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Cash Back Plus Platinum MasterCard Review

7 September 2011 by CreditCardsCo™

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Unlike many cash back credit cards, the Cash Back Plus Platinum MasterCard does not place a limit on the amount of cash back which can be earned. The card also has an attractive package of Platinum Benefits associated with it, making it worth the annual fee.

Unlimited Cash Back Rewards

The Cash Back Plus Platinum card allows new account holders to start earning cash back immediately on every purchase. The more a cardholder spends on their credit card, the more cash back they can earn. There is no limit to the amount of cash back which can be earned on an account, and additional cards or authorized users can be added free of charge, this allows even more cash back to be earned as all users are combined.

The cash back program is part of Capital One's ' No Hassle Rewards' program. This means that cardholders can relax in the knowledge that their cash back rewards will never expire and they have full control over how and when the cash can be claimed. Cardholders can choose to have a cheque or a statement credit and can redeem over the phone or online. Rewards can be redeemed as frequently as the cardholder wishes, although there is a low minimum redemption limit which helps avoid admin costs.

Platinum Benefits Packages

The card comes with an attractive Platinum Benefits package divided into three categories. The first category covers 'Everyday Platinum Benefits' including Price Protection, Purchase Assurance and Extended Warranty. These benefits mean that cardholders can be safe in the knowledge that if an item they purchase using their new credit card is advertised at a lower price within a set time frame, the price protection feature will refund the difference up to a maximum annual limit.

The same goes for purchases which are lost or damaged within 120 days of purchase as these are automatically insured with the purchase assurance feature. Similarly, the extended warranty feature also doubles the original manufacturer warranty for most purchases. The 'Platinum Travel Benefits' category includes Travel Accident Insurance, Car Rental Collision or Loss Damage Waiver, MasterAssist Travel Assistance and Baggage Delay cover. Finally the standard 'MasterCard Benefits' category also includes Master Global Services, $0 Fraud Liability and Master RoadAssist Service for additional peace of mind.

Who Does This Card Suit?

The typical cardholder for whom this particular credit card is a good choice would be an individual with good to excellent credit score. They should spend a fair amount on their credit card each month, but be in a position to pay off the balance in full each month as the APR, while pretty average for a cash back credit card, is not ideal for carrying a large balance. The cardholder would be expected to have a reasonable personal income.

This Capital One Canada card is available in a wide range of designs to suit every taste including animals, landscapes and hobbies. In order to qualify for the credit card, applicants should be Canadian residents and be of the age of majority for the province in which they reside. Applications can be made either online or over the phone and Capital One offer an instant decision the majority of the time. However, in some cases applicants may be asked to visit the Canada Post outlet in order to provide further identification.

Fee and Charges

The typical APR offered with this credit card is in line with the national average for cash back credit cards. The same APR is applied to purchases, balance transfers and cash advances. However, the card does has a default interest rate which is significantly higher and is applied to accounts where there are late payments for any 2 billing periods in a 6 month period, or after one completely missed payment.

The usual rate can be returned if payments are made on time for 9 consecutive billing periods. The card is also subject to a number of additional fees including a foreign currency conversion charge for transactions outwith Canada. Other fees include cash advance fees, over limit penalties and dishonored payment charges. Copies of monthly statements and transaction details are also subject to an additional charge. However, standard balance transfers are free of charge.

Conclusion

In conclusion, if you have a good to excellent credit rating and are willing to pay the annual fee applied to the Cash Back Plus Platinum MasterCard from Capital One, then this could be the right cash back rewards card for your needs.

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