What is a Platinum Credit Card?

August 30, 2019 | Mission Fed

Couple sitting on top of a mountain enjoying the view.

Credit cards are useful regardless of your current financial situation. In a Pew Research Center study, they found that low-income families (those making $30,000 a year or less) were able to afford unexpected purchases and pay for things when they were out of money using a credit card. While high-income families (those making $100,000 a year or more) were able to benefit from reward programs offered by the credit card company. It is this full range of opportunity that makes credit cards useful and ever present.

If you are considering opening a credit line, you should aim for one that fits your needs. Some credit cards may have annual fees but come with comprehensive reward programs, while others will promote a lower APR. For Mission Fed members, the popular card is the platinum credit card.

Platinum Credit Cards: A Breakdown

Before detailing out why this is Mission Fed’s go-to card, the first question to answer is: “What is a platinum credit card?” In general, any financial institution’s platinum credit card is reserved for their premium members. This usually comes with high-interest rates and a yearly fee, which means if you are not in a position to utilize all the benefits and to pay off your monthly payments, this card might not be for you.

While each bank or credit union offers different membership rewards, here is a list of common platinum card advantages:

  • A rewards program without a cap or credit limit to the number of points you can acquire.
  • Various insurance programs, such as travel insurance, built into the secured card.
  • Customer services that go beyond the scope of a typical credit card.

Other benefits come from Mastercard itself when you own one of their platinum cards. This begs the next question: “What is a platinum Mastercard?”

What is a Platinum Mastercard?

Not many people use their platinum Mastercard to its full potential, mainly because not many know the extent to which you can use it. There are six different areas* where a platinum Mastercard is beneficial.

  • Shopping protection
  • Personal assistance
  • Travel assistance
  • Personal protection
  • Travel protection
  • Special credit card offers

*Not all benefits will be provided to every platinum Mastercard holder. They depend on the issuing financial institution.

Shopping Protection

Perhaps the most well-known benefit of Mastercard is the added shopping protection. This includes:

  • Doubled warranty
  • Price matching
  • Purchase insurance
  • Customer satisfaction

Personal Assistance

If you are traveling on vacation in an unknown area and need assistance with your credit card, Mastercard offers virtual assistants to answer any questions you have about your card.

Travel Assistance

Have you ever sat in the hard-plastic chairs they have in the airport waiting area, staring into an airport lounge with fluffy recliners and wishing that could be you in there instead? Well, as a platinum Mastercard holder, you might be eligible to wait for your flight in those comfy seats. With the travel assistance benefits, you can enjoy:

  • Airport lounge access
  • Roadside assistance
  • Lost or stolen card

Personal Protection

Mastercard comes equipped to help keep your identity and your account safe. With Zero Liability, you are protected from unauthorized purchases.

Travel Protection

Not only are your travel plans made easy, but Mastercard also covers any unfortunate accidents that may occur. These coverages include:

  • Lost or delayed baggage
  • Hotel burglary insurance
  • Trip cancellation insurance
  • Rental car damage waiver

Special Offers

The sixth and final benefit of the platinum Mastercard are incredible offers available to the cardholder through select stores or to the cities you are traveling to. Some typical deals you might find are for:

  • Golfing
  • Relaxation and spas
  • Sporting events
  • Adventures into nature
  • Concert or theater tickets
  • Shows that are sold out

Mission Fed’s Platinum Cards

There are five different credit cards available through Mission Federal. Each has its own interest rates and interest charges, and those charges are broken down into APR for purchases and APR for balance transfers and cash advances. The five credit cards are:

  • Mission choice credit card
  • Classic credit card share secured
  • Classic credit card
  • Platinum credit card
  • Preferred platinum credit card

The last two cards listed—the platinum credit card and the preferred platinum credit card—offer the best in terms of interest rates and are available with no annual fee.

APR Rates

Platinum credit card holders will enjoy an 11.90% interest rate for purchases and a 13.90% APR on cash advances, while preferred platinum credit cards offer 9.90% APR for purchases and 11.90% on cash advances.

This is far below the national average of about 17% APR for credit card rates.

Reward Programs

Platinum credit cards can also function with reward programs where you can track, collect, and redeem points based on purchases you make. Mission Fed has its own reward system set up that comes with many benefits.

Point System

Depending on how much you spend, you can earn points through your platinum credit card. Making purchases through select merchants or businesses in San Diego will help you rack up points faster, with 10 extra points per $1 spent.

You can then spend these points on a variety of reward options, including:

  • Cashback
  • Exclusive travel deals
  • Hotel visits
  • Gift cards
  • Airline flights
  • Merchandise and more

Reward Fees

Many credit card reward programs come with two major fees: annual fees and redemption fees. With Mission Fed, there are no annual fees, and redeeming your points is free!

Introductory Benefits

The Mission Fed platinum card also comes with excellent introductory rates and benefits. For the first 12 months, all purchases and balance transfers will have a 0% APR. After the first year the APR will return to 11.90% and 13.90% respectively.

In addition, new platinum cardholders can expect 10,000 bonus reward points if you make $1,000 worth of purchases within the first three months (or 90 days).

Applying for the Credit Card

Application processes are simple. They can be handled online, through an in-person appointment, or by calling Mission Federal directly. You’ll need a form of identification, your social security number, and a credit history to sign up.

Choosing the Right Credit Card

How do you know whether the platinum credit card is for you? The answer depends on a few different factors. First and most importantly, determine what your credit card needs are. For example: one would need a different credit card for large purchases every once in a while, than from a card someone uses for traveling every weekend.

Be sure to investigate specific credit cards that are designed with spending habits in mind.

  • Reward cards – If you use your credit card to shop for groceries and everyday items, look for a credit card that offers maximum reward points — think gas credits, grocery shopping, coffee, and other everyday expenses. By having a card specifically designed for membership rewards points, you can maximize the return you receive through the program.
  • Travel-specific cards – If you travel a lot for work or personal enjoyment, having a travel-specific card can offer you a percentage of all travel expenses as cashback. Travel-specific cards usually will come with travel insurance and other helpful programs designed with travelers in mind.

Platinum Cards

Platinum credit cards are typically a bank or credit union’s prestigious credit card. For premium members, they can pay a yearly fee and high-interest rates to earn many rewards benefits, although not all platinum cards are made the same. Mission Fed offers their members extensive reward programs at low-interest rates and zero annual fees. Plus, there are no redeeming fees when using your rewards points.

The content provided consists of opinions and ideas and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided. References to any specific commercial products, processes, or services, or the use of any trade, firm, or corporation name in this article does not constitute endorsement, control or warranty by Mission Federal Credit Union.

Sources:

Pew Research Center. ‘Information Age’ Bills Keep Piling Up What Americans Pay For—and How.
https://www.pewresearch.org/wp-content/uploads/sites/3/2010/10/Expenses.pdf

Consumer Financial Protection Bureau. December 2017 The Consumer Credit Card Market.
https://files.consumerfinance.gov/f/documents/cfpb_consumer-credit-card-market-report_2017.pdf

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