Review of USA Platinum



The USA Platinum was last reviewed on 7th December 2005

Summary - The USA Platinum is a catalog card that is caterd to those looking to re-establish their credit. There is a one-time application fee of $149.95. There is also no apr and hence no interest charges. If you carry a balance, you have to pay a minimum of the greater of either 5% of your balance or $10.00.

Though there is a one-time application fee, the absense of any monthly maintanence fee or transaction fee make this card cheaper to maintain than other high cost unsecured, secured or prepaid credit cards. You have to bear in mind that being a catalog card, you can only use for card for purchases from USA Platinum shops (specifically usashopping.com). This is not a visa or a mastercard. You can be given up tp $7,500 in unsecured credit line for purchases from their catalog.

Though there are no credit or employment checks, you do need a monthly income of $800 and have to be discharged from a bankruptcy to apply for the card. The credit line is reported to a major credit bureau..

If you are looking to establish or reestablish your credit, you should shop around and look for the lowest cost deal among unsecured, secured, prepaid or catalog cards. The USA Platinum requires some upfront fees but thereafter, there is no monthly maintanence fee and no interest charges. The downside is you are limited to using this card only on their merchandise. You have to consider the trade-offs.

Positives
  • Get an unsecured credit line
  • No transaction fee
  • The credit line is reported to a major credit bureau


Negatives
  • Can only use card at USA Platinum merchants



Snapshot of usashoppingclub.com


USA SHOPPING



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



Apply for the USA Platinum

If you already have this card and would like to comment on it, you can post your review here





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