The PNC Financial Services Group, Inc. (PNC) recently launched two new credit cards with special travel benefits. The particular credit cards – PNC Premier Traveler & PNC Premier Traveler Reserve – were made available in the market from Aug 19.
PNC Premier Traveler comes with an annual fee of $95 and entitles customers to a mile for every dollar spent, one discounted companion airline ticket every year, and bonus miles. PNC Premier Traveler Reserve comes with an annual fee of $395 and rewards its holders with two miles per dollar spent, two discounted companion airline tickets every year, $200 in airline incidentals reimbursement each year, and an anniversary bonus of 15,000 miles with $50,000 in annual qualifying purchases.
Further, these Visa Signature credit cards offer additional benefits like zero international transaction fees, concierge support for various travel issues and monthly bonuses. PNC Financial’s recent launches will enhance its card services and cater to a wider variety of client requirements.
Notably, after the Durbin Amendment rationalized the debit card interchange fees, issuing credit cards has become a lucrative option for banks such as PNC Financial to boost their interest and non-interest income. In the recent past, Bank of America Corporation (BAC) also launched credits cards with various exclusive benefits, making them an attractive choice for customers.
Although the new credit cards will help in increasing PNC Financial’s market share, it has to face stiff competition in the constantly expanding travel credit card market.
Currently, PNC Financial carries a Zacks Rank #2 (Buy). Other banks worth considering include BankUnited, Inc. (BKU) with a Zacks Rank #1 (Strong Buy) and Citigroup, Inc. (C) with a Zacks Rank #2.
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