Capital One Platinum Prestige Credit Card Review

Capital One Classic Platinum Credit Card Review

Capital One® Platinum Prestige Credit Card Review

Capital One Classic Platinum Card Analysis

CreditShout Rating:

Annual Fee: $0

Credit Needed: Excellent

Card Features*:

  • ​0% Intro APR until September 2016 on purchases and balance transfers
  • Enjoy 100% free unlimited access to your credit score with Capital One® Credit Tracker
  • $0 Fraud Liability Coverage
  • MasterCard® Benefits like roadside assistance, auto rental insurance, extended warranty and price protection

Intro APR Offer*:

0% introductory APR on purchases and balance transfers until September 2016.

Regular APR*:

  • APR: 10.9% - 20.9% Variable for Purchases and Transfers
  • Cash Advance: 24.9% Variable, plus 3% fee
  • Transfer Fee: 3%
  • Foreign Transaction Fee: None

More...

The Capital One Platinum Prestige card is solely for people who have an excellent credit rating and carry a balance. The Platinum Prestige card has no annual fee and one of the lowest interest rates in the industry.

Overview

Capital One has credit cards for all credit ratings. The Capital One Platinum Prestige card is one of their upper-tier options with an interest rate far lower than most credit cards. The card has no annual fee and a 0% introductory APR until September 2016, with a rate as low as 10.9% afterward.

If you typically carry a balance and want to save on interest, this is one of the best balance transfer cards out there, with 0% APR on balance transfers that also runs through September 2016.

The Platinum Prestige card also includes Platinum Mastercard benefits like Extended Warranty and Auto Rental Insurance, and no foreign transaction fees.

How Does This Card Work?

If you want the lowest APR around, or you're interested in transferring a balance to save money, the Platinum Prestige is one of the best cards around. The 0% introductory APR lasts through Sept. 2016 on purchases and balance transfers. At the time of this update, that is remains over a year away.

The Platinum Prestige is not a rewards card, so it's best for financing larger purchases or saving on interest. There is no annual fee and no foreign transaction fees, so any spending outside of the United States will not incur the 2-5% fee common with many other credit cards.

This card also comes with no annual fee and no over the credit limit fee. Cash advances cost $3 or 10 percent of the advance amount, whichever is higher. Late fees can run as high as $35, while returned-payment fees can hit $35.

Travel and Shopping Benefits

The Platinum Prestige card comes with Platinum Mastercard benefits for travel and shopping. You'll get $0 fraud liability and access to 24-hour travel and roadside assistance, as well as 24-hour global service. The card includes Auto Rental Insurance, so you can rent a vehicle with your Prestige card and get coverage for theft and collision damage automatically, saving you around $30 per day when you rent. The card includes Travel Accident Insurance for loss of life or limb when you book travel with your card as well.

When you make an eligible purchase with your Capital One Platinum Prestige card, you'll get automatic additional warranty protection on your purchases, as well as price protection, which reimburses you the difference in price on eligible items if you find a lower price within 60 days.

Our Verdict

The Platinum Prestige card does not offer rewards, but it is an excellent, basic credit card if you regularly carry a balance, want to finance a large purchase, transfer a balance, or have a back-up card for emergencies. Overall, though, the lack of a rewards program makes Capital One's Classic Platinum credit card see lackluster compared to other cards on the market. 

We recommend checking out one of our Credit Card Guides for an alternative card.

Pros

  • 0% APR offer through September, 2016
  • Low APR after introductory period
  • No annual fee
  • Provides good perks like fraud protection and a free credit score

Cons

  • No rewards program
  • Requires excellent credit
About the author

Kevin

Kevin founded CreditShout in 2008 to help people manage their credit and finances. He wants to make it easy for anyone, regardless of their level of financial knowledge to understand credit cards and what may seem like the complex world of personal finance. | Author Google+

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