Fond of Bonds?
Written: Sep 06 '01
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Pros: I like the reward - Savings Bonds; service is flawless.
Cons: High APR; Costco Card has higher return (1.5%).
The Bottom Line: The Edvance Platinum MasterCard is a terrific credit card choice if you like an effortless way to accumulate savings bonds.
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| TomQPublic's Full Review: Edvance(r) Platinum MasterCard (Fleet Bank) |
The Edvance Platinum Master Card is one of my top three favorite credit cards. Nothing beats the Costco Card from American Express, but there are times when you need a Master Card, and the Edvance Platinum works for me!
There is nothing overly spectacular about the reward percentage, but it is a decent 1%. For every $2500 that you charge, you get a $50 U.S. Savings bond, the value of which is $25 initially. I really like this unique reward more than rewards from other cards such as gasoline or merchandise credits. I enjoy watching the bonds stack up. Over time, you really feel that you have amassed something worthwhile. I am not sure if auto companies still offer credit towards cars, but for me it would take forever to make a significant dent in the price of a car. It is relatively easy to get a couple of bonds each year, though. Free gas, offered from other cards is certainly worthwhile, but you spend it right away. I like the idea of having something of value that you can hold onto.
The application process is simple with the Edvance card. You may need to supply a bit more information than usual for a card, but this is just so that they can process your savings bonds efficiently. Once you submit your application, you should hear within a couple of weeks whether or not you have been accepted, and what your credit limit is.
Your monthly statement is well organized. I know this may only be a "big deal" to me, but I like the fact that you do not have to play "seek and find" to find where your balance is. I have had other cards where it is very difficult to find your balance on your statement.
I have had two "issues" where I had to contact customer service, and it was a very pleasant experience. The first time, my payment arrived a day late and I was assessed some fees. I simply called up and requested that the fees be removed, and they did it without any hassle. I did not have to beg or plead my case, they just cheerfully reversed the charges. The second incident was when I recently exceeded my credit limit. As soon as I realized that I hit my limit I stopped charging, but my next statement included a $29 charge for exceeding my limit. Again, I just called the 800 number on the card and asked for this charge to be removed. It was removed with no problems whatsoever.
Speaking of service, the bonds are sent like clockwork. I had a card once in the past which offered a cash reward, but I had to consistently make follow-up calls to make sure that I got my reward. With the Edvance card, there is never a problem. Bonds are issued automatically, without fail. I have never had to chase a rebate with the Edvance card, and this is a big plus.
There is no annual fee for this card. The APR is very high, however, at 19.32%. I am assuming that this is a high rate, because I get weekly offers from other card companies in the mail at much lower rates. Since I do not carry a balance, this is not a consideration for me, but it could be for others.
I have yet to come across a Visa or MasterCard which I like more than the Edvance card. I enjoy getting bonds, and I enjoy the fact that their service is top rate.
Recommended:
Yes
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Epinions.com ID:
TomQPublic
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Reviews written: 55
Trusted by: 33 members
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