Advanta Platinum Business Card

• 0% Intro APR on Balance Transfers and Purchases for 12 Months
• Prime + 5.99% Variable APR thereafter
• Up to $50,000 Credit Line
• $0 Fraud Liability
• No Annual Fee
• Personalized card-your company name on the top of the card

Just The Facts -

Issuer :  MasterCard

APR : 0.00%

Introductory Period : 12 months

APR After Introductory Period :  13.74%

Annual Fee : $0

Credit Line Possible : $50,000

Insurance included :  The Advanta Platinum Business 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.

Grace Period - You have twenty days after making a purchase that are interest free.

The Best Thing About It - You can choose your billing date, co-brand your plastic card with your own design and the free online expense report is invaluable for keeping an itemized list of expenses. You can also choose between a travel rewards program that offers you one point for every dollar spent or a cash back program towards buying office supplies, computer equipment and hotel accommodation.

The Worst Thing About It - After your twelve months is up, you are charged the highest rate prime rate of the current 90-day period.

Credit Rating Needed For Acceptance :  Good To Excellent

Who Is It For?

The Advanta Platinum BusinessCard, was created for business owners who are looking to consolidate business expenses onto one customized credit card and keep track of everything on an online account that can generate a detailed expense report. It is a good credit solution for businesses that occasionally carry a balance from month to month.

The Benefits

The Advanta Platinum Business 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% back on all other purchases.  You can also elect to collect Travel Rewards and earn 1 point for every dollar spent on business purchases good toward free travel, merchandise, gift cards and more.

The 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 carries your theme or logo.

You can choose your billing date!  Unlike many credit cards, the Advanta Platinum Business Card allows you to choose the best date for you to be billed on during them month.

You manage your expenses online.  The Advanta Platinum Business Card comes with an online account that allows you to manage your credit card bill online. You can customize your expenses, order up different types of business expense reports 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.  Your Advanta Platinum Business Card account also entitles you to branded checks.

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

Your account is compatible with accounting software. Your online Advanta Platinum Business Card account is compatible with Quicken and Microsoft Money Software.

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

No Fraud Liability. If you claim someone has stolen your Advanta Platinum Business Card then you do not have to be liable for the usual $50 that is deducted as a fee for fraud liability.

The Drawbacks

Monthly payments are applied to purchases first.  This card charges a 13.74% 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 12-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. This one is twenty days.

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)

To Summarize -

The Advanta Platinum Business Card is great for a business that needs accurate records of their expenses. It is also great to have a credit card to be branded to a 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.