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American DreamCard™ Platinum MasterCard® Review
Issued by HSBC Bank
  
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Overall Rating:
Benefit Rating:
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The American DreamCard™ Platinum MasterCard®, issued by HSBC Bank Nevada, N.A., is an ideal credit card for those with very good credit who are looking for an average platinum card with a monthly cash sweepstakes program.
Through the American DreamCard™ Sweepstakes program, one entry is awarded for each dollar spent in purchases, cash advances, and balance transfers. Cardholders also receive 1,000 bonus entries when they apply online. Each month, one winner will be selected for a cash prize of up to .50% of the total amount of net dollars spent by the participating American DreamCard™ cardholders during the corresponding drawing period, starting at $25,000.
The card also offers a referral program that rewards cardholders with 50 entries for each referral, plus a signing bonus of 1,000 entries for each referral who becomes a cardholder.
The card has no annual fee and a variable interest rate on all transactions. It is important to note that the APRs for all transactions are tied to the highest Prime Rate during a three-month period. Therefore, due to this policy, the lowest possible interest rates may never be reached.
Aside from the sweepstakes program, the card does not offer any common benefits that are associated with most platinum status credit cards.
Therefore, those who qualify for the lowest rate offered and will take advantage of the American DreamCard™ Sweepstakes will benefit most from what the American DreamCard™ Platinum MasterCard® has to offer.
Through the American DreamCard™ Sweepstakes program, one entry is awarded for each dollar spent in purchases, cash advances, and balance transfers. Cardholders also receive 1,000 bonus entries when they apply online. Each month, one winner will be selected for a cash prize of up to .50% of the total amount of net dollars spent by the participating American DreamCard™ cardholders during the corresponding drawing period, starting at $25,000.
The card also offers a referral program that rewards cardholders with 50 entries for each referral, plus a signing bonus of 1,000 entries for each referral who becomes a cardholder.
The card has no annual fee and a variable interest rate on all transactions. It is important to note that the APRs for all transactions are tied to the highest Prime Rate during a three-month period. Therefore, due to this policy, the lowest possible interest rates may never be reached.
Aside from the sweepstakes program, the card does not offer any common benefits that are associated with most platinum status credit cards.
Therefore, those who qualify for the lowest rate offered and will take advantage of the American DreamCard™ Sweepstakes will benefit most from what the American DreamCard™ Platinum MasterCard® has to offer.
Review Date: August 19, 2008
Note: The review on this card was updated on August 19, 2008. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application.
| Credit Card Rate Details | |
Intro Rate (Intro APR):
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No Introductory Rate Available |
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Purchase APR:
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14.99% (Variable) The APR for purchases is based on the Prime Rate. |
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Cash APR:
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29.99% (Variable) The APR for cash advances is based on the Prime Rate. There is a minimum APR on cash advances. |
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Finance Configuration:
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Average Daily Balance (including new purchases) |
| Credit Card Fee Details | |
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Annual Fee:
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$0 |
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Additional Cardholders:
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$0 |
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Grace Period:
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20 Days (Min.) |
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Late Payment Fee:
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$39 |
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Over the Limit Fee:
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$39 |
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Cash Advance Fee:
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$5 for ATM and convenience check transactions up to $100; the greater of 4% and $15 for ATM and convenience check transactions over $100 and all other cash advance transactions; $29 for cash express transactions |
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Maximum Credit Limit:
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$25,000 |
| Credit Card Reward Program Details (Point) | |
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Points Per Dollar:
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1 Entry |
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Additional Points:
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Cardholders may have the opportunity to earn bonus entries in select months during the promotional period. |
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Point Details:
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Entries earned on qualified purchases, cash advances, and balance transfers. Each entry is automatically submitted into a monthly sweepstakes drawing for a cash prize. |
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Expiration:
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The sweepstakes ends and all entries expire on September 30, 2008. |
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Yearly Limit:
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None (1,000 points/entries per transaction.) |
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Bonus Approval:
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1,000 Entries** |
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Bonus Details:
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**1,000 entries awarded for submitting a completed application. ***An additional 1,000 entries may be earned through each subsequent approval of a referred applicant (50 entries received for each referral). |
| Features | |
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Most Attractive Feature(s):
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| No annual fee; sweepstakes entries. | |
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Least Attractive Feature(s):
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| High APR for less qualifying applicants; no extraordinary benefits or services offered. | |
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Additional Features:
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| Access to AccountCentral®, the online account servicing platform (earn 100 entries for enrolling). Access to online payment of the American DreamCard™ bill (earn 100 entries each time the bill is paid online). Access to Account Protection Plus(SM) for an additional fee. Access to the Account Benefit Plan(SM) for an additional fee. See website for additional benefits. |
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Important Notations
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| The APR is based on the highest Prime Rate during a 90-day period. The minimum APR for purchases is 14.99%. The minimum APR for cash advances is 29.99%. The APR for purchases varies according to the applicant's credit history and will be 7.24% or 14.24% + Prime Rate. The Sweepstakes begins at 12:00:01 AM ET on 10/01/07. The Sweepstakes ends and all entries expire at 11:59:59 PM ET on 09/30/08. The Sweepstakes is sponsored by HSBC Card Services, Inc. The American DreamCard™ MasterCard® is issued by HSBC Card Services. Its affiliates, HSBC Card Services Inc. and/or HSBC Card Services (II), Inc., provide administrative and processing services for the credit card. See website for additional APR information. See website for complete terms and conditions of card usage and application disclosure. | |
