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Last updated on December 18th, 2020
Park National Bank Visa® Platinum Card
0% APR for 20 Months
- Regular Purchase APR 13.49% to 22.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 13.49% to 22.49% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 25.99% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Good
- Intro Purchase APR 0% for 20 months from account opening date
- Processing Network Visa
- No annual fee
- Introductory APR of 0% for the first 20 billing cycles
- Extended warranty coverage and Zero Fraud Liability
- Auto Rental Collision Damage Waiver coverage
- Intro Purchase APR: 0% for 20 months from account opening date
- Regular Purchase APR: 13.49% to 22.49% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 20 months from account opening date
- Balance Transfer APR: 13.49% to 22.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 25.99% 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: Up to 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
At a Glance
The Park National Bank Visa Platinum Card is a basic credit card issued by Park National Bank. Designed to help cardholders save money, it forgoes the bells and whistles of a rewards program in favor of a lengthy introductory APR period which, with proper planning, can be used to save plenty of money.
Ideal for Those Who:
- Are planning a large purchase using a credit card and will pay down their balance without interest fees for 18 months
- Have existing debt that they’d like to avoid paying interest on by transferring their balance to this credit card, and will budget to pay this debt off within 18 months
- Want a card that does not charge an annual fee
- Want the benefits and cardholder protections that accompany a Visa® credit card, such as Zero Fraud Liability
Park National Bank Visa Platinum Card Review
For consumers who are in the market for a credit card that will not break the bank with excessive fees and high interest rates, the Park National Bank Visa Platinum Card is likely to be an exact fit. This is a credit card that is specifically designed to help cardholders save on interest and pay down existing debt more quickly.
Lengthy Introductory APR and Low, Competitive Interest Rates
It’s easy to save money by using the Park National Bank Visa Platinum card, thanks to a standard APR that is competitive. While it may not have the lowest interest rate on the market, it’s close – and it only comes into play if the cardholder holds a balance each month. A great option for anyone who wants to save their hard-earned money, this credit card from Park National Bank is the most basic of their offerings and while it may not boast fancy cash back rewards, it focuses on what’s important: Keeping your money where it belongs, in your bank account.
The Visa Platinum from Park National Bank really shines thanks to a lengthy (and lucrative) introductory APR period, which is particularly useful for anyone who wishes to purchase a big-ticket item or transfer substantial debt.
Cardholders will enjoy an introductory APR of 0% for the first 18 billing cycles on purchases and balance transfers. Although many credit cards do offer an introductory APR, it’s relatively rare that an introductory rate is so lengthy; typically, the introductory period ends within 6-12 months of opening an account.
How To Take Advantage of an Introductory APR
An introductory APR for purchases and balance transfers can be a great help to any cardholder looking to make a big purchase that they know they will not pay off in full by the next billing cycle. It’s also useful for someone who currently holds credit card debt on a different credit card and wants to pay it down completely (or partially) without accruing interest on their balance. Sometimes, interest fees seem to come out of nowhere, and it’s frustrating to make regular payments only to feel like no progress has been made when it comes to eliminating that debt – after all, interest can really add up.
- Pay Your Balance in Full: The BestCards team recommends paying down your debt (or your purchase) in full before the introductory APR period ends, when possible. Since an introductory APR means that no interest charges are added to your account, it makes sense to plan and budget so that your new (or old) balance can be paid in full. A full year and a half without any interest rates makes this goal even easier to accomplish, too.
- Plan Your Large Purchases Beforehand: If your goal is to use your new Park National Bank Visa Platinum Card to purchase a big-ticket item (or several expensive items), make sure you plan ahead. It’s easy to use a credit card to purchase a new couch, a new mattress, or even a vehicle – only to fall behind on payments. Make sure you have a budget in place that will see your balance paid in full by the end of 18 months so that you can avoid paying any interest on your purchases; you don’t want to get caught with a substantial balance that will equate to hefty interest charges once the introductory APR period has passed.
- If You Transfer a Balance, Don’t Make Extra Purchases: It’s tempting to make a lot of purchases using a credit card like this one. After all, 18 months seems like a long time and it is tempting to add to your debt, since you can always pay later. If you plan to do this, and have the budget, it’s not going to break the bank – but if you over-extend yourself, interest fees await at the end of your 18 month introductory period. Don’t get caught off-guard – plan your purchases, and your balance transfers.
- Read the Fine Print: It’s important to read the fine print in order to avoid extra fees. For example, this introductory rate does not apply to cash advances, meaning that if you use your card for a cash advance during the introductory APR period, you’ll still be assessed standard interest rates for that cash advance. Reading the terms and conditions carefully can help save you from unexpected interest and fees.
There is no annual fee associated with this card. Although this card may seem basic, its simplicity is also its strength, since there are very few surprises that accompany it.
Consumer Cardmember Benefits
The Park National Bank Visa Platinum Card comes with a slew of useful Visa® perks and benefits, which include:
- Extended warranty coverage
- Auto rental collision damage waiver coverage
- Zero fraud liability
- Travel assistance
- Fast cash access (ATM access)
- Cards accepted at millions of locations worldwide
- 24-hour cardmember service
- Verified by Visa protection
- Free extra card
Balance Transfer Fees
Something to keep in mind when it comes to balance transfers: This card, like many others, charges a fee for each balance transfer. Park National Bank assesses a charge of 3% of the amount of each balance transfer; cardholders pay a minimum of $5 to transfer their balance, either way. Some cards charge higher fees than others, too – the KeyBank Latitude® Credit Card’s balance transfer fee is a minimum of $10. Let’s say you hold a credit card that has an unpaid balance of $8,000, and you’re paying interest on it and wish to transfer your debt to the Park National Visa Platinum card to take advantage of this introductory APR. Bear in mind that you’ll need to pay 3% of that total in order to transfer your balance, which would come out to an extra $240.
Depending on the amount of debt you hold, and your budget, this may not be ideal; you might want to investigate whether you qualify for a balance transfer card that has a similar standard APR, but waives your balance transfer fee. Remember, the Park National Bank’s Visa Platinum card has zero interest on that balance for 18 months, so if you transfer a debt of $8,000 and are assessed a balance transfer fee of $240, you’ll essentially have a year and a half to pay off $8,240 – assuming you don’t make any other purchases with your card.
The total balance you can transfer will also need to line up with your credit limit, too. Additionally, you’ll need to have your balance transfer approved by the card issuer you are transferring it to before you can begin that process, so keep this in mind before applying for a new credit card.
Should You Apply for the Park National Bank Visa Platinum Card from Park National Bank?
Whether you use this card as a balance transfer credit card or to avoid interest after making a large purchase, the Park National Bank Visa Platinum Card is a viable option. There are many cards on the market that offer introductory APR periods, but many do not match up to Park National Bank’s card offering in terms of length.
Two examples of credit cards that share this 18-month introductory period for purchases and balance transfers are the People’s United Mastercard Platinum Card, and the BOK Financial Visa Platinum Card. Both cards have standard APRs that are nearly identical to those of the Park National Bank Visa Platinum Card, and neither charges an annual fee, either.
The Citi Simplicity Card actually features an introductory period of 21 months but this only applies to balance transfers. The purchase introductory APR period lasts for 12 months. Citi’s Simplicity Card also has a higher standard APR. Bank of America offers the BankAmericard® Credit Card, which weighs in with an introductory APR period of 15 months for balance transfers and purchases. Like the Citi Simplicity Card, the BankAmericard has a higher standard APR than the Park National Bank Visa Platinum; its balance transfer fee is also higher than that of the Visa Platinum from Park National Bank.
So how do you choose the right 0% introductory APR credit card? One might look at the size and history of the issuing bank, as well as the issuer’s customer service. Additionally, Visa cards are accepted almost universally, while Mastercard is not as widely accepted across the globe. Ultimately, you might boil these decisions down to a difference between foreign transaction fees, too – but personal preference will be the ultimate deciding factor.
All in all, for the consumer who wishes for a simple, easy-to-use credit card that’s ideal for saving money while paying off existing debt, or for making a large purchase without paying interest, the Visa Platinum Card from Park National Bank is certainly worth considering.