US-based Citizens Bank has introduced a new credit card that offers 1.8% cash back and will have no limit to how much cash back a customer can earn.
The Citizens Bank Cash Back Plus World Mastercard comes with zero annual fee and no foreign transaction fees.
The credit card also offers low intro APR on balance transfers and zero liability protection from unauthorised purchases.
Citizens Bank head of consumer deposits and lending Brendan Coughlin said: “We are very excited to introduce this enhanced card, which dramatically increases the cash rewards going back into the hands of our customers.
“The rewards are unlimited. And it will offer our customers one of the best cash back rates available.”
Data from the TSYS US Consumer Payment Study revealed an increase in the proportion of consumers with a rewards programme linked to their most-used credit card, from 58% in 2015 to 75% in 2017.
The study also found that 78% of customers prefer credit card with a cash back reward, which was further confirmed in a JD Power survey that showed high overall consumer satisfaction with cards having cash-back rewards programmes.
Coughlin added: “Consumers demand simple banking experiences and financial products that are easy to understand and use. This card was designed with precisely that in mind.”