The Chase Platinum Card's Flexible Rewards Program: How Does It Compare?

The Chase Platinum Card is now offering a no fee ?Flexible Rewards? program. The Chase Flexible rewards program is unique in that it provides consumers with the opportunity to choose their rewards from a variety of categories, including travel, cash back, merchandise, and retail gift certificates. However, with the ability to choose your rewards, also comes the task of figuring out how to get the most value out of the points you earn. Here, we will examine the value of Flexible Rewards points when used for each rewards category and compare this program with more specific rewards programs.

Earning points with the Chase Platinum Card is a straightforward process: consumers receive 1 point for every dollar spent. However, the value of each point earned will vary from reward category to reward category. The following are hypothetical examples of how choosing the right reward is the key to getting the most value out of your flexible rewards:

Redeeming points for merchandise rewards with just about every credit card on the market is usually a tremendous waste of points. For example, a $2000 flat screen t.v. might cost 400,000 points. This is generally not a bargain. The same is true in this case. However, smaller merchandise items, such as CD?s and DVD?s, are good redemption deals, as they often require 1500 to 2000 points, or roughly 1 point for every cent that would be spent on the item. Overall, however, the best value usually comes in the form of gift certificates and cash back rewards.

Retail gift certificates generally cost points that are inline with the gift certificate cost. For example, a $50 giftcard would require 5,000 points. With giftcards available from a wide range of major retailers ranging from the Gap to Home Depot, using flexible rewards points to obtain gift certificates can provide solid overall value.

Cash back rewards work very similar to giftcard rewards. A set amount of points, such as 1000, can be redeemed for a cash back reward of $10. Since cash back puts money in your pocket, cash back rewards, like giftcard rewards, are a means to get the most value out of your points.

The final Chase Flexible Reward category is travel. As with most travel rewards programs, the best way to utilize this type of reward is to redeem it towards free airline miles, as opposed to trip packages, which are the equivalent of using your points to buy that flat screen t.v. When you redeem points for miles, which then discount your airfare, you essentially maintain the point value of 1% of every dollar spent.

The Chase Platinum Card with Flexible Rewards offers consumers what it advertises: flexibility in using rewards points. However, credit card ?rewards junkies,? i.e., those who use their credit cards for every purchase to obtain the most value for their spending, will likely benefit more from a traditional rewards program. For example, frequent flyers can definitely reap greater rewards with a traditional miles credit card like the Citi PremierPass or American Express?s Blue Sky which offer free miles and bonus mile opportunities.

Those who prefer cash back rewards might be happier with a traditional cash back credit card. Although interest rates have risen on cash back credit cards that offer 5% cashback on everyday purchases, those who use a card like the Citi Dividend Platinum Select or the American Express Blue Cash and pay their bill in full each month can literally ?cash in? a great deal more than they otherwise could with 1% in flexible rewards.

Overall, the Chase Platinum credit card with Flexible rewards provides its best value to consumers by offering a 0% interest rate on purchases and balance transfers for up to 1 year, and a lower APR than most rewards credit cards. However, for credit card ?rewards junkies,? more traditional category specific rewards cards will reap them the most rewards.

The author is President of Credit Card Depot Inc, a web marketing company that specializes in providing consumers with in-depth credit card information. You can learn more about the credit cards featured in this article and apply for the Chase Platinum Card with Flexible Rewards or one of over 70 other credit cards online at http://www.Credit-Card-Depot.com

Article Source: http://EzineArticles.com/?expert=Jeff_Weber

This article courtesy of  http://www.travel-to.co.uk/travel.
You may freely reprint this article on your website or in
your newsletter provided this courtesy notice and the author
name and URL remain intact.