Credit Card Review: American Dream Platinum MasterCard
With the Citi Simplicity card touting the end of late fees and the American Express Open card promoting savings accounts, there are a lot of creative new options available to savvy credit card consumers. The American Dream Platinum MasterCard has recently launched as the newest trend in credit. This credit card offers you a fairly low APR, no annual fee, and a chance to win $25,000 each month. Let's take a closer look at this brand new credit card:
- APR - This card offers three rate options based on your credit standing. People with excellent credit are offered a low 10.74% rate. Good credit gets you a 15.74% APR. Borrowers with bad credit are offered a reasonable 20.74% APR. This is a lot lower than the 30%, plus an annual fee that some creditors give to people with credit problems.
- Annual Fee - There is no annual fee for the American Dream credit card. Even if you have bad credit. This feature makes the card really stand out from the rest of the crowd.
- Intro APR - Whether you have great credit or terrible credit, this card gives you 0% fixed APR for five months. That's a pretty good deal for someone with poor credit who is trying to reduce their debts.
- Fees - Late and overlimit fees are a bit high: $39 compared to the standard $30-35. It's not much of a difference however.
- Perks - For every $1 you spend you get 1 entry into the $25,000 sweepstakes (up to 1,000 per purchase). You also get 1,000 entries just for signing up for the card. Your chances of winning are probably pretty low, but it's a fun contest.
So, there you have it! The American Dream Platinum MasterCard is a good credit card option for borrowers with all types of credit and comes along with a fun contest each month.
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