Chase +1SM Student MasterCard Review

Duran Mueller
Oct 15, 2007
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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 This transaction fees is levied at the rate of 3% of the total cash amount withdrawn and there is no upper limit to the cash advance transaction fees.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 such transaction.

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).