First Horizon Bank Platinum Premier Visa® Credit Card

First Horizon Bank Platinum Premier Visa® Credit Card Review

The Platinum Premier Visa® Credit Card First Horizon Bank is a basic credit card with no annual fee and no rewards. It offers cardholders an introductory interest rate of 0% on both balance transfers and purchases for 12 months.

This card is almost identical to the Visa® Classic Credit card in its benefits. The one major difference, however, is that the Premier Visa® offers cardholders higher credit limits. Keep reading to learn more about the benefits of this card and to see if it’s the right choice for you.

No Annual Fee Due = More Money for You

The First Horizon Bank Platinum Premier Visa® Credit Card doesn’t charge cardholders an annual fee to use the card. When compared to most of First Horizon’s credit card options, this might not seem like that big of a distinction. However, many credit card issuers do charge annual fees for the privilege of using one of their cards.

If you are applying for a rewards card that earns you points or cash back, you may not mind the annual fee. However, it can sometimes get complicated when you try to figure out how much you need to spend to earn enough points to break even on the fee.

If you’re just looking for a credit card you can use as a reliable method of payment, you may not need all those extras. So why pay for something you’re not going to use?

That’s the beauty of the Premier Visa® Card. First Horizon won’t charge you a fee if you’re just looking for basic features. That being said, however, this credit card does have a couple of nice perks that can make it particularly appealing.

0% APR on Purchases

As an incentive to get you to sign up, the First Horizon Bank Platinum Premier Visa® Credit Card offers new cardholders a promotional zero-interest period of 12 months. During this time, any purchases you make will not accrue interest.

Normally, if you make a purchase using a credit card (including this one), you will have interest added to the amount you need to pay back. This happens if you don’t pay off that purchase within the allotted period of time. In this case, it’s around 24 days after the end of each monthly billing cycle.

If you are approved for a 17% APR, that means that if you purchase something for $100 with your credit card and don’t pay it back in time, you’ll end up paying $117. And each month you’ll have even more interest added onto any remaining balance.

With this 0% introductory interest, you don’t have to worry about that…at least for the first year you have your credit card. This feature means you can make a large purchase when you sign up for the Premier Visa® and pay off your balance over 12 months without having to pay anything extra.

Some cardholders may be tempted to treat this as no-payment period, but that’s a dangerous mentality. First of all, you still have to make minimum payments on your card, even if you’re not accruing any interest on your balance. Second, if you slack off on paying off your balance, anything that remains after the 12 months are up will automatically get interest tacked onto it.

Considering that this is one of the few perks of this credit card, you’ll want to make sure to pay off your purchases in full to take full advantage of this deal.

0% APR on Balance Transfers

The First Horizon Bank Platinum Premier Visa® Credit Card can also be a great balance transfer credit card if you use it strategically. The same 0% APR that applies to purchases for 12 months also applies to balance transfers.

This offer can be especially attractive to people who have balances on other higher-interest credit cards that they want to pay off once and for all. You can transfer your balance to the Visa Premier® Credit Card and have 12 months to pay it off with no added interest.

Do keep in mind, however, that 0% interest doesn’t mean free. The Premier Visa® does charge a balance transfer fee. The fee may seem minimal when you transfer a smaller balance, but it can add to a lot for much larger balances. Be prepared for a potential sticker shock, but also remember that this fee is a small fraction of what you’d pay in interest on any credit card.

No Balance Transfer Time Limit

Another great feature of the 0% APR offer on balance transfers is that you’re not limited on how long you have to make that transfer and still benefit from the 0% APR. Many credit cards may require you to transfer a balance within 90 days of opening an account, for instance, if you want to take advantage of such a deal.

However, you don’t want to wait too long into having the First Horizon Bank Platinum Premier Visa® Credit Card before transferring a balance. Keep in mind that the 12-month 0% interest period is for 12 months from date of opening an account and not from the date of making the transfer.

So, if you transfer a balance six months after you sign up for the Visa® Premier Card, you’ll only have six months to pay off that balance. This may not be the best idea if you want to transfer over a huge balance. Remember that you’ll have to pay it off with cash, and that can cause an equally huge strain on your wallet.

For instance, paying a $15,000 balance in six months means your monthly payments will need to be $2,500. However, this flexibility can be good if you need to transfer small amounts to pay off interest-free.

Should You Apply for the First Horizon Bank Platinum Premier Visa® Credit Card?

The Platinum Premier Visa® from First Horizon can bee a good option for you if you’re looking for a basic credit card and don’t really care about earning points or cash back. This card has average interest rates compared to competitors’ rates.

Having no annual fee is a plus, especially if you’re not earning rewards on your purchases. The most attractive features of this card are its 0% introductory APR offers on balance transfers and purchases.

However, the above features are identical to those found in the Classic Visa® from First Horizon. The only difference you need to consider is how much of an initial credit limit you’ll need.

Credit limits for this card start where credit limits for the Classic card max out. In other words, the minimum you can receive with the Platinum Premier card would be your maximum credit limit on the other card. This is something important to consider, especially if you’re planning on making big purchases or transferring a large balance

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