Chase Platinum Visa Card Review | CreditShout

Chase Platinum Visa Card Review

By Kevin / November 14, 2008

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Verdict: For customers with good to excellent credit history, the 0% APR introductory offer and competitive interest rates offered by the Chase Platinum Visa® Card rival the best available credit cards. Those with less than good credit, I would find a card that offered lower interest – as it could leave you seeing upwards of 20% APR.

Overview

A card that rivals the hundreds of other 0% APR on balance transfers and purchases has arrived – if you qualify for the lowest interest rate, this should be the only card that you use again.

There are two levels of pricing – elite and premium. These categories will determine the interest rate in which the customer is charged.

How This Card Works

Chase offers elite cardholders access to the Chase Platinum Visa with worldwide travel insurance and auto collision damage waiver, as well as a low interest rate and introductory 0% APR balance transfer for those who qualify.

You are given twenty days to pay purchases without being charged interest, after that, the average daily balance is used to calculate the purchases at the end of the billing period.

Travel and Shopping Benefits

This is not a rewards card, the Chase Platinum Visa card is a solid credit card from a reputable company offering a competitive edge on interest rates for those who qualify (meaning, having a good to excellent credit rating and relationship with the company).

Fees

When applying for the Chase Platinum Visa® Card, realize that there are three tiers of interest rates, prime plus 5.99%, prime plus 9.99% and prime plus 14.99%. If you fall into the third tier because of inadequate credit history, than you should probably look for another card. The contract clearly states that interest will be dependant on the Chase’s review of the credit information and history available.

Not found on many of Chase’s other credit cards are a fee for foreign currency change, which is 3% of the cost. Realise that when you are using your credit card across the border for a $100.00 purchase, it is going to cost you an extra $3.00, aside from the currency change. Keep in mind that this is calculated on the USD price of the item.

Purchases come with a grace period of twenty days, after that the balance is calculated on a two-cycle average daily balance amount.

As per standard, the balance transfer fee is 3%, with a cap at $75.00. Also, a standard fee is the over limit fee, at $39.00. These fees are present on every card; making sure that you stay under your credit limit could save you $39.00. When you are over the limit, each month that you remain over the limit the $39.00 finance fee is posted directly to the balance of the account.

Depending on your credit rating, the interest rate for cash advances is 19.99% or 23.99%. If your credit rating is good enough to be applicable for the 19.99%, than this is less than what is offered by most other credit card companies.

The late payment fees on the Chase Platinum visa are also higher than other comparable credit cards. For balances up to $100.00 a $15.00 fee applies, for balances from $100.00 to $250.00 a $29.00 fee applies and for balances exceeding $250.00 a $39.00 fee applies.

Pros

•    Added bonuses for Platinum Card holders like auto collision damage waiver for car rentals and worldwide travel insurance
•    Balance transfer fees are capped at $75.00
•    Free online account access to track spending and manage monthly payments is included

Cons

•    Cash Advance fees are placed at a minimum of $10.00
•    Interest fees can be raised with missed payments, late payments or being over the credit limit set by the company

The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone. Additionally, the opinions of the commenters are not necessarily the opinions of this site

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