Review of Etrade Rewards Visa Platinum Card

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.

Positives

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