Credit Card News
PNC Introduces Spend Wise Card with APR Reduction Feature
PNC is rolling out a new credit card option with some interesting features.
About the PNC Bank Spend Wise Card:
This week, PNC Bank announced the launch of the PNC Spend Wise Visa. With this new product, consumers can see their interest rate fall when they meet certain requirements — and can also take advantage of some purchase protection perks.
At the heart of the Spend Wise Visa is the Purchase APR Reduction Program. Cardholders can earn a 2 percentage point reduction on their APR if they’ve made at least $3,000 in purchases over the past 12 billing cycles and have paid on time. What’s more, those who meet these requirements can see further reductions annually. However, PNC notes that those with APRs at 8.74% or lower will not see further reductions.
Another feature of the card is an annual digital subscription credit. Cardholders can earn up to $25 in statement credits triggered by select streaming service subscriptions. This list currently includes Spotify, Netflix, and Disney+.
The Spend Wise card also includes some key purchase protections. First up is Price Protection, which allows cardholders to be reimbursed if an item they purchased with their Spend Wise card is advertised for less within 60 days of the transaction. This benefit is good for up to $1,000 per eligible item. Next is Porch Piracy Protection, which covers Spend Wise purchases up to $10,000 per claim if an eligible item is stolen within 90 days. Lastly, cardholders also enjoy up to $800 in cell phone damage or theft coverage.
What They’re Saying:
Announcing the new card, PNC Bank’s head of Credit Cards Nate Bacon said, “Through extensive research and direct client feedback, we identified a gap in the market: while many credit cards incentivize spending, few actively promote and recognize responsible debt management. PNC Spend Wise addresses this void, as it’s built on the principle that financial responsibility should be rewarded just as much as spending.” Bacon concluded, “It’s a fresh take on credit cards.”
My Thoughts:
I have to give PNC some credit (no pun intended) for creating what I think is a unique card with some interesting ideas behind it. Not only is the rate reduction scheme intriguing but the branding of “Porch Piracy Protection” is pretty brilliant. It’s also nice that the no-annual-fee card features a $25 credit that should be pretty usable for many consumers.
However, you may have noticed something missing from this card: rewards. That’s surely going to be a deal breaker for any credit card enthusiast. Of course, that’s not the market for this card. Instead, the card is likely made for those looking to pay off their debt and save money with their good financial habits. For them, this may be an option — although it will be important to compare the initial APR with this card to what else is available at the time to see if future reductions will even be beneficial.
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