BOSTON – Santander Bank has launched a new credit card, dubbed the “Ultimate Cash Back Credit Card,” offering 1.5 percent cash back on all transactions.
The new credit card, announced last week, will rival rewards programs offered by other financial institutions that are growing in popularity. The 1.5 percent cash back is good for all purchases, and the bank boasts no caps and no annual or transactions fees.
“The [card] is the most straightforward card on the market,” said Ravi Acharya, head of consumer lending and innovation at the bank. “With easy-to-understand rewards and no surprise restrictions buried in fine print, whether cardholders are dining out, gassing up the car, buying groceries or making any number of routine purchases, big or small, they will get 1.5 [percent] of their money back without paying any hidden fees.”
Rewards-based credit cards are becoming ever-more prevalent at large-sized financial institutions. The Santander rewards offering is similar to other such cards as the BankAmericard Cash Rewards card by Bank of America, which offers varying levels of cash back on different types of purchases, and Capital One Venture, a Capital One credit card that incentivizes purchases with credits toward travel costs.
The Ultimate Cash Back card also offers a $100 cash back bonus if users spend $500 on new purchases within the first 90 days of activating the card. The card carries no annual credit card fee, no foreign transaction fee, no balance transfer fee, no cash advance fee and no returned payment fee.
“We designed the Ultimate Cash Back credit card to take the guessing out of cash back rewards,” Acharya said. “Consumer research tells us credit card users want a flexible, easy-to-use credit card that doesn’t nickel and dime them with unnecessary fees and ensures they’re going to earn money back on their purchases.”
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or you can follow him on Twitter @Eli_Sherman.
