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Verdict: If you’re looking for a solid no-frills credit card with reasonable interest rates, the Citizens Bank Platinum MasterCard is a good choice. This card comes with no annual fee, and offers a solid interest rate, depending on your credit score. It also comes with an introductory 0 percent interest rate on balance transfers. In all, it’s a good card for the more frugal consumer.
Overview: There are certain perks, though, that you won’t get with this card. It does not come with a rewards program or cash-back bonuses. In other words, it’s a standard credit card that doesn’t overload you with unnecessary fees. If that’s what you want, then this is the right card for you.
How This Card Works: You do have to be careful, though, with the Citizens Bank Platinum MasterCard. While the standard purchase interest rates are fair, the card does have a high penalty interest rate of 29.99 percent. You can incur this penalty by failing to make your minimum payment by its due date. And once that penalty rate kicks in, it can remain on your card indefinitely.
Travel and Shopping Benefits: As a basic credit card, the Citizens Bank Platinum MasterCard does not come with rewards, travel or cash-back programs. It does have a few perks, though. You can manage your account online, and you’ll receive an in-depth summary statement at the end of every year. You’ll also receive a 27-day grace period on all purchases, a nice feature.
Fees: The Citizens Bank Platinum card comes with a purchase interest rate of either 13.99 percent, 15.99 percent of 17.99 percent, depending on your creditworthiness. There is no annual fee, and the card comes with an introductory interest rate of 0 percent on balance transfers for the first 12 months. Cash advances cost either $10 or 3 percent of the advance amount, whichever is higher. Late fees can run up to $39. The card does not charge any fees for returned payments.
- Low interest rate depending on your credit score.
- No annual fee.
- Online account monitoring.
- If you have weak credit, your interest rate will be higher.
- Penalty interest rate is 29.99 percent.
- Penalty interest rate can stay on your card indefinitely.