Etrade Rewards Visa Platinum Credit Card Review

Review of Etrade Rewards Visa Platinum Card

etrade rewards visa platinum Summary - If you are a customer of etrade, then you just might be tempted with getting their credit card. Is it good at all? Well, the Etrade Rewards Visa Platinum is rewards credit card that allows you to earn rewards that can be redeemed for statement credits, commission-free trades, travel and merchandise rewards and gift certificates. We'll do some thorough investigation here.

Rewards - The Etrade Rewards Card allows you to earn one point for every dollar you spend on the card. You can earn unlimited reward points which can be used for statement credits, commission-free trades, travel and merchandise rewards and gift certificates. New cardholders get 2,000 reward points after their first purchase.

Fees and Rates - There ia no annual fee. The apr is prime rate plus 3.90%. There is no introductory offer though cardholders may get offers from time to time. T average daily balance method (including new purchase) method is used to calculate monthly balances. The grace period for purchases is 25 days.

Etrade Credit Card Peer Comparison

There are a couple of other brokerages that offer their own co-branded credit cards and a comparison is called for. Though a person likely to choose a credit card from their broker will have their decision more influenced (I believe) about the service of the broker than the card. But it's still worth comparing.

Etrade Visa vs Fideliity Amex - The big issue with the etrade visa is that you can only earn one point for every dollar that you spend on the card. The Fidelity Amex for example, allows you to earn 2% cash rebates which will be deposited into either your savings or brokerage account or your IRA depending on which card you have. So in terms of pure rebates, the Etrade Visa is outshone by Fidelity.

Trade vs Charles Schwab Visa - Charles Schwab also has a Visa that gives a straight 2% cash back on every purchases you make on the card. Like the Fidelity Card, the cash back is deposited into your brokerage account (not retirement account). So once again, the Etrade Visa pales in comparison with the Charles Schwab Visa. (update - the Charles Schwab Visa is no longer being offered).

Doesn't look like a great card, does it? - Compared to its' peers, this card kind of sucks. It gives the standard 1% rewards while the Fidelity Amex and Schwab Visa gives a 2% rebate (double). Having said that, if you are an etrade customer, you will probably have chosen it because you think it has a better platform or tools for your investing needs. Hence, I suspect that if you want to get this card to squeeze out that 1% automatically into your etrade account, then it may not be such a bad thing.

  • No annual fee
  • Low apr

  • Etrade Rewards Visa Platinum
    Reward Benefits
    Reward Formula Earn one point for every dollar you spend
    Caps on Rewards Earn unlimited points
    Travel and Insurance Benefits
    Travel Accident Insurance
    Auto rental insurance
    Other Benefits

    Extended Warranty
    Free Online Access
    Cost/Fees/Interest rates
    Introductory rate No introductory APR
    Annual Fees No annual fee
    Purchase APR Prime Rate plus 3.90%
    Balance Transfer APR Prime Rate plus 3.90%
    Cash Advance APR Prime Rate plus 12.90%
    Late Payment Rate Prime Rate plus 6.90% for first missed payment
    Prime Rate plus 10.90% for second missed payment within 12 months
    Min Finance Charge $0.50
    Grace Period 25 days
    Balance Calculation Method Average Daily Balance (including new purchases)
    Cash Advance Fee 3% min $5.00, max $50.00
    Balance Transfer Fee 3% min $5.00, max $50.00
    Over-the-credit-limit fee $29.00
    Late Payment fee $29.00

    See our cardholders' review of the etrade credit card