Latest news with #creditcard
CNET
2 days ago
- Business
- CNET
Will This 6% Cash Back Card Claim the Crown for Best Rewards Credit Card?
Bank of America/CNET If I told you there was a credit card offering a whopping 6% cash back on any one of six common spending categories, such as gas or dining out, would you think it's one of the best cash back cards on the market? As a credit card expert who's written about that topic for years, I would. The Bank of America Customized Cash Rewards credit card is the latest addition to the list of top rewards credit cards, thanks to a new offer that launches on June 1. New cardholders can earn 6% back on purchases in one spending category of their choice from six available options in their first year. What's the catch? There are a few caveats that make this card less lucrative than it seems, and it might not be the right card for everyone. Here is what you need to know. Everything you need to know about the new offer Starting June 1, the new Bank of America Customized Cash Rewards earns double cash back in one category of your choosing for the first year. That means 6% cash back in the choice category instead of 3% cash back on the first $2,500 (in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter). There is no end date for this offer for new cardholders. You can choose one of these options to be your choice category: Travel Dining Drug stores Home improvement and furnishings Gas and electric vehicle charging stations Online shopping (including cable, internet, phone plans, streaming) You can switch your category once a month through online or mobile banking. If you don't switch it, your selection from the previous month will carry over. You'll also earn 2% back at grocery stores and wholesale clubs, and 1% back on all other purchases. There is a $2,500 combined quarterly spending cap for the bonus rewards in the choice category and 2% categories, after which you'll earn 1% back on those purchases. In addition to the boosted first-year cash back rates, new cardholders can earn a $200 welcome bonus after spending $1,000 in purchases in the first 90 days after opening the credit card. This new offer looks really strong… To understand why the new Customized Cash Rewards offer is so good, you need to understand the cash-back landscape. Flat-rate cards, like the Wells Fargo Active Cash Card, tend to offer 2% back on all purchases. Tiered rewards cards, like the Blue Cash Everyday Card from American Express, typically offesr 3-5% back on a few fixed categories and 1% back on everything else. Rotating rewards cards, such as the Chase Freedom Flex, usually offer 5% back on one or two rotating categories, up to a quarterly maximum, which change throughout the year at the issuer's discretion, and 1% back on everything else. With this new offer, Customized Cash Rewards offer 6% back in your choice category (plus 2% back at grocery stores and wholesale clubs) for the first year. More importantly, you can choose your 6% category and change it once per month. That means both higher rewards and more flexibility than most competitors. The quarterly spending cap does limit rewards beyond a certain point, but that's relatively common among no-annual-fee cash back cards with high category bonuses. Though maximizing rewards requires some careful planning (more on that later), this new offer makes Customized Cash Rewards one of the best cards for anyone whose top spending categories change throughout the year. …but there are some caveats. Before you pounce on this new credit card offer, be sure to consider these caveats. Bonus rewards are only for the first year with a spending cap The biggest weakness of Customized Cash Rewards is the $2,500 quarterly spending cap on the choice and 2% categories, limiting rewards for big spenders. (To be clear, big spenders can still make great use of this card for their first $2,500 of spending. They'll just want to use a different card afterwards.) The second issue is that after the first year, the reward rates revert back to the baseline: 3% cash back on the choice category 2% back at grocery stores or wholesale clubs 1% cash back on all other types of purchases While those are still a competitive rewards rates for a no-annual-fee card, they won't be top of the line for some choice categories. You have to time spending carefully to maximize rewards One important thing to note is the Customized Cash Rewards quarterly spending cap is shared among the 3% and 2% categories, and is calculated based on the chronological order of your transactions, so improper timing can reduce your rewards. With the 3% choice category rewards rate upped to 6% for the first year, the difference is even starker. For instance, say this quarter you plan to spend $1,000 on groceries each month, plus another $1,000 on online shopping (your choice category) at the end of the quarter. If you use your card as normal, charging the $3,000 in groceries throughout the three months and finally the $1,000 in online shopping, this is what your rewards would look like: Reward examples Spending Rewards rate Rewards earned Month 1 groceries $1,000 2% $20 Month 2 groceries $1,000 2% $20 Month 3 groceries $1,000 2% on the first $500, then 1% after hitting $2,500 quarterly cap $15 Online shopping $1,000 1% (would be 6% if the quarterly cap was not already reached) $10 Total $65 By contrast, if you made the online shopping purchase first, you would've earned $105, as you would have benefited from the 6% rewards rate on that purchase before those grocery purchases ate up your quarterly spending quota. A difference of a few dozen dollars isn't the end of the world, but with some extra planning, you can maximize rewards with Customized Cash. Does the first year double cash back stack with the Preferred Rewards program? The Bank of America Preferred Rewards program offers up to a 75% bonus on its credit card rewards for eligible customers who maintain a certain balance in a Bank of America banking or Merrill investment account. The Preferred Rewards bonus will apply to the base 3% choice category cash back rate, but not the additional 3% from the first year bonus, according to a Bank of America representative. So someone in the highest tier of the Preferred Rewards program could potentially earn a total of 8.25% cash back on their choice category purchases during the first year subject to the quarterly spending cap: 5.25% from the base rewards and an additional 3% from the first year bonus. Remember not to overspend for the sake of earning rewards Several choice category options — like travel, online shopping, and home improvement and furnishings — lend themselves well to large purchases. If you're already planning on making those types of purchases (and have budgeted for them), this card is a great option to earn extra cash back on those expenses. But don't let the rewards push you into making purchases that you otherwise wouldn't have, or ones that are out of your budget. While this card does have a 0% introductory APR offer for 15 billing cycles on purchases and balance transfers (18.24% to 28.24% variable APR thereafter), it's still not a smart idea to take on credit card debt for discretionary spending. 6% cash back might seem like a lot of rewards, but it's nowhere near the interest you'll pay from carrying a balance month to month at the regular APR. Should you get the Customized Cash Card with the new offer? As a credit card expert, I wouldn't hesitate to recommend this card to readers as well as my friends whose needs and spending habits fit its profile. You should probably pick up this card if all of the following apply to you: You spend a lot in one or more of the choice categories. You want a new cash back card and don't already have the Customized Cash. Your quarterly spending in the choice and 2% categories is below $2,500 or you switch to a different card once you hit that cap. That said, it's not for everyone, including myself. I personally prefer the travel rewards from my trusty Chase Sapphire Preferred Card over cash back rewards, since I value the flexibility of transferable points more than a higher base rewards rate. If you're in the same camp, consider a dedicated travel card instead. If you don't spend a lot in any of the choice categories, you'll be better off with another card that rewards you where you spend the most. Although this card does offer 2% back at grocery stores and wholesale clubs, there are more rewarding cards for groceries. And if you spend a lot and only want to use one card for everything, a 2% unlimited cash back card might be your best option.
Zawya
2 days ago
- Business
- Zawya
Riyad Bank and Mastercard launch a unique program empowering MSMEs in the Kingdom
Riyadh, Saudi Arabia – Riyad Bank and Mastercard have collaborated to provide small and medium-sized businesses in Saudi Arabia with enhanced access to funding. The two entities have introduced a unique credit card program offering micro, small, and medium-sized enterprises (MSMEs) access to financial solutions to grow and thrive. As part of the agreement, Riyad Bank will enable MSMEs across the Kingdom with a three-tier credit program providing greater choice and flexibility in the form of unique cards: the Mastercard NMOO Business Credit Card, Mastercard NMOO Executive Credit Card, and Mastercard NMOO World Credit Card. Each of these unique products will offer flexible limits, supporting enterprises and entrepreneurs to take greater control of their futures. They will deliver real-time solutions that support MSMEs to help buy, operate and sell, bridging financing gaps, and providing access to funding by enabling enterprises to get approved for credit facilities, for example, for business expansion. The launch of the three-tier credit program marks the latest step by Mastercard and Riyad Bank to serve MSMEs of all sizes and business types across multiple segments and sectors. The program caters to the specific needs and evolving demands of MSMEs in a rapidly changing global economy. 'As one of the largest financial institutions in the Kingdom, we are fully committed to serving as a trusted financial solutions partner to the people, businesses, and entities we support,' said Mohammed Abo Al-Naja Chief Corporate Banking Officer, Riyad Bank. 'Over the years, we have helped to drive the growth and development of Saudi Arabia's micro, small, and medium-sized enterprises ecosystem, and today, we are more determined than ever to empower businesses to realize their potential. We are pleased to have partnered with Mastercard to launch our truly novel three-tier credit program, powering the future of MSMEs with timely access to crucial funding.' 'At a time when Saudi entrepreneurship is truly beginning to flourish, we recognize that effective partnerships and innovation are essential to empowering micro, small, and medium-sized enterprises (MSMEs) to advance and thrive,' said Adam Jones, EVP and Division President, West Arabia, Mastercard. 'Our partnership with Riyad Bank was launched with this goal in mind. Together, we aim to provide MSMEs with essential access to critical lending and funding. We look forward to expanding our first-of-its-kind program to more businesses across the country and supporting them in achieving their goals.' In line with Vision 2030 and the National Transformation program, Riyad Bank's partnership with Mastercard's will help to strengthen Saudi Arabia's MSME infrastructure, curating an extensive range of modern financial solutions that will prime enterprises across the Kingdom for even more lasting success. By introducing novel, responsive offerings that cater to businesses' needs, Riyad Bank and Mastercard will further enable MSMEs to unlock their potential and increase their contribution to GDP. With SME needs in the Kingdom constantly evolving — beyond banking and payments — the partnership will help to create a comprehensive ecosystem of business tools to address the full scope of these businesses' demands. The Mastercard NMOO Executive Credit Card will empower MSMEs to enhance their businesses by streamlining cashflow management, improving inventory procurement and facilitating supplier payments. Crucially, it will also help to support the travel and entertainment needs of MSMEs' clients and consumers. The Mastercard NMOO Business Credit Card has been introduced to empower entrepreneurs to enhance their businesses through access to the Easy Savings Specials Marketplace and innovative Management Subscription Platform, while the Mastercard NMOO World Credit Card supports investors, business leaders and startup founders with direct guidance and competitive rates. According to the Small and Medium Enterprises General Authority, Monsha'at, Saudi Arabia is now home to over 1.3 million small and medium-sized enterprises, with strong public investment and high venture capital investments raising the total number of enterprises in the Kingdom.. With MSMEs evolving at a rapid pace, in line with the acceleration of digital transformation and consumers' changing preferences, the introduction of Mastercard and Riyad Bank's three-tier credit program comes at an opportune time when gaining access to funds and establishing financial systems that help to build credit are top-of-mind. About Mastercard Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential. About Riyad Bank Riyad Bank is one of the largest financial institutions in the Kingdom of Saudi Arabia and the Middle East. Established in 1957, with a paid-up capital of SAR 30 billion. With more than 5,700 employees, Riyad Bank takes pride in being among the top Saudi organizations with the highest national employment rate of 96%. 28% of them are being women. Riyad Bank provides a comprehensive range of products and services fully compliant with the Islamic Sharia' to meet the needs of both retail and corporate customers, including small and medium-size enterprises. It plays a leading role in various areas of finance and investment around Saudi Arabia, that is why Riyad Bank is distinguished as a leading financier and arranger of syndicated loans in the oil, petrochemicals and most of the Kingdom's mega projects. Riyad Bank offers innovative and remarkable financing solutions through a network of 224 licensed branches, and more than 255,442 POS, in addition to more than 1,830 ATMs well distributed in strategic & carefully selected locations around the Kingdom. Since the global expansion is essential for some of Riyad Bank customers outside the Kingdom, a branch in London and office in Houston (USA) and a Representative Office in Singapore, help in supporting the international banking needs of such customers. Our electronic banking services (web-based and mobile applications) use the latest digital technologies to address the banking needs of our customers with utmost ease, convenience and security. Our Values We Care We Win We are One Team
Yahoo
2 days ago
- Business
- Yahoo
American Express Ranks No. 1 in the J.D. Power U.S. Credit Card Mobile App and Online Satisfaction Studies
NEW YORK, May 29, 2025--(BUSINESS WIRE)--The American Express® App and the American Express (NYSE: AXP) website both rank number one in the J.D. Power 2025 U.S. Credit Card Mobile App and Online Satisfaction Studies. This is the fifth year American Express ranks as the top credit card mobile app in the study, since 2018, and marks the third time American Express ranks as both the top credit card website and mobile app since the inaugural J.D. Power 2019 U.S. Online Credit Card Satisfaction Study. The J.D. Power 2025 U.S. Credit Card Mobile App and Online Satisfaction Studies measure the overall satisfaction thousands of customers have with the digital offerings of their primary credit card issuers. American Express customers who used the mobile app and website rate it highest in all four categories measured by the study, including navigation, visual appeal, speed, and information/content. "For 175 years, American Express' commitment to customer satisfaction has been the cornerstone of our brand. We strive every day to exceed the expectations of our customers at every touchpoint and in everything we do. That's why we continuously innovate to create intuitive, personalized experiences within our mobile app and Card Member website," said Howard Grosfield, Group President, U.S. Consumer Services. "This recognition was made possible by the exceptional talent across our product, design, engineering and analytics teams. Their focus on delighting our customers ensures we deliver world-class digital products that enhance the membership experience." American Express' ongoing focus on improving our customers' digital experiences ensures consistent elevation of the visual appeal, navigation and performance of our website and mobile app. Enhancements over the past year include: Seamless Activation: A simpler and more intuitive way for mobile app and website users to activate their Amex Cards. Improved Look and Feel: A refreshed design system and use of enhanced designs which optimizes the visual appeal of the website. Streamlined Navigation: Introduction of a Customer Overview experience on the website that allows users to quickly see all of their relationships with Amex, improving ease of navigation and access to critical account information. Personalization: Launch of content tailored to the customer such as notifications of unused benefits, recognition of membership anniversaries, and lounge push notifications. We have seen record digital engagement in the U.S. as we continue to enhance the American Express mobile app and website experience, with monthly active users of the mobile app and website rising 8% over the past year1. Customer satisfaction among U.S. consumers extends beyond the mobile app and website with Amex recently ranking No. 1 in customer satisfaction in the J.D. Power 2025 U.S. Consumer Lending Satisfaction Study2. The company also ranked #1 in the J.D. Power 2024 U.S. Small Business Credit Card Satisfaction Study. ABOUT AMERICAN EXPRESS American Express (NYSE: AXP) is a global, premium payments and lifestyle brand powered by technology. Our colleagues around the world back our customers with differentiated products, services and experiences that enrich lives and build business success. Founded in 1850 and headquartered in New York, American Express' brand is built on trust, security, and service, and a rich history of delivering innovation and Membership value for our customers. With a hundred million merchant locations on our global network in over 200 countries and territories, we seek to provide the world's best customer experience every day to a broad range of consumers, small and medium-sized businesses, and large corporations. For more information about American Express, visit and 1 As of March 2025. 2 American Express received the highest score in the J.D. Power 2023-2025 U.S. Consumer Lending Satisfaction Studies, which measure customers' satisfaction with their personal loan provider. Visit for more details. Location: U.S. View source version on Contacts Aziza Johnson; O: 212-225-4886; E: Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Khaleej Times
3 days ago
- Business
- Khaleej Times
From doorstep to destination: The quiet luxury of a credit card that handles it all
Once a simple payment method, the credit card has evolved into something far more dynamic. Today, it serves as a travel companion, a planning tool, and at times, a problem-solver. Among Visa's premium cards, Visa Infinite is designed not just for spending, but for enhancing every step of the traveller's journey. From hotel bookings and car rentals to access to airport lounges and exclusive offers, the Visa Infinite card handles the details that can often slow things down. With built-in protections, it also adds reassurance throughout the journey. The value continues beyond travel. With concierge services, dining benefits, and enhanced security features, Visa Infinite offers practical support for both day-to-day convenience and memorable getaways. It's a credit card built to meet the needs of travelers who want reliability, comfort, and peace of mind – wherever they're going. Visa Infinite goes beyond the definition of a premium credit card. It serves as a gateway to elevated living, supporting everything from once-in-a-lifetime travel to the ease of everyday experiences. Whether facilitating a dream vacation with your family, streamlining a business trip, or enhancing daily routines, the card operates as a discreet yet powerful tool that enriches every aspect of modern life. Travel planning often comes with a long list of logistical challenges. Between coordinating bookings, navigating delays or cancellations, and juggling itineraries, it can quickly become overwhelming. Visa Infinite is designed to remove that friction. It acts as your seamless support system, working behind the scenes to eliminate friction so cardholders can truly enjoy the journey without the usual stress. For those planning a family trip to Disneyland Paris or the Warner Bros. Studio Tour in London, Visa's partnership with BookingBash, the region's first subscription-based e-ticketing platform for global attractions, provides exclusive access and discounts to top destinations. Getting there is not an issue either. Through partnerships with trusted providers such as Avis, SIXT, and GetTransfer, Visa Infinite cardholders receive special offers, enabling travelers to enjoy greater confidence behind the wheel. When it comes to accommodations, the value continues. Visa Infinite cardholders enjoy complimentary rooms and offers through IHG Hotels, and the Visa Luxury Hotel Collection (VLHC), which includes more than 900 handpicked properties around the world. Smarter airports and smoother takeoffs Frequent flyers, business travellers, or spontaneous adventurers alike benefit from Visa Infinite's airport advantages. With access to more than 1,300 airport lounges around the world, cardholders can step away from crowded terminals and relax in comfort. Lounge access is enabled through the Visa Airport Companion digital membership — a single tap opens the door to a more serene travel experience. Goodbye to reaching the airport hours in advance. Cardholders can take advantage of Visa Infinite's partnership with DUBZ, offering discounted home check-in and luggage delivery services for cardholders. That means no more dragging bags through busy terminals, just show up, breeze through, and board with ease. Concierge service that works around the clock Last-minute change in plans? Forgot to make the reservation? Instead of running around, cardholders get the help they need, right when they need it. Visa Infinite's 24/7 concierge service offers assistance when it is needed most, whether for restaurant recommendations, last-minute reservations, special gift arrangements, or travel coordination. Support is available via phone, email, WhatsApp, or through a fully responsive digital concierge portal, giving cardholders flexibility and convenience on the go. This high-touch service ensures that personal needs are met with minimal effort, even in the busiest of schedules. Dining and entertainment made rewarding In partnership with the 'xperience with the ENTERTAINER' app, Visa Infinite cardholders can access a wide array of buy-one-get-one-free offers and discounts across hundreds of retailers in the GCC. These benefits extend beyond dining, covering entertainment venues, spas, wellness treatments, and lifestyle experiences. From fine-dining restaurants and family attractions to luxury pampering and weekend escapes, the program turns everyday outings into elevated, rewarding moments. Security and peace of mind behind every transaction Visa Infinite is founded on the belief that true luxury lies in peace of mind. The card provides a robust suite of protection features designed to function quietly and consistently, offering cardholders a sense of confidence at every stage of their journey. Visa Infinite ensures a high level of security, no matter where cardholders are — at home or abroad — or what they are spending on. Many of its most valuable features work discreetly, supporting and safeguarding daily life without disruption. Among these benefits is comprehensive travel insurance, which covers trip cancellations, medical emergencies, and lost baggage for journeys lasting up to 90 days. Purchase Protection offers reassurance against theft, accidental damage, or non-delivery of eligible items. Extended Warranty coverage doubles the repair period provided by original manufacturers. In addition, Fraudulent Card Misuse Protection helps ensure cardholders are protected in the event of unauthorised transactions. Visa's payment infrastructure is built for both speed, security and worldwide acceptance. Processing nearly 300,000 transactions every minute, Visa applies advanced analytics to each one, evaluating more than 500 unique attributes in real time at every single transaction made at any of Visa's 150 million merchant partners globally. If any irregularities are detected, the system flags them immediately. This allows potential fraud to be addressed without unnecessary disruptions, operating much like a digital security team working around the clock. Underlying all of this is Visa's global commitment to innovation and trust. With more than $10 billion invested in artificial intelligence and cybersecurity, every Visa Infinite transaction is protected by some of the most advanced technology in the world. This constant innovation ensures that financial details remain secure, no matter where or how cardholders choose to spend. More than a card – A lifestyle companion Travel is no longer just about the destination. From the moment plans are made to the moment you return home, Visa Infinite takes the friction out of the process. In a time when convenience matters as much as comfort, and flexibility is as valuable as luxury, Visa Infinite delivers both. Whether you're navigating airports, booking the perfect stay, or simply trying to stay on top of your day, it's a quiet but capable companion that works in the background — so you can stay focused on the moments that matter most. From seamless travel logistics to around-the-clock concierge services and industry-leading security features, Visa Infinite provides cardholders with access to a world that is more efficient, more rewarding, and far more effortless. This is not just a means of payment — it is a passport to a life lived better.
RNZ News
3 days ago
- Business
- RNZ News
Are credit card rewards schemes worth it?
Photo: 123RF Credit card reward schemes are likely to be scaled back further as pressure goes on interchange fees, Consumer NZ says, but most aren't delivering value for many New Zealanders, anyway. On Tuesday, Kiwibank and Air New Zealand announced they were cutting ties and Kiwibank would no longer offer an Airpoints credit card. Kiwibank pointed to increasing regulation of interchange fees, which are the fees paid by the bank that processes a transaction to the card issuer. The Commerce Commission has already introduced new standards to reduce these fees, which led to a reduction in some credit card rewards in 2022. More reductions are expected to be announced soon, to come into force at the end of the year. Consumer NZ said its analysis showed that credit card reward schemes were only benefiting big spenders who used their cards frequently and paid off the balance in full every month. People would generally need to spend $25,000 on their cards over two years, and not pay interest on it, to make a rewards scheme worth the fees that the cards charged. "Low spenders, and those with interest-bearing debt, don't benefit from rewards and are effectively subsidising high spenders. We don't think this is fair so we have supported the regulation of interchange knowing this would likely result in card issuers scaling back rewards programmes, increasing card fees or cancelling schemes altogether," a spokesperson said. "Interchange regulation will also reduce the cost for merchants of accepting card payments. This should, in theory at least, result in lower card payment surcharges for consumers. Unfortunately there's no guarantee these savings will be passed on to consumers though so we have been calling for surcharge regulation for a number of years. The commission is expected to consult on this later in the year." Banking expert Claire Matthews, of Massey University, said it was to be expected that rewards schemes would be pared back as interchange fees reduced. "Although it does depend on the level at which they are capped and how that is split between the parties. However, those fees have been a key source of the revenue to fund the rewards so any reduction can be expected to be passed on."
