Review of Platinum Plus Card



The Plattinum Plus Card was last reviewed on 23nd February 2005

Summary - The Platinum Plus Card is a catalog card that is designed for those who are looking to establish or reestablish their credit. There is a one-time application fee of $149.95. Otherwise, there is no annual fee, maintanence fee, interest charges or transaction charges. Hence, aside from the one-time application fee, the ongoing maintanence cost is lower than most credit cards in this category. If you carry a balance, you have to pay either the greater of 5% of the balance or $10.00 for your monthly payment.

Remember that this is not a visa or mastercard and that you can only use this credit card to purchase Platinum Plus merchandise. You can get an unsecured credit line of up to $7,500. Your monthly payments will also be reported to one major credit bureau.

Though there are no credit or emplyment checks, you need a monthly income of $800 and be discharged from any bankruptcy to qualify

If you can live with the limited places where you can use the card, then you will find that the Platinum Plus Card is less costly to maintain than most other credit cards targeted to those with poor credit as there are no annual fees, monthly maintanence fees or interest charges.



Positives
  • No annual fee and monthly processing fee
  • No transaction fee


Negatives
  • Can only use card at Platinum Plus merchants



Platinum Plus Card
Cost and Fees
One-time Application Fee $149.95
Fees for late payment $10.00
Fees for Returned checks $20.00



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