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Last updated on December 22nd, 2020
Popular Bank Platinum Card
Enjoy 0% Intro APR for 12 Months
- Regular Purchase APR 13.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 13.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 24.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Annual Fee None
- Credit Needed Good , Fair
- Intro Purchase APR 0% for 12 months from account opening date
- Processing Network Mastercard
- 0% introductory APR on purchases for the first 12 months
- 0% introductory APR for 12 months on balance transfers made within the first 90 days
- No annual fee
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 13.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months on transfers made within 90 days from account opening date
- Balance Transfer APR: 13.24% to 26.24% 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: 24.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 2% of the amount of each cash advance, whichever is greater
- Penalty APR: 29.99%
- Foreign Transaction Fee: 1.4% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $38
- Return Payment Penalty Fee: Up to $10
At a Glance
The Popular Bank Platinum Card features Mastercard’s purchasing power and no annual fee. New Cardholders enjoy 0% APR for 12 months from the date they open their account. This card also offers new cardholders a 0% introductory APR on balances for the first 12 months. This applies to balances you transfer within the first 90 days of opening an account.
Ideal for Those Who:
- Already do their banking with Popular Bank
- Don’t want to pay an annual fee to use a credit card
- Want to transfer over a balance ASAP and pay it off in 12 months
- Would like to take advantage of no interest on purchases for 12 months
Popular Bank Platinum Card Review
The Platinum Mastercard from Popular bank is this financial institution’s most basic credit card it offers to American consumers who are not residents of Puerto Rico. It offers limited long-term perks, but cardholders may be approved for a moderately competitive APR.
The biggest draws to this credit card are its 0% introductory interest rates on purchases and balance transfers. Additionally, this is the only credit card Popular Bank offers to US customers that doesn’t feature an annual fee. Keep reading to learn more.
No Annual Fee Means More Money for You
The one feature that sets the Popular Bank Platinum Card apart from other Popular Bank credit cards is that fact that there is no annual fee. The Preferred World Mastercard® charges a yearly fee of $98. Meanwhile, the Rewards Card requires cardholders to pay a $25 annual fee.
In exchange for no annual fee, however, Platinum cardholders don’t earn cash back rewards on their purchases. Now, before you click out of this screen to read up on Popular Bank’s other cards, you should know that this detail isn’t so bad. Or rather, Popular Bank’s rewards cards may have some drawbacks that aren’t immediately noticeable.
Why Zero Fee is Better than Cash Back
Popular Bank’s rewards cards offer some attractive perks. But the cash back rewards may not be worth paying the hefty annual fee.
The Preferred World Mastercard, for instance, only rewards cardholders 2% cash back on purchases. You would have to spend almost $5,000 to earn enough cash back to make this credit card worth the fee.
The Rewards Card from Popular Bank, on the other hand, only has a $25 annual fee. However, you only get 1% to 1.5% cash back. At the very least, you’ll have to spend over $1,500 to get enough rewards to break even on the fee.
Of course, this doesn’t include other costs to having a rewards card, like the APR. The Popular Bank credit cards have a pretty broad range of interest rates you can be approved for.
The lower end of the scale can be lower than the national average, but it will require you to have great credit to receive. By contrast, the higher end of the APR range can be over 50% higher than the national average.
0% Introductory APR on Purchases
The most beneficial features of the Popular Bank Platinum Card are its introductory 0% interest rates. Once you’re approved you won’t have any interest added to your credit card balance for 12 months from the date that you opened your account.
Additionally, you won’t be required to make any minimum payments for 12 months. This feature can be really attractive if you need to make large purchases. But you must be strategic about your credit card use.
Don’t apply for this card and then try to find something to buy with it. It’s best for you to apply for the Popular Bank Rewards Mastercard when you already know you need to make some large purchases.
For example, if you know you will need to renovate your home soon or are planning a big vacation, this may be the card to apply for. Just be sure to have a repayment plan to avoid paying interest. Remember that once the 12 months are up, any remaining balance will automatically accrue interest, which can be higher than many other credit cards.
0% Introductory APR on Balance Transfers
The Popular Bank Platinum Mastercard also offers new cardholders 0% APR for 12 months when you transfer over another credit card balance. This doesn’t apply to other Popular Bank balances, though.
Moreover, you only have 90 days from the date that you opened your account to transfer those funds and take advantage of this offer. Anything you transfer after that period will accrue interest.
As with the 0% APR on purchases, it’s best to identify a balance you want to transfer before you apply for this card. And you should also plan to pay off your balance in 12 months to avoid paying interest.
Should You Apply for the Popular Bank Platinum Card?
There are really only three main benefits to having this credit card:
- No annual fee
- 0% introductory APR on purchases
- 0% introductory APR on balance transfers.
If you are currently looking for a balance transfer credit card, this may be an ideal fit for you provided that you plan to pay off the balance in 12 months. The regular balance transfer APR doesn’t really compete with other credit cards from different issuers. So, if you hold off on paying down your balance you might end up going from the frying pan into the fire when it comes to managing your debt.
This is also a great card for making large purchases all at once. If you are welcoming a new addition to your family, you can use this Popular Bank Platinum card to buy all your necessities all at once and have a year to pay it off.
Keep in mind, though, that you will need to become a member of Popular Bank in order to apply for this credit card. This means you’ll have to open a checking account. If you are happy with your financial institution, this may be a deal breaker.