Harris Teeter Rewards World Elite Mastercard® from US Bank Review

When it comes to choosing a credit card, the Harris Teeter Rewards World Elite Mastercard® from US Bank stands out for several reasons. This card offers a blend of high cash back rates on specific categories, no annual fee, and a generous sign-up bonus. But is it the right card for you? In this comprehensive review, we’ll delve into every aspect of the Harris Teeter Rewards World Elite Mastercard® to help you make an informed decision.

Harris Teeter Rewards World Elite Mastercard® Review

The Harris Teeter Rewards World Elite Mastercard® from US Bank is a compelling option for those who frequently shop at Kroger’s Family of Brands and use mobile wallets for their purchases. This card offers a rich rewards program that can be a game-changer for maximizing your cash back. Let’s break down the key features and benefits of this card.

Cashback Structure

The Harris Teeter Rewards World Elite Mastercard® boasts an attractive cashback structure designed to reward cardholders for everyday purchases. Here are the details:
– 5% Cash Back on Mobile Wallet Purchases: For the first $3,000 spent per year, you earn 5% cash back when using mobile wallets such as Apple Pay, Google Pay, or Samsung Pay. After reaching the $3,000 cap, you continue to earn 1% cash back on mobile wallet purchases.
– 3% Cash Back on Dining and Fuel: You earn 3% cash back on dining and fuel purchases for the first $6,000 spent per year. After exceeding this threshold, you earn 1% cash back in these categories.
– 2% Cash Back at Kroger’s Family of Brands: This includes in-store purchases at any of Kroger’s affiliated stores, enabling you to earn 2% cash back regularly.
– 1% Cash Back on All Other Purchases: For any other purchases, you earn a straightforward 1% cash back.

Sign-Up Bonus

One of the most attractive features of this card is the sign-up bonus. New cardholders can earn a $100 statement credit after spending $500 on eligible purchases within the first 90 days of account opening. This bonus can be a quick and easy way to offset some of your initial expenses.

Interest Rates and Fees

Understanding the interest rates and fees associated with a credit card is crucial. Here’s a breakdown for the Harris Teeter Rewards World Elite Mastercard®:
– Purchase APR: 19.24% – 29.99% Variable, depending on your creditworthiness.
– Balance Transfer APR: 19.24% – 29.99% Variable.
– APR for Cash Advances: 29.99% Variable.
– Annual Fee: $0.
– Balance Transfer Fee: Either 4% of the amount of each transfer or $10 minimum, whichever is greater.
– Cash Advance Fee: Either 5% of the amount of each advance or $10 minimum, whichever is greater.
– Late Payment Fee: Up to $41.
– Returned Payment Fee: Up to $41.

Credit Score Requirement

To be eligible for the Harris Teeter Rewards World Elite Mastercard®, you generally need a good credit score, typically ranging from 670 to 739. If your credit score falls within this range, you stand a good chance of being approved for this card.

Harris Teeter Rewards World Elite Mastercard® Key Takeaways

– High Cashback Rates: Earn up to 5% cash back on mobile wallet purchases, 3% on dining and fuel, 2% at Kroger’s Family of Brands, and 1% on other purchases.
– No Annual Fee: Enjoy all these benefits without any annual fee.
– Generous Sign-Up Bonus: Earn a $100 statement credit after spending $500 within the first 90 days.
– Variable APR: The card comes with a variable APR ranging from 19.24% to 29.99%, which is relatively high, so it’s essential to pay off your balance in full each month.
– Good Credit Required: You’ll need a good credit score to qualify for this card.

Harris Teeter Rewards World Elite Mastercard® Pros and Cons

Pros

1. No Annual Fee: One of the most significant advantages is that there is no annual fee, making it a cost-effective option for earning cash back.
2. High Cashback Rates: The card offers up to 5% cash back on mobile wallet purchases and 3% on dining and fuel, which are among the highest rates available.
3. Sign-Up Bonus: The $100 statement credit after spending $500 in the first 90 days is a generous incentive.
4. No Foreign Transaction Fees: This feature makes it a good option for international travelers.
5. Flexible Cashback Categories: The diverse range of cashback categories allows you to maximize your rewards based on your spending habits.

Cons

1. High APR: The variable APR ranging from 19.24% to 29.99% can be a drawback if you carry a balance.
2. Spending Caps: The 5% and 3% cash back rates are capped at $3,000 and $6,000 per year, respectively. After reaching these limits, the cashback rate drops to 1%.
3. Good Credit Required: You need a good credit score to qualify, which may exclude those with fair or poor credit.
4. Balance Transfer and Cash Advance Fees: The fees for balance transfers and cash advances can add up quickly.
5. Limited to Kroger’s Family of Brands: The 2% cash back is only applicable to purchases made at Kroger’s affiliated stores, which may limit its usefulness if you don’t frequently shop there.

Harris Teeter Rewards World Elite Mastercard® Benefits

Cashback Rewards

The most notable benefit of the Harris Teeter Rewards World Elite Mastercard® is its cashback rewards program. The high cashback rates on mobile wallet purchases, dining, and fuel can significantly add up, especially if you maximize the spending caps. Here’s a closer look at how you can benefit:
– Mobile Wallet Purchases: With 5% cash back on the first $3,000 spent annually, you can earn up to $150 in rewards. This is particularly beneficial if you frequently use mobile wallets for everyday purchases.
– Dining and Fuel: Earning 3% cash back on dining and fuel for the first $6,000 spent annually can give you up to $180 in rewards. This is ideal for those who dine out regularly or have substantial fuel expenses.
– Kroger’s Family of Brands: The 2% cash back at Kroger’s affiliated stores can be a steady source of rewards, especially if you do most of your grocery shopping there.
– Other Purchases: The 1% cash back on all other purchases ensures that you earn rewards on every transaction.

No Annual Fee

A significant advantage of this card is that it comes with no annual fee. This means you can enjoy all the benefits and earn rewards without worrying about an annual cost eating into your cashback earnings.

Sign-Up Bonus

The $100 statement credit after spending $500 in the first 90 days is a generous welcome offer. This bonus can be easily achieved with everyday spending and provides an excellent return on your initial purchases.

No Foreign Transaction Fees

For those who travel internationally, the absence of foreign transaction fees is a substantial benefit. This feature allows you to use your card abroad without incurring additional costs, making it a convenient option for travelers.

Flexible Redemption Options

The cashback rewards earned with the Harris Teeter Rewards World Elite Mastercard® can be redeemed in various ways, including:
– Statement Credits: You can apply your cashback rewards as a statement credit to reduce your outstanding balance.
– Direct Deposits: Rewards can be deposited directly into your bank account, providing flexibility in how you use your cashback.
– Gift Cards: You can also redeem your rewards for gift cards to various retailers, giving you more options for utilizing your earnings.

Additional Benefits

– World Elite Mastercard® Benefits: As a World Elite Mastercard®, this card comes with additional perks such as concierge services, travel protections, and exclusive offers from participating merchants.
– Security Features: The card includes standard security features such as zero liability protection, fraud alerts, and EMV chip technology for enhanced security.
– Customer Service: US Bank offers 24/7 customer service, ensuring that you can get assistance whenever you need it.

Conclusion

The Harris Teeter Rewards World Elite Mastercard® from US Bank is a robust option for those looking to maximize their cash back on specific spending categories. With high cashback rates on mobile wallet purchases, dining, fuel, and in-store purchases at Kroger’s Family of Brands, this card can be highly rewarding for the right user.
The absence of an annual fee and foreign transaction fees makes it a cost-effective choice, and the $100 sign-up bonus provides an immediate return on your initial spending. However, the high variable APR and spending caps on the higher cashback rates are factors to consider, especially if you tend to carry a balance or have significant spending in these categories.
Overall, the Harris Teeter Rewards World Elite Mastercard® is an excellent choice for those with good credit who can maximize the cashback categories and pay off their balance in full each month. If you frequently shop at Kroger’s affiliated stores and use mobile wallets, this card can provide substantial rewards and value.
By carefully assessing your spending habits and financial needs, you can determine if the Harris Teeter Rewards World Elite Mastercard® is the right fit for you. With its combination of high cashback rates, no annual fee, and additional benefits, it stands out as a competitive option in the credit card market.