Chase Platinum Visa Card is No Longer a Status Symbol
Two years ago you might have paid for your purchases with a Chase Platinum Visa card. Credit card accounts were often compared in status by the color of the card. A white credit card was the lowest status.The plain cards usually had the lowest spending limits and were available to consumers with average credit or with one or two black marks in their credit bureau file. Gold credit cards were initially high status but became common as more and more people qualified under lending requirements that were lowered by banks to attract more credit card users.
Advantages
The Chase Platinum Visa Card was a status symbol that hinted of high spending limits and creditworthy consumers. It was common a few years ago for status conscious shoppers to mention "gold" or "platinum" as their credit cards of choice.
Today the idea of status conferred by the metallic color of the little plastic card seems rather silly. The new credit accounts being advertised today use account names that replace card color as a symbol of the type of credit card and the creditworthiness of the consumer.
The Chase Platinum Credit Card is still available today but only through the branded retail cards offered in partnership with Chase. If you apply for a standard Chase card you will choose between catchy names such as "ink", "freedom" and "slate".
The Chase Slate credit card offers terms and rewards previously advertised for the Chase Platinum with the addition of sophisticated online tools to help manage your credit account. The set of management tools are referred to as Blueprint and meant to help you pay down balances faster and avoid unnecessary interest charges.
The Chase Platinum Visa card allowed account holders to check balances and charges online. The new Blueprint features of the Chase Slate Visa card help you avoid paying interest on purchases in certain categories.
You can pay off larger purchases on your own terms and have those purchases separated on your statement. This can be valuable for you if you buy a major appliance with an interest free feature, for example.
There is a tool that allows you to choose a date as a goal for paying off your balance that will provide the monthly payment needed to reach your goal. You can also track your spending by category to help you manage your overall budget and keep spending under control for certain items such as food or clothing.
Disadvantages
The features of the Chase Platinum credit card applied to all consumers who qualified to receive a new account. With the Slate card, that practice has changed and interest rates are listed as Standard, Premium and Elite.
The words sound good but only refer to three potential interest rates for a new credit card. Standard APR is 22.24% and applied to those with average credit ratings. 11.24%f is the lowest APR possible and available to elite applicants with excellent credit. For most account holders, the 17.24% APR reflects a good credit score.If you qualify for the Elite or Premium account standing, there are additional benefits of a 0% introductory APR for twelve months for both purchases and balance transfers. For accounts issued at 22.24% APR the offer is for a six month 0% APR on transferred balances only.
The Chase Platinum Visa card carried the same fees and benefits for anyone approved for a new account. With Slate, that is no longer the case. For cash advances and over limit charges, those with the lower interest rates will incur lower fees.
Penalty APR applied after a late payment is 29.99% for all credit card users and reflects the maximum penalty rate allowed by law.
Summary
The Chase Platinum Visa card is only available today in conjunction with branded retail partnerships. However, the Chase Slate Visa Card offers the same benefits as the previous Chase Platinum Visa card with enhanced management tools.
Conclusion
You may notice a Chase secured credit card review listed on some older websites. There are secured credit cards available to consumers but Chase is not longer issuing them.