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Platinum Business Credit Card Details
This credit card offers a very inviting 0% annual percentage rate for the first twelve months. For this reason, it is a good card for business users who do not pay off their balance each month. This zero APR is for credit card purchases only and does not apply to cash advances.
There is no fee for this card either, so it is an inexpensive credit card to get into and use, at least for the first year. After the initial period, the APR jumps to somewhere between 7.99% - 15.24%. The new rate is determined by your credit rating mostly as well as a formula that includes factors such as the size of the credit limit.
Business users who are looking to transfer balances onto this card will be given a 4.99% rate on transfers that take place within the first 45 days. There is no fee for a balance transfer at that time. After that any balance transfers are not as attractive since they are at the regular purchase rate. Later balance transfers may also be subject to a balance transfer fee. This card is certainly not meant for anyone who takes a lot of cash advances as the rate is 19.99% for such transactions. Cash advances are also subject to a fee of 3% of the transaction amount (with a $5.00 minimum and no maximum). This means a large cash withdrawal will be a very expensive transaction both at the time it takes place and as long as it remains on your balance.
There are some other fees that apply on this card. Late payment fee is $19 when your balance is less than $400 or $38 if your balance is $400 or more. This card also charges $35 if you go over your credit limit.
Overall, this is a fairly basic business credit card in that it does not offer any kinds of rewards or bonuses. It does provide a good low rate for early balance transfers and with no fee and the zero interest rate for the first year, it is a good way for business users to save on credit expenses - at least for one year. If you refrain from using this card for anything except your business charges, stay within your limit and make your payments on time, it is a good basic credit card that will help you limit your credit card expenses. |
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