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Credit Card Product Update: 2018 Year in Review

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This slide deck examines new product releases from 11 credit card carriers in the Credit Card Monitor coverage group over the course of 2018. We highlight basic fee information, rewards criteria and specific standout features unique to each card product offering.

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Credit Card Product Update: 2018 Year in Review

  1. 1. Credit Card Product Update 2018 Year in Review Meredith Barthold
  2. 2. Table of Contents ▪ Introduction ▪ New Credit Cards ▪ Removed Cards ▪ About Us
  3. 3. Introduction
  4. 4. Background ▪ This slide deck examines new product releases from 11 credit card carriers in the Credit Card Monitor coverage group over the course of 2018 ▪ We highlight basic fee information, rewards criteria and specific standout features unique to each card product offering
  5. 5. Firms Covered ▪ American Express ▪ Bank of America ▪ Barclays ▪ Capital One ▪ Chase ▪ Citicards ▪ Discover ▪ PNC ▪ U.S. Bank ▪ USAA ▪ Wells Fargo
  6. 6. New Credit Cards
  7. 7. Credit Card Product Releases ▪ Firms within the coverage group launched a total of 24 new cards in 2018 that are currently promoted online -Most cards in this slide deck have a focus on rewards, with each credit card product released this year providing users the ability to earn points, miles or cash back -Two cards instead have a primary low-APR appeal -Seven more new cards were released in 2018 than in 2017 -Three firms—Discover, PNC Bank and USAA—did not introduce or remove any cards in 2018 -Many new cards actually appear as replacement cards with existing cobrand partners
  8. 8. American Express ▪ 14 points per $1 on Hilton purchases ▪ 7 points per $1 on flights, car rentals and at restaurants ▪ 3 points per $1 on all other purchases ▪ 17.99% to 26.99% purchase and balance transfer APR ▪ $450 annual fee ▪ 150,000 bonus points after card holders spend $4,000 in first three months ▪ Automatic Hilton Honors reward program Diamond status ▪ One free weekend night after spending $60,000 annually ▪ $250 in statement credits toward Hilton Resorts annually ▪ Standout feature: automatic Hilton reward program status and $250 statement credit ▪ Introduced: January 2018; rates and fees as of January 2019 Hilton Honors Aspire
  9. 9. American Express ▪ 12 points per $1 on Hilton purchases ▪ 6 points per $1 on flights, car rentals and at restaurants ▪ 3 points per $1 on all other purchases ▪ 17.99% to 26.99% purchase and balance transfer APR ▪ $95 annual fee ▪ 150,000 bonus points after card holders spend $3,000 in first three months ▪ Automatic Hilton Honors reward program Gold status ▪ One free weekend night after spending $15,000 annually ▪ Standout feature: automatic Hilton reward program status ▪ Introduced: January 2018; rates and fees as of January 2019 Hilton Honors Ascend
  10. 10. American Express ▪ 1.5% cash back on all purchases ▪ 0% introductory APR on purchases and balance transfers for 15 months ▪ 15.24% to 26.24% purchase and balance transfer APR thereafter ▪ No annual fee ▪ $200 cash back after card holders spend $1,000 in three months ▪ Standout feature: 1.5% cash back on all purchases with no annual fee ▪ Introduced: July 2018; rates and fees as of January 2019 Cash Magnet
  11. 11. American Express ▪ 6 points per $1 at SPG and Marriott Rewards hotels ▪ 3 points per $1 at restaurants and on flights booked directly with airlines ▪ 2 points per $1 on all other purchases ▪ 17.99% to 26.99% purchase and balance transfer APR ▪ $450 annual fee ▪ 75,000 bonus points after card holders spend $3,000 in first three months ▪ Automatic Marriott Rewards program Gold Elite status ▪ $300 statement credit toward SPG and Marriott Rewards hotel purchases and free night award annually ▪ Standout feature: automatic reward program status and $300 statement credit ▪ Introduced: September 2018; rates and fees as of January 2019 Starwood Preferred Guest Luxury
  12. 12. American Express ▪ 4 points per $1 at restaurants and on up to $25,000 at supermarkets ▪ 3 points per $1 on flights booked directly with airlines and on amextravel.com ▪ 20.49% APR for Pay over Time eligible purchases ▪ $250 annual fee ▪ 50,000 bonus points after card holders spend $2,000 in first three months ▪ No foreign transaction fees ▪ Available in Rose Gold for a limited time ▪ $120 statement credit toward participating dining partner purchases and $100 statement credit toward participating airline purchases annually ▪ Standout feature: available in rose gold and statement credits for dining and airline purchases ▪ Reintroduced: October 2018; rates and fees as of January 2019 Gold
  13. 13. Bank of America ▪ 3 miles per $1 on Air France, KLM Royal Dutch and SkyTeam airlines ▪ 1.5 miles per $1 on all other purchases ▪ 17.24% to 25.24% purchase and balance transfer APR ▪ $89 annual fee ▪ 25,000 bonus miles after card holders spend $1,000 in first 90 days ▪ 5,000 bonus miles after card holders spend $50 annually ▪ No foreign transaction fees ▪ 20 XP toward miles program status annually, plus 40 XP after card holders spend $15,000 annually ▪ Standout feature: accelerated earnings with SkyTeam airlines ▪ Introduced: November 2018; rates and fees as of January 2019 Air France KLM
  14. 14. Barclaycard US ▪ 0% introductory APR on balance transfers for 15 months ▪ 14.24% purchase, balance transfer and cash advance APR thereafter ▪ No annual fee ▪ No foreign transaction fees ▪ Standout feature: relatively low APR ▪ Reintroduced: February 2018; rates and fees as of January 2019 Ring Mastercard
  15. 15. Barclaycard US Rebrands as Barclays ▪ In an email to clients in April 2018, the firm announced it is changing its name from Barclaycard to Barclays ▪ To reflect the brand consolidation, the public site employs the updated nomenclature and logo, though complete rebranding occurred gradually on the private site and mobile app Barclays Name Change Email
  16. 16. Barclays ▪ 2 miles per $1 on all purchases ▪ 0% introductory APR on balance transfers for 12 months ▪ 18.24%, 22.24% or 25.24% purchase and balance transfer APR thereafter ▪ $89 annual fee (waived for first year) ▪ 70,000 bonus miles after card holders spend $5,000 in first 90 days ▪ No foreign transaction fees ▪ 5% miles back on redemptions ▪ Standout feature: 2 miles per $1 on all purchases ▪ Reintroduced: July 2018; rates and fees as of January 2019 Arrival Plus World Elite Mastercard
  17. 17. Capital One ▪ 4% cash back on dining and entertainment purchases ▪ 2% cash back on grocery purchases ▪ 1% cash back on all other purchases ▪ 18.24% to 25.74% purchase and balance transfer APR ▪ $95 annual fee (waived for first year) ▪ $500 cash back after card holders spend $3,000 in first three months ▪ No foreign transaction fees ▪ Monthly statement credit for unlimited monthly membership to Postmates food delivery ▪ Standout feature: food delivery membership statement credit ▪ Introduced: August 2018; rates and fees as of January 2019 Savor Rewards
  18. 18. Capital One ▪ 3% cash back on dining and entertainment purchases ▪ 2% cash back on grocery purchases ▪ 1% cash back on all other purchases ▪ 0% introductory APR on purchases and balance transfers for 15 months ▪ 17.24% to 25.24% purchase and balance transfer APR thereafter ▪ No annual fee ▪ $150 cash back after card holders spend $500 in first three months ▪ Standout feature: accelerated earnings on dining and entertainment ▪ Introduced: August 2018; rates and fees as of January 2019 SavorOne Rewards
  19. 19. Chase ▪ 1 star per $1 loaded onto a registered Starbucks card, which earns 2 stars per $1 at Starbucks ▪ 1 star per $4 on all other purchases ▪ 17.99% to 24.99% purchase and balance transfer APR ▪ $49 annual fee ▪ 4,500 bonus stars after card holders spend $500 in first three months, plus 250 bonus stars after their first purchase ▪ Automatic Starbucks Rewards program Gold status, which affords card holders one free food or drink after every 125 stars ▪ Eight free food or drink items, selected by Barista Picks, annually ▪ Standout feature: accelerated earnings on Starbucks purchases and free items ▪ Introduced: February 2018; rates and fees as of January 2019 Starbucks
  20. 20. Chase ▪ 6 points per $1 at Marriott Rewards hotels ▪ 2 points per $1 on all other purchases ▪ 17.99% to 24.99% purchase and balance transfer APR ▪ $95 annual fee ▪ 75,000 bonus points after card holders spend $3,000 in first three months ▪ Free night stay at eligible hotel annually ▪ No foreign transaction fees ▪ Standout feature: annual free night stay ▪ Introduced: May 2018; rates and fees as of January 2019 Marriott Rewards Premier Plus
  21. 21. Chase ▪ 2 miles per $1 on restaurant, hotel and United purchases ▪ 1 mile per $1 on all other purchases ▪ 17.99% to 24.99% purchase and balance transfer APR ▪ $95 annual fee (waived for first year) ▪ 40,000 bonus miles after card holders spend $2,000 in first three months ▪ 25,000 bonus miles after card holders spend $10,000 in first six months ▪ $100 in statement credits toward TSA Precheck or Global Entry application fees every four years ▪ Free first checked bag ▪ Standout feature: accelerated earnings with United and other travel ▪ Introduced: June 2018; rates and fees as of January 2019 United Explorer
  22. 22. Chase ▪ 4 points per $1 at Hyatt Hotels ▪ 2 points per $1 at restaurants, on tickets purchased directly from airlines, on local transit and commuting costs and on select fitness clubs and gym memberships ▪ 1 point per $1 on all other purchases ▪ 17.99% to 24.99% purchase and balance transfer APR ▪ $95 annual fee ▪ 40,000 bonus points after card holders spend $3,000 in first three months, plus 20,000 bonus points after card holders spend $6,000 in six months ▪ One free night stay annually ▪ No foreign transaction fees ▪ Standout feature: free night stay each year and unique accelerated earnings categories ▪ Introduced: July 2018; rates and fees as of January 2019 World of Hyatt
  23. 23. Chase ▪ 2 points per $1 on Southwest Airlines purchases ▪ 1 point per $1 on all other purchases ▪ 17.99% to 24.99% purchase and balance transfer APR ▪ $149 annual fee ▪ 40,000 bonus points after card holders spend $1,000 in first three months ▪ 7,500 bonus points, $75 statement credit toward Southwest Airline purchases, upgraded boarding status up to four times and 20,000 bonus points after card holders spend $12,000 annually ▪ 20% back as a statement credit on all in-flight purchases ▪ No foreign transaction fees ▪ Standout feature: abundance of annual reward earning opportunities ▪ Introduced: August 2018; rates and fees as of January 2019 Southwest Rapid Rewards Priority
  24. 24. Chase ▪ 3 Avios per $1 on Iberia, British Airways and Aer Lingus purchases ▪ 1 Avios per $1 on all other purchases ▪ 17.99% to 24.99% purchase and balance transfer APR ▪ $95 annual fee ▪ 50,000 bonus Avios after card holders spend $3,000 in first three months ▪ 25,000 bonus Avios after card holders spend $10,000 annually, plus 25,000 Avios after card holders spend an additional $20,000 in the same time frame ▪ Travel companion ticket award after card holders spend $30,000 annually ▪ Priority boarding ▪ No foreign transaction fees ▪ Standout feature: accelerated earnings with all Avios-participating airlines ▪ Introduced: November 2018; rates and fees as of January 2019 Aer Lingus
  25. 25. Chase ▪ 3 Avios per $1 on Iberia, British Airways and Aer Lingus purchases ▪ 1 Avios per $1 on all other purchases ▪ 17.99% to 24.99% purchase and balance transfer APR ▪ $95 annual fee ▪ 50,000 bonus Avios after card holders spend $3,000 in first three months ▪ 25,000 bonus Avios after card holders spend $10,000 annually, plus 25,000 Avios after card holders spend an additional $20,000 in the same time frame ▪ $1,000 voucher for two tickets after card holders spend $30,000 annually ▪ 10% discount on bookings made directly on Iberia.com ▪ No foreign transaction fees ▪ Standout feature: accelerated earnings with all Avios-participating airlines ▪ Introduced: November 2018; rates and fees as of January 2019 Iberia
  26. 26. Citicards ▪ 2 miles per $1 on American Airlines and grocery store purchases ▪ 1 mile per $1 on all other purchases ▪ 18.24% to 26.24% purchase and balance transfer APR ▪ No annual fee ▪ 10,000 bonus miles and a $50 statement credit after card holders spend $500 in first three months ▪ 25% savings on in-flight food and beverage purchases ▪ Standout feature: accelerate airlines and grocery store purchases ▪ Introduced: July 2018; rates and fees as of January 2019 American Airlines AAdvantage MileUp
  27. 27. Citicards ▪ 0% introductory APR on purchases and balance transfers for 18 months ▪ 15.24% to 25.24% purchase and balance transfer APR ▪ No annual fee ▪ Standout feature: relatively low APR ▪ Reintroduced: December 2018; rates and fees as of January 2019 Diamond Preferred
  28. 28. Citicards ▪ 3 Expedia Rewards points per $1 on eligible Expedia purchases ▪ 1 Expedia Rewards point per $1 on all other purchases ▪ 17.24% to 25.24% purchase and balance transfer APR ▪ No annual fee ▪ 10,000 Expedia Rewards points after card holders spend $1,000 and a $50 statement credit after card holders make a $50 Expedia purchase in first three months ▪ Automatic Expedia Rewards program Silver status ▪ Standout feature: automatic Expedia reward program status ▪ Introduced: December 2018; rates and fees as of January 2019 Expedia Rewards
  29. 29. U.S. Bank ▪ 2 miles per $1 on Korean Air ticket, other airline, car rental and hotel purchases ▪ 1 mile per $1 on all other purchases ▪ 15.24% to 22.24% purchase and balance transfer APR ▪ $450 annual fee ▪ 15,000 bonus miles after card holders spend $1,500 in first three months ▪ $200 statement credit toward travel purchases, $100 coupon toward Korean Air purchases, 2 KAL Lounge coupons, 2 Korean Air In-Flight Duty Free $25 coupons and 10,000 bonus miles after card holders spend $35,000 annually ▪ Statement credit toward TSA Precheck or Global Entry application fees ▪ No foreign transaction fees ▪ Standout feature: abundance of Korean Air benefits ▪ Introduced: July 2018; rates and fees as of January 2019 SKYPASS Select
  30. 30. U.S. Bank ▪ 3 points per $1 on Harris Teeter family of brands purchases ▪ 2 points per $1 at Harris Teeter stores ▪ 1 point per $1 on all other purchases ▪ 14.24% to 26.24% purchase and balance transfer APR ▪ No annual fee ▪ $30 statement credit after card holders make their first purchase ▪ Rewards are automatically converted each quarter in 1,000 point ($10) intervals ▪ Standout feature: automatic statement credit reward redemption ▪ Introduced: August 2018; rates and fees as of January 2019 Harris Teeter Rewards
  31. 31. U.S. Bank ▪ 2 points per $1 on recurring bills, grocery store, restaurant and bar purchases ▪ 1 point per $1 on all other purchases ▪ 16.24% to 25.24% purchase and balance transfer APR ▪ No annual fee ▪ Option to connect to the Quicken mobile app ▪ Standout feature: accelerated earnings in unique categories such as recurring bills ▪ Introduced: December 2018; rates and fees as of January 2019 Quicken
  32. 32. Wells Fargo ▪ 3 points per $1 on restaurants, travel and streaming service purchases ▪ 1 point per $1 on all other purchases ▪ 0% introductory APR on purchases and balance transfers for12 months ▪ 14.74% to 27.74% purchase and balance transfer APR thereafter ▪ No annual fee ▪ 30,000 bonus points after card holders spend $3,000 in first three months ▪ No foreign transaction fees ▪ Standout feature: accelerated earnings in unique categories such as streaming services ▪ Introduced: July 2018; rates and fees as of January 2019 Propel
  33. 33. Removed Cards
  34. 34. Removed Cards Summary Firm Cards American Express Blue Cash Blue Sky Mercedes-Benz Premier Rewards Gold Barclays Arrival Premier Bluegreen Rewards Capital One Savor Chase IHG Club Select Marriott Rewards Premier United MileagePlus Explorer Hyatt Firm Cards Citicards Citi/AAdvantage Gold Prestige ThankYou Preferred ThankYou Preferred for College Students Expedia+ Expedia+ Voyager U.S. Bank Harley-Davidson Wells Fargo Propel Propel 365
  35. 35. About Us
  36. 36. Credit Card Monitor ▪ Credit Card Monitor (CCM) was launched in 2001 and focuses on the online user experience that leading credit card issuers provide card holders and prospects ▪ Using actual accounts, CCM gives a firsthand look at current online capabilities including client account information, transaction resources, interactive tools, customer service and account documents ▪ CCM follows the card products and services offered by competitors across the credit card industry, providing an up-close view of what other firms are doing to attract new clients
  37. 37. Contact Us Meredith Barthold Senior Analyst – Bank, Cards & Mobile Finance (646) 929-5151 mbarthold@corporateinsight.com

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