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Capital One® Platinum Prestige

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• 7.9% on purchases and balance transfers
• Your APR will not increase simply because you pay late only once or go over your credit limit
• No annual fee and no balance transfer fees

The Capital One® Platinum Prestige card offers one of the lowest interest rates today. It is not surprising how it is one of the most in-demand cards, with a good number of people applying for one (or at least wishing they had one).

Despite the seemingly excellent low interest offer, this card has two drawbacks. First, it can only be availed of by customers with good credit standing. It tries to reward responsible cardholders for their good credit utilization by providing them with low interest rates and great features. Those with poor credit or have limited credit might as well forego hopes of having this card for the meantime. Second, it does not offer rewards or rebates in form of cash or miles as other credit cards do.

Now, let us look into the benefits that this card provides and determine for yourself whether it outweighs these two drawbacks.

Again, the Capital One® Platinum Prestige card offers a low interest rate as low as 7.9%. Cash advance rates are higher, amounting to about 19% This is a lot cheaper than the average rate in the market today, with many companies charging up to more than 20%. This means that you can save up to 15% in interest annually. Aside from this low rate, this card is offered at no annual fee, making it an even better deal.

It is also important to note that the Platinum Prestige is a high limit credit card. It provides credit limits that can range from $2,000 to up to $20,000. If you have outstanding credit balances from other cards, a Capital One® Platinum Prestige card may prove to be your best choice to consolidate with. You do not only enjoy zero (as in no) balance transfer fees, but your transferred balance enjoys the same APR rate of 7.9%. Imagine how much you can potentially save on interest through this card. Moreover, the APR you need to pay for may be variable, but you can be assured that it will not in any way increase in cases of delayed payments or if you go beyond the credit limit.

As in most other cards, Platinum Prestige cards do incur some fees. Cash advance (3% or $5, whichever is higher), late payment (ranging from $19 to $39 depending on your current balance), over-limit (From $19-$39) and returned payment fees (about $5) are charged to you accordingly.

Not counting low interest rates, Platinum Prestige offers more benefits. You can enjoy travel accident insurance covering up to $100,000, emergency replacement of your card or cash advance in case of loss, travel insurance and loss insurance for rented cars, $0 fraud liability, and a 24-hour emergency roadside assistance. Of course, you also can enjoy the regular perks as in all MasterCards. You can enjoy an extended warranty program on your purchases, online account service and access options, as well as exclusive savings if you shop through The Capital One Saving Zone on Yahoo! Shopping.

It is quite obvious that the drawbacks seem more insignificant than significant if you consider the perks and privileges offered by the Capital One® Platinum Prestige card. In fact, it is one of the most sought after cards today, with many people applying for it. The good news is that compared to other low interest credit cards, Platinum Prestige card is one of the easiest to apply for.