5 Things to Know About the Brooks Brothers Platinum Mastercard

If you prefer looking dapper with duds from 200-year-old clothier Brooks Brothers, its co-branded credit card just might suit you.

Overall, the Brooks Brothers Platinum Mastercard® is a lousy rewards credit card for everyday use. But for devotees of the Brooks Brothers brand, it has some swanky perks for your purchases of ascots and cummerbunds — and less formal wear, too. Its annual fee is $0.

Here are five things to know about the Brooks Brothers Platinum Mastercard®.

1. Upfront benefits are generous

Getting a discount on your first purchase is common for retail store co-branded cards — that is, cards that are branded by the retailer and the bank. For the store version of this card, the Brooks Card, it’s 20% off your first day's purchases.

But the Brooks Brothers Platinum Mastercard® goes further, giving you an additional 20% off Brooks Brothers purchases for your first month. That gives you time to assess your wardrobe and use the additional discount strategically.

While the card’s rewards are subpar for general spending, you should use it at least once because you receive a $20 rewards benefit after you make your first purchase outside of Brooks Brothers in the first 60 days. If nothing else, that can buy you a pair of argyle socks, which, for good or ill, Brooks Brothers is credited with bringing to America from Scotland in the 1950s.

2. Ongoing rewards are decent but complicated

With the Brooks Brothers Platinum Mastercard®, you can earn 4 to 6 points for every $1 spent with Brooks Brothers and 1 point per dollar spent elsewhere. Here's how that breaks down:

For Brooks Brothers spending, the store's loyalty program already offers 2 points per $1 spent. But with the Brooks Brothers Platinum Mastercard®, that jumps to at least 4 total points per dollar spent, and potentially higher depending on how much you spend at the retailer per year (more on that later). You’re automatically enrolled in the loyalty program (which offers its own benefits) when you get the credit card.

Points are worth a penny each. More specifically, you get $10 in rewards for every 1,000 points you accrue. Rewards are sent automatically via email when you hit that threshold. You can redeem at Brooks Brothers stores — with the exception of airport locations. You can also redeem online. Rewards expire six months after being issued, unless otherwise noted on the reward.

Unlike some retailers, it’s a good bet that Brooks Brothers will hang around long enough for you to redeem rewards. Brooks Brothers opened in 1818, the same year the White House reopened after being burned down in the War of 1812.

3. Bigger spenders earn bigger rewards

If you’re really laying down the benjamins for new threads, rewards are more lucrative when you use the card. After spending $300 in a calendar year, you get 5 points per dollar spent on store purchases.

After spending $600 in a year, rewards are 6 points per dollar spent.

4. Insider perks might add value

Cardholders get a few nice premium perks:

• $20 annual birthday reward and an additional $20 anniversary reward.

• Free return shipping in the U.S. on web and phone orders.

• Advance special event and sale notifications.

5. It’s a poor choice for carrying a balance

As with most retail rewards cards, the ongoing APR is potentially quite high, so if you carry a balance the finance charges are likely to surpass the value of your rewards.

But then, if you regularly enjoy clothing from Brooks Brothers — and can afford the premium prices — you probably wouldn't be carrying a balance anyway.