Etrade Rewards Visa Platinum Credit Card Review
Review of Etrade Rewards Visa Platinum CardSummary - 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
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.
|Etrade Rewards Visa Platinum|
|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
Free Online Access
|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|
|Late Payment fee||$29.00|
See our cardholders' review of the etrade credit card