The Performance Plus Award Card is a cash-back rewards card designed for people who spend regularly on everyday purchases
The Performance Plus Award Card returns a percentage of what you spend back to you as cash rewards. The card is issued by a major bank and marketed toward people who want straightforward rewards without annual fees or rotating categories to track. If you carry a balance, the card also has an introductory interest rate period, though that rate eventually rises to the card's standard variable rate.
This guide walks you through what the card actually offers, what it costs, and whether the rewards structure matches the way you actually spend money. We'll also show you how to compare it to other cards in the same category, because the best card for you depends on your specific situation — not just the rewards rate.
Key Takeaways
- The Performance Plus Award Card offers a flat cash-back rate on all purchases with no annual fee, making it simpler than cards with bonus categories that change.
- The card includes an introductory 0% APR period on purchases and balance transfers, but that rate expires and the standard variable APR applies afterward.
- Your actual rewards depend on your credit score at approval — the card's cash-back rate and introductory terms vary based on creditworthiness.
- The card works best if you pay off your balance monthly, because the interest rate after the introductory period can offset rewards earned on carried balances.
- Comparing this card to others requires looking at both the rewards rate and the APR you'd actually receive, not just the advertised rates.
How the cash-back rewards actually work
The Performance Plus Award Card returns a percentage of your spending as cash back. Unlike cards that offer different rates for different categories (groceries, gas, dining), this card gives you the same rate on everything — groceries, gas, utilities, online shopping, all of it. That simplicity is the main selling point: you don't have to remember which card to use or track rotating bonus categories.
The exact cash-back rate you receive depends on your credit score at the time you open the account. Applicants with higher credit scores typically receive higher cash-back rates. The bank publishes a range — for example, 1.5% to 2.5% — but you won't know your specific rate until after approval. This is standard practice across the industry, but it means you can't compare this card to another card with certainty until you know what rate you'd actually get.
Cash back is usually deposited into your account monthly or can be redeemed as a statement credit. Some versions of the card let you transfer cash back to a linked bank account. Check your cardholder agreement for the exact redemption options available to you.
The introductory interest rate and what happens after
The Performance Plus Award Card includes a 0% introductory APR on purchases and balance transfers for a set period — typically 6 to 12 months, depending on the current offer. During that time, you pay no interest on new purchases or transferred balances, even if you carry a balance month to month.
Once the introductory period ends, the standard variable APR kicks in. This is where the card's actual cost becomes clear. If you're carrying a balance at that point, the interest rate can be significantly higher than the cash-back rate you're earning. For example, if you earn 2% cash back but pay 18% APR on a carried balance, you're losing money overall. The introductory period is useful only if you plan to pay off the balance before it expires, or if you're transferring an existing balance and can pay it down during the interest-free window.
The standard APR varies based on your creditworthiness and current market rates. The bank publishes a range, but your actual rate depends on your credit profile at approval.
Annual fees and other costs
The Performance Plus Award Card has no annual fee. You can hold the card indefinitely without paying to keep it open, even if you don't use it. This is a genuine advantage over premium rewards cards, which charge $95 to $550 per year.
The card does have other costs if you use certain features. Balance transfer fees typically run 3% to 5% of the amount transferred. Cash advance fees are usually 3% to 5% as well, plus a higher APR than purchases. Late payment fees and over-limit fees explore if you miss a payment or exceed your credit limit. None of these are unique to this card — they're standard across the industry — but they're worth knowing about if you're considering using the card for balance transfers or cash advances.
Who this card makes sense for
The Performance Plus Award Card works best for people who pay off their balance in full every month. If you do that, you earn cash back on every purchase with no interest charges and no annual fee. The simplicity of a flat cash-back rate appeals to people who don't want to track bonus categories or optimize spending across multiple cards.
The card also makes sense if you're planning to transfer an existing balance and can pay it down during the introductory 0% period. The interest-free window gives you breathing room to tackle the debt without accruing new interest charges.
The card is less useful if you regularly carry a balance. Once the introductory period ends, the interest rate will likely exceed the cash-back rate, meaning you'll lose money overall. In that situation, a card with a longer 0% APR period or a lower standard APR would serve you better, even if the cash-back rate is lower.
How to compare this card to other options
When comparing the Performance Plus Award Card to other cash-back cards, look at three things: the cash-back rate you'd actually receive (not the advertised range), the introductory APR period and what the standard APR will be, and whether you typically carry a balance.
If you pay off your balance monthly, compare only the cash-back rates and annual fees. A card with a 2% flat rate and no annual fee beats a card with rotating 3% categories if you don't spend enough in those categories to make up the difference. If you carry a balance, the APR matters more than the cash-back rate — a card with 1.5% cash back and 12% APR is better than 2% cash back and 20% APR.
You can also compare this card to cards with rotating bonus categories. Those cards often offer 3% to 5% back in specific categories (groceries, gas, dining) but only 1% on everything else. If your spending is concentrated in those bonus categories, the rotating card might earn you more. If your spending is spread across many categories, the flat-rate card is simpler and might earn more overall.
What to know before you open the account
Opening the card involves a hard inquiry into your credit report, which temporarily lowers your credit score by a few points. If you've recently opened other accounts or are planning to explore for a mortgage or auto loan soon, the timing matters. Multiple hard inquiries in a short period can affect your ability to borrow.
The card issuer will set your credit limit based on your credit score, income, and existing debt. If you're approved for a lower limit than you expected, you can request an increase after six months of on-time payments. Requesting an increase usually involves a soft inquiry, which doesn't affect your score.
Read the cardholder agreement before you use the card. It contains the exact cash-back rate you received, the standard APR, the introductory period end date, and all fees. Keep this document for reference — you'll need it if you have questions about your account later.
Frequently Asked Questions
What credit score do I need to get approved for the Performance Plus Award Card?
The card is typically marketed to people with good to excellent credit, usually a score of 670 or higher. However, approval depends on your full credit profile, not just your score. People with lower scores may still be approved but receive a lower cash-back rate or higher APR. The only way to know is to submit an process.
Can I use the 0% introductory APR to transfer a balance from another card?
Yes, most versions of the Performance Plus Award Card allow balance transfers during the introductory period. The transfer fee is typically 3% to 5% of the amount transferred, so factor that into your decision. If you transfer $5,000 at 3%, you'll pay $150 in fees upfront, but you'll save money if the alternative is paying interest at 18% or higher on the old card.
Do I lose my cash-back rewards if I close the card?
No. Cash back you've already earned is yours to keep. You can redeem it before closing the card or after, depending on the card issuer's policy. Check your cardholder agreement for the exact redemption window after account closure.
How does the cash-back rate compare to other flat-rate rewards cards?
The Performance Plus Award Card's rate falls in the middle of the flat-rate market. Some cards offer 1.5%, others offer 2% or higher. The difference depends on your credit score at approval and the current competitive landscape. Compare the actual rate you're offered to other cards' advertised ranges to see where it sits.
What happens to my rewards if I miss a payment?
Missing a payment doesn't cancel your cash-back rewards, but it does trigger late fees and can raise your APR. The card issuer may also reduce your credit limit or close the account if you miss multiple payments. Your cash back continues to accrue on new purchases, but the financial damage from missed payments usually outweighs the rewards earned.