GE Capital Retail Bank offers quite a handful of credit cards today, including the GE Money Platinum MasterCard. Most of the rates associated with GE Capital Retail Bank credit cards are similar, but it pays to understand the fine differences between them. Consumers interested in the GE Money Platinum MasterCard are encouraged to read the fine print found within the terms and conditions to ensure that you know what you’re getting into when you sign on the bottom line.
GE Capital is a major co-branded issuer of credit cards associated with a variety of vendors, retail banks, and offers both MasterCard and Visa services. The problems is that some of these offers are difficult to ascertain, at least when comparing with others, because information is so difficult to obtain.
GE Money Platinum MasterCard Information… Not
While GE Money certainly provides affordable options and programs for consumers looking for anything from credit card access to home improvement, veterinary, and automotive industry financing, finding specific information on some of their cards is next to impossible, and that goes for the GE Money Platinum MasterCard. This can be extremely frustrating and off-putting to consumers wanting information not only on the specific card, but how the GE Money Platinum MasterCard compares to others offered by GE Capital Retail Bank.
GE Capital Retail Bank offers a variety of programs that provide adequate credit lines, promotions, and competitive interest rates for consumers on over one dozen different co-branded cards as well as services. If you type in “GE Money Platinum MasterCard” into your search bar, you’ll be offered a search page that defines their terms and conditions, rates and fees, but nothing specific about their credit card per se.
Interestingly, you can access GE Money MasterCard online service centers in Australia, but that doesn’t do you much good in the US, and you also have to have a login username and password to access additional information. What’s that all about? Whatever happened to transparency?
You can, however, access an application for the GE Money MasterCard, but again, this link takes you to Australia, which can be confusing for consumers in the US wanting information regarding local offers. The home office for GE Capital Retail Bank in the US is located in Orlando, Florida, obtained through the customer service information provided on the GE Capital website. Unfortunately, inability to access online support was also frustrating.
This reviewer tried numerous key word searches and terms for applying for the GE Money Platinum MasterCard as well as search terms to find information regarding the specific benefits of applying for and even using the GE Money Platinum MasterCard, but was only met with frustration.
However, access to the terms and conditions was available, so, without further ado, we’ll move on to the all-important rates, terms, fees and stipulations associated with the rates and fees associated with the GE Money Platinum MasterCard.
Rates and Fees
The GE Money Platinum MasterCard comes with a variety of rates and fees. While it was relatively easy to access their account agreement and pricing information, finding differences and nuances between different GE Money cards was not quite as easy. However, we’ll go over the rates and fees associated with this GE Capital Retail Bank card offer.
When it comes to the annual percentage rate, you’ll either be designated as an Account Type 1 or an Account Type 2 for the GE Money Platinum MasterCard. If you are an Account Type 1 card holder (Premier account), your annual percentage rate will be 19.99%. If you are an Account Type 2 (Choice account), expect to pay a 23.99% APR. These same APRs are applied to balance transfers.
Interest rates are calculated differently for Account Type 1 and Account Type 2 cardholders. Be diligent about reading the fine print on how interest is calculated in the GE Money Platinum MasterCard account agreement. The basic overview for how interest is calculated for Type 1 or Premier accounts is the daily rate for purchases and balance transfers is .05477% plus APR, and cash advances is .07395% plus the APR of 26.99%. For choice accounts, the daily rate for purchases and balance transfers is 0.6573% plus APR of 23.99%, and the daily rate for cash advances is .07395% plus of the APR rate of 26.99%.
Regardless of whether you’re Type 1 or Type 2, the annual percentage rate for cash advances its 26.99%. If you pay your balance due by the due date every month, you can avoid paying interest charges, although interest charges do apply on balance transfers and cash advances from the date of the transaction. Interest charges will be no less than $2.
Several transaction fees also apply to be GE Money Platinum MasterCard. For example, both Type 1 and Type 2 account holders can expect to pay 4% of the amount of the transfer, or $10, whichever happens to be larger. The same applies to cash advances. Foreign transaction fees charge 3% of every transaction. If you make a late payment, you can expect to pay up to $35 in a late payment penalty fee. The GE Capital website may offer you information on additional fees. You will also be charged $29 for a returned check, and $35 in fees if you go over your credit limit.
This credit card reviewer has rarely had such difficulty finding specific information about any credit card, but searching for GE Money Platinum MasterCard information, other than its terms and conditions, proved to be an extremely frustrating endeavor. For this reason, it is recommended that anyone interested in this card contact GE Capital Retail Bank either in person or over the phone to gain access to brochures, printed materials, or even some mysterious website that offers information regarding the card. If you’re not willing to jump through a variety of hoops to find information regarding this card, you might just want to pass this one up and move on.