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Somerset Trust MasterCard with PayPass – What Exactly is it?

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Somerset Trust Company is a regional bank that provides finance options for personal and business use, as well as loans. They also offer the Somerset Trust MasterCard with PayPass, claiming extremely easy use and that the card is among the best when it comes to rewards program and rates and fees. Is it? We’ll cover the basics regarding this MasterCard credit card, as well as the PayPass options associated with it so that you can make a knowledgeable decision before applying for this card.

Somerset Trust MasterCard with PayPass Basics

Somerset Trust MasterCard with PayPass describes itself as your traditional MasterCard, but a MasterCard that packs a better punch. It also claims to be quite a bit more convenient than a traditional MasterCard. Some of the immediate benefits associated with the card include no annual fees, no balance transfer fees, and low, fixed interest rates.  You’ll get free online access and the opportunity to earn cashback rewards.

The website states that the Somerset Trust MasterCard with PayPass is “still” accepted at numerous worldwide locations, and “still” utilizes a magnetic stripe, so even if a vendor location doesn’t offer PayPass, you can still use your card. We’ll talk about the PayPass system in just a moment.

Be aware that the Somerset Trust MasterCard with PayPass is not available to businesses, and is only designed for consumers. However, Somerset Trust Bank states that if you visit a foreign country, you can avoid foreign transaction fees, which typically range between 1% and 3%. Foreign exchange rates will apply.

About PayPass

PayPass is a common perk attached to many MasterCard credit cards today, and offers a way to engage in no-contact credit card transactions. The PayPass option is available by simply tapping a certain symbol on your MasterCard, or a sticker of sorts can be attached to the key fob or even for mobile phone access. When you use PayPass, your credit card never leaves your hand, and is usable just about anywhere PayPass is accepted; from gas stations to fast food restaurants, and a variety of retail stores. When “tapping” your card to initiate a PayPass transaction, the card does have to be up within a couple of inches of the contactless symbol on the payment reader.

PayPass utilizes a hidden and embedded computer chip and radiofrequency antenna, enabling wireless transactions, payment details and check out to the MasterCard network.  This technology is believed to provide added security and encryption technologies to your transactions.

About the Rewards Program

Somerset Trust MasterCard with PayPass offers a cashback rewards points program. For example, cardholders can earn $1 cashback reward $4 spent on net purchases, which are automatically rounded up to the nearest dollar. A number of transactions do not qualify for reward points and include but are not limited to balance transfers, cash advances, and of course, unauthorized transactions. While there is no limit to the number of points that you can earn, points will expire within two years of the anniversary date of every transaction.

Additional details associated with the cashback rewards program include additional benefits. For example, you can start redeeming your reward points when you’ve accumulated at least 5,000. Somerset Trust describes rewards points as having a 1% redemption value, or a value of $0.01.

When you reach 5,000 reward points, you can redeem those points for a $50 cash deposit into your Somerset Trust checking or savings account, but if you don’t have an account with Somerset Trust, the bank will issue you a $50 reward check.

You can redeem your points by calling a toll-free number for Somerset Trust Company or by accessing their website online. When redeeming online, be aware that only MasterCard credit cards that begin with the numbers 5431 are considered eligible for rewards points.

You can redeem your points in the form of a check, or as a deposit into your checking or savings account, as mentioned previously. You have the option of selecting how many points you’d like to redeem – from 5,000 to 50,000, in 5,000 point increments.

About the Terms and Conditions

The Somerset Trust MasterCard with PayPass comes with a variety of interest rates and charges. Cardholders will be charged a flat APR of 12.99%. This is about as low as you can get these days, and that’s a definite perk for cardholders. When it comes to cash advances, you can expect to pay a 17.99% annual percentage rate. There is no grace period for repayment of cash advances before finance charges are imposed. Visit the website for more information regarding rates.

The Somerset Trust MasterCard with PayPass does not charge any set-up, annual, or maintenance account fees. There aren’t many transaction fees to worry about either, another definite perk. You won’t pay any transaction fees for purchases, balance transfers, or foreign transactions. You will pay a $2 or minimum 2% due for cash advances, whichever is larger. A couple of penalty fees do apply. If you have a late payment, you’ll pay a $20 late payment penalty fee or the amount of the payment that’s due, whichever happens to be less. Returned check will be charged a $25 returned check fee.

Bottom Line

The Somerset Trust MasterCard with PayPass certainly offers some of the lowest annual percentage rates we’ve seen in a while, which are flat and standard, and which are attractive to those with a variety of credit histories. In addition, because the Somerset MasterCard with PayPass doesn’t charge an armload of transaction fees, the card is also more attractive to consumers. While business owners cannot take advantage of this card, consumers can, and because of the low APR, and the lack of transaction fees, this card is certainly rises above the rest.

Whether you want to take advantage of the PayPass technology or continue to use your MasterCard like a traditional credit card, the choice is up to you. However, just having the option of enhanced security and encryption when making transactions also provides an attractive benefit of using the Somerset Trust MasterCard with PayPass wherever PayPass technology is accepted.

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