The Accepted Platinum credit card has been gaining popularity lately, with its enticing rewards program and lack of an annual fee. But is this card all it claims to be? In this comprehensive review, we’ll take an in-depth look at the Accepted Platinum card to see if it’s worth applying for or if you should look for a different card.
Overview of the Accepted Platinum Card
The Accepted Platinum card is a visa signature credit card issued by the First Digital Bank. It offers:
- No annual fee
- 5% cash back on all purchases
- 0% APR on purchases and balance transfers for the first 12 months
- No foreign transaction fees
At first glance, the rewards rate and intro APR make this card seem very appealing. But let’s take a closer look at the pros and cons before making a decision.
Pros of the Accepted Platinum Credit Card
Strong Cash Back Earning Rate
The 1.5% cash back on all purchases is a solid earning rate, especially for a card with no annual fee. This can add up quickly, allowing you to earn hundreds of dollars back per year.
Generous 0% Intro APR Offer
The 0% intro APR on purchases and balance transfers for the first 12 months is a nice feature. This gives you over a year to pay off big purchases or transferred balances without accruing interest. Just be sure to pay your balance in full before the intro period ends.
No Annual Fee
No annual fee means one less expense to worry about each year. Compared to other rewards cards, this is a nice perk.
No Foreign Transaction Fees
There are no foreign transaction fees with this card, saving you 3% on purchases internationally. This makes the Accepted Platinum card a good option for traveling abroad.
Cons of the Accepted Platinum Credit Card
High APR After the Intro Period
The regular APR is a very high 29.99% variable once the intro period ends. This makes carrying a balance very expensive. You’ll want to pay off your purchases in full each month.
Limited Benefits
Besides earning cash back, there are a few other benefits offered by this card. You won’t get travel insurance, rental car coverage, or other premium perks offered by competitors.
1.5% Cash Back Isn’t the Highest
While 1.5% back is decent, it’s lower than the 2% cash back offered by some other no-annual-fee cards like the Citi Double Cash.
Reports as a Secured Card
An unusual downside is that the Accepted Platinum card may report to the credit bureaus as a secured credit card. This means it may not help build credit history as effectively as an unsecured card.
Who the Accepted Platinum Card is Good For
The Accepted Platinum card can be a good fit if you:
- Want to earn a flat 1.5% cash back without paying an annual fee
- Will take advantage of the 0% intro APR offer on purchases and balance transfers
- Don’t need premium travel insurance or shopping benefits from a credit card
- Have a limited credit history and need to build up your score
This card isn’t the best choice if you want to maximize rewards or have excellent credit. But for those working on building credit, it can be a decent starter card.
How the Accepted Platinum Card Compares to Alternatives
Here’s how the Accepted Platinum card stacks up against some other popular cards:
Accepted Platinum Card
- 5% cash back
- No annual fee
- 0% intro APR for 12 months
Chase Freedom Unlimited
- 5% cash back
- No annual fee
- 0% intro APR for 15 months
- $200 sign-up bonus after spending $500 in first 3 months
Citi Double Cash
- 2% cash back (1% when you buy, 1% when you pay it off)
- No annual fee
- 0% intro APR for 18 months
- Benefits like Citi Concierge
Capital One SavorOne Cash Rewards
- 3% cash back on dining, entertainment, popular streaming services, and groceries (1% on other purchases)
- No annual fee
- 0% intro APR for 15 months
- $200 cash bonus after spending $500 in first 3 months
The Accepted Platinum card is comparable to the no-annual-fee cards from major issuers like Chase and Citi. But those cards tend to offer higher ongoing earn rates, longer 0% intro APR periods, and sign-up bonuses that the Accepted Platinum lacks.
So while the Accepted Platinum isn’t a bad starter card, you may want to consider other options for better rewards and benefits.
How to Apply for the Accepted Platinum Card
If you do decide the Accepted Platinum is the right card for you, here are the steps to apply:
- Go to the issuer’s website and click “Apply Now”
- Provide your personal information like name, address, date of birth, and Social Security Number.
- Review the terms and conditions, then click submit.
- Receive an instant decision about whether you are approved. If approved, you can start using your new card right away when it arrives in the mail.
The application process is quick and easy. Make sure to have your Social Security Number handy when you apply online.
Initial approval decisions are instant, but you may have to provide additional verification if requested. Factors that can affect your approval chances include your credit score, income, and other debts.
Those with no credit or fair credit scores in the 600s may have the best approval odds for the Accepted Platinum card. But it’s possible to be approved with a good credit score as well.
How Does the Accepted Platinum Card Report to Credit Bureaus?
A unique aspect of this card is that the Accepted Platinum shows up on your credit reports as a secured credit card. Secured cards require an upfront security deposit that acts as your credit limit.
Despite being marketed as an unsecured card, the Accepted Platinum will be reported to bureaus like Experian, Equifax, and TransUnion as a secured card.
This means:
- No security deposit is required to open the account
- Your credit limit is assigned based on your qualifications, just like an unsecured card
- It shows up on your reports as a secured card
The main implication is that the Accepted Platinum may help build your credit, but not as dramatically as a true unsecured card. So it can be a good starter card, but you may want to eventually graduate to an unsecured card.
Make sure to make your payments on time and keep utilization low, as this will help build your credit history with this card. Check your credit reports to ensure the Accepted Platinum is being reported properly.
Accepted Platinum Credit Card FAQs
Still, have some questions about the ins and outs of this card. Here are answers to some frequently asked questions about the Accepted Platinum.
What are the qualifications to get approved for the Accepted Platinum card?
The card is targeted towards those will little or fair credit. Approval is based on factors like your FICO score, income, and current debts. Those new to credit or rebuilding credit may have the best approval odds. Stated income may be allowed during the application process.
Does the Accepted Platinum card have an intro 0% APR on purchases?
Yes, the Accepted Platinum offers a 0% intro APR on all purchases and balance transfers for the first 12 months when transfers are completed within 45 days of account opening. After that, a variable 29.99% APR applies.
Is there a sign-up bonus offered for new card members?
Unfortunately, there is no advertised new card member bonus or signup incentive at this time. The main perk is the ongoing 1.5% cash back you’ll earn.
Are there foreign transaction fees?
No, the Accepted Platinum does not charge foreign transaction fees on purchases made internationally.
Can the Accepted Platinum card be used internationally?
Yes, the Accepted Platinum has no foreign transaction fees so it can be used to make purchases while traveling abroad. It’s enabled for worldwide use outside the U.S. Just be aware cash advances don’t earn rewards and have fees and interest charges.
What credit score is needed to qualify?
There is no posted minimum credit score requirement, as the card is intended for those new to credit or trying to build/rebuild credit. While those with fair scores in the 600s may have the best approval odds, even those new to credit can potentially qualify.
Does the Accepted Platinum card offer 0% intro APR on balance transfers?
Yes, the intro 0% APR applies to balance transfers made within 45 days of account opening. This offer lasts for the first 12 billing cycles. To complete a balance transfer, you’ll need to submit a Balance Transfer Request after being approved.
Is there an app for the Accepted Platinum card?
No, First Digital Bank does not offer a mobile app specifically for managing the Accepted Platinum credit card. But you can make payments and access your account online through their website.
Should You Get the Accepted Platinum Card?
The Accepted Platinum card can make sense for someone new to credit who wants to start earning cashback without an annual fee. It provides the opportunity to begin building your credit history. Just make sure to pay your balances off each month once the 0% intro APR expires.
However, the rewards rate on this card is lower than some competitors, and it’s not as well-suited for those with already established credit. Other cards provide better rates, more benefits, and larger intro bonus offers.
Ultimately, make sure to compare this card to other options like the Chase Freedom or Discover it® Cash Back before you apply, to ensure the Accepted Platinum meets your needs. While it can help those rebuilding credit, it may not be the long-term best cash-back card once your score is higher.
Conclusion: Decent Starter Card but Shop Around for Better Rewards
The Accepted Platinum credit card can be a decent option for someone new to credit or trying to build their credit history. The lack of an annual fee and intro 0% annual percentage rate (APR) period are nice perks. Just keep in mind the high ongoing APR and lack of bonuses, and be prepared to graduate to more rewarding unsecured cards down the line.
While not a scam, the Accepted Platinum also isn’t the most rewarding card for those with good credit. Make sure to compare it to cards like the Chase Freedom Unlimited and Citi Double Cash to see if those are better options for your needs. While the Accepted Platinum reports as a secured card, you can likely qualify for top unsecured cards with good credit.
Carefully read the terms and make sure you can pay off balances each month before applying. But overall, the Accepted Platinum card can be a legitimate starter card for someone looking to earn simple cash-back rewards and establish their credit history. Just shop around to find the best card for where you are in your financial journey.
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