all credit card carriers in our coverage group. The coverage group launched eight new cards in 2015 that are currently being promoted online. Of these, five are completely new products, one is an extension of a co-brand platform, one was previously issued by Chase and one is a re-issued card through MasterCard. The credit cards in this slide deck lean toward a focus on rewards. All but one credit card product released in 2015 give users the ability to earn points, miles and cash back with their purchases. 2015 saw the release of a number of payment services as well. This deck highlights basic fee information, rewards criteria and specific standout features unique to each card and includes a chart showing which firms feature which payment services for their product offerings.
  7. 7. AMERICAN EXPRESSCREDITCARDS Plenti Card from AmEx  0% introductory APR on purchases for 12 months  14.99% or 24.99% variable APR thereafter  3-2-1 points per dollar: 3 points at supermarkets, 2 at restaurants and 1 on all other purchases  5,000 point bonus for spending $250 in the first three months  1,000 Plenti points = $10 in savings  No annual fee Standout Feature: 3-2-1 points Introduced: May 2015; rates and fees as of December 2015
  8. 8. BANK OF AMERICA Amtrak Guest Rewards World MasterCard  12.99 - 22.99% APR on purchases and balance transfers  5% point rebate for award travel redemption  Base earnings rate of 1 point per $1 spent  Bonus 2 pts/$1 spent on travel and 3 pts/$1 spent on Amtrak purchases  Complimentary passes for lounge access, upgrades and companion coupons  $79 annual fee CREDITCARDS Standout Feature: Accelerated travel and Amtrak earnings Introduced: October 2015 (previously available from Chase Bank); rates and fees as of December 2015
  9. 9. BARCLAYCARD Barclaycard CashForward World MasterCard  0% introductory APR on purchases and balance transfers for 12 months  14.99%, 18.99% or 22.99% APR on purchases and balance transfers  1.5% cash rewards on every purchase  5% rewards bonus upon redemption, applicable to next redemption  $100 cash bonus after card holders spend $500 within first three months  No annual fee CREDITCARDS Standout Feature: 5% cash rewards redemption bonus toward your next redemption Introduced: December 2015; rates and fees as of December 2015
  10. 10. CITICARDSCREDITCARDS Citicards AT&T Access More Card  14.99% - 22.99% APR on purchases and balance transfers  1 point per $1 spent  3x bonus ThankYou points for AT&T, online retail and travel purchases  Up to $650 phone rebate  $95 annual fee Introduced: May 2015; rates and fees as of December 2015 Standout Feature: 3x ThankYou points
  11. 11. DISCOVERCREDITCARDS Discover it Miles  12 month 0% introductory APR on purchases; 10.99% balance transfer APR  10.99% - 22.99% purchase and balance transfer APRs thereafter  1.5 miles earned per $1 spent  1 mile earned = $0.01 redeemable  Double miles on total first year earnings  $30 credit for in-flight Wi-Fi purchases annually  No annual fee Introduced: March 2015; rates and fees as of December 2015 Standout Feature: Travel rewards
  12. 12. DISCOVERCREDITCARDS Discover it NHL Card  12 month 0% introductory APR on purchases and balance transfers  10.99% - 22.99% variable APR thereafter  5% cash back with quarterly spending categories  1% cash back on all other purchases  10% off Shop.NHL.com purchases  No annual fee Introduced: May 2015; rates and fees as of December 2015 Standout Feature: NHL affiliation rewards
  13. 13. PNC BANKCREDITCARDS PNC Core Visa Card  15 month 0% introductory APR on purchases  15 month 0% introductory APR on balance transfers when transfer occurs within first 90 days of account opening  9.99% - 19.99% variable APR thereafter  No annual fee Introduced: July 2015; rates and fees as of December 2015 Standout Feature: Low minimum APR
  14. 14. U.S. BANKCREDITCARDS REI MasterCard  10.99% - 22.99% purchase and balance transfer APR; no introductory APRs  5% back at REI  2% back on grocery purchases  1% back on everything else  No annual fee Re-Issued as a MasterCard Product: April 2015; rates and fees as of December 2015 Standout Feature: REI member exclusive
  15. 15. NEW PAYMENT SERVICES Firm Apple Pay Android Pay Samsung Pay American Express Yes Yes Yes Bank of America Yes Yes Yes Barclaycard US Yes No No Capital One Yes Coming Soon No Chase Yes No Yes Citicards Yes Yes Yes Discover Yes Yes Yes PNC Bank Yes Yes No USAA Yes Yes No U.S. Bank Yes Yes Yes Wells Fargo Yes Yes No NEWPAYMENTSERVICES
  16. 16. REMOVED CARDS Firm Cards American Express Blue Sky Preferred Card JetBlue Card TrueEarnings from Costco Bank of America Spirit Airlines Platinum Plus MasterCard Barclaycard US Best Western Rewards MasterCard Gulf Platinum MasterCard U.S. Airways Premier World MasterCard Capital One Platinum Prestige Chase IHG Rewards Club Credit Card Amtrak Guest Rewards MasterCard Discover Discover it Chrome Card PNC Bank PNC Flex Visa U.S. Bank Caché Visa Card REMOVEDCARDS
  17. 17. CORPORATEINSIGHTSYNDICATEDSTUDIES 18 CORPORATE INSIGHT SYNDICATED STUDIES Next-Generation Investing 2015: Digital Advice Matures Next-Generation Investing 2015: Digital Advice Matures is our new comprehensive study on the leading investing and personal-finance related startups in the digital advice industry. The study covers the past, present and future of these fintech firms and provides particular value to firms facing the decision to buy, build or white-label a new financial technology solution. Release Date: September 2015 | Download Study Preview Mobile Innovators 2015 Mobile Innovators 2015 is our special syndicated study that reviews the digital experience offered by leading financial apps in the payments, banking and investing space. In the study, we offer an inside view of the mobile design and capabilities offered by industry disruptors, giving established firms competitive insights to improve customer satisfaction and loyalty. Release Date: August 2015| Download Study Preview The Changing Face of Financial Advice – 2015 and Beyond The Changing Face of Financial Advice: 2015 and Beyond analyzes the challenges that financial advisors face in serving their clients, opportunities that exist for improving current customer satisfaction and acquiring new clients, and how the FA-client relationship is poised to evolve due to industry, demographic and technological factors. Release Date: April 2015| Download Study Preview
  18. 18. CORPORATE INSIGHT THOUGHT LEADERSHIP Responsive Design in the Retirement and Insurance Industries In this slide deck, we examine how firms in the retirement and insurance industries have responded to growing consumer demand by introducing new and redesigned websites. The slide deck focuses on responsive websites developed in 2014 and predictions for website redesign in 2015 and beyond. Online Communities Across Financial Services: American Express, Bank of America and TIAA-CREF This slide deck examines the design and capabilities offered by each firm’s online community, with a focus on noteworthy site features. We also provide tips for financial services firms looking to improve their online communities. The Complete Bitcoin User Experience: Mining, Exchanges, Wallets and Beyond This study provides a detailed analysis of how Bitcoins are created, traded and stored. The study includes reviews of the top websites and online services driving the Bitcoin marketplace including Slush’s Pool, Blockchain.info and Coinbase, among others. 2014 Mobile Finance Trends and Innovations This study draws on our ongoing tracking of the industry, as well as relevant developments outside of the financial services space. The study includes commentary on mobile developments, key takeaways for financial services firms and thoughts on what is next for mobile finance. Senior Citizens & Mobile Finance: Design & Support Solutions to Empower the Senior Set Using CI’s user-testing expertise and ongoing mobile finance research, this slide deck highlights specific areas where seniors may struggle with financial services apps, and offers design and support solutions that will give this valuable audience the comfort and confidence to engage in mobile finance. CORPORATEINSIGHTTHOUGHTLEADERSHIP
  19. 19. ABOUT THE AUTHORABOUTTHEAUTHOR Michelle Ammirati Senior Research Associate Michelle Ammirati is a Senior Research Associate at Corporate Insight. She has conducted extensive research on the credit card industry’s online customer service platforms and financial tools. This product review is the result of Michelle’s interest and continued research into the financial catalogues of credit card industry innovators. Contact Michelle Ammirati: (646) 751-6963 mammirati@corporateinsight.com Connect with Michelle Connect with CI: Credit Card Monitor is a service mark of Corporate Insight, Inc.; all rights reserved. 19

×