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Brooks Brothers Platinum MasterCard | Are You Dressed For Success?

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Sophisticated customers enjoy the Brooks Brothers Platinum MasterCard because they receive some impressive benefits. All cardholders are automatically enrolled in the rewards program. You receive 1 point for every dollar spent on purchases at the Brooks Brothers. It’s notable that points are accumulated regardless of the purchase method you use. Many cards stipulate that, in order to earn rewards points, you must use their credit card to pay. With this card, you earn bonus points even if you pay with cash, or even another credit card.

There’s not any minimum dollar amount you must spend in order to earn Brooks Brothers Platinum MasterCard Perfect Fit points. When 500 points are accumulated, you get a $50 gift card for in-store use. That alone is a 10% discount on all merchandise you buy. The Brooks Brothers Platinum MasterCard points may not be transferred or redeemed for any cash value. Additionally, you get a straight 5% discount off of all BB apparel and other items. You also receive $30 discounts on tuxedo rentals. So obviously, if you are a sharp dressed man that finds yourself attending loads of upscale social engagements, this card could be a nice fit for you.

Interest, Fees and APRs for the Brooks Brothers Platinum MasterCard:

One of the not-so-attractive features of this card is its 25.99% APR for purchases and balance transfers. Of course, you do not need excellent credit in order to get approved either. So the circle of credit-based living continues. This is definitely one of those cards where you must pay off the entire amount charged each month. Don’t let that interest start racking up. 25.99% is almost as much as most other cards charge as penalty rates. Your monthly payments on the Brooks Brothers Platinum MasterCard will always be due at least 24 days after the closing date of the previous billing cycle. You will never be charged an interest fee of less than $2, the company’s minimum.

When it comes to late fees, Brooks Brothers Platinum MasterCard has an uncommon approach. If you have made your payment on time for the previous six billing cycles, then the fee for making a late payment is $25. If you have not made every payment on time for at least 6 months, then the late payment fee goes up to $35. Just make your payment by 5 PM on the due date, or before, and you’ll never have to worry about interest and/or late fees.

One bit of fine print I researched struck me as potentially problematic. There’s a little clause which states that your Brooks Brothers Platinum MasterCard may have transactions declined, even if they should be within your set credit limit. GERB says that it’s a measure they employ to minimize fraud. They reserve the right to “limit the dollar amount of purchases you can make in any particular amount of time”. In fact, they reserve the right to deny any charge they choose, on yours or any other cardholder’s account.

If you lose your Brooks Brothers Platinum MasterCard, have it stolen or have unauthorized use take place, you’re covered. Like most credit cards today, this one comes with a Zero-Liability clause for fraud protection. You will not be liable for fraudulent charges made with your card. However, the Zero-Liability coverage is a marketing ploy. When you really get down to reading the small print of the terms, there are loads of conditions and exclusions. It’s funny to me too that credit card issuing companies always state that full disclosure of terms and conditions will be sent along with your card – after you’ve already applied and been approved!

Before I forget, the issuers of the GE Capital Retail Bank Brooks Brothers Platinum MasterCard remind everyone, and rightfully so, that any and all interest charges can be forever and completely avoided simply by paying your monthly statement, in full, within the minimum of 23 days guaranteed to you from the close of the billing statement. Never incurring interest charges is the way to go. So, for instance, especially for you younger credit consumers,if you take a cash advance because you need it, and you know that you can pay it back with no issues, very soon, then do that: pay it back soon and avoid incurring interest charges. These hefty, yet legally allowed costs can destroy your credit, and thereby, at least to some serious degree, your entire financial future.

There’s also automatic Purchase Protection that comes as a benefit with your Brooks Brothers Platinum MasterCard. With this feature, you may be able to not pay for certain items you have purchased. Here are a few conditions though:

  • You owe money to finish paying off a product, but you’re unhappy with the product.
  • You have attempted to work the situation out with the merchant to no avail.
  • The purchase must have been initiated within a 100-mile radius of your current mailing address.
  • The item must have cost at least 50 dollars.
  • You used your BB card to make the purchase.
  • The item has not been fully paid for already.

If you meet those stipulations, then you may be able to opt out of paying the item off. For full details, see the Terms and Agreements that come with your approved card. GECRB is clear that they are not affiliated with the Perfect Fit rewards program. They assume no responsibility concerning the tracking or redemption of your points.

And don’t forget about standard card features like rental car insurance and emergency travel assistance. If you travel a lot, it surely cannot hurt to have these benefits in place. You never know when you might blow a tire on a back road, or run out of gas. All you need to do is drop a dime and help will be on the way. Even if you need a tow, you are covered. That’s a good feeling when you’re on the road. Check out all the benefits at the BB website here.

Overall, the Brooks Brothers Platinum MasterCard works well for those who are consistent fans of the Brooks Brothers. If you don’t shop there a lot, then this card would make no sense for you. The APRs are on the high side and the rewards points have no value outside of the stores.

 

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