Are you a Facebook fan? Do you cherish social networking? If yes, this credit
card is definitely for you. The Chase +1SM Student MasterCard comes with some
cool benefits and even rewards you with a limited edition Facebook T-shirt. What
are the pros and cons of this credit card? Let us check out.
Chase +1SM Student MasterCard benefits
The Chase +1SM Student MasterCard® credit card offers a 0% introductory
APR on all purchases and balance transfers up to 6 months. It doesn't charge any
annual fee. The Chase +1SM Student MasterCard credit card helps you earn Karma
points. These Karma points are a good asset at Facebook and represent your
community value. If you are approved for the Chase +1SM Student MasterCard you
earn 15 Karma Points. You can earn more Karma Points by becoming a member of +1
group on Facebook. This credit card allows you to share your Karma Point with
your friends and what more you can also use these points to support cause. Chase
has opened a special Chase+1 store where you can earn goodies like music,
movies, electronics with your Karma Points.
Fees and other APRs associated with Chase +1SM Student MasterCard
Annual Percentage Rate (APRs) of Chase +1SM Student MasterCard
The Chase +1SM Student MasterCard has a 0% fixed APR for the first 6 billing cycles following the opening of your
account. After that, 18.24% variable or 23.24% variable, depending on our review
of your application and credit history.
Balance transfers on Chase +1SM Student MasterCard
Balance transfers are allowed on this credit card and it gives a cool 0%
fixed APR on balance transfers as well. After this introductory period has
expired, an APR of either 18.24 % variable or 23.24% variable will be
applied to your balance transfer amount, again depending on a review of your
account and credit history. Whenever you make balance transfers to this credit
card a balance transfer fees of 3% of the total amount will be charged. This
fees has a upper limit cap of $75 and the minimum fees charged for balance
transfer is $5 irrespective of the amount transferred.
Cash advance on Chase +1SM Student MasterCard
The cash advances on Chase +1SM Student MasterCard attract a cash advance APR
of 24.24% variable and there is a transaction fees for cash advance as well.
This transaction fees is levied at the rate of 3% of the total cash amount
withdrawn and there is no upper limit to the cash advance transaction fees.
However, there is a minimum cash advance fees of $10 to be paid with every
Late payment penalties and default APR's on Chase +1SM Student MasterCard
Late payments to your Chase +1SM Student MasterCard credit card account will
attract a late payment fees. This fees is different for different slabs. If your
outstanding balance is less than $100 a late payment fees of $15 will be
slapped, on amounts equal or over $100 but less than $250 a late payment fees of
$29 will be charged and if the balance equals or is over $250 a late payment fee
of $39 will be charged to your account. In addition to this if the credit
card company finds that you've met their criteria of levying default APR, the
APR on your account can be increased up to 32.24% variable. The Chase +1SM
Student MasterCard has an overlimit fees of $39. This fees is charged whenever
you cross the credit limits on this credit card.
Grace period and other aspects of Chase +1SM Student MasterCard
The Chase +1SM Student MasterCard gives the credit card holder at least 20
days as grace period for repayment of purchase balances. It uses Average daily
balance method to calculate the balances for purchases ( this applies to new
purchases also). The Chase +1SM Student MasterCard is a no annual fee credit
card and the minimum finance charge is $1.00. If you use this credit card for
international currency transactions, you'll have to shell out an international
transaction fee of 3% of the US dollar amount or equivalent (if the purchase was
done in a currency other than US dollar).