Consumer Payment Card News

The Savings VISA Card

Build up a mutual fund account or obtain free life insurance with credit card rewards? It is now possible with a new VISA card from Principal Bank, a unit of the Principal Financial Group. The ‘Principal Bank VISA’ credit card enables cardholders to earn cash rewards and then apply them towards various financial products from the Principal Financial Group. The ‘Principal Classic VISA’ card offers a 0.75% cash reward on all purchases while the ‘Principal Platinum VISA’ offers a 1.25% cash reward on all purchases. Redemption options include mutual funds; deposit accounts; variable annuity contracts; variable life policies; and loans. Principal is offering the card with a prime +6% interest rate and no-annual-fee. Principal Bank also offers services including free electronic bill pay; free Internet access to accounts; free checking and savings accounts; no ATM fees; and no transaction fees. Principal Bank is one of a new breed of banks called virtual banks. Call 800-986-3343 for more information.

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