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Verdict: The Capital One Platinum Prestige card is solely designed for people that have an excellent credit rating and carries one of the lowest interest rates among credit cards. The fact that you have excellent credit will go a long way and allows you to carry a very elite credit card with a credit limit of up to $20,000.

Overview

This credit card is one of the best from the well respected company that wants to know what’s in your wallet? The Capital One Platinum Prestige card is another excellent offering from the company with an interest rate that is lower than most credit cards. The introductory 0% annual percentage rate lasts until January of 2010, and then will be just 7.15%, as of this writing.

How does this card work?

This is one credit card that is unlike others that increase the APR at the drop of a hat. Capital One has vowed that they will not change the APR until the introductory period is over. The only exception here is that you can not be late twice in a twelve month period or twelve billing cycles. The APR can, however, go either up or down with the changing of the Prime Rate, as all variable rates are affected. If you have been late and they change your APR, they will notify you and after making a consistent twelve payments on time, Capital One will reinstate the non-introductory previous APR. Any other changes that are made concerning your credit card terms can be made, with notification. They will then give you an opportunity to opt out at that time.

Travel and Shopping Benefits

With the Capital One Platinum Prestige Card, there are many benefits like shopping discounts for making purchases in the Capital One Saving Zone that is a part of Yahoo Shopping. You can enjoy a savings of up to 40% off of the featured deals that are showcased and a savings of 10% on every other thing that you purchase with your Capital One Platinum Prestige Card in the entire Saving Zone.

Roadside assistance services are another benefit with the Capital One Platinum Prestige Card. If your car ever breaks down and you find yourself stranded, they will send someone to help you immediately. Also, when you rent a vehicle with your credit card, you will get damage, loss and collision insurance, along with the roadside protection. These services are all available 24 hours a day.

Another important service that you will have as a benefit is 24 hour emergency travel assistance and travel insurance, when you use your Capital One Platinum Prestige Card to book and purchase the fare.

Emergency card replacement and cash advance is another advantage for cardholders if there card was to ever get stolen or lost. Also there is a $0 fraud protection that will ensure that you are not charged for unauthorized purchases.

Fees

There is not an annual fee for cardholders and that will never change. The APR is also a stationary fixture that will never change, after the introductory period is over. Capital One Platinum Prestige Cardholders can enjoy a complete year of savings with a 0% annual percentage rate. Even after the initial period, the rate still will be contributing to savings over other cards. When the introductory period is over the rate will go to a very low rate that is currently just 7.15%.

The same APR will apply for purchases and balance transfers made with the Capital One Platinum Prestige Card, as well. However, the fee for cash advances will go to 21.15%, which is the current daily periodic rate.

If you have paid your prior balance fully by the date that it is due, there will be a courtesy grace period of 25 days until a late fee will be assessed. This should deter a cardholder from becoming late on their payments because the fee for being late will be from $15 – $39, depending upon the balance of the account. If you go over your limit there will also be a fee of $19 – $39 that will be charged to the credit card account.

Pros

  • 0% annual percentage rate until 2010.
  • Low APR after introductory period.
  • No annual fee.
  • 24-hour roadside, travel and emergency assistance.

Cons

  • You must have excellent credit to obtain this card.
  • If you are late more than twice in a year, the APR goes to a default for another year.

Apply for the Capital One Platinum Prestige Card.