CUETS Financial Platinum Class MasterCard – Unnoticed MasterCard
Recently a loyal reader of Banknerd emailed me about a great credit card that goes unnoticed. There are many poorly advertised credit cards, the majority of which are not that great, however the credit card Mitch sent us about is great.
What is the Card?
CUETS Financial is the mastermind behind the Platinum Class MasterCard, a credit card that can appeal to anyone who is looking for convenience, security and a sense of adventure.
The Platinum Class MasterCard offers a comprehensive package of insurances, something that will give you the peach of mind you would expect from a Platinum class credit card. With this credit card, you are automatically enrolled into the Platinum Class Rewards program, which now has more redemption options than ever before.
How does the Reward System work?
With the Platinum Class MasterCard you are able to earn 2 points for every dollar spent. You can redeem points for premium merchandise from the Platinum Class Rewards website or for travel through the exclusive Platinum Class Travel Agency at a 1% value. This means for every 10,000 points, you receive $100 worth of travel.
If you do not have enough points for an entire trip, you can charge the remainder to your Platinum Class MasterCard, which allows you to earn more points for future use.
When redeeming your reward points, you have no restrictions on travel; this includes any seat, any carrier, any travel time and any destination.
The only issue with the reward system at the moment is that the amount of Platinum Class Rewards points you may accumulate is limited to 400,000 points per calendar year.
What kind of Insurance Coverage is provided?
The insurance coverage provided with the Platinum Class MasterCard is great. You are given Out of Province/ Country Emergency Medical and Dental Coverage. The coverage provided is for the first 31 days of each trip outside your province or territory of residence. Coverage is up to $2,000,000, per insured person and it includes the following and much more:
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- Hospital inpatient room and board charges
- Emergency medical treatment and prescription drugs prescribed because of an emergency condition
- Up to $350 per profession for professional fees for emergency treatment by a licensed physiotherapist, chiropractor, chiropodist or podiatrist
- Emergency dental treatment (includes x-rays and lab). This also includes to cover up to $250 to relieve dental pain
- Emergency medical transportation
- Return to your province or territory of residence
- Friend or family hospital visits if insured person is traveling alone and hospitalized as an inpatient for more than 3 consecutive days
- up to $2,000 for return of vehicle
There are also emergency travel assistance services, which provides 24 hour assistance for the cardholder. Coverage is provided to the primary cardholder under the age of 75, for the spouse under the age of 75 and eligible dependent children.
What are the other Features of the Credit Card?
With the Platinum Class MasterCard you are given MasterTrip, MasterPurchase, MasterRental, MasterLegal and Master RoadAssist.
MasterTrip includes trip cancellation insurance, accidental death insurance – $1,000 will be paid to your beneficiary if you sustain bodily injury causing death; common carrier travel accident insurance – up to $500,000 coverage when your ticket is purchased with your MasterCard; unexpected return home benefits and emergency assistance services.
MasterPurchase includes 90-day purchase protection and extended warranty. With MasterRental, you are given protection in case of a collision, accidental death and dismemberment benefits and personal effects benefits.
MasterLegal includes legal referrals and payment assistance in countries that the MasterAssist Operations Centre deems safe for travel. Master RoadAssist includes 24 hour roadside assistance at pre-set rates. Services are charged to your MasterCard account.
There is the option of having balance protection insurance, however if you always pay your bills on time, this is not necessary unless you want protection if you earnings are affected by job loss, disability, accident, illness or loss of life.
Why should I get this credit card?
The Platinum Class MasterCard as you can see above, offers a great rewards program, and great insurance coverage. With an annual fee of $150, and additional cards costing $40, it deserves some consideration for when you are choosing your next credit card. The credit limit ranges from $7,500 – $50,000.
Like I said before, with this credit card the only issue is the cap of 400,000 reward points every calendar year. For people who spend more than $200,000 a year with their credit card, then another credit card might suit you more, seeing as you can earn more reward points.
Once again I would like to thank Mitch for bringing this credit card to my attention, and if anyone has any other financial products they would like to share, then by all means send them my way.
voidtalk
David Samson
kevin eaton
Steve
Comments (6 )
My wife told me about this article because she saw it on twitter and thought I should know about it because I write about Canadian credit cards myself. I was interested to find out more about the card because I had never heard of it.
After a quick read of the article, it was easy to see that this card isn’t nearly as good as some of the other credit cards out there. The primary reasons being as follows:
1) The $150 is quite high.
2) 1% rewards return is quite low, even several no fee credit cards have a higher return.
3) The insurance package is only mediocre considering the cost of the annual fee.
I would definitely reccomend the following cards all above this card:
- Starwood Preferred Guest Amex
- Capital One Aspire World MasterCard
- Royal Bank Avion Visa Infinite
[Reply]
Sensei Reply:
November 4th, 2010 at 3:57 pm
I will agree with you that the annual fee is quite high, however the insurance package is a lot better than you make it out to be. What is being offered with the credit card is definitely a lot, and can match up with some of the other top credit cards on the market.
Now the cards you listed at the end are great as well. I only made a point to say that this is also a credit card people may want to consider. If it was me, I would definitely choose either the Capital One Aspire World MasterCard or Royal Bank Avion Visa Infinite over the CUETS Financial Platinum Class MasterCard.
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I must agree that this card is actually much better than Visa. The Visa Avion card for example only offers 15 days of international medical coverage – and this card is 30. If you are an older traveller, this can easily pay for itself quickly. Also, the medical coverage is up to 75 instead of 65 – I’m not aware of any other card that offers such a deal. Sure the annual fee is higher, but only be 30.00.
[Reply]
@SavingMentor The card actually gives you a 2% return as your earn 2 points/$ spent
As the main blog post states it is definitely unnoticed. An interesting feature of this card is that you can link it to a debit card to earn more points:
“Cardholders earn Platinum Class points anytime and anywhere they make a qualifying net retail purchase with their Platinum Class MasterCard credit card ($1 = 2 points), CHOICE REWARDS GLOBAL PAYMENT™ MasterCard card ($1 = 1 point) or linked Member Card ® debit card (10 points for a qualifying net retail purchase of $20 or more)‡.”
Source: https://www.choicerewards.ca/home/public/HowItWorks.aspx
You can also see how the card was noticed by some as it came out in Second Place in Rewards Canada’s annual Top Travel Rewards Credit Cards:
http://www.rewardscanada.ca/topcreditcard2010.html
[Reply]
@Patrick Thanks for the clarification there. I totally misread the article as it clearly stated 1% but I think he mean you get 1% of the number of points you have in dollars but because of the two points per dollar it is a 2% return.
This does indeed make it much better, but I would still have a hard time justifying this card over some of the other ones but now knowing that it is 2%, it is at least in the running.
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if you get this card through North Shore Credit Union, the fees are paid by your monthly banking fees!
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