 MilesEdge® Platinum Visa® Card
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Intro APR: 0%
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Issuer: Card issued by FIA Card Services, NA.
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APR (Purchases): Intro Rate - 0% for six billing cycles. Goto rate is variable risk based rate between Prime + 4.99% and Prime + 12.99%
APR (Balance Tramsfers): Intro Rate - 0% for six billing cycles. Goto rate is variable risk based rate between Prime + 4.99% and Prime + 12.99%
APR (Cash Advances): 21.99% Variable* minimum 19.99%. (P+15.99)
Finance Configuration: Average Daily Blaance (including new purchases)*
Annual Fee: $19
Additional Cardholders: $0
Grace Period: 20 Days (Min.)
Minimum Credit Limit: $500
Maximum Credit Limit: N/A
Late Payment Fee: $19 on balacnes up to $100; $29 on balamces of $100 up to $1,000; and $39 on balances over $1,000
Over-The-Limit Fee: $35
Cash Advance Fee: 3%, $10 minimum
Balance Transfer Fee: None
Reward Program Details:
Points per Dollar in net purchases: 1 Point
Bonus Miles: 1,000 upon first use
Miles Expiration: Up to 5 years (points expire on the last day of your Billing Cycle that closes in December of the fourth calendar year in which they were earned).
Yearly Limit on miles you can earn: 75,000 points
*See website for complete terms and conditions of card usage and application disclosure. *Terms and Conditions
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You’ve probably received several credit card offers in the mail, and the outside of the envelopes scream imterest rates and promotional offers to try and entice you into opening it up and looking at what’s inside. Chances are, if you have an email address, you’ve even received a few crdeit card offers through that address- bright colors and animated graphics trying to convince you that there card has the lowest initial interest rate, or the longest transfer balance rate of all the available credti cards on the market. All of the offers will look good at first glance; after all- that’s what marketing is about, right? According to Merriam-Webster’s online dictionary, marketing is a noun used to describe “the act or process of selling or purchasing in a market, and the process or technique of promoting, selling, and distributing a product or service.” Credit card companies are in business to sell you their creit cards, and they’ll use a variety of promotional materials to get your business.
The outside of your credit card offer’s envelope might say something like, “LOW 0% Initial Intreest Rate on all purchases and balence transfers”, but there is much more to how a credit card’s interest rate is calculated than that statement reveals. Initial interest rates are sometimes referred to as the card’s promotional rate, or teaser rate. In all honesty, an initial interset rate is basically the same thing for a creit crd as a sale is to a retail store. Retail stores advertise their products that have a discounted price for a limited time to attempt to bring people into their establishment to buy the sale item, but also because once you are there, they hope you’ll purchase other products. Credit crads offering initial interest rates are basically putting their standard intreest rates “on sale”, because for a limited time, new cardholders will receive a lower than usual rate on purchases, and sometimes also on any balance you tarnsfer from one of your other credit vards onto this new card. What you need to understand about initial interest rates is that they really are “for a limited time”, and just as you couldn’t go to your favorite store and buy items this month for the sale price that was offered the previous month, you can’t extend a creit card’s initial interest rate beyond the terms they specify (often found in the small print!) What you’ll want to look for in the text of the materials that were sent with the initial intrest rate cards promotional documents is reference to the cards ongoing annula percentage rate (ARP). This is the intrest rate that you will pay once the initial imterest rate period has passed. (The regular price of an item after the sale has ended!)
Initial interest rates will also come with terms of agreement, in the form of a contract, which give reasons as to how or why the rate might be terminated by the crdeit lender. The most common reason to terminate the initial interest rate offer is for making a late payment on your card, and if you read the fine print of the credit vard agreement- you’ll note that it states this very clearly. In order to keep the promotional, lower rate for the time specified by the credit card lender, you must make every payment on time. If you are late with a payment, you can expect the interset rate to jump to the ongoing APR, or in some cases, higher because you have defaulted on your contract agreements, so do everything you can to make sure your payments are made on time.
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