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Chase Goes Platinum

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Chase has joined the Platinum card war to compete with MBNA, First USA, Banc One and Citibank. The Chase Platinum Visa and MasterCard features credit lines up to $100,000, automatic enrollment in ‘Chases Flight Rewards’ program and $1 million in travel accident insurance. Chase Platinum has no annual fee, and an introductory fixed rated of 5.9% for nine months on purchases and balance transfers. After the intro period the rate for relationship customers is prime +6.4% for balances under $2500 or prime + 4.4% for balances over $2500. Other cardholders will pay prime + 7.4% and prime + 5.4%, respectively.

FULL STORY:
Chase Manhattan Bank announced the launch of Chase Platinum in both Visa and MasterCard versions, designed to meet the needs of upscale customers. The card features credit lines up to $100,000, automatic enrollment in Chase’s Flight Rewards program, access to a wholesale travel reservation service, and a host of other benefits.

Chase Platinum has no annual fee, and an introductory fixed annual percentage rate of 5.9% for nine months on purchases and balance transfers.(a) This credit card provides exclusive access to a substantial line of credit for cash advances, balance transfers and everyday purchases. Accepted virtually everywhere worldwide, the Chase Platinum Visa or Mastercard can be used at more than 14 million stores, restaurants, hotels and other locations. It also offers cash access at over 450,000 banks and ATM locations worldwide, and features a dedicated 24-hour customer service.

“Chase is always looking for ways to create value added packages for our existing customers as well as opportunities to attract new creditworthy customers who might not respond to just another credit card offer,” said Mike Urkowitz, Executive Vice President, Chase Cardmember Services.

Providing flexibility, travel privileges, and security, Chase Platinum, which is issued by Chase Manhattan Bank USA, N.A., offers the following array of benefits and services:

Chase Flight Rewards Automatic enrollment to earn free round-trip tickets on any airline, with no blackout dates, as a Chase Platinum cardmember.
$1 Million Travel Accident Insurance Offers cardmembers the highest level of security of any credit card.
$3,000 Lost Luggage Insurance
Merchandise Protection Will replace, repair or reimburse the cardmember on a purchase in the event of theft or damage due to fire, vandalism, or weather.
Free Year-End Summary Automatically provides cardmembers with a comprehensive summary of annual charges presented in user-friendly formats with spending listed by category.
Auto Rental Insurance Provides coverage for damage due to collision or theft.
Chase Platinum 24-Hour Travel Center(TM) Service that allows cardmembers to make travel arrangements 24-hours a day, and to receive 5% cash rebates and great discounts up to 15% on hotel stays, air, rail and cruise fares and rental cars.
Extended Warranty Offers extended warranty protection coverage to lengthen the free repair period under the original manufacturer’s warranty.
The Chase Manhattan Corporation is the largest banking company in the United States, with over $350 billion in assets. It is also one of the nation’s preeminent financial services companies, with leading positions in credit cards, consumer finance, mortgages, on line banking and investments.
(a) The APR is fixed at 5.9% for the first nine months, thereafter the APR is a tiered rate based on balances(1). For Chase banking relationship accounts, the rate is determined monthly by adding 4.4% to the Prime Rate if the balance(1) is greater than $2,500, 6.4% to the Prime Rate if the balance(1) is less than $2,500.(2) For Chase credit card accounts only, the rate is determined monthly by adding 5.4% to the Prime Rate if the balance(1) is greater than $2,500, 7.4% to the Prime Rate if the balance(1) is less than $2,500.(2)

(1) Balance is defined as the average daily balance of total purchases.

(2) Account must remain in good standing (in accordance with the Cardmember Agreement); otherwise Purchase APR is the Prime Rate plus 12.9%. (This rate will not be lower than 19.8% APR).

Specific terms and conditions will be provided to cardmembers upon account approval.

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