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The Chase Platinum was last reviewed on 13th June 2007
Summary - The Chase Platinum credit card is a platinum card offered by Chase Manhattan Bank that comes with a great reward program. You also get typical platinum benefits and a good 0% apr introductory offer. Let us look at this card in greater detail.
Fees - The Chase Platinum has no annual fee. You get a 0% introductory apr for 12 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 2-cycle average daily balance method is used to calculate monthly balances.
Platinum Benefits - The Chase Platinum also offers various platinum type benefits for cardholders like auto Auto Rental Collision Damage Waiver and Worldwide Travel Accident Insurance.
Flexible Rewards - The most attractive feature of the Chase Flexible Rewards Visa is the flexibility of its reward program especially in the area of airline travel. As a brief background, there are two extreme versions of airline rewards in a reward program. Programs like American Express membership rewards allow you to transfer points to actual frequent flyer programs itself. Most other credit card reward program allow you to redeem points for airline tickets, but you loose the flexibility in the choice of airlines.
The Flexible Rewards is unique in that there a three ways to redeem points for airline tickets. The first method is the conventional method where you exchange points for a free ticket, but you cannot choose your airline. Alternatively, the flexible rewards allow you to redeem tickets in Continental Airlines, which require less points than the former method. 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!)
The other rewards in the program are on par with other reward programs.
Verdict - I personally have the Chase Platinum Visa with Flexible rewards and absolutely recommend it. Aside from getting a 0% apr deal for
up to 12 billing cycles, the Flexible Rewards is a very good reward program which has more travel reward options than many other credit card programs. You can choose to get either the Chase Platinum Visa® Card or Chase Platinum MasterCard®.
Positives
0% apr offer for 12 monthsNo annual feePlatinum BenefitsComes with a good reward program if you want a reward program (Flexible Rewards)
Negatives
Charges a balance transfer fee even for the introductory offerUses 2-cycle average daily balance method to calculate monthly balances
| Chase Platinum Card |
| Other Benefits |
Online Account Access
Online account statements
Chase Bill Management Center
Credit Line increases |
| Cost/Fees/Interest rates |
| 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 |
Apply for the Chase Platinum Visa® Card or Chase Platinum MasterCard®
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