5 Things to Know About the Stein Mart Platinum Credit Card - NerdWallet (2024)

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As of October 2021, there was no option to apply for the Stein Mart Platinum Mastercard®, either through Stein Mart or its issuing bank, Synchrony.

The Stein Mart Platinum Mastercard® offers additional savings on items that fly off the rack at the discount retailer's store.

The card, issued by Synchrony Bank, earns rewards at the retailer online and in-store and everywhere that Mastercard is accepted. It also offers perks such as exclusive savings events, birthday surprises and the chance to earn even more rewards with Elite status. The card's annual fee is $0.

But like the retailer's fashions and home goods, the Stein Mart Platinum Mastercard® isn't one-size-fits-all. Depending on how much you spend there, you may find that other rewards credit cards offer much more value, not to mention much easier redemption.

Still, if you're loyal to Stein Mart and you spend over $500 there annually, the rewards and retail protections on this card may be your style. Here's what to know about it:

1. Rewards rate starts low ...

There are different flavors of this card: the in-store version, the Stein Mart Platinum Mastercard® and an Elite version of both. The Stein Mart Platinum Mastercard® earns:

  • 1 point per $1 spent in-store and online at Stein Mart.

  • 1 point per $1 spent everywhere else.

Points are worth 1 cent apiece. When you reach 1,000 points, you receive a $10 rewards certificate. Depending on your spending, that could take awhile.

A simple flat-rate cash-back credit card can offer higher value, plus the flexibility of redeeming your rewards for cash back whenever you like, to be spent however you like.

The Stein Mart Platinum Mastercard® does offer some incentives for new cardholders. You'll get a $10 Stein Mart reward certificate with your new credit card in the mail, and you can also get 10% off your first online purchase.

» MORE: NerdWallet's best credit cards for department store spending

2. ... But you can work up to Elite rewards

You’re automatically enrolled in the Stein Mart Elite Rewards Program when you use the Stein Mart Platinum Mastercard® to make $500 or more in purchases at Stein Mart (online or in-store) in a calendar year.

When you earn Elite status, it upgrades the Stein Mart Platinum Mastercard® to the Stein Mart Elite Platinum Mastercard, which gives your benefits a makeover. You'll then earn:

  • 2 rewards points per $1 spent in-store and online at Stein Mart. You continue earning 1 reward point per $1 spent everywhere else.

  • Free shipping when you create an account on steinmartcredit.com and sign up for online account management with the same email address.

  • Exclusive Elite sales days.

  • Priority customer service.

You maintain Elite status the moment it's earned and for the following year. You’ll have to continue meeting the spending threshold within a calendar year to retain the status.

The Elite version's earning rate at Stein Mart is good, but you can do better still with other rewards credit cards. Consider, for example, the Citi Double Cash® Card. It offers 2% cash back on all spending — 1% when you make a purchase and 1% when you pay it off — and you don't have to meet any spending requirement.

3. Redemption is slow and inflexible

You'll face an unwieldy redemption process littered with limitations. For starters, you can’t redeem rewards instantly; instead, you earn reward certificates, which arrive in the mail after one or two billing periods.

And while you can use these certificates toward purchases charged to the Stein Mart Platinum Mastercard® at Stein Mart locations, you cannot use them online, nor can you redeem them for cash or apply them to prior purchases or as payment on an account. (You can, however, combine reward certificates with coupons or other promotional offers in-store.)

You'll also be capped at $100 in certificates per billing period. If you've earned more than that, it will be carried over to the following billing period.

Reward certificates are good for only three months, so use them or lose them. And if you redeem a reward certificate for a purchase that's less than the value of the certificate, you lose the remaining balance.

4. Don't carry a balance on this card

Store-branded credit cards are notorious for having high interest rates, and the Stein Mart Platinum Mastercard® is no exception. The ongoing APR is 28.99% Variable — that’s multiple percentage points higher than the average rate on credit card accounts that incur interest.

The Stein Mart Platinum Mastercard® also doesn’t offer an introductory interest-free period, so you won’t get any breathing room to finance your purchases.

You don’t have to worry about interest if you pay your bill in full every month. But if you carry a balance, the high APR can become a costly burden that eats away at the value of rewards.

5. Benefits offer access to helpful services

Any purchases made with the Stein Mart Platinum Mastercard® come with Mastercard benefits that can offer assistance when you're in a bind. Here's what the card offers:

  • Identity theft resolution services: If you’re a victim of identity theft, this service provides assistance with helping you manage your account.

  • Mastercard Global Service: This provides 24-hour emergency services if your card is lost or stolen.

  • Mastercard Airport Concierge: You can get 15% off on airport meet and greet services. Agents are available at over 700 destinations worldwide to help escort you through the airport.

5 Things to Know About the Stein Mart Platinum Credit Card - NerdWallet (2024)


5 Things to Know About the Stein Mart Platinum Credit Card - NerdWallet? ›

Generally, they're a step up from a gold credit card and are reserved for those with a good credit score providing you with access to a range of offers and perks, as well as a higher credit limit than standard options. In exchange for this, you can expect platinum cards to have a higher interest rate and an annual fee.

What are the benefits of a Platinum MasterCard? ›

Platinum Mastercard benefits
  • You don't pay an annual fee. ...
  • You may qualify for a credit limit increase quickly. ...
  • Capital One will report your credit activity to the three major credit bureaus. ...
  • You can tap to pay at checkout. ...
  • You won't pay foreign transaction fees. ...
  • AutoPay. ...
  • Capital One Mobile app. ...
  • Eno, your Capital One assistant.
Mar 28, 2024

What is the significance of a platinum credit card? ›

Generally, they're a step up from a gold credit card and are reserved for those with a good credit score providing you with access to a range of offers and perks, as well as a higher credit limit than standard options. In exchange for this, you can expect platinum cards to have a higher interest rate and an annual fee.

Is a platinum credit card a good credit card? ›

The Capital One Platinum Credit Card is a good credit card for people with average credit or who are new to credit. It is worth applying for the Capital One Platinum Card because of its $0 annual fee and the fact that it reports account information to the 3 major credit bureaus each month.

How much do you need to have a platinum credit card? ›

To apply for a Platinum Mastercard, the applicant must have a minimum gross annual income of at least PHP780,000.

What is special about a platinum card? ›

American Express Membership Rewards

New Platinum cardmembers get 70,000 welcome bonus points after you charge $10,000 in net purchases during the first three months of having your card. The other 30,000 points comes when you buy something between the first 14 and 17 months of being a card member.

What is the limit on a platinum Mastercard? ›

Credit limits up to $50,000 based on individual creditworthiness. 25-day grace period for purchases.

What are the benefits of a platinum credit card? ›

Many platinum credit cards come with a rewards program where you can earn reward points per dollar spent. Complimentary insurances. Platinum credit cards may offer complimentary insurances such as travel insurance, purchase protection insurance and extended warranty insurance.

What are the advantages of platinum? ›


Platinum is extremely durable and strong making it ideal for jewellery that's worn on a daily basis. It's highly resistant to stress and withstands both extreme heat and extreme cold, which means platinum jewellery will retain its good looks better than any other metal.

What is so special about platinum? ›

Pure platinum is a lustrous, ductile, and malleable, silver-white metal. Platinum is more ductile than gold, silver or copper, thus being the most ductile of pure metals, but it is less malleable than gold. Its physical characteristics and chemical stability make it useful for industrial applications.

Does a platinum card build credit? ›

The Capital One Platinum Credit Card is designed for those with a fair to good credit score of 580 or higher to improve their credit score — whether you're just starting out or looking to repair your credit.

What does Platinum credit do? ›

Platinum Credit Limited is a credit only Micro-Finance Company licensed in Kenya under the Company's Act. The company, was founded in 2003 with a vision to provide emergency financial solutions across Africa.

Is it hard to get a Platinum Card? ›

To be eligible for the Amex Platinum Card® you'll typically need a good to excellent credit score. This makes it one of the more difficult cards to be approved for.

Does the platinum card have a spending limit? ›

There's no preset American Express Platinum card limit. If you want to spend $5,000 one month and $20,000 the next, you can, as the lack of a credit limit gives you unmatched flexibility. You just have to pay the $695 annual fee.

What salary do you need for a platinum card? ›

$0 minimum income requirement (Amex Bank)
  • American Express Cobalt Card.
  • American Express Gold Rewards Card.
  • American Express Platinum Card.
  • American Express Green Card.
  • American Express Aeroplan Card.
  • American Express Aeroplan Reserve Card.
  • Marriott Bonvoy American Express Card.
  • American Express SimplyCash Preferred Card.
7 days ago

How much is platinum card fee? ›

The Platinum Card by American Express has a $695 annual fee.

What is the difference between a Mastercard and a Platinum Mastercard? ›

A platinum Visa / Mastercard is a premium credit card that offers higher credit limits , lower interest rates , and exclusive perks and benefits compared to a regular Visa / Mastercard . These benefits may include access to airport lounges , concierge services , travel insurance , and cashback rewards .

Does Platinum Mastercard have lounge access? ›


One complimentary Domestic lounge access per quarter at airport lounges.

What is the highest level of Mastercard? ›

World Elite™ Mastercard®

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