Webster Bank Rewards Visa Credit Card offers an introductory rate on balance transfers in combination with some attractive rewards. While the bank isn’t a household name among credit card issuing banks, this offer is compelling, particularly if you haven’t been able to qualify for a card with a zero interest offer with a longer-term.
The Introductory Offer from Webster Bank Rewards Visa
The rewards package is a winner from the start. You will earn a $25 cash-back bonus after your first purchase (though it will take 6 to 8 weeks after the purchase). That will certainly make you feel good about participating in this offer very early in the process. Many credit cards are offering similar arrangements, but you generally have to spend several hundred (or even several thousand) dollars before you will receive a bonus of any kind.
After that, you will earn one point for every dollar that you spend. But that’s not all.
You will get a bonus of 25% added to the points that you earn each month as a result of your purchase activity. So if you earn 100 points, Webster Bank will bump that up to 125 points as a bonus. This is another area where the Webster Bank offer exceeds what is commonly being offered on rewards points by other banks.
In addition to the rewards points, the card has a 0% introductory rate for the first six billing cycles. And that applies to both balance transfers and purchases (but not to cash advances). Once the introductory rate period expires, an APR of between 9.99% and 20.99%, depending upon your credit worthiness, will apply on your outstanding balance going forward.
What Makes Webster Bank Rewards Visa Worth Having
We’ve already discussed the $25 cash-back bonus that you get with your first purchase, as well as the 25% reward points bonus. We’ve also discussed that the reward point program in general is more generous than it is with most other cards in that it doesn’t require you to reach certain purchase targets. But Webster Bank Rewards Visa offers other advantages as well.
There is no limit on the reward and bonus points you can earn. Many credit card rewards programs put a limit on how many points you can earn, or on the timeframe in which you can earn them. There are no such limits with Webster Bank Rewards Visa.
Bonus points can be redeemed as cash. This benefit is huge. Many, probably most, credit cards that offer bonus points allow them only for the purchase of the issuer’s own products or services, or require that they are redeemable for certain gifts that you may have no interest in whatsoever. Webster Bank Rewards Visa will allow you to redeem your bonus points as cash, which can be deposited into your checking or savings account.
You also have the option to use your bonus points to:
- Apply them as a statement credit on your card account.
- Redeem them as gift cards.
- Purchase select merchandise.
- Use for travel, including hotels, car rentals and air travel with no blackout dates.
That’s a lot of nice redemption options that you won’t get with most other cards.
There is no annual fee. There’s nothing worse than signing up for a credit card rewards program where you have to give back all or a large percentage of the rewards through an annual fee. That won’t happen with Webster Bank Rewards Visa.
Auto rental collision damage waiver. There was a time when this protection was practically standard issue with credit cards, but many card issuers have gotten away from it. But the protection is there with the Webster Bank Rewards Visa, and it will dramatically lower the cost of paying for a car rental, given the cost that the collision damage waiver is sometimes even more costly than the base car rental rate.
Zero fraud liability for unauthorized transactions. As long as you report a fraudulent transaction soon after it occurs, you won’t be held liable to pay for it.
Some Things to Be Aware of with the Webster Bank Rewards Visa Card
There is probably no such thing as a perfect rewards credit card, and that’s true of the Webster Bank Rewards Visa. I’m highlighting some of the conditions with the card that you may want to consider, though some of them are hardly deal breakers.
Balance transfer fees. Webster Bank charges a fee of 3% of the amount of the balance transfer, subject to a $5 minimum.
Short 0% period. The interest-free period on the card is six months. On many other cards with 0% offers, the interest-free period runs to 12 months, and a few will go as long as 18. (Though such card issuers will usually recover the more generous intro period with higher interest rates later on.)
The points expire after five years. The clock starts running on your points from the end of the quarter in which the points were earned. If you’re in the habit of redeeming your rewards points quickly, this is a complete non-issue. But if you like to save up the points for a major purchase – that will require saving points for more than five years – this may not be the best card offer for you.
Despite these limitations – and recognizing that all rewards cards offers also impose limitations – Webster Bank Rewards Visa has a solid package to offer. The combination of 25% bonus points, no annual fee, unlimited rewards points, and wide open redemption options on those points – as well as the auto rental collision damage waiver and zero fraud liability features – make this an offer well worth looking into.
If you like what you’ve read here, check out the Webster Bank Rewards Visa and give it a try.