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Verdict: This is a very good card for people looking to establish credit history. The APRs are relatively low, although the default rate is high. There may be annual and processing fees, depending on your credit. If you don’t qualify for the platinum card you will probably qualify for a secured card.
The Household Bank Platinum Mastercard currently offers 0% introductory APR on purchases and balance transfers on those that qualify for the Household Bank Prime Platinum Mastercard. They also offer good services, such as online account management and bill pay, email and text message reminders, and fraud protection.
How This Card Works:
This card is aimed at people that want to establish credit history. They report to all three major credit bureaus. There’s free online bill pay and account management, as well as email and text message reminders when bills are due. The Household Bank Platinum card also offers 100% fraud protection, the ability to schedule your own due date, and services such as CreditKeeper, which accesses and stores credit reports. This card also offers a 6 month 0% introductory APR.
When applying for the Household Bank Platinum Mastercard, you are prequalified first so you don’t receive a hard pull on your credit report. They will tell you which cards you are likely to be accepted for so you know beforehand.
Travel and Shopping Benefits:
Discounts are available from MasterCard at many different merchants when you register at www.mcnearby.com.
Variable APR between 14.90% and 15.99%. The default APR is a variable 29.49%. The annual fee ranges from $0 to $79, depending on credit history. The processing fee to open the account also varies between $0 and $49. A fee is 5%, with a minimum amount of $10, applies to balance transfers and cash advances made through ATMs or over the counter. A $20 minimum applies to cash advances made any other way. The minimum finance charge is $1.00.
- Reports to all credit bureaus.
- 0% introductory APR for 6 months.
- Online account management.
- Email and text message reminders.
- High default rate.
- May have annual fee.
- May have processing fee.