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Verdict: The Platinum Edition MasterCard from First National Bank of Omaha can come with one of the lowest purchase interest rates in the country, if your credit score is high enough. If it’s not? You might be saddled with a purchase interest rate near 18 percent. This is a no-frills card that’s a good fit for the consumer who has a strong credit record. The fact that it comes with no annual fee makes it an especially affordable card.
Overview: While this card comes with a low purchase interest rate — depending on your credit — you will be hit with a large penalty interest rate if you make your payments late, send in a payment that needs to be returned or go over your credit limit. This penalty rate is a sky-high 29.99 percent.
How This Card Works: The Platinum Edition MasterCard from First National Bank of Omaha comes with three different purchase interest rates. The one you get will depend upon your creditworthiness. In other words, your three-digit credit scores will determine whether you qualify for the card’s lowest interest rate or highest.
Shopping and Travel Benefits: This is a basic card, so it has no rewards, cash-back or miles programs connected with it. The card, though, does come with some basic benefits. You’ll automatically receive purchase protection for items that you purchase with your card. If these items are damaged or stolen during the first 90 days after purchase, you will receive a refund for them. You and your family members will also receive protection of up to $250,000 in travel accident insurance. To qualify for this free service, you’ll have to charge the entire amount of your travel tickets to your Platinum Edition MasterCard.
Fees: Your purchase interest rate with this card will range from 9.99 percent to 17.99 percent depending on the strength of your credit score. The card also offers an introductory interest rate of 0 percent on all new purchases for the first six months after you open your account. The card also comes with an interest rate of 0 percent on all balance transfers for the first 12 months after you activate your account. Cash advances cost either $15 or 5 percent of the advance amount, whichever figure is higher. Returned-payment and late-payment penalties can cost as much as $35. This card charges no annual fee.
- No annual fee.
- Purchase interest rate can be as low 9.99 percent.
- Purchase protection included with card.
- Purchase interest rate can soar to 17.99 percent if your credit is bad.
- Penalty interest rate of 29.99 percent.
- No rewards programs.