When performing a credit card review, the realization dawns that the competition between credit card companies and issuers has rarely been fiercer. Deals favoring the consumer abound and there is a willingness to negotiate better rates in order to lure competitor’s cardholders away.
If you do a review on some of the top issuers, it is clear that they are generally very eager to expand their market share and focused on retaining their existing clients by continually enhancing the products and services they deliver.
But just how far are they willing to go? This particular review on the platinum credit card deals offered by Discover, American Express and Chase, tells the story.
Credit Card Review on Discover ® More
Discover does not offer the widest variety of credit cards, but was selected by Keynote Systems as the #1 ranked site in terms of customer experience for account prospects. The Discover More review found their platinum package competitive in terms of the initial interest rate charged:
- 0% introductory APR for 12 months;
- 0% on balance transfers;
- 10.99% upwards on purchases;
- 20.99% on cash advances;
- 28.99% on default.
As a part of the overall review, we also looked at the rewards offered with the Discover ® More credit cards:
- The credit card cash back rewards amount to 5% on items like travel, apparel, home, gas, restaurants, movies and so forth;
- There are 5% to 20% cash back rewards at specific online merchants and an additional 1% on all other purchases made.
This review found the fact that there is no expiry date on the rewards, that the rewards are generous and that there is no ceiling imposed on the value of the rewards, very appealing features.
Credit Card Review on American Express Optima ® Platinum Card ®
American Express has been in existence since 1850, making it the second oldest company covered by this review. It operates in 130 countries worldwide. Their platinum deal offers the following:
- 0% introductory APR for 6 months;
- 8.9% on balance transfers, then 6% for purchases thereafter;
- 6 % upwards on purchases;
- 23.24 % on cash advances;
- 21.24 to 31.24% on default.
As a part of the review, we also looked at the rewards offered with the American Express Optima ® Platinum Card ®credit card:
- Allows you to accumulate points – 1 point to the dollar – for all purchases charged to the card;
- Points earned can be redeemed as entertainment, retail, and travel rewards.
This review found the interest rates very attractive and the rewards scheme offered quite flexible. The rewards scheme leaves the redemption of the points to the card holder’s discretion. As with all American Express credit offerings, only applicants with good a credit report will be likely to qualify.
Credit Card Review on the Chase Platinum Visa ® Card
Chase has been in the financial services sector for more than 200 years now and operates in 50 countries. They offer an extensive variety of credit cards servicing nearly every conceivable consumer and business sector. This review found their offer very similar to that of American Express from a rates perspective:
- 0% introductory APR for 6 months;
- 0% on balance transfers for 6 months, then between 5.99 and 14.99 for purchases thereafter;
- 5.99 % upwards on purchases;
- 15.99 to 19.99 % on cash advances;
- 23.99% on default.
The review was surprised to find that over and above the standard benefits offered by all other platinum card issuers, such as roadside assistance, insurance and so forth, Chase was not forthcoming with any points, miles or credit card cash back rewards scheme on this particular card. In the competitive credit card market, it is a game of inches. This oversight on the part of Chase makes it the least attractive overall package out of the three deals in this credit card review.