BOK Financial Visa® Platinum Card

BOK Financial Visa® Platinum Card Review

BOK Financial’s Visa® Platinum card is a basic card for consumers who may not be interested in earning rewards points. It features no annual fee, which is something many rewards cards (including BOK Financial’s offerings) charge.

Furthermore, cardholders can take advantage of 0% interest for the first 18 months that they have this credit card. This promotional offer applies to purchases and balance transfers.

No Annual Fee Saves You Money

The BOK Financial Visa® Platinum card in a non-rewards credit card. This means that you don’t earn points or cash back on your purchases.

However, this card doesn’t charge an annual fee, which is something you have to pay with a lot of rewards cards. Even if a rewards card charges a minimal annual fee, you still need to spend money with your card in order to make it worth your while.

For instance, a $25 annual fee may not seem like a lot. But if your rewards card earns you 1 point for every dollar you spend, you’ll have to look at the rewards catalog to determine how what the value of each point is worth.

If a $25 gift card is valued at 2,500 points, that means that means that each point is worth only one cent. In effect, you only earn $0.01 for every dollar you spend.

That being said, you’d have to spend $2,500 with your new credit card in order to break even on the annual fee. And that doesn’t even include having to pay interest on those purchases.

In effect, no annual fee can actually be more valuable than earning rewards. Of course, this all depends on your spending habits.

0% Introductory APR on Purchases

Perhaps the most attractive features of this credit card are its 0% interest rate promotions. Cardholders won’t have any interest added to their purchases for 18 months from the date that they open an account.

Zero-interest offers are common with a lot of credit cards, and they’re not just a gimmick to get you to sign up. If you use your new credit card strategically, it these promotions can save you a lot of money.

An ideal scenario in which you can use the BOK Financial Visa® Platinum Card’s introductory 0% APR is when you already know you need to make major purchases all at once. If you are planning on updating your kitchen, for instance, and don’t have the cash to pay for all the new appliances, this card can be a lifesaver.

You’ll be able to make the purchases you need without having to pay anything extra. You must, however, have a plan to pay off your balance within 18 months.

While it is possible to be approved for a competitively low APR with this credit card, there is no guarantee. If you keep a balance after the promotional period is over, you can end up having to pay more for your kitchen update than you had anticipated.

While you can find other credit cards with introductory 0% APRs, the promotional periods are usually no longer than 12 months. Having an 18-month no-interest period makes the BOK Visa® Platinum Card really stand out in this regard.

You’ll essentially have six extra months to pay off your balance. And this can make your monthly payments much more manageable.

0% Introductory APR on Balance Transfers

The BOK Financial Visa® Platinum Card also offers cardholders a similar 0% interest promotion on balance transfers. If you transfer over a balance from another credit card to your Visa Platinum card, you won’t have to pay interest on it for 18 months from the date that you opened your account.

Most credit cards that offer an introductory balance transfer APR require you to transfer a balance within a certain time frame. This BOK Visa card is no different.

However, the length of time you have to make a transfer outshines many competitors’ balance transfer promotions. You Have 558 to transfer a balance and take advantage of 0% interest. This comes out to almost a year and a half, which is the same amount of time in which you will accrue no interest on your transfer.

Compare that the typical 90-day window many other credit cards offer, and this can almost be a winning balance transfer card for you. There is, however, one caveat.

Your balance transfers aren’t really free of charges, even if you do transfer a balance within the allotted time. You still have to pay a 3% fee on each transferred balance.

While this is a lot less than having to pay interest, it can add up if you transfer over a large balance or several balances over time. If you have a $5,000 balance on an existing credit card, you’d essentially have to pay a $150 fee.

Should You Apply for the BOK Financial Visa® Platinum Card?

The Visa® Platinum Card from BOK Financial can be a good fit for you if you plan how you will use it wisely. Your interest rate can be low enough to make this a reliable everyday credit card…that is, if your credit is good enough to qualify for it.

The most valuable use for this card, however, is to make large purchases with it early on. If you already know you will need to spend a lot of money on something all at once, you may want to apply for this card. You’ll have 50% more time to pay off your balance with 0% interest than with many other credit cards.

The balance transfer feature presents a catch 22 situation, though. You do have 18 months to pay off a balance transfer and just as much time to transfer over a balance to take advantage of 0% APR. However, you have to pay a fee for each transfer.

If you plan on using this as a balance transfer card, you should determine whether the you will save more money transferring your balance or keeping it on your existing credit card.

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