is the latest business to dive into the credit card market, announcing the launch of the® Rewards Visa® Credit Card. This new no-annual-fee card is issued by Wells Fargo and backed by the Visa network. It also builds upon the existing® Rewards program to give you a new way to earn rewards nights faster.

With Rewards program you earn rewards or “stamps” for each stay you book on the site. The stamps are like the punch card you get at your local coffee shop: Collect 10 stamps and receive one reward night. With the Rewards credit card, you can now you earn an additional reward each time you spend $500 on your card, helping you get to a free night stay even sooner. 

CNBC Select has the scoop on what you need to know about the new Rewards Visa Credit Card.® Rewards Visa® Credit Card® Rewards Visa® Credit Card

Information about the® Rewards Visa® Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

  • Rewards

    Collect 1 stamp for every night you stay at any eligible property booked on and collect 1 stamp each time you spend $500 on purchases with your card

  • Welcome bonus

    Earn a reward night worth $125 when you spend $1,000 on purchases in the first 3 months from account opening

  • Annual fee

  • Intro APR

  • Regular APR

    14.99% to 22.99% variable on purchases and balance transfers

  • Balance transfer fee

    Up to 5% for each balance transfer, with a minimum of $5

  • Foreign transaction fee

  • Credit needed Rewards Visa Credit Card

The Rewards card isn’t your typical travel credit card. You won’t earn points or miles on your purchases. Instead, you’re awarded a stamp every time you spend $500 with the card.

After collecting 10 stamps, you earn a reward night that you can redeem for a stay at one of over 500,000 properties that offers in over 200+ countries worldwide, including chains like Hilton and Marriott. The value of a reward night is the average price of the 10 stamps you collect, excluding taxes and fees. If you earn a stamp from staying at an eligible property, the stamp’s price is equal to the average daily rate. If you earn a stamp from spending $500 on your credit card, the value is currently $110 per stamp.

You’ll still be responsible for taxes and fees, but there are no blackout dates.

New cardholders can also earn a reward night worth $125 by spending $1,000 in the first three months of opening an account. If you redeem your reward night and it costs less than $125, you won’t receive the cost difference. Taxes and fees are also excluded.

Here are some of the additional benefits you’ll receive:

  • Rewards Silver membership: You’ll receive Silver status the first year you’re a cardholder, which provides complimentary breakfast, airport transfers, complimentary Wi-Fi and more at select VIP properties.
  • No foreign transaction fee: This saves you the average 3% fee other cards charge on purchases made outside the U.S.
  • Cell phone protection: Pay your monthly cell phone bill with your card to receive protections from damage or theft on up to $600 per claim and $1,200 per 12-month period. (Subject to a $25 deductible.)
  • Visa Signature benefits: This card provides mid-tier Visa perks, including trip cancellation and interruption protection and travel and emergency assistance services. (Learn more about Visa Signature benefits.)

Bottom line

The Rewards Visa Credit Card is geared toward loyal Rewards members who want more ways to earn rewards nights. Plus you’ll be able to benefit from no annual fee and Silver status your first year, helping to make your stays at select VIP properties more comfortable. Beyond travel perks, you can benefit from cell phone protection at no additional cost — which isn’t easy to find with a credit card — as well as a bunch of Visa Signature perks.

If you want a more traditional travel rewards card, consider a no annual fee card like the Capital One® VentureOne® Rewards Credit Card with 5X miles on hotel and rental cars booked through Capital One Travel℠ and 1.25X miles per dollar on every purchase. And if you travel more often, you may want to consider the  Chase Sapphire Preferred®. The card has a $95 annual fee, but you can earn 2X points on travel and dining worldwide and 1X points on all other purchases, and your points go even further when redeemed through the Chase Rewards Portal.

Don’t miss: Chase Freedom Flex card launches with robust rewards and an industry-leading welcome bonus

Information about the® Rewards Visa® Credit Card and the Capital One® VentureOne® Rewards Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuers prior to publication.

Correction: The card doesn’t offer price protection and extended warranty protection. An earlier version misstated some of its benefits.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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