CorPlatinum Visa^® Credit Card Review

The CorPlatinum Visa^® Credit Card from CorTrust Bank offers a six-month introductory 0% APR on purchases and balance transfers, with no annual fee. However, this card has an important restriction: it is available only to people who live within CorTrust Bank's lending area and already have a qualifying relationship with the bank or an affiliate. That makes it a limited option rather than a credit card available to everyone.

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CorPlatinum Visa Credit Card Features

• Annual fee: $0
• Introductory purchase APR: 0% for six months
• Introductory balance transfer APR: 0% for six months
• APR after the introductory period: Variable 12.74%, 15.74%, or 19.74%, depending on creditworthiness
• Cash advance APR: 29.99%
• Foreign transaction fee: 1% of each transaction in U.S. dollars

The introductory APR may be useful if you need time to pay down a purchase or transfer a balance. However, the promotional period lasts only six months, so it's important to understand the regular APR that will apply afterward.

Balance Transfer Fees

Balance transfers requested when the account is opened have no balance transfer fee. After that, the fee is either $10 or 3% of each transfer, whichever is greater, up to a maximum fee of $100.

Keep making payments on your existing accounts until you confirm that a requested balance transfer has been completed. A transfer request does not immediately eliminate your payment obligations to the original creditor.

Other Fees to Know

• Cash advances: Either $10 or 5% of the amount advanced, whichever is greater, up to $100.
• Late payments: Up to $40.
• Returned payments: Up to $40.
• Duplicate statements: $2 per statement.
• Replacement card: $25.
• Rush delivery: $40.

The card has no over-the-credit-limit fee listed in the supplied disclosures. Cash advances also carry a high APR, so they are generally an expensive way to borrow money.

Who Can Apply for the CorPlatinum Visa?

The card is available only to individuals who meet both of these requirements:

• You live within the CorTrust Bank, N.A. lending area.
• You have an existing qualifying relationship with CorTrust Bank or an affiliate, such as a loan, discount, deposit, or trust service account.

CorTrust allows only one account per customer and will deny an application if the applicant applied for and was denied a CorTrust credit card within the previous six months. Meeting the eligibility requirements does not guarantee approval.

Is the CorPlatinum Visa Credit Card Worth It?

The CorPlatinum Visa may be worth considering for eligible CorTrust customers who want a card with no annual fee and a six-month introductory 0% APR on purchases and balance transfers. The waived balance transfer fee at account opening is another potential advantage.

However, the limited service area and existing-customer requirement significantly narrow its audience. The six-month promotional period is also relatively short, and the card's regular APR depends on creditworthiness.

Bottom line: The CorPlatinum Visa Credit Card could be useful for qualifying CorTrust Bank customers, particularly those who can benefit from its introductory APR. Before applying, confirm that you meet the bank's geographic and existing-customer requirements and review the complete cardholder agreement.