First National Bank Platinum Edition Credit Card Review

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From Seek Capital - Best for Balance Transfers

Welcome Offer

$25 statement credit

Earn a $25 statement credit when you make a purchase within the first 3 billing cycles

Earn

0%Balance Transfer Fees
0% Intro APR on balance transfers for 15 months
nullZero Liability
You won't be held responsible for unauthorized charges made with your card or account information.
$0Annual Fee
No annual fee for ths card
FreeFICO Credit Report
Free FICO Credit score available online monthly

First National Platinum Edition

The First National Bank Platinum Visa makes it easy to save on credit card interest. You could save hundreds or even thousands by transferring high-interest credit card debt to this account and paying it off within 15 months. Plus, you're virtually guaranteed a $25 statement credit with an easy-to-earn mini sign up bonus. Find out how to manage your personal finances better with this card in our summary below.

Rewards Highlights

  • No Annual Fee

Expert Review

The Pros

  • No Annual Fee

The Cons

  • Limited Rewards

Recommended Credit Profile

Rates & Fees

  • Annual Fee$0
  • Regular APR14.99% to 23.99%
  • Great ForRestaurantTravelGas
  • Regular Purchase APR14.99% to 23.99%
  • Regular Balance Transfer APR14.99% to 23.99%
  • Cash Advance APR27.24%
  • Balance Transfer Fee$10 or 5%
  • Cash Advance Fee$15 or 5%
  • Foreign Transaction Fee3%

0 Percent APR Introductory Offer With an Extra Perk

The First National Bank Platinum Visa is a balance transfer card that lets you get a grip on credit card debt without paying more in interest fees. Here's how it works.

The card comes with a 0 percent APR introductory offer, which is good for 15 months. The offer applies to balance transfers, which means you can move an existing balance (or multiple balances) from higher-interest credit cards to the First National Bank Platinum Visa. Then, as long as you pay those balances off within the first 15 months, you won't pay anything in interest.

What does that savings actually look like? Let's consider a real-word hypothetical.

If you have two other credit cards, both have an interest rate of 18 percent and you're carrying balances on them of $2,000 and $3,000, you could transfer both balances to your First National Bank Platinum Visa. That's $5,000 transferred. To pay that off in 15 months, you'd need to make a monthly payment of $334. If you do that for 15 months in a row, your debt of $5,000 only costs $5,000.

Now, if you leave the balances on the existing cards and pay the same amount total — $334 — on those cards each month, you're going to pay a lot in interest. Let's say you paid $150 on the card with a $2,000 balance and $184 per month on the other.

  • You'd pay on the $2,000 balance for 15 months, paying as much as $2,225.
  • You'd pay on the $3,000 balance for 19 months, paying as much as $3,496.
  • That's over $700 extra you would have paid than if you used the balance transfer option.

A fee does apply to balance transfers. Normally, the fee for the First National Bank Platinum Visa is 5 percent of the balance being transferred. But during the introductory offer period (the first 15 months), you only pay 3 percent of the balance being transferred. In the case above, where $5,000 is being transferred, you'd pay $150 for this benefit. That's far below the amount of interest you save, so in most cases, it's worth the transfer fee.

And if interest savings isn't quite enough for you, the First National Bank Platinum Visa throws in a little sign up reward of $25 in statement credit if you make any kind of purchase within the first three months you have the card. That's like free money, it's so easy to earn.

Other Features of the First National Bank Platinum Visa

The First National Bank Platinum Visa holds up as a card that can help you manage your personal finances when you look at some of its other features.

  • Fraud protection kicks in to monitor your account and send up warnings and alerts if abnormal activity is detected, and zero liability means you won't have to cover fraudulent charges made on your account.
  • You'll also get access to your FICO credit score for free every month so you can keep tabs on your overall financial health and see how paying down credit card debt is making a difference.
  • Purchase protection replaces or reimburses you for damaged personal property up to $1,000 in value if the damage occurs and is reported within 90 days of making the related purchase with your card.
  • An extended warranty kicks in to add up to a year of coverage on qualified purchases from U.S. manufacturers, so you can have more peace of mind when you shop with this card.

On top of those benefits, you get a few travel-related perks. You can waive the optional insurance when you rent a car and still be covered in the event of an accident, and if you pay for travel with your card, you're covered in case of dismemberment or death while traveling on a common carrier such as a plane, bus, train or ship.

What's All This Cost You?

If you use your card right, nothing. Yes, you might pay a balance transfer fee, but that's more than covered by the interest savings. And the First National Bank Platinum Visa doesn't come with an annual fee.

There are fees for swiping your card in international locations or taking a cash advance, so this isn't the right card to use at the ATM or if you travel overseas. It is the right card if you simply want to pay down existing credit card debt and earn a little perk or two along the way.

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