PNC Cash Rewards Visa Credit Card Review

PNC Cash Rewards Visa Credit Card Review

For more than a decade, my wife has been a loyal PNC customer. This includes holding one of their rewards credit cards — which, at one time, was our only credit card. Well, over the years, that’s changed a lot as our card mix has evolved. And, now, another change has come as the bank recently moved us over to the PNC Cash Rewards Visa card.

So, what does the Cash Rewards card have to offer and how does it compare to our previous product? Let’s dive into the details.

PNC Cash Rewards Visa Card
PNC Cash Rewards Card Review: Strong Rewards Categories with a Catch
3.5
Annual fee
None
Rewards categories
4% back on gasoline, 3% back on dining, 2% back on groceries, 1% back on all other purchases (4%, 3%, and 2% categories capped at a combined total of $8,000 in spending per cardholder year)
Welcome bonus
Earn $200 back after spending at least $1,000 in purchases on the card within your first three billing cycles
With a reward category line-up that includes practical categories such as gasoline, dining, and groceries, the PNC Cash Rewards card looks like a winner on the surface. That notion is further aided by the lack of an annual fee. However, the downside is that PNC caps these top reward categories. Any purchase in the 2%, 3%, or 4% category counts toward an annual limit of $8,000 in spending (purchases beyond that will earn 1% back). While this may not impact all cardholders, this limitation does bring a complication for those spending a lot on their card. Therefore, while it could be a good pick for casual users and those who drive frequently, it’s hard to recommend the PNC Cash Rewards card to everyone.
Pros
  • Enhanced rewards on gasoline, dining, and groceries
  • Rewards don’t expire while account is open
  • No annual fee
Cons
  • 2%, 3%, and 4% categories are capped at a combined total of $8,000 in spending annually
  • Cash redemptions require at least $25 in rewards

PNC Cash Rewards Credit Card Review

How we gained the PNC Cash Rewards Visa

Previously, my wife and I had the PNC Everyday Rewards card — which she had for several years. Even though we barely used the card anymore (for reasons we’ll explore later), we’ve held onto it since it is by far her oldest account.

A few months back, we learned that the card was being fully discontinued (new applications were closed off long ago) and we’d be moved to the PNC Cash Rewards card instead. Then, a couple of weeks ago, our new cards arrived.

Rewards

The rewards categories for the PNC Cash Rewards card look like this:

  • 4% back on gas station purchases
  • 3% back on dining purchases
  • 2% back on grocery store purchases 
  • 1% back on all other purchases 

Just looking at this list, it’s a pretty solid line-up. While the 2% on groceries may be moot for maximizers due to the existence of flat 2% back cards, the 4% on gas and 3% on dining categories are definitely competitive for a no annual fee card. However, there is a catch.

As it turns out, the 2%, 3%, and 4% rewards categories are capped at a combined total of $8,000 in purchases per year. To be clear, this means that any grocery store, dining, or gas station purchases will count toward that $8k maximum. Once that cap is reached, all subsequent purchases will earn 1% back regardless of category. Also, this annual cap is based on your cardholder anniversary date and not a calendar year. So, if you opened your account on August 1st, 2023, the $8,000 max would reset on August 1st, 2024.

PNC Cash Rewards Visa Signature balance screenshot

To their credit, PNC’s site does feature a widget that will show you how much in combined category spending you’ve made toward this cap. We’ll talk more about what this limitation means for strategy later — but, for now, that’s the basics of how rewards work with this card.

Cashback redemption

With the PNC Cash Rewards card, customers can redeem their cashback for statement credits or toward deposits into qualifying PNC accounts. Like some other cards, there is a $25 minimum redemption, meaning that you’ll need to accrue at least this much in rewards before you can cash out. On the upside, rewards do not expire as long as your account is open.

Welcome bonus

As existing cardholders, my wife and I didn’t get any new bonus when moving to the Cash Reward card. However, new customers can earn themselves a bonus when they open the card.

Currently, cardholders can earn a $200 bonus after spending $1,000 in purchases on the card within their first three billing cycles. That spend to reward ratio isn’t the best I’ve ever seen… but it’s certainly not the worst either.

PNC Cash Rewards Visa versus our previous PNC card

All things considered, I think the PNC Cash Rewards card is an upgrade from our PNC Everyday Rewards. That’s really thanks to one key change: the redemption threshold. With our previous card, we’d need to reach at least $100 in rewards and then PNC would mail us a check with our statement. That wouldn’t be so bad… except that the rewards also expired after a year. Because of this, as our credit card portfolio began to diversify and we weren’t earning as many rewards on that card anymore, our rewards balance would dwindle, putting us further away from cashing out. In turn, we basically stopped using the card altogether. For that reason alone, I’m thrilled that not only will we be able to cash out at $25 but will also not repeat the past since rewards won’t expire.

Funny enough, gasoline is one of the categories that isn’t emphasized by any of our other cards. Thus, it’s great to have this in the mix once again. Meanwhile, dining and groceries are spending categories we do have covered by the Amex Gold, so we won’t really be making much use of those categories.

Nevertheless, like I said, I’m quite pleased that we’ve been moved over to this product from our previous one.

Final Thoughts on the PNC Cash Rewards Card

Overall, there are a number of attractive aspects of the PNC Cash Rewards Card. What’s more, the redemption structure of the card makes it quite an upgrade from our previous PNC card. However, the spending cap imposed on the top three reward tiers could seriously dampen the card’s appeal.

Because PNC’s cap combines the 2%, 3%, and 4% categories, optimizing rewards with the card basically means avoiding putting grocery or dining spending on the card. Then again, I’m guessing most consumers aren’t spending $667 a month on gas, so perhaps a mix of dining and gasoline purchases is more likely. Either way, it’s almost as though the card’s structure discourages consumers from using it for groceries. Perhaps that’s a bit too wonky of a way to think about it, but I think it’s notable nonetheless.

For those reasons, if dining and groceries are important categories for you, I have a different suggestion: the Capital One SavorOne card. With that option, you’ll earn 3% back on dining, 3% on entertainment, 3% on streaming services, and 3% on groceries. What’s more, none of those reward categories are capped.

As for the gas category, while there are some other options, the PNC Cash Rewards happens to be one of the better picks — at least in terms of a no annual fee card. So, if this is a key category for you, then perhaps the card is worth it for you despite the other limitations.

Ultimately, when assessing the PNC Cash Rewards Visa card for yourself, I’d recommend running the numbers based on your personal spending and determining whether the card makes sense for you.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

2 Qatar Airways Privilege Club Credit Cards

Cardless Launches Two Qatar Airways Co-Branded Credit Cards

The FinTech startup Cardless is partnering with Qatar Airways to offer two new co-branded cards to the American market. About the cards: Recently, Cardless introduced its two latest rewards credit cards: The Qatar Airways Privilege Club Signature Card and the Qatar Airways Privilege Club Infinite Card. Starting with the Signature card, it earns 4x Avios on Qatar Airways purchases plus 2x Avios on dining purchases, and 1x Avios on all...
Yendo logo and credit card

Vehicle-Secured Credit Card Company Yendo Raises $165 Million

A FinTech that offers the first-ever credit card secured by a customer's vehicle has announced its latest round of funding. About the round: This week, Yendo announced that it had raised $165 million. However, this includes $150 million in debt financing and $15 million in equity. The debt portion was led by i80 group, while the strategic investors that participated in the equity round were not disclosed. Yendo previously raised...
woman holding her hands to her temple thinking

Lessons From a First-Time Home Buyer: Worst Time to Buy a House? There Are Always Exceptions

If you've been thinking about buying a house, looking at the news lately has likely disheartened you. As CNN reports, a recent Gallup poll found that 76% of Americans believe it's a bad time to buy — with only 21% saying it's a good time. There are several reasons for that sentiment, with the top two being the combination of high interest rates and high home prices. So, are you...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...