PNC Bank is continuing the expansion of its credit card portfolio with the addition of the $0-annual-fee PNC Spend Wise Visa card, which debuts a year after the bank brought its PNC Cash Unlimited Card to market. The Spend Wise card’s main attraction is its Purchase APR Reduction Program, which can lower cardholders’ interest rate by 2% every 12 billing cycles.
To qualify for a lower purchase APR, you must spend at least $3,000 on the Spend Wise card over 12 billing cycles and submit at least the minimum payment by the due date. Interest rates can’t be reduced below 8.74%. Note, though, that the APR reduction feature only matters if you carry a balance on your credit cards. You’ll never pay interest if you pay off your credit card in full every month.
The Spend Wise card doesn't have a welcome offer, nor does it earn ongoing rewards, although it does feature the following additional perks:
A 0% intro APR on purchases and balance transfers for the first 18 months following account opening. Balances must be transferred within the first 90 days of account opening to apply for the promotional rate. A 4% balance transfer fee applies.
$25 annual subscription credit for Spotify, Netflix and Disney+.
Cell phone insurance up to $800. (PNC Bank allows two claims in a 12-month period, and a $50 deductible applies for each claim.)
Price protection up to $1,000 per eligible item if it is advertised for a lower amount within 60 days of purchase.
Porch piracy protection up to $10,000 per claim if an eligible item is stolen within 90 days of purchase.
You have to be an existing PNC customer to apply for the Spend Wise card, which you can do in a physical bank branch, online or in PNC’s mobile app. To become a PNC customer, you must apply at a PNC branch. However, as of this writing, PNC has branches in only 27 states and the District of Columbia.
If you live outside of PNC’s footprint but you’re interested in the Spend Wise card, consider the Chase Slate Edge℠. Like the Spend Wise, it allows cardholders to lower their interest rate by 2% after making enough on-time payments, but the Chase card has a lower spending requirement ($1,000) to qualify for the APR reduction. Terms apply.
Information related to the Chase Slate Edge℠ has been collected by NerdWallet and has not been reviewed or provided by the issuer of this card.
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