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Flagstar Visa Platinum Card Review


Our rating


Flagstar Visa Platinum Card

  • Sign-up Bonus: None
  • Rewards: None
  • Intro APR: 0% APR for 15 months on purchases and balance transfers
  • Regular APR: 11.49% – 22.49% (variable)
  • Fees: 2% – 3% foreign transaction fee; 3% ($5 minimum) balance transfer fee; 3% ($5 minimum) cash advance fee
  • Annual Fee: $0
  • Credit Needed: Good

The Flagstar Visa Platinum Card is a low APR credit card with no annual fee and an extended 0% APR introductory promotion that’s great for financing large purchases or paying down high-interest balances from other credit card accounts. It’s designed for applicants with good credit – you don’t have to have a blemish-free credit profile to qualify, but notable issues in your recent past could prove problematic.

Unlike other credit cards issued by Flagstar Bank, Flagstar Visa Platinum Credit Card is light on frills. It doesn’t have a rewards program, so you can forget about earning loyalty currency with each dollar you spend. There’s no sign-up bonus or ongoing loyalty bonuses either.

On the bright side, this card has some nice Visa-backed benefits, and Flagstar Bank deposit account holders can take advantage of the affordable overdraft cash advance transfer program.

If you’re in the market for a low APR credit card that offers favorable financing and balance transfer terms, Flagstar Visa Platinum Credit Card is worth a closer look. Here’s what you need to know about its features, benefits, drawbacks, and general suitability.

Key Features

Introductory APR

Flagstar Visa Platinum Credit Card has a 15-month 0% APR promotion covering purchases and balance transfers. For a year after you open your account, you can charge purchases and pay down balance transfers without accruing any interest.

Regular APR

Once the promotional periods end, the purchase and balance transfer APR rises to range between 11.49% and 22.49%, depending on your personal creditworthiness. This is a variable rate, so it’s subject to change over time with prevailing interest rates. The cash advance APR, which is also variable, begins at 25.49% on the day you open your account. There’s no penalty APR.

Important Fees

Flagstar Visa Platinum Credit Card has no annual fee. Balance transfers cost $5 or 3%. Cash advances cost the greater of $5 or 3% to $20 or 4%, depending on how they’re executed.  The foreign transaction fee is 2% of the transaction amount for dollar-denominated purchases and 3% of the transaction amount for purchases denominated in foreign currencies. Late payments cost up to $37. Returned payments cost up to $35.

Overdraft Protection for Flagstar Bank Deposit Accountholders

If you have a deposit account with Flagstar Bank prior to opening your credit card account, or you open a deposit account after receiving your credit card, you’re eligible for Flagstar Visa Platinum Credit Card’s overdraft protection service.

This is an opt-in service that automatically draws on your credit card’s cash advance credit line when you attempt checking account transactions that would typically result in overdrafts. There’s a $10 charge for each instance, charged to your credit card account.

It’s important to note that your credit card’s cash advance credit line is different from (and smaller than) your card’s spending limit, so it’s not guaranteed that you’ll have sufficient funds to cover the full balance of the transaction. Also, overdraft cash advances start accruing interest immediately, so it’s best to pay them back as soon as you have the funds.

Visa Cardholder Benefits

Flagstar Visa Platinum Credit Card has some solid Visa-backed fringe benefits. These include:

  • Complimentary extra credit cards for authorized users
  • Complimentary extended warranties on items with existing warranties of one year or less
  • Complimentary loss and damage insurance on rental cars purchased in full with the card
  • Emergency travel assistance (including replacement tickets and medical referrals)

Credit Required

This card is designed for people with good credit. If your credit history has some minor blemishes, your application won’t necessarily be disqualified. However, major issues like recent personal bankruptcy could be problematic.


  1. No Annual Fee. Flagstar Visa Platinum Credit Card has no annual fee. This is great news for cardholders who don’t want to pay a recurring charge for the privilege of no-interest balance transfers and purchase financing.
  2. 15-Month 0% APR Promotion Period for Purchases and Balance Transfers. This card’s 0% APR balance transfer and purchase promotion lasts for 15 months. That’s more than twice as long as any other Flagstar credit card. If you’re struggling to pay down high-interest credit card debt or need to finance a large purchase without accruing potentially hundreds of dollars in interest, this is the best option in the Flagstar family.
  3. Relatively Low Ongoing APR. This card’s regular APR is 2 percentage points lower than any other Flagstar card’s. If you’re seeking a card that gives you the flexibility to carry balances from month to month without charging you an arm and a leg, you’ve found it.
  4. No Penalty APR. This card doesn’t charge penalty interest. If you occasionally miss statement due dates due to liquidity issues or hectic scheduling, this can prevent steep charges. Some competing credit cards, including BankAmericard Credit Card, charge penalty interest at up to 30% APR for six months or longer.
  5. Solid Fringe Benefits. For a no-frills credit card, Flagstar Visa Platinum Credit Card has a pretty solid lineup of fringe benefits. These include extended warranties (up to one year longer than the original warranty) and complimentary rental car insurance when you pay for the rental in full with your card.
  6. Doesn’t Require Excellent Credit. You don’t have to have stellar credit to qualify for this card. If you’re just coming off an extended period of credit rebuilding, you’ll likely be in fine shape to earn approval. If not, you can always use Flagstar Secured Visa Credit Card as a stepping stone to better credit, then apply for this one when you’r ready.


  1. No Rewards. Flagstar Visa Platinum Credit Card doesn’t have a rewards program. That’s a big drawback relative to other Flagstar credit cards, which can earn up to 3% cash back on select spending. Needless to say, it’s also a drawback relative to other low APR, no-annual-fee credit cards, such as Discover it.
  2. Has a Foreign Transaction Fee. This card’s foreign transaction fee is 2% to 3% of the transaction amount, depending on denomination. If you regularly travel abroad, this can be a major drag on your budget. The lack of rewards to offset the fee makes this even more problematic.
  3. No Sign-up or Loyalty Bonuses. This card doesn’t come with a sign-up bonus, nor any ongoing loyalty bonus. Most other Flagstar cards have sign-up bonuses and 0% APR introductory promotions.

Final Word

Based in Michigan, Flagstar Bank is a well-regarded regional bank that operates primarily in the industrial Midwest and parts of the South. Despite largely positive reviews from customers, Flagstar has a low profile outside its trade area. I’m only aware of the bank’s existence because I lived in Michigan for a while and did business at a shopping center with a Flagstar branch.

I think Flagstar is a great institution. Every interaction I’ve had with its staffers has been pleasant and helpful. Whether you’re in the market for a basic online banking setup, a generous cash back credit card that reduces the final cost of everyday purchases, or a travel rewards credit card that can spirit you to your favorite destinations, you’ll find something to like at Flagstar.

The Verdict


Our rating


Flagstar Visa Platinum Card

The Flagstar Visa Platinum Card is a solid choice for new cardholders seeking to transfer existing high-interest credit card balances or finance moderately large upfront purchases without paying interest for 15 months. For very large debt loads or purchases, investigate alternative cards with longer 0% APR windows (up to 21 months).

Key benefits include the lack of an annual fee, the 15-month 0% APR purchase and balance transfer window, the nonexistent penalty APR, the solid fringe benefits, the relatively low ongoing APR, and the fairly permissive underwriting requirements.

Notable drawbacks include the lack of a rewards program, the 2% to 3% foreign transaction fee, and the lack of sign-up or ongoing loyalty bonuses.

Overall, this is a decent choice for cardholders with manageable balance transfer or no-interest financing needs. For everyone else, better options exist.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.