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Choice Privileges® Visa® Platinum

• 8,000 Points awarded after 1st purchase
• 2 points for every $1 on net retail purchases
• No Annual Fee
• Earn 15 points for every dollar spent at Choice Privileges locations throughout the U.S., Canada, & Mexico, including Comfort Inn®, Comfort Suites®, Quality®, Sleep Inn®, Clarion® and MainStay Suites®
• No Annual Fee
• Total Security Protection
• Card issued by FIA Card Services, N.A.

Just The Facts –

Issuer : FIA Card Services, N.A. (Bank of America)

APR :  0% Introductory APR on purchases and cash advance checks for your first 6 billing cycles, 1.9% fixed rate on balance transfers

Introductory Period : 6 billing cycles (6 months)

APR After Introductory Period : 4.99% variable plus prime rate, 9.99% plus prime rate for balance transfers

Cash Advance Rate : 18.24%% variable rate on cash advances

Annual Fee : $19

Credit Line Possible : The maximum credit available when you apply for a Choice Privileges VISA Platinum is dependent on your credit rating and an evaluation of your personal resources. The minimum credit line offered is $500.

Insurance included : Choice Privileges VISA Platinum includes extended car rental and warranty coverage on services and purchases for up to a year.

Financing Configuration – Interest is calculated on your average daily balance (including new purchases).

Grace Period – You have twenty days after making a purchase during which you do not have to pay interest.

The Best Thing About It – Earn double points toward worldwide travel and related rewards. The points are earned at many different hotels that are part of the Choice Privilege network including Comfort Inn, Comfort Suites, Quality, Sleep In Clarion and MainStay Suites.

The Worst Thing About It – You points expire after two years.

Credit Rating Needed For Acceptance : Good.

Who Is It For?

The Choice Privileges VISA Platinum best suits those who frequently stay at accommodations that are part of the Choice Privilege network and who like to earn double points fast (two points for every dollar.)

The Benefits

 

You are gifted with 8000 free points on your first purchase. Points can be redeemed for travel, theme park admissions, certificates to major hotel chains, brand-name merchandise, and more. This introductory gift of points is enough to get you a free night at over 1,000 Choice Privileges locations.

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

You have the option to donate to charity. There is a unique donation option that allows cardholders to redeem their points toward donations to the Armed Forces Relief Fund and UNICEF.

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.

The Choice Privileges VISA Platinum comes with the Bank of America’s Purchase Replacement program. This feature provides for repair or replacement for covered purchases that are stolen, damaged or lost at a known location, within 90 days of the date of purchase.

The Choice Privileges VISA Platinum comes with the Bank of America’s Purchase Guard. This feature may double the manufacturer’s original U.S. warranty period for covered purchases with a warranty duration of 1 year or less.

Cash advance checks are issued at no extra charge. This allows you to get a cash advance without paying an ATM fee.

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 two years. There is no yearly limit on the number of points that can be earned; however, any points earned in a calendar year will expire on December 31st of the second calendar year following the year during which the points were earned

The points have an annual cap. There is a limit of 75,000 points that can be earned per year. Points expire on the last day of the Billing Cycle that closes in December of the fourth calendar year following the year in which they were earned.

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

The 2.99 % 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.

All payments you make will be applied to lower rate balances first. This makes it easy to get into debt.

The Choice Privileges VISA Platinum introductory rate can be cancelled at the discretion of the Bank of America. 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.

There are lots of 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 on balances up to $100; $29 on balances over $100 up to $250; $39 on balances over $250

Over The Limit fee: $15 on balances up to $500; $29 on balances over $500 up to $1,000; $39 on balances over $1,000

Cash advance Fee: 3%, $10 minimum; 4%, $10 minimum, $90 maximum for cash advance checks

Balance Transfers: No fees on introductory balance transfers; 4%, $10 minimum, $90 maximum after the introductory period

To Summarize –

The Choice Privileges VISA Platinum card offers a low introductory rate that can be applied toward purchases, balance transfers, and cash advance checks for the first six billing cycles with no annual fee. Although the interest rate for purchases and balance transfers is considered to be competitive for a reward credit card, it is not a good choice for those who plan to carry a balance after the introductory rate expires.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
1.9%	6 months	P + 9.99%	None	Yes	Good Credit