| Last updated on October 24th, 2023
People's United Mastercard Platinum Card
People's United Mastercard Platinum Card
- 12.49% to 30.49% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 12.49% to 30.49% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 12.49% to 30.49% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The People’s United Mastercard Platinum Credit Card is a low APR and balance transfer credit card from People’s United Bank. The card enjoys 18 months of 0% APR on balance transfers and purchases, followed by People’s lowest possible interest rates after that.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Enjoy People's lowest rate everyday
- 0% intro APR on purchases and balance transfers
- Regular Purchase APR: 12.49% to 30.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 12.49% to 30.49% 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: 12.49% to 30.49% variable based on creditworthiness and 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: $40
- You have excellent credit and want to pay down a balance
- You're planning an expensive purchase soon
- You don’t want to pay an annual fee
People’s United Mastercard Platinum Card Review
0% Intro APR
Low rate and balance transfer credit cards only work if they offer an enticing rate every day, with the bonus of a 0% introductory APR on balance transfers. The Platinum Mastercard does both of these things, with the bonus of an extra interest-free period on purchases as well.
The special 0% intro APR for the card is 18 months, which is extremely impressive. The fact that this period is for both purchases and balance transfers is even better, making the card the ideal option for those planning on making a significant purchase in the not-too-distant future, or for those looking to pay down existing credit card balances.
Balance transfers incur a 3% fee, which is frustrating, but that isn’t a reason to look elsewhere: this is the typical fee for most low APR cards from issuers of almost any size, so while the fee might be a nuisance, it is more than made up for by the year and a half interest-free period.
People’s Lowest Rate – for Some
Platinum Mastercard’s are usually the low APR option, providing holders with the lowest possible interest rates. This is undoubtedly the case with People’s United Mastercard Platinum, as the card offers a very competitive APR for those with excellent credit scores.
Should your credit score fall into the excellent, above 700 level, you can expect interest rates for balance transfer and purchases that will be around a full-point lower than the national average for a low rate card of around 14.5%.
While the regular APR is a no-brainer for those with excellent credit, for those with a credit score in the mid-to-high-600s, the interest rate isn’t nearly as appealing, with the top-range rates from People’s over 20%. This makes the card less attractive, with the caveat that the 0% intro APR period is still far more than those with good credit can expect from major issuers like U.S. Bank, Barclays, or even USAA.
Other Card Features
Other features of the Platinum Mastercard include the usual Zero Fraud Liability, 24/7 fraud monitoring services, and Mastercard extended warranty manager. The card also offers integration with mobile payment platforms, such as Apple Pay and Samsung Pay.
Should You Apply for the People’s United Mastercard Platinum Card?
Overall, the People’s United Mastercard Platinum is a very exciting offer for those who have excellent credit and want a low APR card to pay down existing balances or finance expensive purchases over time. The card does this very well thanks to two 18-month 0% introductory APR offers – one on balance transfers and the other on purchases.
For anyone with a credit score in the 600s, however, the great intro periods and no annual fee must be tempered with the knowledge that the APR is going to be well above the national average of 17%, and has the chance of rising higher than 20%. For these individuals, unless they only intend to take advantage of the introductory rate periods, they might find a better value with a local credit union.
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