Last updated on March 1st, 2023
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Ocean Bank Platinum Card
Ocean Bank Platinum Card
- 16.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 16.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 26.99% variable based on the Prime Rate Cash Advance APR
- 0% for 12 months from account opening date Intro Purchase APR
At a Glance
Establishing a credit history, or repairing bad credit, can be intimidating; while it may appear that building credit is difficult, in reality, there are plenty of credit card offers that can help you achieve your goals. Establish your credit while you shop or travel with the Ocean Bank Platinum Card; for a $500 minimum deposit, you’ll receive a secured credit card designed to make building your credit not only easy, but convenient too.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- $0 liability for unauthorized purchases
- 0% introductory APR on purchases and balance transfers for 12 months
- Mastercard® Airport Concierge - 15% savings on airport meet and greet services
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 16.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months on transfers made within 12 months from account opening date
- Balance Transfer APR: 16.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 2% of the amount of each transfer, whichever is greater
- Cash Advance APR: 26.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $37
- Return Payment Penalty Fee: Up to $37
- You want to establish or build your credit
- You do't want to pay an annual fee
- You will take advantage of a lengthy intro APR for both purchases and balance transfers
- You want the protections and perks Mastercard® offers cardholders
Ocean Bank Platinum Card Review
The Ocean Bank Platinum Card is a pared-down, no-frills secured credit card offer. In order to qualify, you’ll need a Certificate of Deposit from Ocean Bank of at least $500; the card is backed by the value of your Ocean Bank CD, so your credit limit will reflect the deposit you make. Use this card to establish your credit while you shop or travel and get the peace of mind of knowing that you’re on the way to better credit.
Enjoy an Intro APR
New cardholders will enjoy a lengthy introductory APR on both purchases and balance transfers. Your APR will be determined by your creditworthiness and other factors, and may vary with the market based on the Prime Rate. For the first twelve months after your card account is opened, you’ll enjoy a purchase APR of 0%; the same is applied to balance transfers, for balances that are transferred within the first 12 months of account opening.
After this introductory period, your APR for both purchases and balance transfers will be 13.99% – which is low for a secured credit card; you’ll never pay an annual fee, either, making this a very generous card offer for anyone looking to establish or repair their credit.
You’re protected with the Ocean Bank Platinum card, thanks to zero liability for unauthorized charges. Additionally, since this is a Mastercard® card, you’ll get all the benefits that come with Mastercard® offers.
Enjoy Mastercard® Global Service – 24-hour assistance with lost and stolen card reporting, emergency card replacement, and emergency cash advance offered worldwide – as well as Airport Concierge (a 15% savings on airport meet and greet services), Identity Theft Resolution, and Priceless Cities. You’ll also have access to convenient online account management tools, so you can view account activity, track and analyze your spending, identity theft resolution services, and much more.
Should You Apply for the Ocean Bank Platinum Card?
A secured credit card that uses a CD as the security deposit is a great feature of Ocean Bank’s Platinum Card. Add to that an exceptionally low APR, 0% intro APR on both purchases and balance transfers, and the perks that come with a Mastercard Platinum, and you have the makings of a very impressive secured card, indeed.
Related Article: What Are the Best Secured Cards for Building Credit?
For more information on secured credit cards, visit our Comprehensive Secured Card Reference Page, featuring the best-secured card offers, detailed advice, and tips to help you build your credit history.