Advanta Life of Balance Platinum Card

• 2.99% Fixed APR for LIFE on balances transferred within 3 months
• Up to 6% Cash Back or Travel Rewards
• No annual fee
• No limit on earnings

Just The Facts -

Issuer :  MasterCard

APR :   2.99% on transfer balances

Introductory Period : 3 months

APR After Introductory Period :  9.49% variable rate on purchases

Cash Advance Rate : 9.49% variable rate on cash advances

Annual Fee : $0

Credit Line Possible : $50,000

Insurance included :  The Advantage Life of Balance Credit Card includes extended car rental insurance, automatic car theft and damage coverage and warranty coverage on services and purchases for up to a year.

Financing Configuration - Interest is calculated on your average daily balance (including purchases made on that day).

Grace Period - You have twenty days after making a purchase during which you do not have to pay interest.

The Best Thing About It - Besides the reward program, this card offers a 2.99% fixed APR for the life of balance transfers that are submitted within the first three months of card membership.

The Worst Thing About It - Although the Advanta Life of Balance Credit Card is advertised at a 9.99% fixed rate for balances and a 9.49% 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?

The Advanta Life of Balance Credit Card suits business owners who are looking to consolidate their business expenses onto one credit card and who want to optimize their refunds by choosing either a cash rebate or rewards program.

The Benefits

The Advanta Life of Balance Credit Card gives you the choice of selecting either a Travel Rewards Program or a cash back program. The cash back program automatically gives you a 5% Cash Back on gasoline, office supplies, utilities, computer equipment, cell phones and Internet services, and 1% on all other purchases. Or if you prefer, you can elect Travel Rewards and earn 1 point for every dollar spent on business purchases good toward free travel, merchandise, gift cards and more.

If you choose the cash rebate program this card gives you the choice of selecting exactly where you want to put your 6% in cash rebates from a selection of five categories!  These categories gasoline and diesel fuel," "computer equipment and office supplies," "building supplies," "restaurant dining," and "utilities and telecommunications."  This way you have some control of where and how you reap your rewards!

You don't need many points to earn up a cash rebate. Checks are sent out for cash rebates every time fifty dollars is earned. The rebate is 2%. Rebate checks are issued each time that $50 in rebates are earned, and there is no limit on the amount of rebates that can be earned.  However, the rebate percentage earned is based on a sliding scale and the highest available rebate will not be earned on all purchases.

The Advanta Life of Balance Credit Card offers a 25% discount on selected products and services. There are discounts of up to 25% for shopping at Penny-Wise Office Products, IBM and for staying at the Ramada Inn.

You can customize the look of your business card.  A real perk is that you can customize the look of your business card so that it reflects the theme of your business or so that it boasts logo.

You can choose your billing date. Unlike many cards this one allows you to choose the best date for you to be billed on during them month.

You can organize your expenses online. The Advanta Life of Balance Credit Card comes with an online account that provides the convenience of paying your credit card bill online. You can customize and manage your expenses, order up different types of report and also add cardholders.

Employee cards are free.  There is no fee for issuing duplicate cards to employees plus you can manage these accounts online as well.

You can order customized business checks.  The Advanta Life of Balance Credit Card also includes branded checks.

The Advanta Life of Balance Credit Card comes with retailer and merchant discounts.  Discounts are available at participating merchants for items such as gasoline, computers, office supplies, online advertising and electronic gadgets.

Keep track of all of your business expenses in one place. Even though you can have more then one card every thing is listed on your credit report. You are also able to monitor what goes on in your account with full access to an online account report.

Your Advanta Life of Balance Credit Card account is compatible with accounting software. Your online account is compatible with Quicken and Microsoft Money Software.

No Annual Fee. This inexpensive business card does not charge an annual fee like business cards of a nature.  

No Fraud Liability.  If you claim someone has stolen your card then you do not have to be liable for the usual $50 that is typically deducted as fraud liability.

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 1.74% or 11.75% + Prime Rate.

The points program is based on a sliding scale. There are limits to what you can earn. The amount of points you can earn using your Advanta Life of Balance Credit Card is based on the following scale: .5% on up to $10,000 in purchases; 1% between $10,001 and $20,000; 2% between $20,001 and $30,000; 3% between $30,001 and $40,000; 6% between $40,001 and $50,000; and .5% on purchases over $50,000.

The rewards program is based on a sliding scale. The amount of rebates earned on all other purchases is based on the following scale: .25% on up to $5,000 in purchases; .5% between $5,001 and $15,000; .75% between $15,001 and $25,000; 1% between $25,001 and $50,000; 2% between $50,001 and $125,000; and .5% on purchases over $125,000. Rebate checks are automatically issued when the cardholder reaches $50 in earned rebates.

Monthly payments are applied to purchases before cash advances.  This card charges a 14.25% variable on which goes towards fees or purchases. The amounts that you pay monthly are not applied to the highest interest activities such as taking out a cash advance. This can make it longer to pay off your debt.

A short grace period. Many credit cards don't begin to garner interest on purchases until thirty days after purchase. Advanta Life of Balance Credit Card only gives you twenty days.

The 2.99 % 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 costly 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)

To Summarize -

The Advanta Life of Balance Credit Card is great for a business that needs accurate records of their expenses. It is also suggested if you want your credit card to be branded to your business. However there are many "hidden fees" and a high interest rate that could make it an expensive card to maintain over the long run, especially if you plan on carrying a month-to-month balance.