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Last updated on March 8th, 2021
AmTrust Platinum Edition Card
0% APR for 15 Months on Balance Transfers
- Regular Purchase APR 14.24% to 23.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 14.24% to 23.24% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 25.24% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Processing Network Visa
- No annual fee
- 0% introductory APR for 15 months on balance transfers
- Introductory balance transfer fee of 3%
- $25 statement credit when you make a purchase within the first 3 billing cycles
- Regular Purchase APR: 14.24% to 23.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for the first 15 months
- Balance Transfer APR: 14.24% to 23.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Introductory fee of either $10 or 3% of the amount of each transfer, whichever is greater, for balance transfers made in the first 15 billing cycles. After that, either $10 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 25.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $35
At a Glance
The AmTrust Platinum Edition Visa Credit Card offers new accounts 15 months of introductory 0% APR on balance transfer, plus a reduced 3% fee for making transfers during the same timeframe. The card also benefits from a $25 statement credit when making an initial purchase within the first 90 days of opening an account – all for no annual fee.
Ideal for Those Who:
- Have an existing balance they want to pay down over the first year and a quarter after opening an account
- Want to earn an easy bonus of $25 for making the first purchase
- Don’t want to pay an annual fee
AmTrust Platinum Edition Card Review
The Platinum Edition Visa is balance transfer credit card from AmTrust Bank. AmTrust, a division of New York Community Bank, is a Cleveland, Ohio-based financial institution that also operates branches in other Ohio cities, as well as Florida, Arizona, and elsewhere. The Platinum Card is especially adept at balance transfers, featuring a special 0% introductory period on APR for these transfers.
Enjoy 0% Intro APR on Balance Transfers
The AmTrust Platinum Edition Card comes with an excellent introductory APR on balance transfers: 0% for the first 15 months. 0% intro APR for over a year is always pleasing on a low APR card, as it allows the new accounts to transfer over existing balances and quickly pay them down without incurring any interest payments.
Special Balance Transfer Fee for 15 Months
AmTrust Bank adds an extra nuance to their intro APR offer by charging a reduced 3% fee on balance transfers for the first 15 months. Once the intro period ends, the rate climbs to 5%, which, while not a deal-breaker, is on the upper-end of balance transfer fees by issuers.
Paying 3% of the cost of a transaction is something cardholders should usually expect, and not consider as a special bonus. That said, the real value in this card is as something where an individual opens an account, conducts a balance transfer quickly, and then pays down considerably during the promotional window, so the 5% transaction fee won’t cause too many issues.
Typical APR Varies Considerably
As with most credit cards, the interest rates with the Platinum Card vary significantly, depending on the creditworthiness of the applicant.
For those with an excellent credit score, the APR with the Platinum is very competitive, though not remarkable. The lowest rates toe the line with the average APR for low rate cards, hovering around the 14% mark. This interest rate makes the card an enticing option, especially if the existing balance transferred over requires more than the initial 15 months to pay down.
The APR for those with a credit score in the 600s, however, will probably be somewhere in the 20% range. This interest rate obviously is not favorable carrying balances after the intro window closes. That’s not to say that the card isn’t a decent option for those with average to good credit scores; they will need to be wary of the APR once the 15 month period ends.
$25 Statement Credit After the First Purchase
New accounts earn a $25 statement credit when using their card to make a purchase within the first three months. Getting $25 for making a purchase is essentially free money, considering there are no minimum transaction requirements.
AmTrust Bank Cards comes with protections designed to take the worries out of using the cards. Cardholders can expect Visa’s Zero Fraud Liability protection, plus emergency services such as card replacement and cash disbursement. When traveling, Visa provides Auto Rental Collision Damage Waivers, providing additional coverage if a rental car is lost, stolen, or damaged, plus pay-per-use Roadside Dispatch.
Should You Apply for the AmTrust Platinum Edition Visa Card?
Balance transfer credit cards serve a valuable purpose – one that the New York Community Bank family of banks understands.
The 0% introductory APR on balance transfers for 15 months is a great perk of the AmTrust Platinum Edition Card, especially as many intro periods often range from 9 to 12 months instead. The 3% intro fee adds some additional sparkle (though not much), making the purpose of the card ever more apparent.
While the normal APR isn’t great once the intro period concludes, the 15 months ensure that issues are likely to be minimal.