M&T Bank Corporation was founded in 1856 and is located in Buffalo, New York. The company offers a wide range of financial products and services for customers in New York, Connecticut, Maryland, West Virginia, New Jersey, Virginia, Pennsylvania, and Washington, DC. Services include banking, investments, credit cards, and insurance solutions with various mobile and online options. The company offers consumers three main credit options that feature a robust rewards program for everyday purchases and travel with safeguards to protect against potential fraud. The company’s investment and insurance products are not FDIC-insured or bank-guaranteed.

Rank Chart
APR
Reward Options
Our Score
#1
6.99 - 10.5%
Yes
6.2
#2
0 - 18.15%
Yes
6.2
#3
5.99 - 18%
Yes
6.1
#68
mt-bank
0 - 18.49%
Yes
3.9

The Good

  • Rewards program
  • Fraud safeguards
  • Online banking and bill pay

Rewards Program

M&T offers cardholders a rewards program where points can be earned and redeemed for cash back, merchandise, gift cards, and travel perks. Depending on card selection, customers can receive either one point for every dollar spent or an unlimited 1.5 percent cash back on all eligible purchases with no annual fee. New cardholders are able to acquire up to 10,000 bonus points if they spend at least $500 within the first 90 days. Points may be automatically redeemed within two days of being earned into a personal bank account or applied as a statement credit. Credit cards can be customized with a personal design and can be added to Apple Pay for easier purchasing through the use of an iPhone.

Fraud Safeguards

The financial services company offers its M&T Assurance Program, which helps protect cardholders from fraudulent activity. All credit cards feature a three-digit security code, a Verified by Visa password, and EMV chip technology to help prevent fraud from occurring. All accounts are monitored in real-time 24/7 by M&T Bank and customers with online accounts can receive instant alerts. Should fraudulent activity occur, the credit cards are backed by a Visa Zero Liability policy against unauthorized purchases. Expedited card replacement services replace lost or stolen cards for cardholders typically within the next business day in most cases.

Online Banking and Bill Pay

Customers are able to sign up for an online or mobile account that makes it easier to view statements, transfer funds, and make payments. Cardholders can set up automatic recurring payments for their credit card statements and sign up to receive real-time alerts on any fraudulent activity. The online banking services also feature a FinanceWorks service that helps cardholders to manage multiple financial accounts in one place, set household budgets, and receive up-to-date helpful financial information.

The Bad

  • Average APR rates
  • Additional fees
  • Service limitations

Average APR Rates

The company’s APR rates are middle-of-the-pack for the industry. M&T offers a 0 percent introductory APR for the first 12 billing cycles after opening a new account on all card choices. After that, APR rates range from 10.49 percent to 18.49 percent. Cash advance and overdraft APR rates are 22.49 percent. Penalty APRs will be applied to a cardholder’s account until at least six consecutive minimum payments are made.

Additional Fees

M&T Bank charges a $35 penalty for late payments. There is also a 4 percent fee for balance transfers and a 3 percent fee for each cash advance transfer. A 3 percent foreign transaction fee only applies to the M&T Visa Credit Card. A $25 fee will be assessed for all returned payments and unpaid convenience checks.

Service Limitations

Earned points that are not redeemed will expire after four years from the date posted to the cardholder’s account. Customers need to acquire at least $25 worth of points in order to be eligible for reward redemption. Customers should consider whether or not they can afford the charged transfer fees before consolidating large amounts of accrued debt from other cards.

The Bottom Line

M&T Bank credit cards are most suitable for customers with excellent credit histories who desire to earn cash and rewards on frequent everyday purchases with no annual fee. This company is also a good choice for consumers that wish to consolidate small amounts of debt that can be paid off in full within a year or individuals that travel extensively. The company offers a comprehensive rewards program with complete fraud safeguards against unauthorized activity. Customers are able to customize personalized designs for these cards and can use them with Apple Pay to make easier everyday purchases with their iPhones.

The annual percentage rates offered are standard within the industry, but individuals with less than perfect credit histories may strongly want to consider alternative options with lower rates from similar competitors. Additional penalties are assessed for missed and returned payments and other fees may apply. Cardholders should carefully read the terms and conditions carefully before making any purchasing decisions. Cardholders will need to enroll in the company’s online banking services in order to receive maximum benefits from the offered credit cards.

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