Verdict: The Accelerator Rewards Platinum MasterCard is a solid entry in the category of cash-back credit cards. It does come with one big negative, though: It’s purchase interest rate, even for those with solid credit scores, is too high. This helps push the Accelerator Rewards card out of the elite category of cash-back rewards cards.
Overview: The Accelerator Rewards Platinum MasterCard will reward you handsomely whenever you charge gasoline purchases. However, this accelerated period of rewards only lasts for 90 days. After this period ends, you’ll be left with a fairly standard cash-back card that also comes with purchase interest rates that should be lower.
How This Card Works: Like many entries in the cash-back card category, the Accelerator Rewards card provides you with cash-back on ever purchase that you charge. Some purchases, though — namely gasoline purchases at gas stations — will provide larger rewards than will others. Every time you earn $50 worth of rewards, Citizens Bank, the issuer of this credit card, will send you a check for $50 by mail.
Travel and Shopping Benefits: For the first 90 days that you own this card, you’ll receive a cash-back bonus of 10 percent of every gasoline purchase you charge at gas stations across the country. After this 90-day period ends, you’ll receive a cash-back bonus of 2 percent of every gasoline purchase you charge. You’ll also receive, as soon as you activate your card, a cash-back bonus of 1 percent of every other purchase you charge.
Fees: The biggest downfall of the Accelerator Rewards card are the purchase interest rates attached to it. Even if you have top-quality credit scores, you’ll be stuck with a purchase interest rate of 15.99 percent. Depending on your credit scores, you might also be assigned an interest rate of 17.99 percent of 19.99 percent. If you miss a payment, or pay late, you’ll be assessed a sky-high penalty interest rate of 29.99 percent. This interest rate will then remain in place indefinitely. On the positive side, this card comes with an introductory interest rate of 0 percent for all balance transfers. This rate remains in place for the first 12 months after you activate your card. Cash advance fees are either $10 or 3 percent of the advance amount, whichever is higher. Late fees can run as high as $39.
Pros
- You can earn a significant amount of cash back during first 90 days.
- Gasoline purchases always earn more cash back.
- No annual fees.
Cons
- Purchase interest rates are too high.
- Penalty interest rate is a sky-high 29.99 percent.
