The Lowdown on Chase Platinum Visa

by : Eric Wasselman

The Chase Platinum Visa card is essentially a platinum card with an ideal rewards program. In this sense, users with very good credit ratings should get this card and make good use of its one-year 0% introductory APR benefit on both balance transfers and purchases.

Once the promotion period is over, the APR for purchases varies with the user's credit rating, ranging from as low as 6% to as high as 15%, in accordance to the Prime Rate. However, the regular rate is advertised as 13.75%. As for the APR for cash advances, it is the norm for the rates of platinum to be higher, which is why the APR for the Chase Platinum Visa Card is at a whopping 23.75%.

On the flip side, there are no annual fees or registration fees required for this card on top of a flexible rewards program. The Chase Platinum Visa rewards program allows card users to collect points for every dollar users charge to their purchases. These points can then by used to redeem merchandise, gift cards, traveling tickets or even to get some cash back. Ideally, these points should be redeemed within a period of five years before they expire. Apart from that, there is also a limit as to the number of points that can be collected each year, with the maximum of 60,000 points.

Also, the Chase Platinum Visa card utilizes a two cycle average daily balance billing method that should be avoided by those who tend to carry monthly balances. Rather than charging the interest rate based on the monthly outstanding balance, the system averages out the balances of the previous month with balances of the current month. With this, interests payable will be higher as compared to the average daily balance system of interest tabulation.

Finally, the Chase Platinum Visa card also comes with a shorter grace period of 20 days and a barrage of fees for cash advances, balance transfers, surpassed limits and late payments. A fee of $15 is chargeable for balances amounting to less than $250 and a $39 fee for balances more than $250.