Here’s a card I haven’t heard of before: the Visa Signature card from Proponent Federal Credit Union. The card advertises 2X rewards when you spend over $1,000 per month:
The card seems to have no annual fee. A little googling took me to this document, and the no annual fee language seems to apply to both of the credit cards offered by Proponent.
The marketing language says 2X, so where does the 2.5% come from. If you look at the award catalog you’ll find you can get travel discounts at the rate of 1.25 cents per point. Other rewards are one cent per point.
Membership is limited to employees of a number of companies in North Carolina and New Jersey and their family members (which includes parents and grandparents). You can find the list of eligible employers here. There doesn’t seem to be any geography-based membership.
All in all, this isn’t that riveting given other options out there, but it’s always nice to know about another 2% card with no annual fee.