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Verdict: The CashBack Platinum MasterCard is similar to many offered through Citizens Bank: It comes with plenty of perks, but its purchase interest rate, even for those cardholders with strong credit scores, is a bit too high to elevate the card to the elite ranks. Still, this remains a solid card for consumers interested in earning cash back from their purchases.
Overview: Cardholders won’t have to keep track of any special cash-back categories when they use the CashBack Platinum MasterCard. This card provides the same level of cash-back rewards no matter what type of item cardholders are purchasing.
How This Card Works: The CashBack Platinum card provides cardholders with a bonus amount of cash back on all purchases during a 90-day period. After this period ends, the cash-back bonus reverts to its standard percentage. Still, cardholders will receive some cash back after every purchase. Once cardholders earn at least $50 in cash-back bonuses, Citizens Bank will mail them a check.
Travel and Shopping Benefits: During the first 90 days that they own the card, consumers will receive a cash-back bonus of 2 percent of every item they charge with their CashBack Platinum MasterCard. After this 90-day period ends, consumers will receive a cash-back bonus of 1 percent of every purchase they charge.
FeesThe purchase interest rate of this card is all that prevents it from ranking as a top cash-back card. But even those cardholders with strong credit scores will be stuck with a purchase interest rate of 15.99 percent. Those with weaker scores will have interest rates of 17.99 percent of 19.99 percent attached to their card. Even worse, those cardholders who miss a payment or pay after their due date, will face a penalty interest rate of 29.99 percent. Once in place, that rate will remain attached to the card indefinitely.
On the plus side, the card comes with no annual fee and an introductory interest rate of 0 percent for all balance transfers during the first 12 months that consumers own the card. The fees for late payments run up to $39, while the card’s cash-advance fee is $10 or 3 percent of the advance amount, whichever is higher.
- Solid cash-back rewards program.
- 0 percent introductory rate on balance transfers.
- No annual fee.
- Purchase interest rates are too high.
- Penalty interest rate of 29.99 percent.
- Late fee penalty of up to $39.