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Last updated on December 22nd, 2020
NYCB 2% Cash Back Visa® Card
Earn Unlimited 2% Cash Back
- Regular Purchase APR 20.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 20.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 25.24% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Processing Network Visa
- No annual fee
- Automatically redeem your rewards into your checking or savings account with ACH Deposit
- Cash back rewards earned are good for 3 years before they expire
- Regular Purchase APR: 20.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 20.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 25.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each cash advance, whichever is greater
- 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 $35
At a Glance
The NYCB 2% Cash Back Visa Card is a cash back rewards credit card that lives up to its name. The card earns 2% cash back (or 2X points) on every purchase, with reward options including statement credits, deposits to external bank accounts via ACH payments, or for merchandise or travel through the BucksBack Rewards program. The card has a higher-than-average typical APR on purchases and balance transfers but features no annual fee.
Ideal for Those Who:
- Prefer their rewards as cash back or statement credits
- Want their rewards transferred to an external bank account
- Don’t plan on carrying a balance due to the high typical APR
- Don’t want to pay an annual fee
NYCB 2% Cash Back Visa Card Review
The 2% Cash Back Visa from New York Community Bank is an impressive cash back credit card that serves New York residents well.
How to Earn Cash Back
The NYCB 2% Cash Back Visa states it earns 2% back on all purchases. This claim, however, is a little wide of the mark. The card actually earns double points (2X) for every dollar spent on purchases, which has an equivalent value of 2% cash back.
The points earned are applicable towards the BucksBack Rewards Program, with no limit on the total number of points an account can amass. The only real limitation on points is that they expire three years after they are acquired.
The 2% back (or 2X points if you prefer) on every purchase makes this card a competitor to the Citi Double Cash Card, which earns 1% back when purchasing and an additional 1% back when paying off the balance for that purchase.
How to Redeem Cash Back or Points
Points with the NYCB Cash Back Card are redeemable through the BucksBack Rewards Program, which is the default reward plan for First Bankcard products (who issue NYCB credit cards). Points have a cash value of $0.10 per point (ten cents), which is the rate for cash back. One hundred points, for example, equals $10 in cash back.
Cash back rewards are available in 2,500-point increments, with three choices of redemption:
- Statement credits to the NYCB 2% Cash Back Card account
- ACH electronic deposits to any checking or savings account (NYCB or another bank)
- A check mailed to the address of the account holder
If a cardmember doesn’t want their rewards as cash back, the program offers several other options for awards, though the precise value of points when redeeming will vary depending on the real cash equivalent value of the redemption option. The program offers the typical rewards, including gift certificates and merchandise from leading brands or retailers, plus airfare, hotels, and other travel rewards.
Other Card Features
Like all Visa credit card products, New York Community Bank Cards comes with an array of perks and protections designed to take some of the worries out of using the NYCB 2% Back Card. Cardholders can expect protections such as Zero Fraud Liability coverage, emergency card replacement, and emergency cash disbursement. When traveling, Visa offers Auto Rental Collision Damage Waivers that provide additional coverage if a rental car is damaged or stolen, plus pay-per-use Roadside Dispatch.
How Does the NYCB 2% CASH Back Stack Up to the Citi Double Cash?
As mentioned, the NYCB Cash Back Card earns the same 2% back rate as the Citi Double Cash Card. Similarly, both give the best redemptions as cash back awards, though Citi limits the redemption to Citi accounts (such as mortgages and student loans). NYCB, on the other hand, allows holders to transfer their rewards to different accounts through ACH payments, or as a physical check.
It is the regular interest rates, however, where the differences become more apparent. The NYCB Card has a regular APR that starts around 20% and only goes up from there. Citi, conversely, has a starting-point APR on purchases and balance transfers that is very competitive – starting at approximately 15%. The Citi Card also comes with an introductory 0% intro APR on balance transfers.
While the APR only matters if you plan on carrying a balance, if you fall into that category and have an excellent credit score, the Citi Double Cash offers interest rates that significantly beat New York Community Bank’s efforts. If this isn’t an issue, and there’s no plan to finance a purchase, then there’s no need for worry.
Should You Apply for the NYCB 2% Cash Back Visa Card?
The 2% Cash Back Visa from New York Community Bank is an exciting proposition for those who want the rewards of a cash back card from a larger issuer but without the trappings or impersonal customer service that often entails.
Earning 2% back is always a nice feature – hence the popularity of Citi’s Double Cash Card. While the “cash back” with NYCB Visa is really rewards points, statement credits and deposits offer the best value in terms of redemptions, so it is a genuine cash back card in essence.
Given the obvious similarities to the Double Cash, its impossible not to compare both cards side by side, in which the NYCB version performs admirably. Sure, the card doesn’t have a 0% intro APR period or a low APR at all, but if a balance transfer or low APR is what you want there are plenty of better options available. For those that pan to pay their entire balance every month and want a no-fuss credit card that earns a great cash back rate on every purchase, there isn’t a whole lot to complain about with the NYCB Cash Back Visa.