Review of the American DreamCard Mastercard
The American DreamCard Mastercard was last reviewed on 9th November 2005.
Summary - The American DreamCard Mastercard is a credit card issued by Direct Merchants Credit Card Bank. The key highlight of this card is that you stand a chance to win a sweepstake lottery every month (a monthly sweepstake is held very month until September 2006). Secondly, this card is mainly targeted at those with good credit and offers reasonably low apr to cardholders. Read more...
Monthly Sweepstake - As a cardholder of the American DreamCard Mastercard, you are eligible to participate in a monthly sweepstake. There are various ways (eight precisely) to enter the sweepstake. Firstly, you earn one entry for every dollar you spend on your card (max of $1000 per transaction). You will also earn 1,000 entries by applying for this card either through the internet, via mail or faxing an application. You will earn 100 entries by enrolling in AccountCentral®, the online servicing platform. You will earn 50 entries if you refer friends to the card and 100o entries if your friend applies and is apprioved for the card. The winner of the monthly sweepstake will get 0.50% of the total amount of net dollars spent by participating cardholders (subject to a minimum and maximum figure).
Fees - The American DreamCard Mastercard has no annual fee. The apr varies according to your credit profile. Under the terms and conditions, if you have "Best Credit", the apr is prime rate plus 3.49% (very low). If you have "Better Credit", the apr is prime rate plus 8.49%. If you have "Good Credit", the apr is prime rate plus 13.49%. You will also get an introductory offer on purchases for 5 months. The average daily balance method (including new purchases) is used to calculate monthly balances.
Optional Account Protection Plus and Benefit Plus Plans - Like many of the larger credit card issuers, the American DreamCard Mastercard also offer some optional "insurance plans" to cardholders. For example, cardholders can enroll in the account portection plus plan, which will temporarily suspend your payments due to unemployement, disability or leave of absense. The cost is $0.89 per $100 of account balance. Cardholders also have the option of enrolling in the benefit plus plan, which waives future payments upon the event of the death of the cardholder. The cost is $0.65 per account balance.
Conclusions - The American DreamCard Mastercard® is an innovative credit card in that it allows cardholders to win a sweepstake and gives them incentives to recommend the card to friends and families. What you get is a basic no annual fee mastercard, potentially a very low apr (if you qualify) and a chance to win some money between now and September 2006. Plus a nice credit card design!. If you find yourself always spending money on some lottery tickets, this might be a credit card you want to consider.
- Low apr if you have very good credit
- 0% apr on purchases for 5 months
- Chance to win sweepstakes
|American DreamCard Mastercard
||0% fixed APR for 5 months (purchases)
||No annual fee
||Prime Rate plus 3.49%, 8.49% or 13.49%
|Cash Advance APR
||Prime Rate plus 13.49% (min 19.99%), prime rate plus 14.49% (min 20.99%) or prime rate plus 19.49% (min 25.99%)
||Prime Rate plus 13.49% (min 19.99%), prime rate plus 13.49% (min 15.24%) or prime rate plus 19.49% (min 20.24%)
|Min Finance Charge
|Balance Calculation Method
||2-cycle average Daily Balance (including new purchases)
|Cash Advance fee
||$5.00 for cash advance of $100.00 or less from any ATM, transfer or convenience check.
For cash advance greater than $100, the fee will be the greater of $15.00 or 4%.
|Late Payment fee
Apply for the American DreamCard Mastercard
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