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The Chase Platinum was last reviewed on 11th February 2009
Summary - The Chase Platinum Visa® Card or Chase Platinum MasterCard®
is a basic platinum credit card from Chase. This is a good credit card for those who have good credit and are looking to do a balance transfer. Let us look at this card in greater detail.
Fees - There is no annual fee. You get a 0% introductory apr for 6 months for both balance transfers and purchases. (Note : Your introductory apr period may vary depending on Chases' assessment of your credit). The apr is either prime rate plus 5.99%, 9.99% or 14.99% depending on your credit. The average daily balance method is used to calculate monthly balances.
Platinum Benefits - The Chase Platinum Visa® Card also offers various platinum type benefits for cardholders like auto Auto Rental Collision Damage Waiver and Worldwide Travel Accident Insurance.
Verdict - Though the Chase Platinum Visa® Card or Chase Platinum MasterCard® is a good basic platinum credit card, they have been cutting back massively on their credit card approvals due to the credit crisis. In fact, they have been cutting credit lines of clients who have not used their lines at all (thus affecting their FICO scores). It is now very difficult to get approvals for Chase.
If you are looking a card to transfer a balance, the card we would recommend is the Discover® More® Card. Aside from also having a similar 6 month 0% APR deal for balance transfers, Discover also has their shopping site called shopdiscover.com that allows you to earn up to 20% in cash rebates when you make online purchases with their merchant partners.
If your credit is only about fair (call it about over 600) and you are looking for a no annual fee card, we would recommend the American DreamCard MasterCard from HSBC, which is a no annual fee card that has a monthly cash sweepstake.
Positives
0% APR balance transfer offer for up to 12 monthsNo annual feePlatinum Benefits
Online Account Access
Online account statements
Chase Bill Management Center
Credit Line increases |
| Introductory rate |
0% introductory APR on balance transfers and purchases for up to 12 months |
| 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% or 19.99% |
| Penalty/Default Rate APR |
Prime Rate plus 23.99% |
| Min Finance Charge |
$1.00 |
| Grace Period |
20 days |
| Balance Calculation Method |
2-cycle average daily balance method (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 - on balances up to, but not including, $100.00
$29.00 - on balances of $100.00 up to, but not including, $250.00
$39.00 - greater than $250 |
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