Advanta Life of Balance Platinum Card
The Advanta Life of Balance Platinum Card, issued by Advanta, is designed for business owners who are looking to consolidate their business expenses onto one credit card and are interested in a cash back reward program that can be personalized to fit their business needs.
The unique feature of this reward program is that the cardholder chooses the category in which they will earn up to 6% in cash rebates. The choice of categories includes "gasoline and diesel fuel," "computer equipment and office supplies," "building supplies," "restaurant dining," and "utilities and telecommunications." Cardholders will also earn up to 2% in cash rebates for all other purchases. Rebate checks are issued each time that $50 in rebates are earned, and there is no limit on the amount of rebates that can be earned. However, the rebate percentage earned is based on a sliding scale and the highest available rebate will not be earned on all purchases. Cardholders also have the option to choose the travel rewards program. See the terms and conditions for full details.
Besides the reward program, the Advanta Life of Balance Platinum Card offers a 2.99% fixed APR for the life of balance transfers that are submitted within the first three months of cardmembership. This provides a great option to business owners who want to consolidate their expenses. The card also has no annual fee and a reasonably low interest rate for purchases.
It is important to note that the APRs for purchases, balance transfers, and cash advances are tied to the highest Prime Rate during a three-month period. Due to this policy, the APRs may never reach the lowest possible interest rate.
The Advanta Life of Balance Platinum Card also offers benefits such as personalized business checks, various Internet account related services, and discounts on various products and services from participating retailers and merchants. Plus, the cardholder's online account reports are compatible with Quicken® and Microsoft Money® software.
Therefore, those who will be able to take advantage of the cash back reward program, the introductory rate for the life of balance transfers, and the various online business tools will benefit most from what the Advanta Life of Balance Platinum Card has to offer.
Review Date: 10/26/2007
Most Attractive Feature(s): Reasonably low APR; no annual fee; discounts on various products and services; choice of travel rewards or cash back program.
Least Attractive Feature(s): APRs based on the highest Prime Rate during a 90-day period.
Additional Perks
Various Internet account related services.
Personalized business design.
Personalized business checks.
Online statements and management reports.
Discounts on products and services at participating merchants and retailers.
Compatible with Quicken® and Microsoft Money® software.
Access to travel rewards or rebate program.
See website for additional benefits.
Important Notations
The APR is based on the highest Prime Rate during a 90-day period.
Cardholders can only enroll in either the cash back rebate program or the travel rewards program.
The APR for cash advances varies according to the applicant's credit history and will be either 1.74% or 11.74% + Prime Rate.
See website for complete terms and conditions of card usage and application disclosure.
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