By : Mr Credit Card

Review of the American DreamCard Mastercard

The American DreamCard Mastercard was last reviewed on 12th April 2010.

Summary - The American DreamCardâ„¢ MasterCard� is a credit card issued by Direct Merchants Credit Card Bank. The key highlight of this card is that you stand a chance to win a sweepstake lottery every month. Secondly, this card is mainly targeted at those with good credit and offers reasonably low apr to cardholders. Read more...

Monthly Sweepstake - As a cardholder of the American DreamCard Mastercard, you are eligible to participate in a monthly sweepstake. There are various ways (eight precisely) to enter the sweepstake. Firstly, you earn one entry for every dollar you spend on your card (max of $1000 per transaction). You will also earn 1,000 entries by applying for this card either through the internet, via mail or faxing an application. You will earn 100 entries by enrolling in AccountCentral®, the online servicing platform. You will earn 50 entries if you refer friends to the card and 1000 entries if your friend applies and is approved for the card. The winner of the monthly sweepstake will get 0.50% of the total amount of net dollars spent by participating cardholders (subject to a minimum and maximum figure).

Fees - The American DreamCard Mastercard will either charge you $0, $39 or $59 for annual fee depending on your creditworthiness. The apr varies according to your credit profile. Under the terms and conditions, if you have "Best Credit", the apr is prime rate plus 14.99% or 21.99%. The average daily balance method (including new purchases) is used to calculate monthly balances.

Optional Account Protection Plus and Benefit Plus Plans - Like many of the larger credit card issuers, the American DreamCard Mastercard also offer some optional "insurance plans" to cardholders. For example, cardholders can enroll in the account protection plus plan, which will temporarily suspend your payments due to unemployment, disability or leave of absence. The cost is $0.89 per $100 of account balance. Cardholders also have the option of enrolling in the benefit plus plan, which waives future payments upon the event of the death of the cardholder. The cost is $0.65 per account balance.

Conclusions - The American DreamCardâ„¢ MasterCard� is an innovative credit card in that it allows cardholders to win a sweepstake and gives them incentives to recommend the card to friends and families. This card will appeal to those with fair and improving credit.

Positives

• Low apr if you have very good credit
• Chance to win sweepstakes