The Platinum Plus Card is a catalog credit card that is designed for those who are looking to establish or reestablish their credit. However, there are limitations to using this card because you can only use it at usashoppingclub.com. Is this the right card for you? Read further to find out.
Fees - There is a one-time application fee of $149.95. Otherwise, there is no annual fee, maintenance fee, interest charges or transaction charges. Hence, aside from the one-time application fee, the ongoing maintenance cost is lower than most credit cards in this category. If you carry a balance, you have to pay either the greater of 15% of the balance or $25.00 for your monthly payment.
Catalog Credit Card, Not Regular Credit Card - Remember that this is not a visa or mastercard and that you can only use this credit card to purchase merchandise at usashoppingclub.com. You can get an unsecured credit line of up to $7,500. Your monthly payments will also be reported to one major credit bureau. (note that the terms and conditions does not specify which one).
Application Criteria - Though there are no credit or employment checks, you need to be discharged from any bankruptcy to qualify
Verdict - When you have bad credit, you will be surprised to find that you will still get credit card offers. But you have to be aware of what you are getting into because there are different types of "cards" available". And I think that before we can reach a conclusion about this card, we have to explore these other alternatives.
The first alternative folks with bad credit have are unsecured credit cards. But getting one can be costly because these cards typically tag on fees like application fees and monthly maintenance fees. When you do the final calculations, the total annual fees for these types of unsecured credit card turns out to be over one hundred dollars! From a fee perspective, this card is better than many of these sub prime cards. But the downside is that you can only use the card at USA Shoppings' portal.
Folks with damaged credit can also get prepaid credit cards. But unfortunately, while they prevent you from over spending, they do not help you to rebuild your credit because by definition, you are not extended credit.
The next alternative that folks have is to get secured credit cards. The advantage these cards have over a catalog card (like Platinum Plus) is that the annual fee is very low and you can use it anywhere Visa or MasterCard is accepted.
In light of these alternatives, here's our take on this card - If you have very bad credit, or just been discharged of a bankruptcy and want to rebuild your credit, I suggest getting a secured credit card instead that reports to the three credit bureaus, has low annual fee and most importantly allows you to use it anywhere like a regular credit card.
If you need a larger unsecured line of credit and can live with the limitations of a catalog credit card, then perhaps the Platinum Plus Card is worth checking out.
Fees - There is a one-time application fee of $149.95. Otherwise, there is no annual fee, maintenance fee, interest charges or transaction charges. Hence, aside from the one-time application fee, the ongoing maintenance cost is lower than most credit cards in this category. If you carry a balance, you have to pay either the greater of 15% of the balance or $25.00 for your monthly payment.
Catalog Credit Card, Not Regular Credit Card - Remember that this is not a visa or mastercard and that you can only use this credit card to purchase merchandise at usashoppingclub.com. You can get an unsecured credit line of up to $7,500. Your monthly payments will also be reported to one major credit bureau. (note that the terms and conditions does not specify which one).
Application Criteria - Though there are no credit or employment checks, you need to be discharged from any bankruptcy to qualify
Verdict - When you have bad credit, you will be surprised to find that you will still get credit card offers. But you have to be aware of what you are getting into because there are different types of "cards" available". And I think that before we can reach a conclusion about this card, we have to explore these other alternatives.
The first alternative folks with bad credit have are unsecured credit cards. But getting one can be costly because these cards typically tag on fees like application fees and monthly maintenance fees. When you do the final calculations, the total annual fees for these types of unsecured credit card turns out to be over one hundred dollars! From a fee perspective, this card is better than many of these sub prime cards. But the downside is that you can only use the card at USA Shoppings' portal.
Folks with damaged credit can also get prepaid credit cards. But unfortunately, while they prevent you from over spending, they do not help you to rebuild your credit because by definition, you are not extended credit.
The next alternative that folks have is to get secured credit cards. The advantage these cards have over a catalog card (like Platinum Plus) is that the annual fee is very low and you can use it anywhere Visa or MasterCard is accepted.
In light of these alternatives, here's our take on this card - If you have very bad credit, or just been discharged of a bankruptcy and want to rebuild your credit, I suggest getting a secured credit card instead that reports to the three credit bureaus, has low annual fee and most importantly allows you to use it anywhere like a regular credit card.
If you need a larger unsecured line of credit and can live with the limitations of a catalog credit card, then perhaps the Platinum Plus Card is worth checking out.
Positives
- No annual fee and monthly processing fee
- No transaction fee
- Can only use card at usashoppingclub.com
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