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Chase Flexible Rewards Platinum Visa®

• 0% Introductory APR* for up to 12 months on all purchases and balance transfers.
• No Annual Fee
• Earn 1 point for every dollar spent
• Redeem for airline tickets, hotel stays, or car rental

Issuer : Chase Manhattan Bank

APR : 0% Introductory APR on purchases and cash purchases

Introductory Period : 12 months

APR After Introductory Period : 14.24% variable

Cash Advance Rate : 24.24%% variable rate on cash advances

Annual Fee : $0

Credit Line Possible : The maximum credit available when you apply for a Chase Flexible Rewards Platinum Visa is dependent on your credit rating and an evaluation of your personal resources.

Insurance included :  The Chase Flexible Rewards Platinum Visa Includes ample insurance including extended car rental and warranty coverage on services and purchases for up to a year.

Financing Configuration – The finance charges applied use the "Two Cycles Average Daily Balance" method, which is a more costly method in applying finance charges for those who occasionally carry a balance as compared to the "Average Daily Balance" method, which is less expensive for the cardholder.

Grace Period – You have twenty days after making a purchase during which you do not have to pay interest on your Chase Flexible Rewards Platinum Visa account

The Best Thing About It – There is a simple points program.  Through the reward program, cardholders earn one point for every dollar spent on general purchases. Points may be redeemed for airline tickets, hotel stays, car rentals, and more.

The Worst Thing About It – The way the interest on your card is calculated is more costly than with other cards and the cash advance rate is obscenely high at 24.24% and there are lots of limits on your points.

Credit Rating Needed For Acceptance : Good

Who Is It For?

The Chase Flexible Rewards Platinum Visa is for those who have good credit and who want a card with no annual fee, a reasonable interest rate and a generous rewards program. However it is not a good card for those who want to maintain a big balance or want to take out cash advances.

 

The Benefits

Additional cards are free.  There is no fee for issuing duplicate cards.

Keep track of all of your business expenses online. You are also able to monitor what goes on in your account with full access to an online account report.

You have theft or card loss protection.  Emergency card and cash replacement is part of your credit card agreement with Chase Flexible Rewards Platinum Visa.

Zero Liability.  If you claim someone has stolen your card then you do not have to be liable for the usual $50 that is typically deducted as fraud liability.

 

The Drawbacks

 

The points expire after five years. You cant accumulate points for longer period..

The points have a monthly and annual cap. There is a limit of 5,000 points that can be earned per month and 60,000 that can be earned each year.

A short grace period. Many credit cards don’t begin to garner interest on purchases until thirty days after purchase. Chase Flexible Rewards Platinum Visa only gives you twenty days.

The introductory rate is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with the costly prime rate. The bank also reserves the right to abort the introductory period if you do not make a timely or full payment.

No APR is guaranteed with this card. APRs may change to higher APRs, fixed APRs may change to variable APRs, or variable APRs may change to fixed APRs with only a month’s notice.

All payments you make to your Chase Flexible Rewards Platinum Visa account will be applied to lower rate balances first. This makes it easier to get into debt.

The introductory rate can be cancelled at the discretion of the Chase Manhattan Bank. You will lose your introductory rate if you exceed your credit limit or are late with a payment or if there is a negative comment on your credit report.

Fees To Watch Out For

Late payment fee :  $15 on balances up to $100; $29 on balances over $100 up to $250; $39 on balances over $250

Over The Limit fee : $35

Cash advance Fee : 3%, $10 minimum

Balance Transfers : 3%. $5 minimum, $75 maximum

To Summarize –

The Chase Flexible Rewards Platinum Visa has no annual fee, and the interest rate for purchases and balance transfers is a satisfactory offer for a reward card (for those who qualify).  The 0% introductory rate offered on purchases and balance transfers for the first twelve months of card membership is also attractive. It is also important to not that you may not qualify for the introductory rate at the time of application.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%*	12 Months	14.24%	$0	Yes	Good Credit