Are you looking for a credit card that maximizes cash rewards by using it for grocery, dining, and gas purchases? There is just a card for those who don’t spend more than $8,000 per year on these items. In this PNC Cash Rewards Visa Credit Card review, I’ll list all its details to help you see if it is the right card for you.
The PNC Cash Rewards Visa Credit Card can earn you 4% cash back on gas purchases, 2% cashback on groceries, and 3% on restaurant purchases. You can also earn unlimited cash backs with this credit card. And it does not charge any annual fee.
These cash backs can be yours if you reach a combined total of $8,000 for all these three purchase categories in your first year and every year after that. So, if you are a low spender in these categories, this is the ideal card for you.
Read on to learn more about the PNC Cash Rewards Visa Credit Card, its features, benefits, rates, and fees, requirements, and its pros and cons so that you’ll be able to see if it really the one that you need.
About the PNC Cash Rewards Visa Credit Card
Like other credit cards, cashback rewards are one of the main come-ons of the PNC Cash Rewards Visa Credit Card. But its cashback system appears to be more beneficial if you are a low spender. Using this card in your purchases allows you to earn:
- 2% cashback on grocery purchases,
- 3% on your dining out bills, and
- 4% on gas station purchases.
You will be eligible for these cashback rates if your combined purchases per year for all these three categories reach $8,000. So, if you are a low spender in these categories, this card is worth your consideration. Once you go over this, your cashback rate will be 1%.
Based on the $8,000 cap, your total expenses will be around $666 per month. This is quite low compared to the expenditures of the average American family in these categories. The expenditures of the average American family per month are $250 on gas, $387 on groceries, and $232 on restaurants. That will bring up a total of $869 per month.
This PNC credit card offers unlimited cash back on different purchase categories. Its main benefit is to maximize cash backs in buying groceries, fuel for vehicles, and restaurant purchases. It also does not charge any annual fee to its cardholders.
Key Features of the PNC Cash Rewards Visa Credit Card
To determine if this cash rewards credit card will improve your financial state, you need to look at its main features. The key features of this credit card are the following:
1. Varying Cash Back Rates
The PNC Cash Rewards Visa Credit Card implements different cashback rates for your purchases.
- 4% cash back for at the pump and in-store gas station purchases
- 3% cash back for dining or food spending at restaurants, including fast food
- 2% cash back for purchases of grocery items
- 1% cash back on all other purchases
To earn the 4%, 3%, and 2% cash backs on the respective spending, your total combined amount per year should not exceed $8,000. Once you go over this limit, your cashback rate will drop down to just 1%.
2. Save with the Lowest APR
This credit offers 0% introductory APR on balance transfers for your first 12 billing cycles. This is reckoned after you have opened your PNC credit card account and when you have transferred the balance within the first 90 days of your account opening.
3. Options to Redeem Rewards
This credit card allows you to choose different ways of redeeming your rewards. You are given three options:
- Redeem your cash back by depositing the amount into a PNC account
- Claim your cash back as a statement credit into a PNC account
- Redeem any time once you have accumulated $25 in your PNC Cash Rewards account
You are advised to keep your PNC account active. Your cashback rewards will not expire as long as your account is active.
4. Zero Annual Fee
You can enjoy the perks of a PNC Cash Rewards Visa Credit Card for free every year because the issuer, Visa, does not charge any annual fee for the use of this credit card.
5. Dedicated U.S.-Based Customer Service
Whenever you call for help, you will be assisted by a customer service rep based in the United States, not by someone, somewhere in another faraway country on this planet.
6. No Liability Protection
If you lose your credit card or it’s stolen, and someone withdrew your funds without your authority, PNC will promptly replace your money. But you need to report the incident right after you become aware of the fraud.
7. PNC Security and Privacy
PNC has deployed a security and privacy system that features built-in fraud protection. This ensures the safety of your personal information. You can have peace of mind that your account is safe and secure.
Benefits of the PNC Cash Rewards Visa Credit Card
This cash rewards credit card offers tons of benefits. But some of the benefits stand out from the others. Here are the main benefits of using a PNC Cash Rewards Visa Credit Card:
1. High Rewards for the Most Common Purchases
One of the main benefits of this PNC credit card is that it gives substantial rewards to the most commonly purchased items such as groceries, gas, and restaurant purchases. The cashback percentages of the most purchased items are graduated according to different categories that range from 2% to 4%.
2. Zero Introductory APR
For the first 12 billing cycles, the intro APR of this credit card on balance transfers is 0%. The period is reckoned from the day you have opened your PNC credit card account and when you have transferred the balance within 90 days from your account opening.
After this period, you will have a regular APR that ranges from 13.99 % to 24.99% variable.
3. Unlimited Cash Back
After you have gone over the cap of $8,000 per year, all your other purchases will earn 1% cashback. This is unlimited cashback that you can earn the rest of the year after your purchases exceed the threshold amount.
4. PNC Virtual Wallet
This PNC credit card comes with a virtual wallet which is a mobile feature for its cardholders. It is an app that you can use to do the following:
- Access your rewards center,
- Balance your budget, deposit checks,
- Check your credit score,
- Pay your credit cards,
- Track and transfer money, and
- Schedule payments.
This is an outstanding benefit for PNC credit card holders because it makes trips to physical banks unnecessary. With this virtual wallet, you can make financial transactions through your mobile app.
Again, what does the PNC Cash Rewards Visa Credit Card offer? With the PNC Cash Rewards Visa Credit Card, you can earn 4% cash back on gas purchases, 2% cashback on groceries, and 3% on restaurant purchases. Apart from this, you can also earn unlimited cash backs without having to pay an annual fee.
Rates of the PNC Cash Rewards Visa Credit Card
Here is a table that will clearly show the prevailing rates followed by the PNC Cash Rewards Visa Credit Card:
|Introductory Offer||0% APR for every balance transfer during the first 12 billing cycles after account opening if a balance transfer is done within the first 90 days from account opening.|
|Regular APR for Purchase and Balance Transfer||13.99% to 24.99% (depends on creditworthiness); Actual APR varies with the market’s prime rate|
|Cash Advance APR||24.99%, also varies with the market’s prime rate|
|Penalty APR||28.99%, also varies with the market’s prime rate|
Fees of the PNC Cash Rewards Visa Credit Card
The table below shows the penalties associated with the use of this cash rewards credit card:
|Balance Transfers||$5 or 3% Intro balance transfer fee, whichever is higher, of the balance transfer amount, during the first 90 days from account opening. Thereafter, the $5 or 4% balance transfer fee, whichever is higher, is the balance transfer amount.|
|Foreign Transactions||3% of every transaction, in US dollars|
|Cash Advances||$10 or 5%, whichever is higher, of the cash advance amount.|
|Returned Payment||Up to $38|
|Late Payment||Up to $38|
Requirements of the PNC Cash Rewards Visa Credit Card
What are the things you need to satisfy to be approved for a PNC Cash Rewards Visa Credit Card?
- Your credit score should be good to excellent. This means it should be no less than 670. Higher will be better.
- You must be a U.S. citizen
- Must be at least 18 years old at the time of application
- You need to supply the following personal information: Full name, date of birth, physical address and contact information, SS number, monthly rent or mortgage, employment info and annual income.
- If approved, you will get your card in 7 to 10 business days.
How to Earn Rewards with the PNC Cash Rewards Visa Credit Card
The total cashback you can get from your purchases is subject to the annual combined cap of $8,000. Here are the specific ways you can earn cashback rewards with your PNC cash rewards credit card:
1. 4% Cash Back
You can earn cashback at this rate for purchases that you make from businesses with Merchant Category Codes for gas stations (at the pump or in-store). This is governed by the annual combined cap of $8,000.
2. 3% Cash Back
You can earn cashback at this rate for purchases you make from businesses with Merchant Category Codes for full-service restaurants, fast-food restaurants, cafeterias, and cafes. This is governed by the annual combined cap of $8,000.
3. 2% Cash Back
You can earn cashback at this rate for purchases you make from businesses with Merchant Category Codes for grocery stores. Drugstores, convenience stores, superstores, and warehouse clubs, are not included. This cashback is governed by the annual combined cap of $8,000.
4. 1% Cash Back
You can earn 1% cashback on all your other purchases that do not fall in the 4%, 3%, and 2% categories.
Note: After your combined purchases in cash backs of 4%, 3%, and 2% have reached $8,000, your cashback rate will drop down to 1% up to your next anniversary date. This annual cap resets every year on your anniversary date.
How to Redeem Rewards with the PNC Cash Rewards Visa Credit Card
There are three ways you can redeem your rewards:
- At the Rewards Center of PNC’s online banking site which is pnc.com
- You can call the customer service number which can be found at the back of your credit card.
- You can use other redemption methods that PNC offers.
To redeem your cashback, your PNC credit account must be active.
Rules that Govern Cash Back Redemption
- You can redeem your reward as monetary credit to your account up to the maximum available amount of your cash back.
- When you redeem for a deposit, you must have at least $25 in cash back.
- NPC will reflect the monetary credit or deposit to your account within 7 business days after receiving your valid request for redemption.
- If you have a joint account, you must request the deposit or the monetary credit to be made in the name of the joint owners of the account.
- NPC may, in its own discretion, allow you to redeem cash back for monetary credit or a deposit to your other PNC accounts or any one of its affiliates. Such redemptions will still be subject to the limitations that NPC has set.
Pros and Cons of the PNC Cash Rewards Visa Credit Card
To complete my review of the PNC Cash Rewards Visa Credit Card, I will briefly discuss its pros and cons:
- $0 annual fee
- Cash back rates on grocery, gas, and dining purchases are competitive.
- High rate of 4% cash back for the most common purchase category
- Welcome bonus is not very competitive
- Low annual cap on the most popular rewards rates
- Options of redemption are limited
Conclusion: PNC Cash Rewards Visa Credit Card
The PNC Cash Rewards Visa Credit Card is your ideal credit card if your spending on gas, restaurant, and groceries is not that high. This cash rewards credit card can earn you:
- 4% cash back on gas purchases,
- 3% on restaurant purchases, and
- 2% cashback on groceries.
You can earn these cashback rates if your spending per year on all these three categories does not exceed $8,000. That is the reason why this credit card is great for low spenders. This card aims to enable you to maximize your cashback rewards. That’s why it’s worth your consideration.