Barclay’s has issued the Priceline Rewards Visa. While I have made use of Priceline’s “Name Your Own Price” feature in the past, often with good success, I have to say I wasn’t expecting a well-rounded powerhouse credit card here. And I was wrong.

While the sign-up bonus is below average, it’s more than made up for with a crushing 2% cash back with no annual fee (most 2% cards typically have an annual fee, it’s rare to find one without). Additionally, you earn 5 points (equal to 5% cash back) when you make “Name Your Own Price” purchases. That’s also pretty awesome, but I love the notion of a no-annual-fee 2% cashback card (in case you couldn’t tell!).

As a side note, some people might point out that you earn points, and not cash back. However, the points are redeemable for statement credits at the rate of $0.01 per point. In my book at least, that’s actually better than cash back mailed as a check, since the cash deposit directly offsets what you owe the credit card company, and you don’t have to wait for the snail mail, go to the bank, etc.

Quick Review of the Priceline Visa Basics

This falls into the class of cards known as “extremely simple to review”. Here are the key points:

• Basic Rewards: 5 points per $1 of spend on Name Your Own Price purchases; 2 points per $1 of spend on all other purchases.
• Sign-up Bonus: 5,000 points after first purchase.
• Preferred Redemption Method: statement credit (in minimum increments of $25).
• Annual Fee: $0
• Foreign Transaction Fee: 3% of each transaction in USD
• Balance Transfer Fee: Either $10 or 4% of the amount of each transfer, whichever is greater. (During the first fifteen billing cycles after account opening, either $10 or 3% of each transfer, whichever is greater).

Balance Transfer Bonus

If you make a balance transfer within 30 days of account opening, you will earn 1 point for every dollar transferred, up to $2,500 (2,500 points). Some of Barclay’s other credit cards (such as the US Airways Premier World Card) allow you to earn up to 10,000 miles and give you 90 days to make the transfer.

Concluding Thoughts on the Priceline Visa Credit Card

Well, this post has been short and sweet, and so is the conclusion: the Priceline Visa actually is the rare card with the pedigree to serve as your primary credit card (there can be only one). The 2 points per dollar of spend (=2% cash back) with no annual fee and no point caps is powerful indeed.