Advanta Platinum with Rewards

• 0% APR for 16 Months on Balance Transfers, 7.99% Fixed APR thereafter
• 7.99% Variable APR on Purchases
• Choice of 5% Cash Back or Travel Rewards
• No Annual Fee and No Limit on Earnings
• $0 Fraud Liability
• Personalized card-your company name on the top of the card

Just The Facts -

Issuer :  Mastercard

APR :   0.00%

Introductory Period : 7.99%

APR After Introductory Period :  16 months

Annual Fee : $0

Credit Line Possible : $50,000

Insurance included :  Extended car rental insurance and warranty coverage on services for up to a year.

Financing Configuration - Interest is calculated on your average daily balance.

Grace Period - You have twenty days during which you do not have to pay interest on your Advanta Platinum with Rewards purchases.

The Best Thing About It - There is no annual fee and the reward points are flexible

The Worst Thing About It - After your fifteen months is up, you are charged the highest rate Prime Rate of the current 90-day period.  Although the card is advertised at a 7.99% fixed rate for balances and a 7.99% variable rate for purchases it is based on the prime rate which means that the interest rate may never be calculated at its lowest.

Credit Rating Needed For Acceptance - Good To Excellent

Who Is It For?

This one size fits all Advanta Platinum with Rewards is ideal for both big and small business owners that want to put their business expenses to work for them earning both rewards and rebates for their business related purchases.

The Benefits

You have a choice of whether you want to put your points towards rewards such as air miles or towards cash rebates. Cash points are sent to you by mail after you reach $50. The reward program on this flexible platinum business card offers a full 5% rebate on purchases including things that are useful for many types of business such as gasoline, diesel fuel, new computers, computer supplies, office supplies, utilities, online advertising and electronic gadgets.

Make money every time you use the card online. The Advanta Platinum with Rewards gives you perks every time you use it to make a purchase online-giving you a 1% rebate on what you buy. This means each time you use it to purchase something on the Internet you make a little bit of money back on the side! 

Keep track of all your business expenses on a single credit card. Even though you can have more then one card every thing is listed on your credit report.

Monitor your expenses.  You are also able to monitor what goes on in your Advanta Platinum with Rewards account with full access to an online report.

Your account is compatible with accounting software. Your online account is compatible with Quicken and Microsoft Money Software.

Air Miles do not have a cap and are compatible with all programs. You can earn unlimited points with the only caveat being that you must use them up within three years or lose them!  Any air miles that you do earn are compatible with all frequent flier programs.

No charge for additional cards. In addition the Advanta Platinum with Rewards allows you to give employee duplicate cards at no charge.

No Annual Fee. This multi-tasking business card does not charge an annual fee.  A key feature of this card is the low, competitive interest rate and the allowance for you to carry a balance from one month to the next without too much hassle.  This makes it the perfect card for freelancers who sometimes have to wait to be paid.

The Drawbacks

Cash Advances could be very expensive depending on your credit rating. The APR for cash advances varies according to the applicant's credit history and will be either 7.99% or 11.74% + Prime Rate.

Monthly payments are applied to purchases first and the more expensive cash advances last.  The Advanta Platinum with Rewards charges a 7.99% variable on which goes towards fees or purchases. The amounts that you pay monthly are not applied to the highest interest garnering activities such as taking out a cash advance. This can make it longer to pay off your debt.

After your 16-month free ride is over your interest rate is calculated on the highest interest rate possible. The interest that you will pay is the highest rate that occurs during the 90-month period when it comes due.

A short grace period. Many credit cards don't begin to garner interest on purchases until thirty days after purchase. The grace period for the Advanta Platinum with Rewards is twenty days.

There is a cap on rebates of $300 a year. If you choose cash rebates as an option you are not allowed to make more than $300 a year using the program.

The 0% introductory rate is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with the prime rate.

There are lots of hidden fees.  See the Fees to Watch Out For section below.  The fees charged for your every little financial transaction can really add up and make it seem like you are paying an annual fee anyway.

Fees To Watch Out For

Late payment fee :  $19 if balance is less than $250; $39 if balance is $250 or more

Over The Limit fee :$15 on balances under $501; $29 on balances between $501 and $1,001; and $39 on balances over $1,001

Cash advance Fee : 3%, $5 minimum ($50 maximum for convenience checks)

Balance Transfers : 3%, $5 minimum, $50 maximum (with this introductory offer)