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The Chase Platinum credit card is a low interest card that comes with 0% APR for 12 months on both purchases and balance transfers. The card is ideal for those looking for competitive interest rates, not cash back or travel rewards. Because of the low interest rates, this card is designed for those with very good credit.
0 APR on Balance Transfers and Purchases
The Chase Platinum card comes with a 0 APR balance transfer for 12 months. Applicants can request Chase to pay off other high interest balances during the online application. There is a 3% balance transfer fee, which effectively makes the offer a 3% APR, although that rate is still quite low. Thus, for every $1,000 transferred, Chase will charge a balance transfer fee of $30. In addition, the Platinum card offers a 0% APR on purchases for the first 12 months.
Purchase APR
Depending on your credit history, the Chase Platinum card offers a purchase APR as low as 9.24%. Chase structures its applicable APR in three tiers described as follows: “9.24% variable for Elite Pricing, or 13.24% variable for Premium Pricing. Standard Pricing: From account opening, 18.24% variable.”
To put this rates in context, Chase provides the following information on whether an applicant may qualify for the card:
“Before completing the application, you should be able to answer “Yes” to the following statements by checking the boxes:
- Yes, my credit history is clear of bankruptcy.
- Yes, my credit history is clear of seriously delinquent accounts.
- Yes, I have NOT been denied credit by Chase within the last 6 months.”
Chase also reserves the right to change the purchase APR on the Platinum card. In the terms and conditions for the card, Chase describes its rights as follows:
Rates, fees, and terms may change: We reserve the right to change the account terms (including the APRs) at any time for any reason, in addition to APR increases that may occur for failure to comply with the terms of your account. The APRs for this offer are not guaranteed; APRs may change to higher APRs, fixed APRs may change to variable APRs, or variable APRs may change to fixed APRs. Any changes will be in accordance with your account agreement.
Your APRs may increase if you default on this account for any of the following reasons: We do not receive at least the minimum payment due by the date and time due; you exceed your credit line, if applicable; or you make a payment to us that is not honored by your bank. Your APRs may increase as of the first day of the billing cycle in which the default occurs. We may consider the following factors to determine the default rate: the length of time your account has been open; the existence, seriousness and timing of defaults; other indications of your account usage and performance; and information about your other relationships with us, any of our related companies or from consumer credit reports.
Applying Online
Chase offers an online credit card application that takes about five minutes to complete. You will need your driver’s license and social security number, as well as other identifying information. In many cases, an applicant receives an instant decision.