M&T Visa Signature card review

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For a cash back card that also functions as a balance transfer card, the M&T Visa Signature card is a good value. With a straightforward cash rewards program and valuable perks, this is a good card for consumers who want to earn cash back but don’t want to bother with a complicated rewards scheme.

It also works well as a balance transfer card if you have a small amount of debt that can be paid off in less than a year. Unlike most balance transfer cards, the M&T Visa Signature card doesn’t charge a balance transfer fee for the first several months after opening the account. If you have a significant amount to transfer, you can save a substantial amount.

The M&T Visa Signature card also doesn’t a charge a foreign transaction fee, so it’s a good card to have on hand if you travel internationally.

Low-maintenance cash back

Rather than offering bonuses rewards on certain categories of spending, the M&T Visa Signature card gives you 1.5 percent cash back on every purchase. So, you don’t need to worry about when and how you use your card. The simple rewards structure eliminates the need to track your spending and opt into bonuses every quarter. It also gives you the chance to earn a substantial amount back if you use your card for every purchase. If you spend $1,500 a month, for example, you can take home $270.

OK sign-up bonus

M&T Bank will also award you an extra $100 if you spend $500 – roughly $167 a month – within the first 90 days of opening your account. The M&T Visa Signature card’s sign-up bonus isn’t the most generous sign-up bonus on the market, but you don’t need to spend a lot on your card to earn it.

Few restrictions

The M&T Bank Visa Signature card also gets high marks because it makes it fairly easy to redeem the cash you’ve earned. You can have your cash automatically redeemed to your checking account so you never have to think about it. Or, you can redeem cash for statement credits, travel, restaurant purchases or merchandise.  There are no limits on how much you can earn, so if you use your card for all purchases, you can build up a substantial amount. You can also transfer your cash to other M&T rewards programs. The cash expires after three years, though, so you need to be quick to claim it.

A decent balance transfer card

If you plan to consolidate your debt, the money you save with the M&T Visa Signature card’s balance transfer promotion can also be significant – especially if you plan to transfer more than a few thousand dollars to the card. Most balance transfer cards charge a minimum 3 percent fee to transfer a balance. For the first few months after opening your account, M&T Bank doesn’t charge any balance transfer fee, potentially saving you up to $100 or more in fees. The M&T Visa Signature card also gives you up to 12 months to transfer a balance without paying any interest.

Why get the M&T Visa Signature card?

• You want a hassle-free rewards card with significant cash back.
• You prefer cash instead of points.
• You have a small amount of debt to transfer and want to avoid paying a balance transfer fee.
• You’re already an M&T Bank customer and want a card with the same bank.

How to use the M&T Visa Signature card:

• Consolidate your credit card debt onto the M&T Visa Signature card in order to save money on fees and interest. Be sure to pay off the balance transfer before the end of the introductory period.
• If you decide to transfer a balance, pay off new purchases in full each month so you don’t undermine your zero percent introductory rate.
• To maximize your cash back, use your card for any purchases you can afford to repay in full.
• Use your card to pay for domestic and international travel in order to take advantage of the card’s premium travel benefits.

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