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Last updated on March 11th, 2021
- No annual fee
- Earn 3% cash back on gas purchases
- Earn 2% cash back on grocery purchases
- Earn 1% cash back on everything else
- Regular Purchase APR: 16.24% variable based on the Prime Rate
- Cash Advance APR: 18%
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Penalty APR: 18%
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
At a Glance
The First Hawaiian Bank Cash Rewards Credit Card earns cardholders 3% cash back on gas purchases. Cardholders also earn 2% cash back on groceries and 1% on all other purchases. Your cash back appears on your account automatically each month. What’s more, this card features no annual fee.
Ideal for Those Who:
- Don’t want to pay an annual fee
- Want to earn cash back on their purchases
- Spend the most on gas purchases
- Spend a lot of money on groceries
First Hawaiian Bank Cash Rewards Credit Card Review
The Cash Rewards Credit Card from First Hawaiian Bank earns cardholders 3% cash back when they use their card to purchase gas. Cardholders also receive 2% cash back on grocery purchases and 1% cash back on everything else they purchase. What’s great about this card is that your rewards truly are unlimited. This means there are no earning caps, and you cash back rewards never expire. For a credit card with no annual fee, this is quite an attractive feature.
Other than that, this credit card is pretty sparse when it comes to benefits. It doesn’t offer any introductory APR promotions or access to special perks like some of First Hawaiian’s other credit cards. However, this is one of the highest earning First Hawaiian Bank credit cards for people who don’t travel as often. The two other high-point cards are both geared towards travel rewards. The other general rewards card only offers one point for every dollar you spend. As such, the Cash Rewards Card may be an ideal credit card for the average consumer. Keep reading to discover more details about this credit card and determine whether it’s right for you.
How Cash Rewards Work
The First Hawaiian Bank Cash Rewards Credit Card functions a little differently than some other cash back credit cards. Many cash back cards may award you credits, and it’s your responsibility to redeem those credits for cash back. Additionally, these cards may give you the option to redeem your rewards for either a cash deposit or statement credit.
This First Hawaiian credit card has a much more streamlined process. At the end of each monthly billing cycle, First Hawaiian bank calculates your net purchases. Net purchases are anything you have purchased minus any credits. For example, if you spent $100 with your card and received a $10 refund, your net purchases total $90. First Hawaiian will then automatically convert your cash back to a statement credit. This means that whatever you earned in rewards will be deducted from your credit card balance. This can greatly simplify the rewards earning process for many cardholders.
This can be very appealing to consumers who don’t want the hassle of having to manually redeem points. What’s more, many credit cards that give customers options for how they receive cash back may make you wait several days (or even weeks) before you see the funds in your account. With the Cash Rewards Credit Card, you don’t have to think about claiming what you’ve earned.
Earning Cash Back
The First Hawaiian Bank Cash Rewards Credit Card earns you the most cash back when you use your card to purchase gas. You earn 3% cash back on gas purchases. If you use your car frequently, this perk can earn you a lot of cash back. It’s almost like getting a 3% rebate from your gas purchases. An average driver can earn over $5 each month on their gas purchases. If you use your credit card to pay for your family members’ gas, you can earn several times this amount.
Additionally, cardholders can earn 2% cash back on grocery purchases. Hawaii has some of the highest food costs in the United States, and families can spend over $1,000 a month on groceries. This means that you may end up earning more on groceries even though the cash back rate is less than with gas purchases. For example, you can earn around $20 a month on your grocery bills. All your other purchases will earn you 1% cash back. This is the baseline rewards rate that most credit cards follow, so it’s not like First Hawaiian is shortchanging you. In fact, almost all of First Hawaiian’s other rewards cards offer a similar rate for miscellaneous purchases.
Be Careful Where You Shop
One of the drawbacks to the First Hawaiian Bank Cash Rewards Credit Card is that you’re limited to where you can purchase gas and groceries if you want to earn higher cash back rates. Some other credit cards only look at the category of the item that you are purchasing to determine if your purchase qualifies for rewards. The First Hawaiian Cash Rewards Card, however, takes into account the type of business where you made the purchase. Now, this may not affect how you earn points the majority of times you fill your tank or shopping cart.
However, you may be shocked to find that certain purchases didn’t earn you the cash back you hoped for. In order to earn 3% back on gas purchases, you must purchase your gas at a gas station. A similar rule applies to earning 2% back on grocery purchases. You must purchase groceries at a supermarket. While many consumers purchase gas and groceries at these types of businesses, not everyone does. For instance, you may not be able to earn 3% cash back if you purchase your gas at a grocery store or wholesale club. Additionally, buying food from a convenience store or even a farmer’s market may not qualify you for 2% cash back.
Should You Apply for the First Hawaiian Bank Cash Rewards Credit Card?
First Hawaiian Bank primarily serves residents of the state of Hawaii and some US Pacific territories (like Guam). As such, you may have difficulty accessing services if you live elsewhere. If you do live in Hawaii, this may be a good credit card if you want to earn rewards without having to fiddle with points. However, this card appears to place more restrictions on how you can earn and receive rewards than First Hawaiian’s other credit cards. If you want more flexibility with how you earn and redeem your rewards, you may want to consider another First Hawaiian Bank credit card. Alternatively, you may want to check out some other rewards cards from different banks if you want to earn extra rewards on gas purchases.