Best way to use the card
The card provides interesting opportunities for balance transfers, but you should know the rules:
- For the first 12 months of using the card you may enjoy an introductory balance transfer APR of 0%. First Tennessee also claims that there is no balance transfer fee for new cardmembers. Few banks provide both the bonuses within one promotional offer.
- After the first year, a balance transfer APR may vary within the range of 14.75% - 19.75%. You may even avoid paying interest if you pay off the entire card balance before the due date of each month. This is also pretty generous since, normally, interest on balance transfers is charged on the day of transaction. So you keep this in mind in case of emergencies.
- Note that First Tennessee considers your payment a balance transfer only if you request a balance transfer from the First Tennessee customer service or submit a balance transfer request online. You cannot simply use checks to transfer a balance.
- It may take up to four weeks to complete a balance transfer after you requested it. And remember that you may request a balance transfer not earlier than 10 days after account opening.
Besides the generous balance transfer offer, this card has also an interesting cash rewards program. However, we don’t recommend using the same card for both making purchases and transferring balances unless you always pay off the entire balance each month. The point is that balance transfers and purchases have different APRs. When you make monthly payments, they apply to balances with lower APR first. Therefore, you might end up carrying balances with higher APR until you pay the card in full.
Costs and rewards
The card has no annual fee and a cash back rewards program. The First Tennessee rewards program is tricky and simple at the same time. To receive rewards you need to make purchases at particular retailers that may regularly change. You can find out what is available to you from weekly emails and by checking the cash rewards tab at your digital or online banking. While earning rewards may require some efforts from consumers, redemption is very easy since the earned amount is automatically credited to your credit card account.
How to apply and who qualifies
You may apply online, via postal mail or at a First Tennessee branch which you may find in Tennessee, North Carolina, Virginia, South Carolina, Florida, and Texas.
First Tennessee states that if you don’t qualify for the First Tennessee Platinum Premier® Visa® credit card you may be considered for a or a similar Visa Classic card.
The bottom lineThe First Tennessee Platinum Premier® Visa® credit card is a rare balance transfer offer on the market since it has both a 0% APR and no fee for balance transfers. It also offers a cash rewards program, but, if you are planning to carry balance, avoid using the same card for making purchases and transferring balances – it may be costly.
If you want to pay off your debt faster and without additional expenses, the First Tennessee Platinum Premier® Visa® credit card is your option.