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Last updated on December 22nd, 2020
NYCB Platinum Edition Card
0% Intro APR for 15 Months
- 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
- $25 statement credit when you make a purchase within the first 3 months
- Introductory 3% balance transfer fee for the first 15 months
- 0% intro APR on balance transfers for 15 months
- Regular Purchase APR: 14.24% to 23.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months from account opening date
- Balance Transfer APR: 14.24% to 23.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: 3% of the transfer for the first 15 months; 5% of the transfer or $15, whichever is greater, after that
- 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 equivalent transaction, whichever is greate
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $35
At a Glance
The NYCB Platinum Edition Visa Credit Card offers a lengthy introductory 0% interest rate on balance transfers of 15 months, plus a reduced fee for making transfers for the same period. The card also benefits from a $25 statement credit for making a purchase within the first three months of opening an account – all for no annual fee.
Ideal for Those Who:
- Have existing balances they want to pay down over 15 months
- Want to earn an easy bonus of $25 for making the first purchase
- Don’t want to pay an annual fee
- Live in the Greater New York area
NYCB Platinum Edition Card Review
The Platinum Edition Visa is a low APR and balance transfer credit card from New York Community Bank (NYCB). The card is especially adept at balance transfers, featuring a special introductory period on both fees and APR for these transactions.
0% Intro APR on Balance Transfers
The NYCB Platinum Edition Card comes with a very good introductory APR on balance transfers of 0% for the first 15 months. 0% intro APR for over a year is always a welcome sight on a low APR card, as it allows the new account holder to transfer over existing credit card balances and quickly pay them down without incurring interest payments.
Special Introductory Balance Transfer Fee
NYCB adds an additional layer to their intro APR offer by charging a reduced 3% fee on balance transfers for the first 15 months. Once the period ends, the rate jumps to 5%, which, while not extortionate, is on the very high-end of balance transfer fees by card issuers.
Cardholders should be expecting to pay 3% of the cost of a transaction usually and not as a special bonus. That said, however, the real value in this card is as something where an account is opened, a balance transfer conducted almost immediately, and when that balance is paid down considerably during the promotional period, so the 5% transaction fee won’t cause too many headaches.
Typical APR Varies Significantly
As with any credit card, the interest rates a cardholder can expect to pay on purchases and balance transfers vary significantly with the NYCB Platinum Card, depending on the applicant’s creditworthiness.
For those with a credit score in the 700s, the interest rates with the Platinum Card are very favorable, though not exceptional. The lowest rates with the card fall in line with the national average for low APR cards, hovering around the 14% mark. This rate makes the card an attractive option, especially if the existing balance the new cardholder plans to pay down will require more than the 15 months of 0% intro APR.
The interest rate for those with a credit score in the 600s, on the other hand, is likely to hover somewhere in the 20% range (or higher). This APR obviously is not conducive for carrying a balance after the introductory APR period on balance transfers ends. That’s not to say, however, that the Platinum Edition Card is a bad choice for those with average to good credit scores. Instead, all this rate means is that new accounts will have to be mindful of the higher APR once the 15 months finish.
Receive a Statement Credit After the First Purchase
The 0% intro APR might be the major pull with the NYCB Platinum Edition Card, but there is another perk that offers a nice little bonus as well – a statement credit. New cardholders earn an easy $25 statement credit to their account when they use their card to make a purchase within the first three months. Getting $25 for making a purchase is guaranteed free money, especially considering there is no minimum transaction amount required.
Like all Visa credit card products, New York Community Bank Cards comes with an array of perks and protections designed to take some of the worries out of using the NYCB Platinum Edition Card. Cardholders can expect protections such as Zero Fraud Liability coverage, emergency card replacement, and emergency cash disbursement. When traveling, Visa offers Auto Rental Collision Damage Waivers that provide additional coverage if a rental car is damaged or stolen, plus pay-per-use Roadside Dispatch.
Should You Apply for the NYCB Platinum Edition Visa Card?
Balance transfer credit cards aren’t the sexiest of credit cards, but they serve a valuable purpose. New York Community Bank understands the importance of such cards and offers a competent addition to the field with its NYCB Platinum Edition Card.
The 15-month 0% introductory APR on balance transfers is a great offer, especially as many initial periods from other lenders tend to be for 9 to 12 months instead. A 3% fee boosts this period for transfers, which isn’t spectacular but makes the purpose of the card ever more apparent.
While the typical APR after the initial period isn’t great (especially for those with a good credit score), the lengthy intro period means huge portions of existing balances can be paid down before any issues may occur.