Personal Finance

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Credit card offers are a common occurrence at my household. I expect to find at least one in my mail every day, and it’s not uncommon to find five or more offers on a single trip to mail box. The most common offer of all is, of course, an offer from the place that you do your primary banking and this is what led me to try out the Washington Mutual Platinum MasterCard, a credit card with appealing balance transfer offers.

What Does This Credit Card Offer?:

Washington Mutual Platinum MasterCard offers features like:

Reward Points- Points are accumulated with each purchase, and they can be cashed for merchandise rewards.

Balance Transfers- Cardholders can transfer balances at any time, and these transfers are often accompanied by reduced rates of interest, as an incentive to encourage transfers and new customers.

Account Management Services- Utilizing the online site, Washington Mutual credit card holders can check all credit card activity, order statements, setup e-mail alerts (for payment reminder, payment received, credit limit reached, balance exceeds, etc.), and even check their FICO credit score, courtesy of Transunion.

Interest Rates/Fees:

Washington Mutual Platinum MasterCard offers different rates to different customers based on many factors. The initial rate is usually lower than average (between 6 and 12 percent), and this is especially true if a balance transfer is requested. Once the teaser rate has expired, however, the interest rate will increase up to the 12 to 18 percent range. Miss a payment, and it could easily vault above 25 percent annually.

Washington Mutual Platinum MasterCard charges fees for late payments, going over the limit, and other infractions. But there is no annual fee and there is no interest accumulation if the balance is paid in full each month. These facts make the Washington Mutual Platinum MasterCard an economical card to own provided you make payments on time and keep charges under control.

Final Thoughts:

Washington Mutual Platinum MasterCard is one of many, many different credit cards I have used over the years and it ranks as one of the more average credit cards in my wallet. I have been in possession of a Washington Mutual Platinum MasterCard for about one year now but I have used it on an infrequent basis.

First, let’s examine the positive features of this credit card. The Washington Mutual Platinum MasterCard charges no annual fee and it offers some very good balance transfer options. Like other balance transfer options, you have to pay a balance transfer fee up- front, amounting to about three percent of the total balance transferred. But doing this locks you into a low interest rate for the duration of the special offer- usually six or twelve months. The interest saved during this time period can easily prove more valuable than the balance transfer fee. It isn’t difficult to come out ahead.

The Washington Mutual web site will let you quickly view your credit card balance and credit limit. If you want to know more, you will have to link to the Washington Mutual Credit Card web site. There are some very cool features in the Washington Mutual Credit Card Servicing Site, and this ranks as another positive feature with this credit card. One nice tool is the ability to track what categories in which you spend money, using the Washington Mutual Customized Spending Profile. You might think you have a good idea what percentage of your credit card expenditures belong to different categories, but the Customized Spending Profile could very well surprise you. Customers can also build customized reports and even create a budget using Washington Mutual’s tools. There is even a free monthly FICO credit score, from TransUnion, and Washington Mutual members can view a line graph showing the changes in this score over the past year.

I decided to give the Washington Mutual Platinum MasterCard a try one day when I received a very tempting balance transfer option in the mail. I’m always game for saving some extra money and I couldn’t see any reason not to accept this offer. I am presently a customer of Washington Mutual anyway and I knew I could access my credit card balance and other records alongside my checking and savings information. I was approved instantly for a new Washington Mutual Platinum MasterCard, but I couldn’t figure out one important thing: My initial credit limit was set very low- only about $3,000. I couldn’t understand this, because I have a high credit score, my bills are paid on time, etc. What bugged me about this more than anything was the fact that I had requested a balance transfer and now I couldn’t even use it. The balance on the credit card I wished to transfer was much larger than the $3,000 limit I received. Thus, I was unable to complete the transfer, and this was my sole motivation for obtaining the card. I decided to go ahead and keep the card anyway, since it didn’t have an annual fee and I felt I had nothing to lose. But it still bothered me that Washington Mutual didn’t tell me up- front that my limit was going to be too low to transfer the desired balance. They didn’t tell me this until after I was accepted for a Washington Mutual Platinum MasterCard and had already received a card in the mail.

Even though the initial credit limit on my Washington Mutual Platinum MasterCard was very low, the limit was gradually increased over time, without me having to request it. This was nice, but I noticed that my cash advance limit- set initially at only $750- was not going up. I didn’t necessarily have any need for a cash advance, but I still couldn’t figure out why it was so low and why it wasn’t increased along with my credit limit.

Overall, the Washington Mutual Platinum MasterCard is an average credit card that I may or may not keep in my wallet over the next year. It offers reward points and the web site is very handy. But I am not impressed with the attitude I have received when I call the customer support line and I don’t like the deceptive way that Washington Mutual hoodwinked me into accepting this credit card. It makes for a mixed experience, but I will go ahead and give the Washington Mutual Platinum MasterCard a marginal recommendation mainly because of its helpful web site. The financial tools, budget planner, and free FICO score make the Washington Mutual Platinum MasterCard a credit card worth considering.

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