|
The Chase Flexible Rewards Platinum Visa® Card was last reviewed on 2nd January 2009
Summary - The Chase Flexible Rewards Platinum VisaŽ Card is a basic reward card from Chase. The Flexible Rewards program comes with the regular Chase Platinum Visa or Mastercard as well. Find out more about this card.
Reward Formula - The Chase Flexible Rewards Visa® Card is a general reward program credit card. You earn one point for every dollar you spend. You can earn up to 5,000 points in a month and up to 60,000 points in a year. You will earn 1,000 points after your first purchase. Points can be redeemed for travel (airline tickets, hotels or car rentals), merchandise, gift cards or cash rebate.
Flexible Rewards - How good is the chase flexible rewards program? Well, let's take a look. In terms of airline travel rewards (which is what most folks look out for), the Flexible Rewards allow you to redeem points for miles in a few ways. Firsly, you can use your points to buy airline tickets (through Chase). You will need 100 points to redeem $1 in actual ticket cost. You also need to redeem a minimum of 15,000 points (ie min ticket price of $150. You can also use 25,000 points for a economy class domestic roundtrip ticket.
Exchange Points for UA, Continental OnePass Miles or BA Miles
Or you can choose to transfer points to United Airlines Mileage program, Continental OnePass Miles or British Airways miles. Hence, this card may offer a better alternative for Continental OnePass or United Mileage Plus members.
(Note that this information cannot be found on the web unless you are a cardholder, which I am!)
Other Rewards - Aside from the travel rewards exchange option, the reward program compared to other cards not very good. Though it has improved a lot the last couple of years in terms of the number of merchant partners, the Membership Rewards from American Express is still a much better program. For example, to start off, Chase requires 1500 points to get a $10 gift certificate. The Membership Rewards program only requires 1,000 points!
Fee - There is no annual fee. The APR is either prime rate plus 5.99%, 9.99% or 14.99% depending on your credit profile. New cardholders get a 0% APR for purchases and balances for up to 12 months. You have to pay a balance transfer fee even during the introductory period. The Chase Flexible Rewards Platinum Visa® uses the average daily balance method (including new purchases) to calculate your monthly balance.
Verdict - I personally have this card and would say that the Chase Flexible Rewards Platinum VisaŽ Card is not the best reward card out there. I still prefer my other Amex Cards for using earning reward points.
Update - Chase is no longer offering the Flexible Rewards Card.
Positives
Flexibility in redeeming points for airline ticketsNo annual fee
| Reward Formula |
Earn 1 point for every dollar you spend |
| Caps on Points |
Earn up to 5,000 points per month or 60,000 per year |
| Introductory rate |
0% fixed APR for 12 billing cycles (purchases and balance transfers) |
| Annual Fees |
No annual fee |
| Purchase APR |
Prime Rate plus 5.99%, 9.99% or 14.99% |
| Balance Transfer APR |
Prime Rate plus 5.99%, 9.99% or 14.99% |
| Cash Advance APR |
Prime Rate plus 15.99% |
| Penalty/Default Rate |
Prime Rate plus 23.99% |
| Min Finance Charge |
$1.00 |
| Grace Period |
20 days |
| Balance Calculation Method |
Average Daily Balance (including new purchases) |
| Balance Transfer Fee |
3% min $5.00 max $75.00 |
| Cash Advance fee |
3% min $10.00 |
| Foreign Currency Conversion fee |
3% |
| Over-the-credit-limit fee |
$39.00 |
| Late Payment fee |
$15.00 - up to but not including $100.00
$29.00 on balances of $100.00 up to, but not including, $250.00
$39.00 - more than $250.00 |
|
