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PNC Financial (PNC) Launches Credit Card With Cashback Feature

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The PNC Financial Services Group, Inc. (PNC - Free Report) has launched the PNC Cash Unlimited Visa Signature credit card. The credit card offers simple but valuable rewards with an unlimited 2% cash back on all eligible purchases.

Nate Bacon, head of credit cards at PNC Bank, stated, "The PNC Cash Unlimited Visa Signature credit card is built around the principle of offering competitive, uncomplicated value to our clients."

Customers are entitled to earn 2% cash back on all eligible purchases, without any limits on the amount they can accumulate. The cashback earned has no expiry date, allowing the cardholders to redeem it whenever they like.

During the first year, the card offers a low Introductory annual percentage rate for transfers of balance and eligible purchases. Also, the card does not hold any annual fee or extra charges for foreign transactions.

In case of any cell phone damage or theft, while using the card to pay their monthly bill, customers are eligible to receive up to $800 in protection. Additionally, if the card incurs any unauthorized charges, cardholders won’t be held responsible.

And lastly, cardholders need not activate their bonuses or track spending categories.

Lakhbir Lamba, head of consumer lending at PNC Bank, said, "The launch of the PNC Cash Unlimited Visa Signature credit card represents a pivotal moment for PNC as we continue to evolve our consumer lending product offerings and solutions to align with what our clients truly value."

PNC Financial currently has five different types of credit cards available. These cards each provide a unique set of benefits to its target audience. Adding new products to diversify its product range will likely support its financials in the long run.

Additionally, the bank is actively engaging in growing its retail banking business. In February 2024, the bank announced its plans to invest approximately $1 billion to open more than 100 branches and renovate over 1,200 existing locations by 2028. Such efforts will bolster PNC to expand its footprint into key markets.

Over the past six months, PNC’s shares have gained 30.5% compared with the industry’s 34.6% growth.

Zacks Investment Research
Image Source: Zacks Investment Research

Currently, PNC carries a Zacks Rank #3 (Hold).

Stocks to Consider

Some better-ranked major regional bank stocks are Wells Fargo & Company (WFC - Free Report) and Northern Trust Corporation (NTRS - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

WFC’s earnings estimates for 2024 have been revised 4.8% upward in the past month. Shares of Wells Fargo have jumped 49.7% over the past six months.

NTRS’ earnings estimates for 2024 have been revised 4.9% upward in the past month. Shares of Northern Trust have gained 21.1% over the past six months.

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