The GE Capital Retail Bank Meijer Platinum MasterCard has a little brother: the Meijer Credit Card, which isn’t really much of a credit card at all. If you are not approved for the Platinum version, you are automatically considered for the less attractive, more costly and less rewarding Meijer Credit Card. This allows the issuing company to not only profit on those with excellent credit at lower rates, but also to extract the wealth from the less fortunate. This is a good way to maximize profits while offering just about as little as possible, especially to the less-credit-worthy crowds.
Fees and APRs of the GE Capital Retail Bank Meijer Platinum MasterCard
If you get approved for the GE Capital Retail Bank Meijer Platinum MasterCard, you will be classified as Account Type 1 or Account Type 2 (not very imaginative if you ask me). Account Type 1 cardholders have a general purchase APR of 19.99%. Account Type 2 cardholders will incur a 23.99% purchase APR. So far, so good. Even though I personally believe that all credit card issuing companies are thieves, these rates are acceptable in the modern credit card industry. If you instead receive the Meijer Credit Card, then your APR for general purchases will be set at 26.99%. The same APRs apply to transfers of balances. With the Meijer Credit Card, no balance transfers are possible and so there is no balance transfer APR.
Now, with the GE Capital Retail Bank Meijer Platinum MasterCard, you will always incur a 26.99% APR. This is slightly higher than most other similarly-classified credit cards, just by a percent or so. Still though, think about how much profit can and is generated from the credit card issuer that tacks on that extra 1%, or so, for every transaction type initiated. The profit margins can be expanded exponentially – if a card issuer had a low enough score on their cardholder treatment karma history, and I assure you: most of them do. And once again, cardholders of the lowly Meijer Credit Card will have no options to take any cash advances. Are you beginning to see why I initially stated that the Meijer Credit Card really isn’t a credit card at all? It just doesn’t have anything to it; at least not that we have uncovered yet. Let’s dig on in a bit deeper then…
Before I forget, thew issuers of the GE Capital Retail Bank Meijer 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.
The fees of the GE Capital Retail Bank Meijer Platinum MasterCard are, as I expected, higher than they should be. But they are like that with almost every credit card in existence. Now I believe in a free economy and the success of the consistent and innovative. However, in a struggling world economy, and with so many financial crises at hand, it would seem simple that corporate-level financial entities would “take a small hit” for the commoners by accepting less than roughly ¼ of the net purchase total in annual percentage rates of interest. To me, it’s a crime of the highest degree, but that doesn’t matter. The fact is that the schedule for transaction fees with this card is slightly more enticing than most.
Balance transfers with the GE Capital Retail Bank Meijer Platinum MasterCard cost the greater between 4% of the transaction amount and $10. The fees for cash advances, to be fair, are a little lower than with most comparable credit cards. Foreign transaction fees are always 3% of the US-dollar amount of every transaction. If you make a late payment, or if you ever have a payment returned unpaid, then you will be charged $35 per incident.
Rewards Program for the GE Capital Retail Bank Meijer Platinum MasterCard
The issuer of the GE Capital Retail Bank Meijer Platinum MasterCard says that you are going to have the freedom to choose when and how you save the most by using the card. The following rewards apply only to cardholders of the Platinum MasterCard, not to the Meijer Credit Card. In a nutshell, every time you rack up 1500 points, you get a Meijer merchandise and apparel 15% discount coupon. You also receive a 5% discount coupon for health, beauty and grocery purchases. These discount coupons expire after 12 months of being issued.
You earn points on everything you use the GE Capital Retail Bank Meijer Platinum MasterCard to purchase. Well, that is everything except a long list of fun purchase types like lottery tickets, alcohol, entertainment tickets and even online purchases. I personally think this is crap! It’s just another example of how credit card companies take advantage of the very consumers which make them super-rich. I mean, why should my beer be excluded from me earning a few measly bonus points – and just so I can get a discount on purchases from Meijer stores. Talk about arrogant and patronizing. Geez! You can view all the details at the Meijer website and see for yourself.
The bottom line for me concerning the GE Capital Retail Bank Meijer Platinum MasterCard, and/or the regular non-credit-card Meijer Credit Card, is that they are just marginally OK. They’re certainly nothing so special as to mention to your Mother – but I guess it would do in a pinch. It is a Platinum MasterCard underneath it all, and that has to be good for something, I guess.