Credit card provider Capital One has launched two new card programs this month, the Platinum Card and the Platinum Cashback Card. Both provide applicants over the age of 21, earning at least £10,000 a year, a slew of competitive introductory features on top of low typical variable rates.
Capital One Platinum Card
Offering 0% on both balance transfers and purchases until May 1st, 2008, the Platinum Card provides an extremely low typical APR (annual percentage rate) of 9.9% variable, which is currently only bettered by Intelligent Finance's 8.9% offering.
While the 0% offer on balance transfers until May is not market leading in itself, the combination of a purchase deal that is bettered by only HSBC and Halifax creates a very competitive overall package. The card comes with a balance transfer fee of just 1.7%, easily one of the lowest in the market.
Customers will also receive access to a newly updated ID Theft Service, which was launched earlier this month. The new service helps customers safeguard their personal information and protect themselves from the dangers of ID fraud, as well as providing service to those who have been a victim of ID theft.
Justin Basini, head of brand marketing at Capital One, commented: "This new Platinum Card offers customers excellent rates for both balance transfers and purchases and coupled with our newly updated ID Theft Service is one of the best offers available on the market. It gives great all round value and is ideal for both those who want to transfer a balance as well as those who want to use their card to make new purchases."
The Platinum Card has been well received by the industry. Lisa Taylor, of independent personal finance advisory service MoneyFacts.co.uk], lauded the new card: "It is great to see card providers offering competitive deals on purchases and balance transfers. It eliminates the need to operate separate cards for each spend type to avoid getting stung by interest payments from the unfriendly order of repayments method used by card companies.
“Overall this card offers a competitive all round deal. While it may not be market leading in all features, the card is simple, straightforward and offers an all round competitive package."
Capital One Platinum Cashback Card
The Platinum Cashback Card offers customers 4% cashback on all purchases for the first three months, then 1% cashback on purchases made from that point onwards, and features a typical APR of 15.9% variable. It also offers customers with the same access to the new ID Theft Service as the Platinum Card.
"Capital One's Platinum Cashback card offers one of the best cashback deals in the market," said Mr Basini. "There are no complicated tiered spending requirements and there are no limits on the amount of cashback customers can earn. This makes the card ideal for people who use their credit card for every day spending."
According to MoneyFacts, card holders spending £1,000 a month would earn an annual total of £210 cashback in the first year, not a bad return for using their card on routine spending.
“For anyone who repays their balance in full, a cashback card can be a great way of getting something for nothing from your card provider. But this kind of card is not for you if you don’t repay in full each month, as any benefit and more will be wiped out by interest charges," warned MoneyFacts' Ms Taylor.
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