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Verdict: The Chase Platinum MasterCard® is a solid choice for those with good to excellent credit seeking to make a balance transfer, combined with the prestige of using a platinum card.
For other with an average credit rating, there are better suited cards available which offer lower interest rates and flexible payment options when opting for a balance transfer.
How This Card Works
The Chase Platinum MasterCard® is a credit card and therefore balances may be carried from month to month. There are three levels of interest rates, depending on your credit rating, payment history and spending habits – you will be offered the applicable choice of standard, premium or elite interest rates.
The minimum payment must be paid on a monthly basis, this is calculated using the average daily balance and the interest rate that the customer has been extended.
Travel and Shopping Benefits
The Chase Platinum Mastercard is not a rewards card. For those with good-excellent credit it provides a low interest card with flexibility in balance transfers and time to purchase items within the first three months to receive the 0% APR offer.
Although there are certain benefits to choosing a rewards card, over the Chase Platinum Mastercard – It is important to remember that these low interest rates and payment flexibility come without an annual fee to the cardholder. Other Platinum Rewards cards can have fees upwards of $100.00 per month.
There are three tiers of interest rates, Elite pricing at 9.99% 13.99% for premium pricing and 18.99% for standard pricing.
For the first twelve months, those eligible for the introductory balance transfer may enjoy 0% APR for up to twelve months on purchases and balance transfers made within the first three months of account opening.
Cash advances are subject to two tiers of interest rate – elite and premium pricing, 19.99% APR and 23.99% APR.
Purchases are made with a grace period of twenty days before payment is due and balances are calculated using the average daily balance plus new purchases.
The card, like very few other Platinum cards comes without an annual fee.
Comparable to other cards, balance transfer rates are 3% of the amount of each transaction, to a minimum of $5.00 per each transaction. For cash advances, the fee is minimum $10.00 at the rate of 3%.
Late payment fees on the account $15.00 on balances of up to $100.00, $29.00 for balances from $100-$250.00 and $39.00 for balances that exceed $250.00. A fee of $39.00 is added to the balance of the account for each billing period that the balance is over the credit limit which has been extended.
Fees and APRs will be increased if:
• The Minimum payment is not received
• The credit line is exceeded
• Payments are not honored through financial institutions
• Or, any other reasons that payments become defaulted
• 0% APR for twelve months for those who qualify
• Unlike many other Platinum cards, there is no annual fee for the Chase Platinum Mastercard
• 0% APR is only applicable for purchases and balance transfers which have been completed within three months of account opening
• Payments are applied towards introductory balances before balances with higher APR
Apply for the Chase Platinum MasterCard®.