Credit Card Product Update - 2016 Q1 & Q2
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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 2016. 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 - 2016 Q1 & Q2
- 1. Credit Card Product Update January 2016 – July 2016 Meredith Barthold July 2016
- 2. Table of Contents ▪ Background ▪ New Credit Cards ▪ Digital Payment Services ▪ Removed Cards ▪ Service Overview and Contact Information
- 3. Background
- 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 2016 ▪ 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. Firms Covered ▪ American Express ▪ Bank of America ▪ Barclaycard US ▪ Capital One ▪ Chase ▪ Citicards ▪ Discover ▪ PNC ▪ U.S. Bank ▪ USAA ▪ Wells Fargo
- 7. Credit Card Product Releases ▪ Firms within the coverage group launched a total of 14 new cards in the first half of 2016 that are currently promoted online - One is a re-release, two were previously issued by American Express and three were previously in the MasterCard network - 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
- 8. Barclaycard US JetBlue World MasterCard ▪ 3 points per $1 on JetBlue purchases ▪ 2 points per $1 at restaurants and grocery stores ▪ 1 point per $1 on all other purchases ▪ 0% APR on balance transfers for 12 months ▪ 12.24%, 20.24% or 25.24% purchase and balance transfer APR thereafter ▪ No annual fee ▪ 5,000 bonus points after spending $1,000 in first 90 days ▪ Standout feature: accelerated JetBlue and restaurant and grocery store earnings ▪ Introduced: April 2016 (previously available from American Express); rates and fees as of July 2016
- 9. Chase AARP Credit Card from Chase ▪ 3% cash back at restaurants and gas stations ▪ 1% cash back on all other purchases ▪ 0% APR on purchases and balance transfers for 12 months ▪ 16.49% purchase and balance transfer APR thereafter ▪ No annual fee ▪ $100 cashback bonus after spending $500 in first three months ▪ Standout feature: restaurant and gas station earnings ▪ Introduced: April 2016; rates and fees as of July 2016
- 10. Chase Chase Freedom Unlimited Card ▪ 1.5% cash back on all purchases ▪ 0% APR on purchases and balance transfers for 15 months ▪ 14.24%, 19.24% or 23.24% purchase and balance transfer APR thereafter ▪ No annual fee ▪ $150 cashback bonus after spending $500 in the first three months ▪ $25 cashback bonus after adding an authorized user and making a purchase in the first three months ▪ Standout feature: 1.5% cash back on all purchases ▪ Introduced: April 2016; rates and fees as of July 2016
- 11. Citicards Costco Anywhere Visa Card by Citi ▪ 4% cash back on gas and Costco gas (up to $7,000/year; then 1%) ▪ 3% cash back on travel and at restaurants ▪ 2% cash back at Costco ▪ 1% cash back on all other purchases ▪ 0% APR on purchases for seven months ▪ 15.49% purchase and balance transfer APR thereafter ▪ No annual fee (with paid Costco membership) ▪ Standout feature: 4% cash back on gas ▪ Introduced: June 2016 (previously offered by American Express); rates and fees as of July 2016
- 12. Discover Discover it Chrome Card ▪ 2% cash back on gas and at restaurants (up to $1,000/quarter) ▪ 1% cash back on all other purchases ▪ 0% APR on purchases and balance transfers for 12 months ▪ 11.24% - 23.24% purchase and balance transfer APR thereafter ▪ No annual fee ▪ Cash back earned through the first year is doubled ▪ Standout feature: cash back earned through the first year is doubled ▪ Re-released: January 2016; rates and fees as of July 2016
- 13. Discover Discover it for Students Card ▪ 5% cash back on rotating quarterly categories (up to $1,500) ▪ 1% cash back on all other purchases ▪ 0% APR on purchases for six months ▪ 10.99% APR on balance transfers for six months ▪ 13.24% - 22.24% purchase and balance transfer APR thereafter ▪ No annual fee ▪ $20 cash back each school year with a GPA of 3.0 or higher for up to five years ▪ Cash back earned through the first year is doubled ▪ Standout feature: cashback rewards for good grades ▪ Introduced: January 2016; rates and fees as of July 2016
- 14. PNC Bank PNC Premier Traveler Visa Signature ▪ 2 miles per $1 on all purchases ▪ 0% APR on balance transfers for 12 months ▪ 16.24% purchase and balance transfer APR thereafter ▪ $85 annual fee (waived for first year) ▪ No foreign transaction fees ▪ 30,000 bonus miles after spending $3,000 in first three months ▪ Standout feature: no foreign transaction fees ▪ Introduced: May 2016; rates and fees as of July 2016
- 15. U.S. Bank Cash 365 American Express Card ▪ 1.5% cash back on all purchases ▪ 0% APR on balance transfers for 12 months ▪ 13.24% - 23.24% purchase and balance transfer APR thereafter ▪ No annual fee ▪ $100 customer relationship bonus to card holders with existing U.S. Bank relationships that spend $500 in first 90 days ▪ Standout feature: 1.5% cash back on all purchases ▪ Introduced: June 2016; rates and fees as of July 2016
- 16. U.S. Bank FlexPerks Gold American Express Card ▪ 3 points per $1 at restaurants ▪ 2 points per $1 at gas stations and airlines ▪ 1 point per $1 on all other purchases ▪ 14.24% - 24.24% purchase and balance transfer APR ▪ $85 annual fee ▪ No foreign transaction fees ▪ 30,000 bonus points after spending $2,000 in first four months ▪ Statement credit reimbursement for TSA PreCheck or Global Entry programs ▪ Standout feature: accelerated earnings at restaurants, gas stations and airlines ▪ Introduced: June 2016; rates and fees as of July 2016
- 17. USAA Cash Rewards Visa Signature ▪ 1.25% cash back on all purchases ▪ 10.15% - 26.15% purchase and balance transfer APR ▪ No annual fee ▪ No foreign transaction fees ▪ Standout feature: no foreign transaction fees ▪ Re-Issued as a Visa Signature Product: February 2016; rates and fees as of July 2016
- 18. USAA Preferred Cash Rewards Visa Signature ▪ 1.5% cash back on all purchases ▪ 12.15% - 26.15% purchase and balance transfer APR ▪ No annual fee ▪ No foreign transaction fees ▪ Standout feature: 1.5% cash back on all purchases ▪ Re-Issued as a Visa Signature Product: February 2016; rates and fees as of July 2016
- 19. USAA Rewards Visa Signature ▪ 1 point per $1 on all purchases ▪ 10.15% - 26.15% purchase and balance transfer APR ▪ No annual fee ▪ No foreign transaction fees ▪ 2,500 bonus points after first purchase ▪ Standout feature: no foreign transaction fees ▪ Re-Issued as a Visa Signature Product: February 2016; rates and fees as of July 2016
- 20. Wells Fargo Wells Fargo Cash Wise Visa Card ▪ 1.5% cash back on all purchases ▪ 0% APR on purchases and balance transfers for 15 months ▪ 13.24% - 25.24% purchase and balance transfer APR thereafter ▪ No annual fee ▪ 1.8% cash back on purchases made with Android Pay or Apple Pay in first 12 months ▪ Standout feature: accelerated earnings from purchases made with digital wallets for first year ▪ Introduced: June 2016; rates and fees as of July 2016
- 21. Wells Fargo Wells Fargo Propel American Express Card ▪ 3 points per $1 at gas stations ▪ 2 points per $1 at restaurants ▪ 1 point per $1 on all other purchases ▪ 0% APR on purchases and balance transfers for 15 months ▪ 13.24% - 25.24% purchase and balance transfer APR thereafter ▪ No annual fee ▪ 10% point bonus each year with a Wells Fargo checking or savings account ▪ Standout feature: accelerated earnings at gas stations and restaurants ▪ Introduced: December 2015; rates and fees as of July 2016
- 23. Mobile Wallet Summary Firm Android Pay Apple Pay Samsung Pay American Express Yes Yes Yes Bank of America Yes Yes Yes Barclaycard US No Yes No Capital One Coming Soon Yes No Chase No Yes Yes Citicards Yes Yes Yes Discover Yes Yes Yes PNC Yes Yes Yes U.S. Bank Yes Yes Yes USAA Yes Yes No Wells Fargo Yes Yes Yes
- 24. Removed Cards
- 25. Removed Cards Summary Firm Cards Bank of America Alaska Airlines Preferred Visa Card Citicards AT&T Access Card AT&T Access More Card U.S. Bank LifeMiles Visa Card LifeMiles Visa Signature Card USAA Cash Rewards Visa Card Classic Platinum MasterCard Rate Advantage Platinum MasterCard USAA Rewards Visa Card Wells Fargo Cash Back Visa Card Cash Back Visa Signature Card Propel World American Express Card
- 26. Barclaycard US – A Firm in Transition ▪ Though customers cannot currently apply for them online, the firm promotes the following cards on the public site: Barclaycard Arrival World MasterCard, Barclaycard Arrival Plus World MasterCard and Barclaycard Ring MasterCard ▪ The firm does not promote the following cards on the public site, though they still exist: Barclaycard Visa with Apple Rewards, Frontier Airlines World MasterCard, Miles & More World Elite MasterCard and Williams-Sonoma Visa Signature
- 27. Service Overview and Contact Information
- 28. 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 firsthand 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, providing an up- close view of what other firms are doing to attract new clients