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Chase Platinum Visa Card

• 0% APR* for up to 12 months
• No Annual Fee
• 1 point for every dollar spent
• Redeem for Travel, Cash, Merchandise or Gift Certificates/Cards
• Free travel services including Auto Rental Collision Damage Waiver and Worldwide Travel Accident Insurance

Issuer : Chase Manhattan Bank

APR : 0%

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 you can obtain is $35,000.

Insurance included  :  Chase Platinum Visa Business Card includes 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 used by most card issuers.

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

The Best Thing About It – The card has a straightforward point per dollar spent rewards program where the points may be redeemed for cash back, merchandise, travel, and gift cards with participating merchants.

The Worst Thing About It—The way the interest on the Chase Platinum Visa Business Card is calculated is more expensive than with other cards.

Credit Rating Needed For Acceptance : Good.

Who Is It For?

Chase Platinum Visa Business Card is designed for those with very good credit who are looking to consolidate business related expenses with one credit card while at the same time earning rewards points.

The Benefits

 

Duplicate Chase Platinum Visa Business cards are free. You are not charged for additional cards.

You can request expense reports. Expense reports are available on a quarterly basis if you don’t want to keep track of things online.

Keep track of all of your business expenses online. You are also able to monitor what goes on in your Chase Platinum Visa Business Card account with full access to an online account report.  A full expense report can be requested at the end of the year.

You have theft or card loss protection.  Emergency card and cash replacement is part of your credit card agreement. You have plenty of travel insurance. The card comes with auto rental insurance, roadside assistance and a car rental damage waiver.

You can benefit from extended warranty protection. If a product fails you have warranty protection up to $300 as long as you apply for this within a year of purchase.

The card has zero liability for fraud.  If you claim someone has stolen your card then you do not have to be liable for the usual $50 that is usually deducted.

The Drawbacks

 

The points have an annual cap.  You will stop redeeming points earned after they reach 60,000 in a year.

The points expire.  You must use your points within five years or you will lose them

The card has 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 for the Chase Platinum Visa Business Card 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 shorten the term of you introductory period if you do not make a timely or full payment.

No APR is guaranteed with the Chase Platinum Visa Business card. APRs may change to higher APRs, fixed APRs may change to variable APRs, or variable APRs may change to fixed APRs with a month’s notice.

All payments you make to your account will be applied to lower rate balances first. This makes it easy 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.

It could be expensive to carry a balance on the Chase Platinum Visa Business Card. The way the interest is calculated it could be a very expensive card if you did not pay it off in total each month.

This card has many hidden fees.  See the Fees to Watch Out For section below.  The fees charged for your every little financial transaction can really add up and make it seem like you are paying an annual fee anyway.

Fees To Watch Out For

 

Late payment fee : $15 if balance is less than $250; $39 if balance is $250 or more

Over The Limit fee : $39

Cash advance Fee : 3%, $10 minimum

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

To Summarize –

The Chase Platinum Visa Business Card has no annual fee and the rewards program is very flexible and can be used everywhere. This card also provides a 0% introductory rate for the first twelve billing cycles on purchases and balance transfers. The card is best for a consumer who can pay in full each month as the post-introductory APR and fees are actually quite high. It is also not a good card to take out cash advances with.

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