Review of Elite Rewards Platinum Plus Mastercard



The Elite Rewards Platinum Plus Mastercard was last reviewed on 29th April 2005

Reward Formula - The Elite Rewards Platinum Plus Mastercard is issued by MBNA and based on the Elite Rewards program. You can one point for every dollar you spend on your card. You can also earn double points from partner merchants. Presently, these partner merchants include Avis, Ramada®, Days Inn®, Howard Johnson®, Wingate Inn® and Travelodge®. You will get a signing bonus of 500 points upon your first purchase. You can earn up to 7,500 points in one month. Elite Rewards are valid for four years and can be redeemed for a variety of travel and shopping merchandise.

Annual Fee and APR - The Elite Rewards Platinum Plus Mastercard has no annual fee. You get a 2.9% fixed rate introductory apr on cash advances and balance transfers for 12 billing statements. Thereafter, the apr is a fixed rate of 9.90%. The Elite Rewards card uses the average daily balance method for calculating monthly balances and has a 25 grace period.

Brief look at Elite Rewards program - The Elite Rewards program has both travel and shopping rewards. The airline rewards is quite comprehensive and you can redeem points to fly almost anywhere in the world (including first class tickets) via any major US airlines. For domestic travel, you need the standard 25,000 points for a roundtrip economy ticket. However, with 25,000 points, you can only travel within one of the three zones marked out by the program. If you want to travel outside your zone, you need 30,000 points.

Hotel partners include Ramada®, Days Inn®, Howard Johnson®, Wingate Inn® and Travelodge®. Their car rental partner is Avis. The program also has quite a wide variety of shopping rewards.

Summary - The Elite Rewards is a very decent all-round reward program. One of the key differentiating factor from other programs is that they have unique hotel partners (most programs have the Marriot, Ritz Carlton and Hyatt as the usual hotel partners). The main feature of the card is its low fixed rate apr of 9.90% and its 25 day grace period. They key weakness of the Elite Rewards is that for 25,000, you only get to travel in the US within a zone (another phrase for shorter haul flights). To travel outside your zone, you need 30,000 points. Hence, those looking for a reward program just for redeeming US domestic airline tickets should consider another card like the Chase Travel Rewards Platinum Mastercard®, which requires only 22,000 miles for a domestic (48 states) roundtrip economy flight. Those who want to redeem points for travel and also want shopping rewards in their program should consider the Citi® PremierpassSM Card.

Positives
  • No annual fee
  • Low apr
  • 25 grace period
  • Comprehensive shopping rewards
  • Unique hotel partners


Negatives
  • You can earn only up to 7,500 points in a month
  • Points are valid for four years
  • Only one car rental partner (Avis) versus an average of three for other programs
  • 25,000 points gets you a roundtrip in the US but only within your zone


Elite Rewards Platinum Plus Mastercard
Reward Benefits
Signing Bonus 500 bonus points after first purchase
Point Accumulation 1 Point for every dollar you spend on purchases
Earn double points from selected merchant partners
Point Expiration 4 years
Caps on Points Earn up to 7,500 points in a month
Other Benefits
Zero internet liability purchase
Cost/Fees/Interest rates
Introductory rate 2.9% fixed APR for 12 billing cycles (for both balance transfers and advance checks)
Annual Fee No annual fee
Purchase APR 9.90% fixed rate
Balance Transfer APR 9.90% fixed rate
Cash Advance APR 19.99%
Grace Period 25 days
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer Fee 3%, min $10.00, max $75.00
Advance checks fee 3%, min $10.00, max $75.00
ATM Cash Advance fee 3% min $10.00
Other Cash Advance fee 3% min $10.00
Foreign Currency Conversion fee 3%
Over-the-credit-limit fee $15 - $500 or less
$29.00 - $500.01-$1000
$39.00 - more than $1000
Late Payment fee $15.00 - $100 or less
$29.00 - $100.01-1000
$39.00 - greater than $1000


If you already have Elite Rewards® Platinum Pkus® Mastercard® and want to comment on it, you can post your review here.

 RSS
RSS Feed For This News



Google
 
Web www.compare-apply-credit-card-online.com

 

Credit Card Reviews and Tips News Home | Archives | Articles | Links | About