Review of BBT Visa Platinum



The BBT Visa Platinum was last reviewed on : 7th December 2005

Summary - The BB&T; Visa Platinum is a basic platinum credit card that allows you the option to enroll in BB&T;'s Travel Points reward program. The reward program cost $59.00 ($39.00 if you are an Elite Gold Member). You can earn 1 point for every dollar you spend on purchases, 1.2 points if you carry a balance the previous month. You can earn up to 10,000 points in a month of 60,000 points in one calender year. Points are valid for four years.

Fees - The fee structure of the BB&T; Visa Platinum is a bit complicated. It will depend on your credit profile, history and banking relationship with BB&T.; You will be either be considered for Preferred Pricing or Standard Pricing. If you are considered for preferred pricing, you can either get a variable or fixed rate apr. If you get a variable rate apr, there is no annual fee. If you get the fixed rate apr, the annual fee is $19.00. If you are considered for standard pricing, your annual fee will either be $19.00 or $29.00 depending on your actual apr rate.

For the preferred pricing, the variable apr is prime rate plus 3.9% to 6.9% and the fixed rate apr ranges from 9.9% to 11.9%. For the standard pricing, the variable apr is prime rate plus 7.9% and 17.9%. There is also an introductory apr offer of between 0% to 1.9% fixed rate for 6 billing cycles for both purchases and balance transfers. The BB&T; Visa Platinum uses the average daily balance method of calculating balances and has a 25 day grace period.

You will also get standard platinum benefits like travel insurance, auto rental insurance, travel and emergency assistance, automatic bill payments, extended warranty.

Conclusion - Though you get platinum benefits and potentiallly a low apr and perhaps no annual fee, I find the fee structure of the BB&T; Visa Platinum a little more complicated than neccessary. The Travel Points reward program's website only highlights a few basic travel rewards. The reward program also requires an annual fee to enroll. Hence you may ended up paying as much as $50.00 in annual fees. If you are looking for a credit card with reward program , you might want to consider a card like Citi Diamond Preferred Reward Card, which lets you earn 5 points for every dollar you spend at standalone supermarkets, gas stations and drugstores. If you are a frequent traveller, you may want to consider the Citi Premierpass Card. Both have no annual fees.

Positives
  • Platinum benefits
  • 25 day grace period


Negatives
  • Complicated fee structure
  • Reward program is not comprehensive


BB&T; Visa Platinum
Reward Benefits
Reward Points Earn 1 point for every dollar spent on purchases
Earn 1.2 points for every dollar spent if you carry a balance the previous month
Limits on Points Earn up to 10,000 points monthly or 60,000 annually
Point Expiry 4 years
Reward Program Annual Fees $59.00, $39.00 for Gold Elite Members
Travel and Insurance Benefits
$500,000 in travel insurance
Rental car insurance
24 hour roadside assistance
Travel and emergency assistance
Other Benefits
Online account access
24 hour cardholder service
Extended warranty
Purchase Protection
Automatic payment from savings or checking accout
Cost/Fees/Interest rates
Introductory rate 0% APR for 6 billing cycles (both purchases and balance transfers)
Annual Fees For Preferred Pricing, no annual fee if you choose to have variable rate apr, $19.00 for fixed apr
For standard pricing, $19.00 if your variable apr is 15.15%, $29.00 if your variable apr is 21.15%.
Purchase APR For Preferred Pricing, either Prime Rate plus 3.9% to 6.9% or fixed rate of 9.9% to 11.9%
For standard pricing, Prime Rate plus 7.9% to 17.9%
Balance Transfer APR For Preferred Pricing, either Prime Rate plus 3.9% to 6.9% or fixed rate of 9.9% to 11.9%
For standard pricing, Prime Rate plus 7.9% to 17.9%
Cash Advance APR For Preferred Pricing, either Prime Rate plus 10.9% to 14.9% or between 16.9% to 19.9% fixed rate
For standard pricing, Prime Rate plus 14.9% to 20.9%
Penalty/Default Rate APR Prime Rate plus 21.9%
Min Finance Charge $0.50
Grace Period 25 days
Balance Calculation Method Average Daily Balance (including new purchases)
Cash Advance Fee 3% min $5.00
Balance Transfer Fee No balance transfer fee
Over-the-credit-limit fee $25.00
Late Payment fee $35.00



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