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Huntington (HBAN) Launches Cashback Credit Card For Cash Rewards

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Huntington Bancshares (HBAN - Free Report) recently launched a new cashback credit card that will make earning and redeeming cash rewards easier for its customers. The new credit card is an addition to the company’s already existing consumer credit card lineup.

Huntington’s customers are eligible for 1.5% cashback on every purchase, with no limitations. The rewards can be easily redeemed and an automatic monthly statement of credits is also available.

The new card reflects the bank’s “Fair Play Banking” philosophy, launched to look out for customer’s financial health. The card has no annual fees or fees on foreign transactions. Further, the rewards do not expire and there is no minimum redemption amount when enrolled in automatic monthly statement credits. It also provides access to Mastercard World Elite cardholder benefits. The cardholders are eligible for an extra day to pay if a payment is missed, through its late fee grace policy.

Huntington’s card comes with various security features, including account and fraud alerts, access to digital wallet and contactless payment facility. The card can also be locked and unlocked through the mobile app and online banking to stop anyone from making fraudulent transactions.

These facilities give Huntington’s customers another option when selecting a credit card according to their unique credit needs and reward preferences. The increased usage of the new cashback credit card is expected to boost its consumer and business banking segment, along with its card and payment processing income, thereby increasing fee income.

The reopening of the economy, post the pandemic has increased consumer spending, which is helping several banks boost their fee income on card spending. Over the past few months, several finance companies, including Synovus Financial Corp. (SNV - Free Report) and U.S. Bancorp (USB - Free Report) , have taken similar steps and launched new credit card facilities.

SNV, this January, joined forces with Visa (V - Free Report) to enhance its commercial credit card portfolio with a mobile virtual commercial credit card solution.
Through the new offering, businesses can instantly generate and send virtual Visa credit cards. The offering is likely to ease the management of corporate card usage.

USB, also in January, expanded the rewards on its business and consumer credit cards. Cardholders who received rewards only for gas station purchases earlier, are now also entitled to rewards on electric vehicle charging transactions.