Platinum Plus MasterCard Is The Ideal Balance Transfer Card

The Platinum Plus MasterCard by MBNA comes with an introductory rate, no annual fee, and a competitive APR for consumers with good credit. There is no rewards program, but this card offers consumers fraud protection, online account management, and 24/7 fraud protection with low fees.

Because the fees are low the Platinum Plus is an ideal card for balance transfers. This is because it has a very low introductory rate. Even after the introductory period is over, the rate is still a competitive one. It is a variable rate, which means it can change, but cardholders have a 21 days grace period that enables them to pay off purchases before interest is applied. In other words, interest fees can be avoided.

In addition to the low APR and the $0 annual fee, another benefit is the ability to acquire a credit line that is high enough to give significant purchasing power. In fact, it is possible to have a maximum credit line up to $100,000. This depends upon the cardholder's income, creditworthiness, and a range of other factors, otherwise the initial credit limit upon the opening of the account is going to be much lower. Over time, credit line increases can be acquired if creditworthiness has been displayed. In the meantime, there are a number of cardholder benefits to enjoy.

Benefits

One of the most significant benefits is the around-the-clock fraud protection. Because there is a high incidence of individuals trying to steal the identities of others, this is something that is very important. This is a service that keeps a cardholder from being held responsible for the fraudulent charges on their account. If you show that the charges were fraudulent, you are not going to be held responsible for it.

Another benefit is the international acceptance of the card, making it easy for cardholders to travel around the world with it. Because the card possesses the MasterCard logo, it is accepted at millions of locations around the world. This makes the fact that the card has Chip and PIN technology and PayPass very significant. Chip and PIN and PayPass are technologies that are implemented to enhance the security of credit card transactions in Canada and around the world.

A third benefit is the rental vehicle insurance. When you rent a car using your card, you can opt out of the coverage at the window and use the coverage provided with your card to protect you against theft and damage of the rental car. This coverage is comparable to what the rental company will offer you. The difference is the money that you will save on this complimentary benefit from MBNA.

A fourth benefit is purchase protection of purchases made on the card. If you purchase an item and it is stolen or damage and it is a qualifying item, then it is covered. This protects your investments in a way that cash can't. This brings about the fifth benefit, which is the extended warranty on qualifying items purchased with the card. Where the original manufacturer's warranty may not be enough, the card fills in the gaps so you can get the most out of your investment.

Fees

There are a number of standard fees associated with the card, but they are competitive in the credit card market because they are quite low. The first fee is the late payment fee. It is assessed to the account when the payment is not received on time. If the account goes over the limit, there is an over limit fee that is applied.

The third fee is the balance transfer fee. There is a minimum fee amount and it's a fee that is a very small percentage of the amount being transferred to the card. Again, this is a card with a very low introductory rate, making it the ideal balance transfer card. Cardholders can transfer from a high interest card to this card and pay down the balance significantly during the introductory period.

The fourth fee is the cash advance fee. The fee must also be a minimum amount; otherwise it is a specific percentage of the amount of money being advanced.

Other fees include the returned cheque fee, which is assessed to the account when a cheque has been returned due to not enough funds in the account (may assess a late fee as well if not rectified before the due date); a returned payment fee if the electronic payment is returned; a very small sales draft fee if you need a sales draft; and a monthly statement fee unless you opt out of paper statements and choose to view your statements online. If you perform transactions in another country, there may be foreign transaction fees.

Online Account Access

In regards to online account activities, you can enroll your account in online account management so that you can view your statements, check past transactions, look at current transactions, view your balance, check available credit, and much more. Many of the actions that can be taken by making a telephone call to customer service can be carried out through online account management. This adds to the convenience factor because you can view your account any time from the comfort of your home and for as long as you like. You can study your account, identify any suspicious charges, and perform a variety of other activities so that you are able to know your account well.

If you do need to call customer service, they are there 24/7 to take care of fraud claims, card replacements and answer any questions that you may have.

Final Word

The Platinum Plus MasterCard has platinum benefits with its protection programs, travel benefits, and low fees. Because of the low fees, such as the low balance transfer fee, certain actions with the card can save a significant amount of money.