Review of the Platinum Edition Visa credit card (2024)
The Platinum Edition Visa credit card from CFBank provides the lowest interest rate among US banks, which is from 11.24% to 21.24%, depending on the client's credit score. Moreover, the card offers a pretty long rate-free period for the first 12 months of use. Fees for transactions involving card balance changes, as well as for international transfers are average and below average. Purchases and orders are partially refunded with points, which the cardholder can use to pay for any standard transaction. Plus, many categories have an increased points multiplier of x3 or x5. There is protection against card hacking and unauthorized operations. The holder of the Platinum Edition Visa card also benefits from automatic travel insurance and round-the-clock technical support.
The Platinum Edition Visa credit card is suited for those who want to get a loan under the most favorable conditions. For all banks, the annual rate depends on the creditworthiness of the client, and CFBank determines it in the same way. However, no other bank offers a minimum rate of 11.24%, while the maximum rate of 21.24% is also the lowest ever (generally, in other banks the rate is in the range of 25-29%).
This is not the only advantage of this card. Like many other banks, CFBank provides a cash back program. With the Platinum Edition Visa card, cash back is returned not in money, but points. However, it can be used to pay for every purchase, and for certain categories, it offers an increased multiplier. The standard refund is equal to the ratio of "one point per dollar", while for purchases in supermarkets, as well as when paying for internet and cable services, the ratio will be "three points per dollar". If a client uses this card to pay for fuel or a car charging station, they receive points in the ratio of "five points per dollar". The points can be used to partially or completely pay for purchases and orders in the future.
When it comes to travel, Visa Platinum Edition cardholders have only one benefit, which is automatic insurance. It is also worth noting the absence of penalties and the presence of advanced protection technologies that prevent card hacking and unauthorized access to the user’s account. Even if the fraudster gets physical control of the card, the card owner will not be responsible for the fraudulent expenses.
Main features of the Platinum Edition Visa credit card
The main features of this card include a low interest rate and subscription fee, plus some other benefits. Most users choose a credit card based on these characteristics, even though they do not reflect all the features of a particular card. The table below shows the conditions of use of the Platinum Edition Visa credit card from CFBank.
| Parameter | Platinum Edition Visa |
|---|---|
Subscription fee |
$0 |
Standard APR |
11.24%-21.24% |
Rate for new clients |
0% during the first 15 months |
Recommended credit score |
On an individual basis |
Pros and cons of the Platinum Edition Visa credit card
The pros and cons are the features of using a credit card that differentiate it from the cards of other banks. The pros increase the convenience and benefits of using the card, while the cons reduce its advantages. All cards have pros and cons, and the Platinum Edition Visa card is no exception. The Traders Union experts have aggregated these parameters in the table below.
👍 Pros
•No subscription (service) fee
•Lowest annual rate of 11.24%-21.24%
•In the first 12 months, the client gets a rate of 0%
•Cash back is earned in points. For some categories, the multiplier is increased to x3 or x5
•Automatic travel insurance
•Enhanced card protection
👎 Cons
•Bonus points are available for a limited period
•Points cannot be converted into points in loyalty programs of other companies
•There are no benefits for travelers other than automatic insurance
Platinum Edition Visa credit card benefits
Notwithstanding that such parameters as the subscription fee and the loan rate primarily determine the profitability of using a credit card, benefits can sometimes be decisive for certain categories of clients. Benefits include, for example, cash back, travel advantages, and loyal conditions for booking hotels and renting cars. The Platinum Edition Visa credit card already offers extremely favorable conditions, so there are a few additional perks.
Cash back in points
For all regular purchases and orders, points are awarded in the ratio of "one point per dollar". If the cardholder makes a payment at a grocery store, hypermarket, restaurant, or cafe, the ratio increases to "three points per dollar". The same coefficient applies when paying for the internet and other cable and television services such as streaming, etc. The ratio of "five points per dollar" is relevant when paying at gas or charging stations.
Conditions for new clients
The most important benefit is the 0% loan rate in the first 12 months after the activation of the card. In this way, CFBank attracts thousands of global clients. Additionally, a new client can receive a one-time reward of 15,000 points if they spend at least $1,500 in the first three months. This is a significant advantage, but it is not unique to modern credit cards. Many banks offer similar or even more favorable conditions.
Additional benefits
The Platinum Edition Visa credit card from CFBank cannot be called the best for travelers. However, the available automatic life and health insurance is an important advantage that saves the cardholder from additional aggravation and bureaucracy. It is also worth noting the increased level of card protection thanks to the use of a microchip, the function that releases the client from responsibility for all transactions following card theft, and the responsive technical support service that operates around the clock.
Platinum Edition Visa credit card fees
The interest rate is the most important parameter that determines the amount of overpayment for using the bank's loan services. The Platinum Edition Visa card from CFBank offers a lower rate than any other competitor. However, all banks have additional fees or charges, which also affect the profitability and convenience of using a particular card to solve daily financial tasks. Fees applicable to the Platinum Visa Edition include:
The APR for cash advances is 24.24% but may vary depending on the state of the market and the basic rate.
The payment term is 23 days after the end of the current billing cycle. If the payment is made at this time, no interest is charged.
For balance changes and cash advances, the client pays a fee of 3% of the amount or $5, whichever is greater.
For all transactions involving foreign currencies, as well as for international transfers, the fee is 1% of the amount.
There is no penalty for exceeding the loan limit. The penalty for late payment or refund will be $40.
Because a credit score is individual for each client, the Traders Union experts cannot give definitive advice on what credit score is required for guaranteed approval of your credit card application.
Best Crypto Cards 2024 - Fees, Caschback, BonusesComparison of CFBank's Platinum Edition Visa credit card with its competitors
The main parameters, benefits, pros, and cons of the Platinum Edition Visa credit card from CFBank cannot be estimated in isolation from the conditions offered by the cards of competing banks. Independent comparison of current conditions can take a lot of time, and not all parameters are obvious to the user, but may also be important. The Traders Union experts made a comprehensive analysis and compared the Platinum Edition Visa credit card with the cards issued by some top banks. The results are presented in the table below.
| Platinum Edition Visa | Chase Freedom Unlimited | Citi Double Cash Card | Discover it® Cash Back | Bank of America Travel Rewards credit card | |
|---|---|---|---|---|---|
Maintenance fee |
$0 |
$0 |
$0 |
$0 |
$0 |
Standard APR |
11.24%-21.24% |
17.24-25.99% |
16.24%-26.24% |
14.24%-25.24% |
16.24%-26.24% |
Interest rate for new clients |
0% in the first 15 months |
0% in the first 15 months |
0% on money transfers for 18 months |
0% on purchases and money transfers for 15 months |
0% on purchases for 18 payment cycles, 0% on money transfers for 2 months |
Recommended credit score |
On an individual basis |
690-850 (excellent) |
690-850 (excellent) |
690-850 (excellent) |
690-850 (excellent) |
Who can use a Platinum Edition Visa credit card
The experts at TU have concluded that this card is a poor choice for travelers because it offers only one real advantage, which is automatic life and health insurance. It is worth noting that most banks offer insurance, while their credit cards may have a wider list of features, such as benefits when making hotel reservations, renting a car, booking seats in restaurants, or purchasing tickets to entertainment venues. Unfortunately, CFBank's Platinum Edition Visa card has no such perks.
However, this credit card has the lowest interest rate with a lower limit of 11.24% and the upper limit (21.24%) is also lower than that of other banks (on average, by 5-7%). These conditions make the card a perfect solution if you spend a lot and often. The above is especially advantageous given the bonus points that are awarded in the form of cash back for varied purchases and orders. But keep in mind that points can only be used for a limited time. Thus, the card is suitable for financially active users.
How to Send Money Internationally?Conclusion
The Platinum Edition Visa credit card has unique interest rate conditions. The standard rate is 11.24%-21.24%, and in the first 12 months, it's zero. This advantage is partially undermined by the fact that the CFBank card has pretty much conventional cash back. The refund is issued in points and, although it applies to all types of purchases, it is not very high. In addition, the points can only be used for a limited period. Also, if the travel benefits and unique conditions offered by the bank's partners are more important to the user than the loan rate, the Platinum Edition Visa credit card is not his best option. If the rate is critical and the user regularly spends a lot of money, this card will be perfect for him.
FAQ
What is the main advantage of the Platinum Edition Visa credit card from CFBank?
Most users note that the main advantage of using this card is the low annual rate. TU experts conducted an analysis and determined that the rate offered by this card is actually lower than that of all competing products. The rate is 11.24%-21.24%.
How many bonus points will I receive for purchases paid with a Platinum Edition Visa credit card?
For most purchases, the ratio will be "one point per dollar". If you pay with a card in a restaurant, cafe, canteen, grocery store, or hypermarket, the x3 multiplier applies. The same multiplier is applied when paying for the internet, TV, and streaming services. The x5 multiplier is activated when you pay with a card at gas or charging stations.
Is the Platinum Edition Visa credit card suitable for travelers?
Forget about travel benefits with this card. The only advantage you get is automatic life and health insurance. This is convenient because you don't need to deal with extra paperwork. At the same time, cards from other banks may be more profitable regarding travel.
Do new clients get a welcome bonus?
The most important bonus is the introductory zero rate for 12 months from the moment of activation of the card. An additional benefit is 15,000 points if you spend at least $1,500 or more in three consecutive months.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.