Capital One Platinum VISA Card Review

Verdict: The Capital One Platinum VISA card is a great added- benefits card and is available to consumers of three different credit levels: good, average and limited history. It gives consumers the ability to carry a balance without being pinched by high rates. Platinum membership provides roadside assistance and special purchase discounts.

Overview

With the Capital One Platinum card you can make the purchases you have been saving for and use the 0% intro purchase APR to start enjoying the finer things in life. This card has reasonably low interest rates dependent upon which credit level under which you fall. Additionally, the Platinum membership affords complete fraud protection both on and offline, 40% off savings on special purchases and 10% savings on purchases of merchandise from the Capital One(r) Saving Zone(SM) on Yahoo! Shopping and 24-hour roadside assistance for its members.

How This Card Works

The Capital One Platinum card lends Platinum membership to three levels of credit: good, average and limited history. Your credit line is based on the strength of your credit history and the information you provide in your application. You must submit a transfer request in order to be eligible to receive the highest credit line.

Good credit is defined as having had a loan or credit card for three years or more, had a credit card with a credit limit above $5,000 and have not been more than 60 days late on any credit card, medical bill, or loan in the last year. Consumers with this rating can expect an APR of 0% until October 2009; after that, 12.9% variable, a transfer rate of 3% per transfer, no annual fee and a credit limit of $500 – $15,000.
Average credit is currently having or have had a U.S. loan or credit card, credit limit on a current credit card, if any, is less than $5,000 and may have been late on more than one credit card, medical bill, or loan payment in the last six months. Consumers with this rating can expect an APR of 0% until June 2009; after that, 8.9% variable, a transfer rate of 8.9% per transfer, $39 annual fee and a credit limit of $300 – $3,000.
Limited credit history is having had a credit card for less than three years or never had one, a limited credit history, (for example a student, or new to the country, or a young person working for a living, or have been an authorized user on someone else’s credit card) and a valid credit score that can be found at one of the major credit reporting companies. Consumers with this rating can expect an APR of 0% until June 2009; after that, 8.9% variable, a transfer rate of 8.9% per transfer, $39 annual fee and a credit limit of $300 – $3,000.

Benefits

Save at Capital One Saving ZoneSM on Yahoo! Shopping.
Save up to 40% off featured deals and get 10% savings on everything else when you use your Capital One credit card in the Saving Zone.
$0 fraud liability: If your card is lost or stolen and used without your authorization, you will not be liable for those charges.
24-hour travel & emergency assistance.
If your credit card is lost or stolen you can get an emergency card replacement and a cash advance.
24-hour roadside assistance: If your car breaks down or you get locked out, call us and we’ll send someone to the rescue.
Extended warranty program.
You’ll get additional warranty protection at no charge on items that are purchased with your credit card and already come with a warranty.
Travel accident insurance: Get worldwide automatic travel insurance at no extra charge when you use your credit card to purchase your fare.
Auto rental insurance.

Fees:

Balance Transfer: 12.90% (good credit); 8.9% (average, limited credit)
Balance Transfer Fee: 3% (good credit); 8.9% (average, limited credit)
Cash Advance: 22.90%
Default APR: 28.15%
Min. Finance Charge: $0.50
Late Fee: $15 to $39
Overlimit Fee: $39

Pros

The Capital One Platinum card gives Platinum membership to consumers of three different credit levels. This card gives you access to savings of up to 40% off special offers and 10% savings on merchandise purchases at the Capital One(r) Savings Zone (SM) on Yahoo! Shopping. The emergency and roadside assistance is a great benefit.

Cons

This card does not include points or rewards programs. Your APR can be increased if you are late twice within a 12 month period.

Apply for the Capital One Platinum VISA Card.