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June 13, 2005 11:51 AM

Through the rebate program, a 1% rebate is earned on all general purchases. However, unlike other gas credit cards that require a cardholder to use their card at specific gas stations, this card allows cardholders to earn a 3% rebate on gasoline purchased at any gas station. In addition, during the first 90 days, a 6% rebate is applied to all gasoline purchases made with the card. There is no yearly limit on rebates that can be earned and any unused rebates that have been credited to the account will not expire.

Aside from the reward program, the card provides several platinum benefits that include a purchase protection plan, up to $500,000 in travel accident insurance, and auto rental insurance.

For a reward card, the interest rate applied to purchases and balance transfers is reasonable (for those who qualify). There is also a 0% introductory rate that applies to balance transfers for the first nine months. Although there is a $19 annual fee, the fee is waived as long as at least nine purchases are made with the card per year.

It is important to note that there is a minimum cap of 19.99% for cash advances; so no matter how low the Prime Rate falls (the APR is tied to the Prime Rate), the interest rate will not go below the minimum cap. In addition, finance charges applied use the “Two Cycles Average Daily Balance” method, which is a more costly method in applying finance charges for those who occasionally carry a balance, in comparison to the “Average Daily Balance” method used by most card issuers.

Therefore, those who plan to pay in full after the introductory rate expires (to avoid finance charges) and will use the card frequently for gasoline purchases (to earn rebates) will benefit most from what the Chase PerfectCard™ Platinum Visa®/MasterCard® has to offer.