0 Interest Capital One Platinum Prestige

The Capital One Platinum Prestige Credit Card is a 0 interest credit card with the longest introductory period on offer.

Even after the introductory period, the APR on the card is also one of the lowest in the market. Unfortunately, it is probably also one of the hardest 0 interest credit card to qualify for.

The 0 interest offer on the Platinum Prestige card applies to both balance transfers and new purchases for a full 12 months, twice as long as most other 0 interest credit cards. After the first year, APRs for both balance transfer and purchases increases to only 11.9% variable. APRs for other 0 interest credit cards can be as high as 15% to 20%, making the Platinum Prestige an offer that is hard to beat.

There is no 0 interest offer for cash advances, and its APR is at 24.9% variable from as soon as your account is activated. There is also no annual fee on the card, but a 3% fee will be charged on balance transfers and cash advances.

The default rate on the card is 29.4% variable, but luckily, your APR will not be increased for any reason during the introductory period. Of course, if you violate any card agreements after the offer period, the default APR that will be charged to you will be 29.4% variable. Luckily, Capital One does not engage in “universal defaults”. A universal default is when a default on one card (any credit card) allows other credit card companies to increase your APRs. So you can be sure that one careless mistake from you won’t cascade into a financial nightmare.

With a 12 month long 0 interest offer, the Platinum Prestige is a great chance for you to reduce debt and interest payment. In the long run, you can potentially save a lot of money. And given its low APR, you have already benefited if you transferred the balances originally from a high APR credit card. However, payments made toward repayment will go to clear balances low APRs before higher ones. This means that if you don’t finish repaying all your balances, high APR debts such as from cash advances will stay lodged while your payments keep going into paying low APR debts on purchases. But chances are, you should have cleared up all your debts and all new spending should remain with low APR purchases.

The Capital One Platinum Prestige at a glance:

Zero Percent Interest Rate:
Purchases and Balance Transfer, not applicable for Cash Advances.

Introductory Period:
12 Months.

Fees:
No Annual Fee.
Minimum finance charge - $0.50.
Cash advance fee - 3.0% of cash advance amount, $10 minimum.
Balance transfer fee - 3.0% of balance transfer amount.

Standard APRs after introductory term:
Balances and Purchase - 11.9% variable.
Cash Advances - 24.9% variable.
Default rate - 29.4% variable.

Other benefits:
No “universal default”.
No increase of APR for any reason for introductory period.

Eligibility:
New card members only.
Subjected to credit approval and other terms and conditions (read carefully before applying).