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Verdict: The Bank of the West Platinum Rewards MasterCard offers consumers looking for a no-annual-fee rewards card yet another option. With this card, consumers will earn rewards points with every charge they make. And they’ll be able to do so without having to pay an annual fee. Be careful, though, if you carry a balance; the card comes with a high purchase interest rate.
Overview: This card’s rewards program is easy to understand: You won’t have to worry about what kind of purchases that you’re charging to earn rewards points. On the negative side, you won’t have any opportunity to earn double rewards points on any purchases.
How This Card Works: Once you earn enough rewards points, you can redeem them gift cards, cash rebates, merchandise and travel. You can find your rewards options by browsing Bank of the West’s online rewards catalog.
Travel and Shopping Benefits: You’ll earn one rewards point for every dollar that you charge with your Platinum Rewards MasterCard. These points come with no expiration dates and no annual cap. The card also comes with travel accident insurance and lost-luggage protection. Emergency roadside assistance and hotel/motel burglary coverage also comes as a perk with this card.
Fees: Your purchase interest rate with this card will be prime plus 13.74 percent. That’s not exactly a low rate. During the first six billing cycles, the purchase interest rate, though, will be 0 percent. Cash advances cost $10 or 3 percent of the advance amount, whichever figure is higher. Late-payment and over-the-limit fees are both $35. Be careful, too, about missing payments: The card’s penalty interest rate can soar to 29.99 percent. There is no annual fee with this card.
- No annual fee.
- Easy to understand rewards program.
- Can redeem points for a wide variety of products.
- High purchase interest rate.
- Penalty interest rate of 29.99 percent.