Review of the Chase Value Miles Platinum Visa



The Chase Value Miles Platinum Visa Card was last reviewed on 8th August 2005.

Summary - The Chase Value Miles Platinum Visa Card is a travel reward credit card that is targeted at those who want to earn miles for travel. Its key features are :
  • You earn one mile for every dollar you spend (up to 4,000 miles per month or 40,000 miles per year)
  • Miles can be redeemed for airline tickets with any major US airlines with no blackout dates
  • There is no annual fee
  • You get a 0% apr on both purchases and balance transfers for 6 billing cycles

Let us take a closer look at this card.

Miles Formula - The Chase Value Miles allows you to earn one mile for every dollar you spend on the card. Miles can be redeemed for airline tickets by most major US carriers with no blackout dates. You can earn up to 4,000 miles a month or 40,000 miles in one calender year. At this present moment, Chase does not state on their website how long are their miles valid for. I made a call to the credit card application center and they did not have this information either. (we will try to get this information as soon as possible).

Annual Fee and APR - The Chase Value Miles has no annual fee. You get a 0% introductory apr for both purchases and balance transfers for 12 billing cycles. The apr is either prime rate plus 5.99%, 9.99% or 14.99%. The two-cycle average daily balance (including new purchases) is used to calculate monthly balance.

Conclusion - The Chase Value Miles Platinum Visa® Card will appeal to those looking for a travel reward credit card. However, the caps on the number of miles is quite low. You also cannot earn double miles, whereas a couple of its competitors allow you to earn more than one mile for every dollar you spend on selected items. Those who spend more than $40,000 a year on their credit cards may want to consider the Chase Flexible Rewards Platinum Visa®, which has a 60,000 point cap.

You might also want to consider these two other cards. The Citi® PremierPass(SM) Card citi premierpass card allows you to earn miles not just on your spending, but also onl the miles you fly. The Citi® Diamond Preferred® Rewards Card citi diamond preferred reward card allows you to earn 5 points for every dollar you spend at standalone supermarkets, gas stations and drugstores.

Positives
  • No annual fee
  • 0% apr on both purchase and balance transfers for 12 billing cycles
  • You can potentially get a low apr


Negatives
  • Low cap on number of miles you can earn
  • Uses the two-cycle average daily balance method to calculate monthly balance



Chase Vlaue Miles Platinum Visa
Reward Formula
Miles Formula Earn 1 mile for every dollar you spend
Caps on Points Earn up to 4,000 points per month or 40,000 per year
Cost/Fees/Interest rates
Introductory rate 0% fixed APR for 12 billing cycles (balance transfers)
Annual Fees No annual fee
Purchase APR Prime Rate plus 5.99%, 9.99% or 14.99%
Balance Transfer APR Prime Rate plus 5.99%, 9.99% or 14.99%
Cash Advance APR Prime Rate plus 14.74%
Penalty/Default Rate Prime Rate plus 23.99%
Min Finance Charge $1.00
Grace Period 20 days
Balance Calculation Method 2-cycle average Daily Balance (including new purchases)
Balance Transfer Fee 3% min $5.00 max $75.00
Cash Advance fee 3% min $10.00
Foreign Currency Conversion fee 3%
Over-the-credit-limit fee $35.00
Late Payment fee $15.00 - up to but not including $250.00
$39.00 - more than $250.00



Apply for the Chase Value Miles Platinum Visa® Card

If you already have this credit card, we would appreciate if you can take some time to post your review. Our readers will find them very helpful.




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