Verdict: The WorldPerks Visa offers a painless way to earn frequent travel miles and other travel deals. It is best for those who travel frequently or who want to save for that dream vacation. However, cardholders and potential applicants should be aware that the card issuer may change policies as Northwest Airlines, its partner airline, merged with Delta Airlines recently. In addition, cardholders have cited problems in redeeming miles as well as high interest rates and fees.

Overview: The WorldPerks Visa offers many great benefits for people who love to travel. Cardholders can enjoy VIP perks without annual fees, preset spending limits or caps on miles earned.

How this card works:

Cardholders receive 1 mile for every $1 spent. Those who use the WorldPerks Platinum card for net purchases over $10,000 will receive 1 mile for every $2 purchased. Likewise, net purchases over $50,000 receive 1 mile for every $2 purchased. Miles may be redeemed for travel to more than 900 destinations around the world.

When the card is used, the amount of the purchase is charged to the account. The cardholder then must pay the balance by the due date. If the balance is not received by the due date, the cardholder must pay a minimum balance plus interest. At this writing the annual percentage rate for purchases was 14.75 percent.

Travel and shopping benefits:

The WorldPerks Visa card is designed for travelers. They receive 20,000 bonus miles after spending $500 in net purchases. They may also redeem two award tickets each year after earning 19,000 miles or more (based on certain conditions). They may earn up to 20,000 elite qualifying miles and double miles for purchases on Northwest Airlines(Note: Northwest Airlines has been absorbed by Delta Airlines), along with $100 off the cost of a Northwest ticket.

Other travel benefits include:

• A free Worldclubs day pass.
• A free day from National Car Rental.
• 15 percent discount at National Car Rental.
• 24-hour concierge service.
• Travel accident insurance.
• Many other benefits available.
• Miles can be exchanged for products, gift certificates from major retailers or to pay the annual fee. (A total of 13,500 miles is needed to pay the annual fee of $55 for the standard or Platinum card or $90 for the Signature card.)

Fees:

The grace period is 20 to 25 days for purchases only. There is a $2 minimum finance charge when interest is due and a $2.50 closed account management fee if the account is voluntarily closed with a balance. The balance transfer fee and the cash advance fees are both 3 percent of the transaction amount. The cash equivalent fee is 4 percent of the transaction amount. Late payment fees range from $24 to $39.

The annual percentage rate is $14.75 percent. This rate also is applied to balance transfers. Cash advances are subject to a 20.99 percent APR and delinquent accounts are subject to a 28.99 percentage rate.

Pros:

• Numerous attractive incentives for travelers.
• Annual fee starts after the first year.
• There is a no annual fee option.
• Online account access.
• Generous 1:1 miles to dollars-spent ratio: Miles can add up quickly.
• Excellent benefits if Northwest is the most convenient airline.

Cons:

• No annual fee option is not well-known. Cardholders must contact the issuer to request it.
• High annual fee.
• Customers on consumer opinion sites note difficulty in redeeming miles for travel and other purchases.
• The future of current terms and conditions is in doubt based on the current credit crisis and the merger of Delta and Northwest Airlines. Miles earned may or may not be lost.

Apply for the WorldPerks Visa.

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