Priority Rewards℠ from First Hawaiian Bank review

Terms shown were recorded in May 2024 and may have changed. Confirm current terms with the issuer before applying.

Overview

Navigating the labyrinth of credit card options can be overwhelming, but for those seeking a reliable, straightforward rewards card, the Priority Rewards℠ Credit Card from First Hawaiian Bank stands out. This card is designed to cater to everyday spenders who value simplicity and efficiency in their rewards program, while also enjoying the benefit of a 0% introductory APR on purchases for the first six billing cycles. Let’s delve into the specifics to see if this card aligns with your financial goals and spending habits.

Priority Rewards℠ Credit Card Key Takeaways

Rewards Rate: Earn 1x CashPoint per $1 spent on all purchases.

Sign-Up Bonus: 20,000 bonus CashPoints with a $1,500 spend within the first three months.

Introductory APR: 0% fixed APR for the first six billing cycles on purchases.

Regular APR: 18.00% variable APR on purchases and cash advances.

Fees: $0 annual fee, but cash advances come with either a $10 charge or 5% of the amount, whichever is greater.

Credit Score Required: Fair to Good (580-739).

• Issuer: First Hawaiian Bank.

Priority Rewards℠ Credit Card Pros and Cons

Pros

No Annual Fee

One of the most appealing aspects of the Priority Rewards℠ Credit Card is the absence of an annual fee. Many rewards cards come with hefty annual fees that can offset the value of the rewards you earn, but this card allows you to reap the benefits without any yearly cost.

0% Intro APR on Purchases

For those planning significant purchases or looking to manage their cash flow more effectively, the 0% introductory APR on purchases for the first six billing cycles is a significant advantage. It allows you to carry a balance without incurring interest during this period, making it easier to pay off large expenses over time.

Rewards Program

The card offers a straightforward rewards program, earning 1x CashPoint per $1 spent on all purchases. Simplicity is key here, as there are no rotating categories or spending caps to worry about.

Sign-Up Bonus

The sign-up bonus of 20,000 CashPoints after spending $1,500 within the first three months is a solid incentive, providing a valuable boost to your rewards balance early on.

Cons

No Balance Transfer Option

One notable drawback is the absence of a balance transfer option. If you’re looking to consolidate existing debt from other high-interest credit cards, this card won’t be suitable for that purpose.

Foreign Transaction Fee

While the card offers many domestic perks, it does come with a foreign transaction fee, making it less ideal for international travelers.

Limited Rewards Rate

The flat 1x CashPoint per $1 spent rate is straightforward but not particularly competitive compared to other rewards cards that offer higher rates in specific categories like dining, travel, or groceries.

Priority Rewards℠ Credit Card Benefits

Purchase Protection

With the Priority Rewards℠ Credit Card, your eligible purchases are protected against damage or theft within a certain period. This added layer of security can provide peace of mind when making significant purchases.

Fraud Protection

The card comes with robust fraud protection measures. If your card is lost or stolen, First Hawaiian Bank will work with you to resolve any fraudulent transactions and issue a replacement card promptly.

Payment Flexibility

The introductory 0% APR on purchases allows for a period of payment flexibility, crucial for managing your cash flow during the first six months. This can be particularly beneficial if you have planned expenses, such as home improvements or significant purchases, that you want to pay off over time without incurring interest.

Manage Your Account Online

First Hawaiian Bank offers an online portal where you can manage your account, pay your bill, and monitor transactions. This convenience allows you to stay on top of your finances from anywhere.

Rewards Redemption

The CashPoints you earn can be redeemed for various rewards, including travel, gift cards, and merchandise. The redemption process is straightforward, allowing you to maximize the value of your points easily.

Conclusion

The Priority Rewards℠ Credit Card from First Hawaiian Bank is a solid choice for those looking for a straightforward rewards card with no annual fee and an attractive introductory APR offer. While it may not be the best option for international travelers or those seeking high rewards rates in specific spending categories, it excels in providing consistent, uncomplicated rewards for everyday purchases. The sign-up bonus and purchase protection benefits add to its appeal, making it a well-rounded option for consumers with fair to good credit.

If you value simplicity and want a reliable card to earn rewards on your everyday spending, the Priority Rewards℠ Credit Card is worth considering. Its lack of an annual fee and the 0% intro APR on purchases provide substantial value, especially for those who plan to use the card frequently and pay off their balance within the introductory period.