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Credit Card Product Update: January-June 2017

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This slide deck examines new product releases from 11 credit card carriers in the Credit Card Monitor coverage group in the first half of 2017. Inside, we highlight basic fee information, rewards criteria and specific standout features unique to each card and include a chart showing what firms feature which digital payment services for their product offerings.

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Credit Card Product Update: January-June 2017

  1. 1. Credit Card Product Update January 2017 – June 2017 Meredith Barthold
  2. 2. Table of Contents ▪ Introduction ▪ New Credit Cards ▪ Digital Payment Services ▪ 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 in the first half of 2017 ▪ Inside, we highlight basic fee information, rewards criteria and specific standout features unique to each card and include a chart showing what firms feature which digital payment services for their product offerings
  5. 5. Firms Covered ▪ American Express ▪ Bank of America ▪ Barclaycard US ▪ 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 seven new cards in the first half of 2017 that are currently promoted online -All cards in this slide deck have a focus on rewards, with each credit card product released in Q1 and Q2 providing users the ability to earn points, miles and cash back -Three cards carry special eligibility requirements -Only 50% as many new cards debuted in the first half of 2017 than in the first half of 2016
  8. 8. Barclaycard US ▪ 2 miles per $1 on American Airlines purchases ▪ 1 mile per $1 on all other purchases ▪ 0% APR on balance transfers for 15 months ▪ 16.99%, 20.99% or 25.99% purchase and balance transfer APR thereafter ▪ $95 annual fee ▪ No foreign transaction fees ▪ 50,000 bonus points after making a purchase in first 90 days ▪ 10% of redeemed miles back up to 10,000 miles per year, free first checked bag ▪ Standout feature: accelerated American Airlines earnings ▪ Introduced: January 2017; rates and fees as of August 2017 AAdvantage Aviator Red
  9. 9. Barclaycard US ▪ 2% cash back at grocery stores and on utilities (cable, phone, internet, electric, gas) ▪ 1% cash back on all other purchases ▪ 0% APR on balance transfers for 15 months ▪ 14.99%, 21.99% or 23.99% purchase and balance transfer APR thereafter ▪ No annual fee ▪ $50 cashback bonus after making first purchase in first 90 days ▪ 25% student loan redemption bonus each time users redeem cash back into a student loan account ▪ Standout feature: 2% cash back at grocery stores and on utility purchases ▪ Introduced: May 2017 (to replace previous Sallie Mae Upromise card which was reported as removed in February 2017); rates and fees as of August 2017 Commence Mastercard by Sallie Mae
  10. 10. Capital One ▪ 3% cash back on dining ▪ 2% cash back on groceries ▪ 1% cash back on all other purchases ▪ 15.49%, 20.49% or 24.49% purchase and balance transfer APR ▪ No annual fee ▪ No foreign transaction fees ▪ $100 cashback bonus after spending $500 in the first three months ▪ Standout feature: 3% cash back on dining ▪ Introduced: April 2017; rates and fees as of August 2017 Premier Dining Rewards
  11. 11. Chase ▪ 5% cash back at Amazon.com ▪ 2% cash back at restaurants, gas stations and drug stores ▪ 1% cash back on all other purchases ▪ 15.24% - 23.24% purchase and balance transfer APR ▪ No annual fee (with paid Amazon Prime membership) ▪ No foreign transaction fees ▪ $70 Amazon.com gift card upon credit card application approval ▪ Standout feature: 5% cash back at Amazon.com ▪ Introduced: February 2017; rates and fees as of August 2017 Amazon Rewards with Prime Membership
  12. 12. Chase ▪ 2 points per $1 on Southwest Airlines purchases ▪ 1 point per $1 on all other purchases ▪ 16.99% - 23.99% purchase and balance transfer APR ▪ $69 annual fee ▪ 40,000 bonus points after spending $1,000 in the first three months ▪ 3,000 bonus points for card member anniversary ▪ Standout feature: card member anniversary bonus offer ▪ Introduced: February 2017; rates and fees as of August 2017 Southwest Rapid Rewards Plus
  13. 13. U.S. Bank ▪ 3 points per $1 on travel and mobile wallet purchases ▪ 1 point per $1 on all other purchases ▪ 16.74% purchase and balance transfer APR ▪ $400 annual fee, available exclusively to U.S. Bank customers ▪ No foreign transaction fees ▪ 50,000 bonus points after spending $4,500 in the first 90 days ▪ Up to $325 annual travel credit ▪ Standout feature: 50,000 bonus point initial spend offer ▪ Introduced: May 2017; rates and fees as of August 2017 U.S. Bank Altitude Reserve
  14. 14. USAA ▪ 2.5% cash back on all purchases with a monthly qualifying $1,000 direct deposit into a USAA checking account (otherwise 1.5% cash back on all purchases) ▪ 14.90% - 20.90% purchase and balance transfer APR ▪ No annual fee ▪ No foreign transaction fees ▪ Standout feature: no foreign transaction fees ▪ Introduced: February 2017; rates and fees as of August 2017 Limitless Cashback Rewards
  15. 15. Digital Payment Services
  16. 16. Mobile Wallet Summary Firm Android Pay Apple Pay Microsoft Wallet Samsung Pay American Express ✓ ✓ ✓ Bank of America ✓ ✓ ✓ ✓ Barclaycard US ✓ Capital One Coming Soon ✓ ✓ Chase ✓ ✓ Coming Soon ✓ Citicards ✓ ✓ ✓ Discover ✓ ✓ ✓ PNC ✓ ✓ ✓ ✓ U.S. Bank ✓ ✓ ✓ ✓ USAA ✓ ✓ ✓ Wells Fargo ✓ ✓ ✓
  17. 17. Removed Cards
  18. 18. Removed Cards Summary Firm Cards Bank of America BankAmericard Better Balance Rewards Card Bass Pro Shops Outdoor Rewards Card Barclaycard US Arrival World Mastercard Citicards Hilton HHonors Reserve Card Hilton HHonors Visa Signature Card U.S. Bank U.S. Bank College Visa Card USAA Cash Rewards Visa Signature Card Cashback Rewards American Express Card USAA Classic American Express Card USAA Classic Visa Platinum Card
  19. 19. About Us
  20. 20. 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, 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
  21. 21. Contact Us Meredith Barthold Analyst – Banking and Credit Cards (646) 929-5151 mbarthold@corporateinsight.com

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